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<SEC-DOCUMENT>0000912282-10-000381.txt : 20100319
<SEC-HEADER>0000912282-10-000381.hdr.sgml : 20100319
<ACCEPTANCE-DATETIME>20100319172303
ACCESSION NUMBER:		0000912282-10-000381
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100319
DATE AS OF CHANGE:		20100319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ballard Power Systems Inc.
		CENTRAL INDEX KEY:			0001453015
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53543
		FILM NUMBER:		10694934

	BUSINESS ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8
		BUSINESS PHONE:		206-903-8850

	MAIL ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	7076991 Canada Inc.
		DATE OF NAME CHANGE:	20090102
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
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ANNUAL REPORT PURSUANT TO SECTION 13(A) OR 15(D) OF THE SECURITIES EXCHANGE ACT
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      registered or to be registered pursuant to Section 12(g) of the
      Act.</font></div>
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160;&#160;&#160;&#160;&#160;&#160;Not
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#
160;&#160;&#160;&#160;&#160;&#160;Not
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annual reports, indicate by check mark the information filed with this
Form:</font></div>
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the number of outstanding shares of each of the issuer's classes of capital or
common stock as of the close of the period covered by the annual
report.</font></div>
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Common Shares</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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by check mark whether the Registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months
(or for such shorter period that the Registrant was required to file such
reports) and (2) has been subject to such filing requirements for the past 90
days.</font></div>
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<tr>
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      <font style="DISPLAY: inline; FONT-WEIGHT: bold">[X]</font></font></div>
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by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
Registrant was required to submit and post such files.)</font></div>
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<tr>
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Annual Report on Form&#160;40-F shall be incorporated by reference into or as an
exhibit to, as applicable, the Registrant's Registration Statements under the
Securities Act of 1933: Form&#160;S-8 (File No.&#160;333-156553 and
333-161807).</font></div><br>
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Documents</font></div>
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following documents that are filed as exhibits to this annual report are
incorporated by reference herein:</font></div>
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Company&#8217;s Audited Consolidated Financial Statements for the years ended December
31, 2009 and 2008;</font></div>
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year ended December 31, 2009; and</div>
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Company&#8217;s Annual Information Form for the year ended December 31,
2009.</font></div>
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Controls and Procedures</font></div>
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required disclosure is included in &#8220;Management&#8217;s Discussion and Analysis,&#8221; which
is incorporated herein by reference to Exhibit 99.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Annual Report on Internal Control Over Financial Reporting</font></div>
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required disclosure is included in &#8220;Management&#8217;s Discussion and Analysis,&#8221; which
is incorporated herein by reference to Exhibit 99.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.</font></font></div>
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Registrant's independent registered public accounting firm, KPMG LLP,
independently assessed the effectiveness of the Registrant's internal control
over financial reporting. KPMG LLP's attestation is located in the Report of
Independent Registered Public Accounting Firm, which is incorporated herein by
reference to Exhibit 99.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">1.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Audit
Committee and Audit Committee Financial Expert</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
required disclosure is included in the Annual Information Form, under the
heading &#8220;Board Committees - Audit Committee,&#8221; which is incorporated herein by
reference to Exhibit 99.3.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Code
of Ethics</font></div>
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Registrant has adopted a code of ethics that applies to all members of its Board
of Directors, as well as its officers and employees.&#160;&#160;A copy of the
code of ethics has been posted on the Registrant&#8217;s Internet website at
www.ballard.com, and is available in print to any person without charge, upon
written request to the corporate secretary of the Registrant.<font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#160;</font>No substantive
amendments have been made to the code of ethics within the past year and no
waivers of the code of ethics have been granted to any principal officer of the
Registrant or any person performing similar functions.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;</font></font></div>
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Accountant Fees and Services</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
required disclosure is included in the Annual Information Form, under the
heading &#8220;Board Committees - Audit Committee,&#8221; which is incorporated herein by
reference to Exhibit 99.3</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Off-Balance
Sheet Arrangements</font></div>
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required disclosure is included in &#8220;Management&#8217;s Discussion and Analysis,&#8221; which
is incorporated herein by reference to Exhibit 99.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.</font></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div id="HDR">
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Disclosure of Contractual Obligations</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
required disclosure is included in &#8220;Management&#8217;s Discussion and Analysis,&#8221; which
is incorporated herein by reference to Exhibit 99.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">2.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NASDAQ
Corporate Governance</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Rule 5615(a)(3) of the Nasdaq Stock Market, Inc. Marketplace Rules, the
Registrant relies on an exemption from Rule 5620(c) of the Marketplace Rules,
requiring that each Nasdaq-quoted company have in place a minimum quorum
requirement for shareholder meetings of 33 1/3% of the outstanding shares of the
company's voting common stock. The Company's by-laws currently provide that a
quorum is met if holders of at least 5% of the votes eligible to be cast at a
meeting are present or represented by proxy at a shareholder meeting. At the
Company's 2009 Annual General Meeting of Shareholders, holders of <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">46.37</font>% of the
common shares were present or represented by proxy at the meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Undertaking</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the Commission staff, and to
furnish promptly, when requested to do so by the Commission staff, information
relating to: the securities registered pursuant to Form 40-F; the securities in
relation to which the obligation to file an annual report on Form 40-F arises;
or transactions in said securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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to Service of Process</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant has previously filed with the Commission an Appointment of Agent for
Service of Process and Undertaking on Form F-X.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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</font></div>
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      <div id="HDR">
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Exchange Act, the Registrant certifies that it meets
all of the requirements for filing on Form 40-F and has duly caused this annual
report to be signed on its behalf by the undersigned, thereto duly
authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant:
Ballard Power Systems Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td align="left" valign="top" width="22%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By
      (Signature and Title)</font></div>
            </td>
            <td align="left" valign="top" width="55%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ John W.
      Sheridan&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">John
      W. Sheridan</font></div>
            </td>
          </tr><tr>
            <td valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="55%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President
      and Chief Executive Officer</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
March 19, 2010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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LIST</font></div>
    <div>
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            </td>
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      </font></td>
            <td valign="middle" width="70%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Description</font></font></div>
            </td>
          </tr><tr>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
            </td>
            <td valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td valign="middle" width="70%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ballard
      Power Systems Inc. Consolidated Financial Statements for the years ended
      December&#160;31, 2009 and 2008<font style="DISPLAY: inline; FONT-FAMILY: times new roman">.</font></font></div>
            </td>
          </tr><tr>
            <td colspan="3" valign="middle" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.2</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="70%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ballard
      Power Systems Inc. Management&#8217;s Discussion and Analysis for the year ended
      December 31, 2009<font style="DISPLAY: inline; FONT-FAMILY: times new roman">.</font></font></div>
            </td>
          </tr><tr>
            <td colspan="3" valign="middle" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.3</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="70%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Annual
      Information Form for Ballard Power Systems Inc. dated as of March <font style="DISPLAY: inline; FONT-FAMILY: times new roman">15,
      2010.</font></font></div>
            </td>
          </tr><tr>
            <td colspan="3" valign="middle" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.4</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="70%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Certifications
      pursuant to Section 302 of the Sarbanes-Oxley Act of
  2002</font></div>
            </td>
          </tr><tr>
            <td colspan="3" valign="middle" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr><tr>
            <td valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.5</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="70%">
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      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002</font></div>
            </td>
          </tr><tr>
            <td colspan="3" valign="middle" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      of KPMG LLP</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>FINANCIALS
<TEXT>
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    <title>ex99_1.htm</title>
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    <div align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">EXHIBIT 99.1</font></font></div>
    <div><br>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap width="33%">
              </td>
              <td nowrap width="33%">
                <div><font size="2" style="FONT-FAMILY: sans-serif">Consolidated Financial
      Statements<br>(Expressed in U.S. dollars)</font> </div>
                <div>&#160;</div>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS INC.
      </font></font></div>
                <div>&#160;</div>
                <div align="left"><font size="2" style="FONT-FAMILY: sans-serif">Years ended
      December 31, 2009 and 2008 </font></div>
                <div>&#160;</div>
              </td>
              <td nowrap width="33%">
              </td>
            </tr></table>
      </div>
      <div align="center"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: sans-serif">MANAGEMENT&#8217;S REPORT </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">Management&#8217;s Responsibility for the Financial
Statements and<br></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">Report on Internal Control over Financial
Reporting</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The consolidated financial statements
contained in this Annual Report have been prepared by management in accordance
with Canadian generally accepted accounting principles (&#8220;GAAP&#8221;). The integrity
and objectivity of the data in these consolidated financial statements are
management&#8217;s responsibility. Management is also responsible for all other
information in the Annual Report and for ensuring that this information is
consistent, where appropriate, with the information and data contained in the
consolidated financial statements. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Management is responsible for
establishing and maintaining adequate internal control over financial reporting.
Internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of consolidated financial statements for external reporting purposes
in accordance with GAAP. Internal control over financial reporting may not
prevent or detect fraud or misstatements because of limitations inherent in any
system of internal control. Management has assessed the effectiveness of the
Corporation&#8217;s internal control over financial reporting based on the framework
in Internal Control &#8211; Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission, and concluded that the Corporation&#8217;s
internal control over financial reporting was effective as of December 31, 2009.
In addition, management maintains disclosure controls and procedures to provide
reasonable assurance that material information is communicated to management and
appropriately disclosed. Some of the assets and liabilities include amounts,
which are based on estimates and judgments, as their final determination is
dependent on future events. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Board of Directors oversees
management&#8217;s responsibilities for financial reporting through the Audit
Committee, which consists of five directors who are independent and not involved
in the daily operations of the Corporation. The Audit Committee meets on a
regular basis with management and the external and internal auditors to discuss
internal controls over the financial reporting process, auditing matters and
financial reporting issues. The Audit Committee is responsible for appointing
the external auditors (subject to shareholder approval), and reviewing and
approving all financial disclosure contained in our public documents and related
party transactions. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The external auditors, KPMG LLP, have
audited the financial statements and expressed an unqualified opinion thereon.
KPMG has also expressed an unqualified opinion on the effective operation of the
internal controls over financial reporting as of December 31, 2009. The external
auditors have full access to management and the Audit Committee with respect to
their findings concerning the fairness of financial reporting and the adequacy
of internal controls. <br>&#160;</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt">
        <table border="0" cellpadding="0" cellspacing="0" width="90%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="50%"><font size="1" style="FONT-FAMILY: sans-serif">&#8220;JOHN SHERIDAN&#8221;</font></td>
              <td align="left" nowrap width="49%"><font size="1" style="FONT-FAMILY: sans-serif">&#8220;BRUCE COUSINS&#8221;</font></td>
            </tr><tr>
              <td align="left" nowrap width="50%">&#160;</td>
              <td align="left" nowrap width="49%">
              </td>
            </tr><tr>
              <td align="left" nowrap width="50%">&#160; </td>
              <td align="left" nowrap width="49%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: sans-serif">JOHN SHERIDAN</font></td>
              <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: sans-serif">BRUCE COUSINS</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: sans-serif">President and</font></td>
              <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: sans-serif">Vice President and</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: sans-serif">Chief Executive Officer</font></td>
              <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: sans-serif">Chief Financial Officer</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: sans-serif">March 9, 2010</font></td>
              <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: sans-serif">March 9, 2010</font></td>
            </tr></table>
      </div><br>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: sans-serif">AUDITORS' REPORT </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">To the Shareholders of Ballard Power
Systems Inc. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We have audited the consolidated balance
sheets of Ballard Power Systems Inc. (the &#8220;Corporation") as at December 31, 2009
and 2008 and the consolidated statements of operations and comprehensive income
(loss), shareholders&#8217; equity and cash flows for each of the years in the
two-year period ended December 31, 2009. These financial statements are the
responsibility of the Corporation's management. Our responsibility is to express
an opinion on these financial statements based on our audits. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We conducted our audits in accordance
with Canadian generally accepted auditing standards and the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform an audit to obtain reasonable assurance whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In our opinion, these consolidated
financial statements present fairly, in all material respects, the financial
position of the Corporation as at December 31, 2009 and 2008 and the results of
its operations and its cash flows for each of the years in the two year period
ended December 31, 2009 in accordance with Canadian generally accepted
accounting principles. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States),
the Corporation's internal control over financial reporting as of December 31,
2009, based on the criteria established in Internal Control&#8212;Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO), and our report dated March 9, 2010 expressed an unqualified opinion on
the effectiveness of the Corporation&#8217;s internal control over financial
reporting. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#160;</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#8220;KPMG LLP&#8221; </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Chartered Accountants </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Vancouver, Canada<br>March 9, 2010
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: sans-serif">REPORT OF INDEPENDENT REGISTERED
PUBLIC<br>ACCOUNTING FIRM</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif"> </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">To the Shareholders and Board of
Directors of Ballard Power Systems Inc. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We have audited Ballard Power Systems
Inc. (the &#8220;Corporation")&#8217;s internal control over financial reporting as of
December 31, 2009, based on the criteria established in Internal
Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). The Corporation&#8217;s management is responsible
for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting
presented in the section entitled &#8220;Management&#8217;s Report on Disclosure Controls
and Procedures and Internal Controls over Financial Reporting&#8221; under the heading
&#8220;Internal control over financial reporting&#8221; included in Management Discussion
and Analysis. Our responsibility is to express an opinion on the Corporation&#8217;s
internal control over financial reporting based on our audit. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an
understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our
audit also included performing such other procedures as we considered necessary
in the circumstances. We believe that our audit provides a reasonable basis for
our opinion. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">A company's internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles. A company's internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements.
</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In our opinion, the Corporation
maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2009, based on the criteria established in Internal
Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We also have conducted our audits on the
consolidated financial statements in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight
Board (United States). Our report dated March 9, 2010 expressed an unqualified
opinion on those consolidated financial statements. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#160;</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#8220;KPMG LLP&#8221; </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Chartered Accountants</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">&#160;</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Vancouver, Canada<br>March 9, 2010
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
INC.<br></font></font><font size="2" style="FONT-FAMILY: sans-serif">Consolidated
Balance Sheets<br>December 31,<br></font><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S. dollars)</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; cellspacing: 0 cellpadding=0 width=; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td align="left" nowrap width="80%" style="BORDER-TOP: #000000 1.5pt solid">&#160; </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="9%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="9%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="9%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="9%"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="9%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="9%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(revised &#8211; note
      1(c)(ii))</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-FAMILY: sans-serif">Assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="7%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="7%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Current assets:</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Cash and cash equivalents</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">43,299</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">54,086</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Short-term investments</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">38,932</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">31,313</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Accounts receivable (notes 4 &amp;
      17)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">12,903</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">18,856</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Inventories (note 5)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">9,168</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">10,402</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Prepaid expenses and other current
      assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">2,114</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,434</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">106,416</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">116,091</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr>
              <td align="left" nowrap width="80%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Property, plant and equipment (note
      6)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">39,320</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">38,755</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Intangible assets (note 7)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">824</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">3,726</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Goodwill</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">48,106</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">48,106</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Investments (note 8)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">632</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">1,765</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Other long-term assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">50</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">195,348</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">208,443</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">Liabilities and Shareholders&#8217;
      Equity</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="7%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="7%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Current liabilities:</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Accounts payable and accrued
      liabilities (notes 9 &amp; 17)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">20,321</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">21,819</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Deferred revenue</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1,607</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">947</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Accrued warranty
    liabilities</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">7,813</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3,841</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Current portion of obligation under capital lease (note
    10)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">316</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">30,057</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">26,607</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="80%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Long-term liabilities (notes 11
      &amp; 12)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">4,632</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">23,349</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Obligation under capital lease (note 10)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1,739</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">36,428</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">49,956</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="80%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="7%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Shareholders&#8217; equity:</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="7%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="7%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Share capital (note 13)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">835,358</font></font></td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">832,711</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Contributed surplus (notes 2 &amp;
      13)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">284,510</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">283,466</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">Accumulated deficit</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(960,712</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">(957,454</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Accumulated other comprehensive
      loss</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(236</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(236</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">158,920</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">158,487</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">195,348</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; &#160;&#160; 208,443</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">See accompanying
notes to consolidated financial statements.<br>Commitments, guarantees and
contingencies (notes 10 &amp; 15)<br>Subsequent events (note 23) </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" colspan="2" nowrap width="99%"><font size="2" style="FONT-FAMILY: sans-serif">Approved on behalf of the
      Board:</font></td>
            </tr><tr>
              <td align="left" colspan="2" nowrap width="99%">&#160;</td>
            </tr><tr>
              <td align="left" colspan="2" nowrap width="99%">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: sans-serif">&#8220;Ed Kilroy&#8221;</font></td>
              <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: sans-serif">&#8220;Ian Bourne&#8221;</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: sans-serif">Director</font></td>
              <td align="left" nowrap width="50%"><font size="2" style="FONT-FAMILY: sans-serif">Director</font></td>
            </tr></table>
      </div><br>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
INC.<br></font></font><font size="2" style="FONT-FAMILY: sans-serif">Consolidated
Statements of Operations and Comprehensive Income (Loss)<br>Years ended December
31,<br></font><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in
thousands of U.S. dollars, except per share amounts and number of
shares)</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td align="left" nowrap width="81%" style="BORDER-TOP: #000000 1.5pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="8%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="8%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%">
              </td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="8%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="8%"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(revised &#8211; note
      1(c)(ii))</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Revenues:</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Product and service revenues</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">46,722</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160; &#160; &#160;&#160;&#160;&#160; 52,726</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Engineering development
      revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">6,854</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Total revenues</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">46,722</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">59,580</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr>
              <td align="left" nowrap width="81%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Cost of revenues and
      expenses:</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Cost of product and service revenues</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">40,795</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">47,432</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Research and product
      development</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">26,628</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">37,179</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">General and administrative</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">10,801</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">12,515</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Sales and marketing</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">7,203</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">7,461</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Restructuring and related charges (note 9)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">6,229</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Acquisition charges (note
    23)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">529</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Depreciation and amortization</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">6,580</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">6,034</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Total cost of revenues and
      expenses</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">98,765</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">110,621</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="81%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Loss before undernoted</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(52,043</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(51,041</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Investment and other income (loss) (note 14)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">5,995</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">(2,871</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Gain (loss) on disposal and
      write-down of long-lived assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; (note
      8)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial">122</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: arial">(2,812</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: arial">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Gain on sale of assets (notes 3 &amp; 8)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">34,297</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">96,845</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Equity gain (loss) in associated
      companies (note 11)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">8,364</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(8,649</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Income (loss) before income taxes</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(3,265</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">31,472</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Income taxes (recovery) (note
      16)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(7</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">16</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Net income (loss) and comprehensive
      income (loss)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(3,258</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">31,456</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="81%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Basic earnings (loss) per
      share</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(0.04</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">0.37</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Diluted earnings (loss) per
      share</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(0.04</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">0.37</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="81%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Weighted average number of
      common</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif"><font size="3" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">shares outstanding
      - basic</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial">83,637,315</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: arial">84,922,364</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Impact of dilutive
      options</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">840,843</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Weighted average number of
      common</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif"><font size="3" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">shares outstanding
      &#8211; diluted</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: arial">83,637,315</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">85,763,207</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="81%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="6%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">See accompanying
notes to consolidated financial statements. </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS INC.</font></font><font style="FONT-FAMILY: sans-serif"><br></font><font size="2" style="FONT-FAMILY: sans-serif">Consolidated Statements of Shareholders&#8217; Equity<br></font><font size="2" style="FONT-FAMILY: sans-serif">December 31,<br></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S. dollars
except per share amounts and number of shares)</font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap width="56%" style="BORDER-TOP: #000000 1.5pt solid">&#160; </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="7%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td nowrap width="56%">
              </td>
              <td nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="7%">
              </td>
            </tr><tr valign="bottom">
              <td nowrap width="56%">
              </td>
              <td nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">other</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">Total</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="56%">
              </td>
              <td nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="6%"><font size="1" style="FONT-FAMILY: sans-serif">Number of</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: arial">Share</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: sans-serif">Contributed</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="6%"><font size="1" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">comprehensive</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">shareholders&#8217;</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="56%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">shares</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">capital</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">surplus</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">deficit</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">loss</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">equity</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Balance, December 31,
    2007,</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; as reported</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">115,099,142</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">1,174,821</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">72,290</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">(988,686</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (236</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">)</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">258,189</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Change in
      accounting policy (note 1 (c)(ii)):</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(224</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(224</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Balance, December 31, 2007, as
      revised</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">115,099,142</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">1,174,821</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">72,290</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(988,910</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(236</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">257,965</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: sans-serif">Net income</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">31,456</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">31,456</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Non-dilutive financing (note
      2)</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">33,812</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">33,812</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: sans-serif">Cancellation of common shares upon</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; disposition of assets held for
      sale</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; (note 3)</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: arial">(34,261,300</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: arial">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: arial">(349,438</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: arial">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: arial">175,538</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: arial">(173,900</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: arial">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">RSUs and DSUs redeemed</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">321,576</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">2,557</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(2,557</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Share
      distribution plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">962,717</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">4,771</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">4,383</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">9,154</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Balance, December 31,
2008</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">82,122,135</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">832,711</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">283,466</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(957,454</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(236</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">158,487</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Net loss</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(3,258</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(3,258</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Non-dilutive financing (note
      2)</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(719</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(719</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Purchase of treasury
      shares</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold">(note 13)</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">(207</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">(207</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">RSUs and DSUs
    redeemed</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">219,232</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">1,126</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(1,283</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(157</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Options exercised</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">5,000</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">7</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">7</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Share distribution
      plan</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">1,627,621</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">1,721</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">3,046</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">4,767</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="56%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Balance, December 31,
      2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">83,973,988</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">835,358</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">284,510</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(960,712</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1">$</font></font></td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(236</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">)</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">$</font></font></td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">158,920</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">See accompanying
notes to consolidated financial statements. </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
  INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Consolidated Statements of Cash Flows</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Years ended December 31,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S. dollars)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td nowrap width="85%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left">
              </td>
              <td colspan="2" nowrap width="6%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td nowrap width="1%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: right">
              </td>
              <td nowrap width="1%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: right">&#160;&#160;&#160;&#160;&#160; </td>
              <td colspan="2" nowrap width="6%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: right"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td nowrap width="1%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left">
              </td>
            </tr><tr valign="bottom">
              <td nowrap width="85%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
              </td>
              <td colspan="3" width="7%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">&#160;</td>
              <td width="2%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">&#160;</td>
              <td colspan="2" nowrap width="5%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"><font size="1" style="FONT-FAMILY: sans-serif">(revised
      &#8211; note 1(c)(ii))</font></td>
              <td nowrap width="1%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Cash provided by (used
      for):</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Operating
    activities:</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Net income (loss) for the
      year</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(3,258</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">31,456</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Items not affecting cash:</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      Compensatory shares</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">3,033</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">7,267</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Employee future benefits</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(1,524</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">2,642</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      Depreciation and amortization</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">9,504</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">8,021</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Unrealized loss (gain) on forward
      contracts</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(408</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">408</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Loss
      (gain) on disposal and write-down of long-lived assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(142</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,812</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Gain on sale of assets (notes 3 &amp;
      8)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(34,297</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; (96,845</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Equity
      loss (gain) in associated companies</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(8,364</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">8,649</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Other</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">490</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; FONT-WEIGHT: bold">(35,456</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(35,100</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Changes in non-cash working
      capital:</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Accounts receivable</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">6,084</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">107</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Inventories</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1,356</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">4,457</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Prepaid expenses and other current
      assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(884</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">510</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Accounts payable and accrued liabilities</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1,623</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">5</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Deferred revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(3,656</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">778</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Accrued warranty liabilities</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">3,971</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">3,089</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Net current assets and liabilities
      held for sale (note 3)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(36</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">8,494</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">8,910</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Cash used by operations</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(26,962</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(26,190</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Investing
    activities:</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Net decrease (increase) in
      short-term investments</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(7,619</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">64,921</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Additions to property, plant and equipment</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(6,778</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">(3,560</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Proceeds on sale of property, plant
      and equipment and other</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">2,182</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">475</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Proceeds on monetization of other long-term assets (note
    8)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">37,000</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Disposition of assets held for sale
      (note 3)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(61,285</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Investments (notes 8 &amp; 11)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(5,135</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">(6,212</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Long-term liabilities</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(323</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">19,650</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(5,984</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Financing
    activities:</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Non-dilutive financing (note 2)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(3,243</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">36,920</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Purchase of treasury shares (note
      13)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(207</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Repayment of capital lease obligation (note 10)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(30</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Net proceeds on issuance of share
      capital</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">5</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(3,475</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">36,920</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="85%">&#160; </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">&#160; </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Increase (decrease) in cash and
      cash equivalents</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">(10,787</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,746</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Cash and cash equivalents,
      beginning of year</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">54,086</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">49,340</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Cash and cash equivalents, end of
      year</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">43,299</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">54,086</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Supplemental
disclosure of cash flow information (note 18)<br>See accompanying notes to
consolidated financial statements. </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies: </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(a)</font><font size="2" style="FONT-FAMILY: sans-serif"> </font><font size="2" style="FONT-FAMILY: sans-serif">Nature of business:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The principal business of Ballard Power
Systems Inc. (the &#8220;Corporation&#8221;) is the design, development, manufacture, sale
and service of fuel cell products for a variety of applications, focusing on
motive power (material handling and buses) and stationary power (back-up power,
supplemental power, and distributed generation). A fuel cell is an
environmentally clean electrochemical device that combines hydrogen fuel with
oxygen (from the air) to produce electricity. Our technology is based on proton
exchange membrane (&#8220;PEM&#8221;) fuel cells.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(b)</font><font size="2" style="FONT-FAMILY: sans-serif"> </font><font size="2" style="FONT-FAMILY: sans-serif">Basis of presentation, critical
accounting estimates and judgment applied: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The consolidated financial statements of
the Corporation have been prepared in accordance with Canadian GAAP. All amounts
are in United States dollars, unless otherwise noted. Material measurement
differences to United States GAAP are disclosed in note 22.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The preparation of the Corporation&#8217;s
consolidated financial statements in accordance with Canadian Generally Accepted
Accounting Principles (&#8220;GAAP&#8221;) requires management to apply judgment when making
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements, the reported amounts of
revenues and expenses of the reporting period, as well as disclosures made in
the accompanying notes to the financial statements. The estimates and associated
assumptions are based on past experience and other factors that are considered
relevant. Actual results could differ from these estimates.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation&#8217;s critical accounting
estimates include, among others, estimates related to revenue recognition on
long-term contracts, the assessment of the net realizable value of goodwill and
intangible assets, inventory and investments, the adequacy of warranty
provisions on sales, and the recoverability of future tax assets.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(c) Changes in
accounting policy and future changes to accounting standards:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">(i) Business combinations, consolidated financial statements, and
non-controlling interest:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">Effective December 31, 2009, the Corporation early adopted the
recommendations of the Canadian Institute of Chartered Accountants (&#8220;CICA&#8221;) for
<font style="DISPLAY: inline; FONT-STYLE: italic">Business Combinations</font>
(CICA Handbook Section 1582), <font style="DISPLAY: inline; FONT-STYLE: italic">Consolidations</font> (CICA Handbook
Section 1601), and <font style="DISPLAY: inline; FONT-STYLE: italic">Non-Controlling Interests</font>
(CICA Handbook Section 1602). Section 1582, which replaces the former Section
1581, requires all business combinations to be accounted for by applying the
acquisition method, whereby assets acquired and liabilities assumed are measured
at their fair value at the date of acquisition.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">11</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(c) Changes in
accounting policy and future changes to accounting standards
(cont&#8217;d):</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(i) Business combinations, consolidated
financial statements, and non-controlling interest (cont&#8217;d):</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Acquisition costs associated with a
business combination are expensed in the period incurred. Section 1601 carries
forward the standards for the preparation of consolidated financial statements
of former Section 1600. Section 1602 requires non-controlling interests to be
reported as a separate component of equity, with net income calculated without
deduction for non-controlling interests; instead consolidated net income is
allocated between controlling and non-controlling interests. There was no impact
of adopting these standards on the Corporation&#8217;s 2009 consolidated financial
statements other than the expensing of acquisition costs incurred of $529,000
related to the subsequent acquisition of Dantherm Power (note 23).</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(ii) Employee future benefit
plans:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">CICA Handbook Section 3461 </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Employee Future
Benefits</font></font><font size="2" style="FONT-FAMILY: sans-serif"> allows the
selection of either the immediate recognition approach, or the defer and
amortization approach, for accounting for employee future benefits. In 2009, the
Corporation changed its accounting policy from the defer and amortization
approach to the immediate recognition approach. The Corporation believes the
change in accounting policy more appropriately reflects the costs and liability
of the employee future benefits as it better reflects the current estimated cost
to terminate these plans.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The change in accounting policy was
applied retroactively and prior period financial statements have been restated,
as follows:</font></div>
      <ul style="PADDING-LEFT: 15pt; TEXT-ALIGN: justify">
        <li><font size="2" style="FONT-FAMILY: sans-serif">Accumulated deficit at
  December 31, 2007 was increased by $224,000, with a corresponding increase in
  long-term liabilities.<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Net income for the year ended
  December 31, 2008 declined by $2,623,000 (representing a $0.03 decline in
  earnings and diluted earnings per share), with a corresponding increase in
  long-term liabilities.<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Net income for the year ended
  December 31, 2009 increased by $2,215,000 (representing a $0.03 increase in
  earnings and diluted earnings per share), with a corresponding decrease in
  long-term liabilities. </font></li>
      </ul>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">12</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
  INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d):</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: Arial">(c) Changes in
accounting policy and future changes to accounting standards
(cont&#8217;d):</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">(iii) Financial instruments &#8211; presentation and disclosures:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">In 2009, the Corporation adopted the amendments to CICA Section 3862
<font style="DISPLAY: inline; FONT-STYLE: italic">Financial Instruments &#8211;
Disclosures</font><font size="2" style="FONT-FAMILY: sans-serif">. The amendments
resulted in enhanced disclosures regarding the fair value measurement of
financial instruments and are included in note 20. The adoption of these
amendments had no impact on the Corporation&#8217;s results, financial position or
cash flows.</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(iv) Convergence with International
Financial Reporting Standards:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In February 2008, Canada&#8217;s Accounting
Standards Board (&#8220;AcSB&#8221;) confirmed that Canadian GAAP, as used by publicly
accountable enterprises, will be fully converged to International Financial
Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting
Standards Board (&#8220;IASB&#8221;).</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Canadian publicly accountable enterprises
must adopt IFRS for their interim and annual financial statements relating to
fiscal years beginning on or after January 1, 2011 and must be accompanied by
IFRS comparative information for the 2010 financial year.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">IFRS uses a conceptual framework similar
to Canadian GAAP, but there are significant differences on recognition,
measurement and disclosures. At this time, the comprehensive impact of the
changeover from Canadian GAAP to IFRS on the Corporation&#8217;s future financial
position and results of operations is not yet determinable.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(d) Principles
of consolidation:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The consolidated financial statements
include the accounts of the Corporation and its principal subsidiaries as
follows: </font></div>
      <div>&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" width="95%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="87%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="left" colspan="4" nowrap width="12%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Percentage
      ownership</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="87%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">7076932 Canada Inc.</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      100.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      100.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Ballard Advanced Materials Corporation</font></td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">77.5</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">77.5</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Ballard GmbH</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">100.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">100.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Ballard Material Products Inc.</font></td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">100.0</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">100.0</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Ballard Power
      Corporation</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">100.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">100.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">All significant intercompany balances and
transactions have been eliminated on consolidation. </font></div>
      <div>&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">13</font></font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
  INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(e) Translation
of foreign currencies: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The measurement currency of the
Corporation is the U.S. dollar. Transactions in foreign currencies are
translated at the exchange rate in effect at the transaction date. Monetary
assets and liabilities denominated in other than the measurement currency are
translated at the exchange rates in effect at the balance sheet date. The
resulting exchange gains and losses are recognized in earnings.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(f) Revenue
recognition: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation generates revenues
primarily from product sales and services. Revenues are also earned by providing
engineering development services. Product revenues are derived primarily from
standard equipment and material sales contracts and from long-term fixed price
contracts. Service revenues are derived primarily from cost-plus reimbursable
contracts. Engineering development revenues are derived primarily from long-term
fixed price contracts.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On standard equipment and material sales
contracts, revenues are recorded when the product is shipped to the customer and
the risks of ownership are transferred to the customer, when the price is fixed
and determinable, and collection is reasonably assured. Provisions are made at
the time of sale for warranties.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On cost-plus reimbursable contracts,
revenues are recognized as costs are incurred, and include applicable fees
earned as services are provided.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On long-term fixed price contracts,
revenues are recognized on the percentage-of-completion basis over the duration
of the contract, which consists of recognizing revenue on a given contract
proportionately with its percentage of completion at any given time. The
percentage of completion is determined by dividing the cumulative costs incurred
as at the balance sheet date by the sum of incurred and anticipated costs for
completing a contract.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The cumulative effect of changes to
anticipated revenues and anticipated costs for completing a contract are
recognized in the period in which the revisions are identified. In the event
that the anticipated costs exceed the anticipated revenues on a contract, such
loss is recognized in its entirety in the period it becomes known.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Deferred revenue represents cash received
from customers in excess of revenue recognized on uncompleted
contracts.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(g) Cash, cash
equivalents and short-term investments: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Cash and cash equivalents consist of cash
on deposit and highly liquid short-term interest-bearing securities with
maturities at the date of purchase of three months or less.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Short-term investments consist of highly
liquid interest bearing securities with maturities at the date of purchase
between three months and three years.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">14</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
  INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(h) Financial
instruments:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation measures its financial
assets in the balance sheet at fair value, except for loans and receivables,
which are measured at amortized cost. Financial liabilities classified as held
for trading, including derivatives, are measured in the balance sheet at fair
value; all other financial liabilities are measured at amortized cost. Long-term
investments are measured at cost as they are privately held
entities.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Measurement in subsequent periods depends
on whether the financial instrument has been classified as held for trading,
available-for-sale, held-to-maturity, loans and receivables, or other
liabilities. The Corporation classifies its accounts receivables as loans and
receivables and its accounts payable and warranty liabilities as other financial
liabilities.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Periodically, the Corporation enters into
forward exchange contracts to limit its exposure to foreign currency rate
fluctuations and to platinum price fluctuations. </font><font size="2" style="FONT-FAMILY: sans-serif">These derivative contracts are recorded
as either assets or liabilities in the consolidated balance sheet at fair value.
Any changes in fair value are recognized in net income. The Corporation does not
designate its financial instruments as hedges. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(i) Inventories:
</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Inventories are recorded at the lower of
cost and net realizable value. The cost of inventories is based on the first-in
first-out principle, and includes expenditures incurred in acquiring the
inventories, production or conversion costs, and other costs incurred in
bringing them to their existing location and condition. In the case of
manufactured inventories and work in progress, cost includes materials, labor
and the appropriate share of production overhead based on normal operating
capacity. Costs of materials are determined on an average per unit basis. Net
realizable value is the estimated selling price in the ordinary course of
business, less the estimated costs of completion and selling expenses. In
establishing the appropriate inventory obsolescence provision, management
estimates the likelihood that inventory carrying values will be affected by
changes in market demand, technology and design, which could make inventory on
hand recoverable at less than its cost or even obsolete.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">15</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
  INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(j) Property,
plant and equipment: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Property, plant and equipment are
initially recorded at cost and are amortized from the date of acquisition or, in
respect of internally constructed assets, from the time an asset is completed
and ready for use, using the straight-line method over the estimated useful
lives of the assets as follows: </font></div>
      <div>&#160;</div>
      <div align="right">
        <table border="0" cellpadding="0" cellspacing="0" width="97%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="65%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Buildings</font></td>
              <td align="right" nowrap width="34%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">30 to 39
      years</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="65%"><font size="2" style="FONT-FAMILY: sans-serif">Computer equipment</font></td>
              <td align="right" nowrap width="34%"><font size="2" style="FONT-FAMILY: sans-serif">3 to 7&#160;years</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="65%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Furniture and fixtures</font></td>
              <td align="right" nowrap width="34%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5 to 14 years</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="65%"><font size="2" style="FONT-FAMILY: sans-serif">Leasehold improvements</font></td>
              <td align="right" nowrap width="34%"><font size="2" style="FONT-FAMILY: sans-serif">The shorter of initial term of the respective</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="65%">&#160;</td>
              <td align="right" nowrap width="34%"><font size="2" style="FONT-FAMILY: sans-serif">lease and estimated useful life</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="65%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Production and test
    equipment</font></td>
              <td align="right" nowrap width="34%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4 to 15 years</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="65%"><font size="2" style="FONT-FAMILY: sans-serif">Production and test equipment under</font></td>
              <td align="right" nowrap width="34%">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="65%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">capital
      lease</font></td>
              <td nowrap width="34%" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: right"><font size="2" style="FONT-FAMILY: sans-serif">5
  years</font></td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(k) Intangible
assets: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Intangible assets consist of fuel cell
technology acquired from third parties and are recorded at cost. Intangible
assets are amortized over their estimated useful lives of 5 to 15 years using
the straight-line method.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Costs incurred in establishing and
maintaining patents and license agreements are expensed in the period incurred.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(l) Impairment
of long-lived assets:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Long-lived assets, including property,
plant and equipment, investments, and intangible assets, are reviewed for
impairment when events or changes in circumstances indicate that the carrying
amount of the asset may not be recoverable. An impairment loss, if any, is
recognized when the carrying amount of a long-lived asset exceeds its fair value
based on its estimated undiscounted future cash flows.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(m)
Goodwill:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Goodwill represents the excess of the
purchase price of an acquired enterprise over the fair value assigned to assets
acquired and liabilities assumed.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">16</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
  INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(m) Goodwill
(cont&#8217;d): </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Goodwill is assessed for impairment at
least annually, or more frequently if events or changes in circumstances
indicate that the goodwill might be impaired. The assessment of impairment is
based on estimated fair market values derived from certain valuation models,
which may consider various factors such as normalized and estimated future
earnings, price earnings multiples, terminal values and discount rates. An
impairment loss, if any, is recognized to the extent that the carrying amount of
goodwill exceeds its estimated fair market value.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation has designated December
31 as the date for the annual impairment test. As at December 31, 2009, date of
the last impairment test, goodwill was not considered to be
impaired.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(n) Investments:
</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Investments in shares of companies over
which the Corporation has the ability to exercise significant influence are
accounted for by the equity method. Investments in companies where significant
influence does not exist are carried at cost. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(o) Accrued
warranty liabilities: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">A provision for warranty costs is
recorded on product sales at the time of shipment. In establishing the accrued
warranty liability, management estimates the likelihood that products sold will
experience warranty claims and the estimated cost to resolve claims received,
taking into account the nature of the contract and past and projected experience
with the products. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(p)
Leases:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Leases are classified as capital or
operating depending upon the terms and conditions of the contracts. Leases,
which transfer substantially all the benefits and risks incident to ownership of
the leased property to the Corporation, are accounted for as capital leases. The
cost of assets under capital leases represent the present value of minimum lease
payments and are amortized on a straight-line basis over the lease term. Assets
under capital leases are presented in property, plant and equipment in the
consolidated balance sheet.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Leases that do not transfer substantially
all of the benefits and risks incident to ownership of the property are
accounted for as operating leases.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">17</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
  INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(q) Asset
retirement obligations:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Legal obligations to retire tangible
long-lived assets are recorded at fair value at acquisition with a corresponding
increase in asset value. These include assets leased under operating leases. The
liability is accreted over the life of the asset to fair value and the increase
in asset value is depreciated over the remaining useful life of the asset.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(r) Research and
product development costs:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Research costs are expensed as they are
incurred. Product development costs are expensed as incurred except if the costs
are related to the development and setup of new products, processes and systems
and satisfy certain conditions for capitalization, including reasonable
assurance that they will be recovered. All capitalized development costs, if
any, are amortized when commercial production begins, using the straight-line
method over a period of five years. An impairment loss, if any, is recognized in
the period it occurs.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at December 31, 2009, the Corporation
has not capitalized any development costs.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(s) Income
taxes: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation follows the asset and
liability method of accounting for income taxes. Under this method, future
income taxes are recognized for the future income tax consequences attributable
to differences between the financial statement carrying values of assets and
liabilities and their respective income tax bases (temporary differences) and
for loss carry-forwards. The resulting changes in the net future tax asset or
liability are included in income. Future tax assets and liabilities are measured
using enacted, or substantively enacted, tax rates expected to apply to taxable
income in the years in which temporary differences are expected to be recovered
or settled.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The effect on future income tax assets
and liabilities, of a change in tax rates, is included in income in the period
that includes the substantive enactment date. Future income tax assets are
evaluated, and if realization is not considered to be &#8220;more likely than not,&#8221; a
valuation allowance is provided.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">18</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="left"><font size="2" style="FONT-FAMILY: sans-serif">(t) Employee future
benefits: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation
accounts for employee future benefit plan assets and obligations and related
costs of defined benefit pension plans, and other post-retirement benefits,
under the following accounting policies:</font></div>
        <ul style="FONT-SIZE: 10pt; MARGIN-LEFT: 16px; TEXT-ALIGN: justify">
          <li><font size="2" style="FONT-FAMILY: sans-serif">Accrued benefit obligations
  and the cost of pension and other post-retirement benefits earned by
  participants are determined from actuarial calculations according to the
  projected benefit method prorated on services. The accrued benefit obligations
  under the post-employment benefit plans are determined from actuarial
  calculations according to the accumulated benefit method. The calculations are
  based on management&#8217;s best estimate assumptions relating to salary
  escalations, retirement age of participants and estimated health-care costs.
  Pension obligations are discounted using current market interest rates.
  </font><font size="2" style="FONT-FAMILY: sans-serif">Changes in accrued benefit
  obligations are recognized immediately.<br>&#160;</font>
            </li>
          <li><font size="2" style="FONT-FAMILY: sans-serif">Plan assets are measured at
  fair value, determined directly by reference to quoted market prices. Changes
  in fair value on plan assets are recognized immediately.<br>&#160;</font>
            </li>
          <li><font size="2" style="FONT-FAMILY: sans-serif">Actuarial gains or losses
  arise from changes in actuarial assumptions used to determine accrued benefit
  obligations and from emerging experience different from the selected
  assumptions. Actuarial gains or losses are recognized
  immediately.<br>&#160;</font>
            </li>
          <li><font size="2" style="FONT-FAMILY: sans-serif">Current service costs are
  recognized immediately.<br>&#160;</font>
            </li>
          <li><font size="2" style="FONT-FAMILY: sans-serif">Curtailment gains and losses
  arising from plan amendments are recognized immediately.</font> </li>
        </ul>
        <div style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: sans-serif">The cost of defined contribution pension plans, which cover our employees
in Canada and the United States, are expensed, as contributions are
due.</font></div>
      </div>
      <div>&#160;</div>
      <div><font size="2" style="FONT-FAMILY: sans-serif">(u) Share-based
compensation:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation
used the fair-value based method of accounting for share-based compensation for
all awards of shares and share options granted. The fair value at the grant date
of share options (&#8220;options&#8221;) is calculated using the Black-Scholes valuation
method. The fair value of restricted share units (&#8220;RSUs&#8221;) and deferred share
units (&#8220;DSUs&#8221;) are measured based on the fair value of the underlying shares on
the grant date. Compensation expense is charged to net income over the vesting
period and is recognized when services are received with a corresponding
increase to contributed surplus. The Corporation estimates forfeitures at the
grant date and revises the estimate as necessary if subsequent information
indicates that actual forfeitures differ significantly from the original
estimate.</font></div>
      </div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">19</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">1.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Nature of business and summary of
significant accounting policies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div align="left"><font size="2" style="FONT-FAMILY: sans-serif">(u) Share-based
compensation (cont&#8217;d):</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation issues shares and share
options under its share-based compensation plans as described in note 13. Any
consideration paid by employees on exercise of share options or purchase of
shares, together with the amount initially recorded in contributed surplus, is
credited to share capital. </font></div>
      <div>&#160;</div>
      <div align="left"><font size="2" style="FONT-FAMILY: sans-serif">(v) Earnings (loss)
per share: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Basic earnings (loss) per share is
computed using the weighted average number of common shares outstanding during
the year. Diluted earnings per share is calculated using the treasury stock
method. Under the treasury stock method, the dilution is calculated based upon
the number of common shares issued should deferred share units (&#8220;DSUs&#8221;),
restricted share units (&#8220;RSUs&#8221;), and &#8220;in the money&#8221; options, if any, be
exercised. For the year ended December 31, 2009, diluted loss per share has not
been calculated, as the effects of outstanding stock-based compensation
arrangements would be anti-dilutive.</font></div>
      <div>&#160;</div>
      <div align="left"><font size="2" style="FONT-FAMILY: sans-serif">(w) Comprehensive
income (loss):</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Other comprehensive income (loss)
represents changes in shareholders&#8217; equity and includes items such as unrealized
gains and losses on financial assets classified as available-for-sale, and
cumulative translation adjustments. The Corporation has included a
reconciliation of comprehensive income and accumulated other comprehensive
income, which is presented as a separate category of shareholders&#8217; equity, on
the consolidated balance sheet and the consolidated statement of shareholders&#8217;
equity.</font></div>
      <div>&#160;</div>
      <div align="left"><font size="2" style="FONT-FAMILY: sans-serif">(x) Government
assistance and investment tax credits: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Government assistance and investment tax
credits are recorded as either a reduction of the cost of the applicable assets,
or credited against the related expense incurred in the statement of operations,
as determined by the terms and conditions of the agreements under which the
assistance is provided to the Corporation or the nature of the expenditures
which gave rise to the credits. Government assistance and investment tax credit
receivables are recorded when their receipt is reasonably assured. </font></div>
      <div>&#160;</div>
      <div align="left"><font size="2" style="FONT-FAMILY: sans-serif">(y) Comparative
figures: </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Certain comparative figures have been
reclassified to conform with the presentation adopted for the current
year.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">20</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">2.</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Non-dilutive financing:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On December 31,
2008, the Corporation completed a restructuring transaction with Superior Plus
Income Fund (&#8220;Superior Plus&#8221;) to reorganize the Corporation&#8217;s business under a
Plan of Arrangement (the &#8220;Arrangement&#8221;). Pursuant to the Arrangement, Superior
Plus transferred $38,029,000 (CDN $46,319,000) to the Corporation&#8217;s parent
company (&#8220;Old Ballard&#8221;). Old Ballard subsequently transferred all of its assets
and liabilities (including the net cash proceeds, but excluding Old Ballard&#8217;s
historic Canadian income tax carry forward attributes), to a new wholly owned
company, (&#8220;the Corporation&#8221;). Old Ballard&#8217;s shareholders exchanged their shares,
on a one-for-one basis, for shares of the Corporation. The Corporation is
carrying on the full scope of Old Ballard&#8217;s business operations, and holds all
rights to intellectual property, as held by Old Ballard before the completion of
the Arrangement.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As such, all
references to the Corporation in these Consolidated Financial Statements include
Old Ballard for matters occurring before the Arrangement.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As the transfer
of the business assets, liabilities and operations from Old Ballard to the
Corporation represented a transaction with no change in shareholder ownership,
the transaction was accounted for using continuity of interest
accounting.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Pursuant to
continuity of interest accounting, the assets transferred and liabilities
assumed were recorded at their carrying values as reported by Old Ballard
immediately prior to the completion of the Arrangement. As a result, the net
cash proceeds were recorded as a credit to shareholders&#8217; equity.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In addition, as
the future income tax benefits of Old Ballard&#8217;s Canadian non-capital losses,
capital losses, scientific research and development expenditures and investment
tax credits generated through to the date of the completion of the Arrangement
are not available to the Corporation after the completion of the Arrangement on
December 31, 2008. The gross future income tax assets related to these Canadian
tax pools as of December 31, 2008 was reduced to nil, with a corresponding
reduction of the related valuation allowance (note 16).</font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Proceeds of
      Arrangement on December 31, 2008</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">38,029</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Disposal costs
      paid to December 31, 2008</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(1,109</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Net cash proceeds at December 31,
      2008</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">36,920</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">Disposal costs paid in 2009</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(3,243</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Disposal
      costs accrued at December 31, 2009</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(584</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net proceeds of
      Arrangement</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">33,093</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">21</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">3. Disposition of certain automotive fuel
cell assets:</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On January 31,
2008, the Corporation completed the sale of its automotive fuel cell research
and development assets (the &#8220;AFCC Transaction&#8221;) to Daimler AG (&#8220;Daimler&#8221;), Ford
Motor Company (&#8220;Ford&#8221;) and a newly created private corporation, AFCC Automotive
Fuel Cell Cooperation Corp. (&#8220;AFCC&#8221;). AFCC was created to carry on the
development of automotive fuel cells for Daimler and Ford. Under the terms of
the AFCC Transaction, the Corporation transferred to Daimler, Ford and AFCC its
automotive patents, automotive fuel cell test equipment, automotive fuel cell
inventory, $60,000,000 in cash, the automotive fuel cell warranty liabilities,
all automotive fuel cell development contracts between Ballard, Daimler and
Ford, 80.1% of the outstanding shares of AFCC (note 8), 112 personnel and
related office equipment and a royalty free, sub-licensable license to the
remaining Ballard intellectual property for use in automotive applications. In
exchange, Daimler and Ford returned to the Corporation an aggregate of
34,261,298 of its common shares valued at $173,900,000, one Class A share and
one Class B share, collectively representing Daimler and Ford&#8217;s entire direct
and indirect equity interest in the Corporation. These shares were then
cancelled. </font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation
recorded a gain of $96,845,000 on the closing of the AFCC transaction on January
31, 2008.</font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Proceeds on
      disposal on January 31, 2008</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">173,900</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">Cash transferred to Daimler and Ford</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(58,000</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Disposal
      costs</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(3,823</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">Net proceeds on disposal</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">112,077</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Cash transferred to AFCC</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(2,000</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net investment in
      remaining automotive assets as of January 31, 2008</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(13,232</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net gain on
      disposal</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">96,845</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table><br>
        <div style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: sans-serif">As
the Corporation has significant continuing involvement with AFCC, the historic
results of the operations transferred are reported in results from continuing
operations.</font></div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">4. Accounts receivable:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Trade receivables</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">12,847</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">18,601</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Other</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">56</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">255</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">12,903</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">18,856</font></td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">22</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">5. Inventories: </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Raw materials and
    consumables</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5,928</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6,632</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%"><font size="2" style="FONT-FAMILY: sans-serif">Work-in-progress</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,018</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,891</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Finished
      goods</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,222</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,879</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">9,168</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">10,402</font>
  </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2009, changes
in raw materials and consumables, finished goods and work-in-progress recognized
as cost of product and service revenues amounted to $20,677,000 (2008 -
$25,948,000). In 2009, the write-down of inventories to net realizable value
amounted to $874,000 (2008 - $745,000). There were no reversals of write-downs
in 2009 or 2008. Write-downs and reversals are included in either cost of
product and service revenues, or research and product development expense,
depending on the nature of inventory.</font></div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">6. Property, plant and equipment:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net
  book</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Cost</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">depreciation</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">value</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Land</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,803</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,803</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Building</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">13,596</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">5,661</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">7,935</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Computer equipment</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">11,421</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">10,319</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1,102</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Furniture and fixtures</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">4,692</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">4,629</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">63</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Leasehold improvements</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">8,669</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5,489</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3,180</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Production and test equipment</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">67,651</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">47,492</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">20,159</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Production and test equipment
      under</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,078</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,078</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;capital lease (note 10)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">112,910</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">73,590</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">39,320</font></td>
            </tr></table><br>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net
  book</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Cost</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">depreciation</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">value</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Land</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,803</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,803</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Building</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">13,574</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">5,140</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">8,434</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Computer equipment</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">17,874</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">14,905</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,969</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="2" style="FONT-FAMILY: sans-serif">Furniture and fixtures</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">5,342</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">4,830</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">512</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Leasehold improvements</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">10,659</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6,108</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,551</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Production and
      test equipment</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">65,877</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">48,391</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">17,486</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">118,129</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">79,374</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">38,755</font>
    </td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">23</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">7. Intangible assets:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net
  book</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Cost</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">amortization</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">value</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Fuel cell
      technology</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">40,567</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">39,743</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">824</font></td>
            </tr></table><br>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net
  book</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Cost</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">amortization</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">value</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Fuel cell
      technology</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">49,801</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">46,075</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3,726</font>
    </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">During 2009, the
Corporation recorded a $2,520,000 charge to depreciation and amortization
expense for patents that were no longer in use.</font></div>
        <div>&#160;</div>
      </div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">8. Investments: </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Investments are
comprised of the following: </font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td nowrap width="80%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="5" nowrap width="9%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="5" nowrap width="9%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">&#160;</td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Percentage</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">&#160;</td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Percentage</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="FONT-FAMILY: arial">Amount</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">ownership</font>
</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="FONT-FAMILY: arial">Amount</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">ownership</font>
  </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Chrysalix Energy Limited
      Partnership</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">632</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">15.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">500</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">15.0</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">AFCC and Share Purchase Agreement</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">19.9</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,262</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">19.9</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Other</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="80%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">632</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,765</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Chrysalix Energy
Limited Partnership (&#8220;Chrysalix&#8221;) is recorded at the lower of cost and estimated
net realizable value. During 2009, the Corporation made additional investments
of $200,000 (2008 - $273,000) in Chrysalix, which was offset by a cash
distribution received from Chrysalix of $68,000 (2008 - $nil). In 2008, an
impairment charge of $3,020,000 was recorded to adjust the carrying value of
Chrysalix to its estimated net realizable value.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation
maintains a 19.9% interest in AFCC, which is accounted for using the cost method
and is subject to a Share Purchase Agreement (&#8220;SPA&#8221;) under which Ford, either at
the option of the Corporation or Ford&#8217;s election, may purchase the Corporation&#8217;s
interest in AFCC at any time after January 31, 2013 for $65,000,000 plus
interest accruing at LIBOR form January 31, 2008. The Corporation has no
obligation to fund any of AFCC&#8217;s operating expenses. On the disposition of
automotive fuel cell assets on the closing of the AFCC Transaction (note 3), the
SPA was considered to be a derivative instrument and was recorded at its fair
value of $1.</font></div>
      </div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">24</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">8. Investments (cont&#8217;d):
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In December
2009, the Corporation completed an agreement to monetize its rights under the
SPA. On the monetization of the SPA, the Corporation effectively sold its rights
and obligations under the SPA to a third party for initial fixed proceeds of
$37,000,000 and a contingent payment of $7,500,000, due in January 2013. The
contingent payment is subject to the third party&#8217;s rights in the transaction
remaining unsubordinated.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation
recorded a gain of $34,297,000 on the closing of the SPA monetization in 2009
reflecting the initial proceeds received net of disposal costs and a write-down
of its investment in AFCC to a nominal value.</font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Initial
      proceeds on disposal in 2009</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">37,000</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">Net book value of AFCC and Share Purchase Agreement</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(1,262</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Disposal
      costs accrued at December 31, 2009</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(1,441</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Gain on sale of
      assets</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">34,297</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The calculation
of the 2009 gain does not include the contingent payment of $7,500,000 as it is
considered to be a contingent gain and will not be recognized until the
contingency is resolved in January 2013 on the ultimate exercise of the
SPA.</font></div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">9. Accounts payable and accrued
liabilities: </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Trade accounts payable</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6,670</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6,274</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%"><font size="2" style="FONT-FAMILY: sans-serif">Other liabilities</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">3,952</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">3,663</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Accrued non-dilutive financing
      costs (note 2)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">584</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3,108</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%"><font size="2" style="FONT-FAMILY: sans-serif">Compensation payable</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">5,235</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">8,657</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Taxes payable</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">302</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">117</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%"><font size="2" style="FONT-FAMILY: sans-serif">Accrued restructuring and related costs</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,137</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Accrued SPA
      disposal costs (note 8)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,441</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">20,321</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">21,819</font>
  </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In August 2009,
the Corporation completed an organizational restructuring resulting in
restructuring and related charges of $4,866,000 primarily for severance expense
on the elimination of 85 positions. This action was in addition to an
organizational restructuring completed in March 2009 that resulted in
restructuring and related charges of $1,363,000 primarily for severance expense
on the elimination of 32 positions. As at December 31, 2009, $2,137,000 of
restructuring and related costs were payable.</font></div>
      </div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">25</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">10. Obligations under capital
lease:</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation
leases certain production and test equipment under a capital lease expiring in
December 2014. Under the terms of the lease, the Corporation must either (i)
purchase the equipment in December 2014 for its residual value equal to 20% of
the initial cost, or (ii) enter into a new lease agreement for the residual
value. Minimum future lease payments are as follows: </font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="94%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Year ending December 31</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2010</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">359</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">2011</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">359</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2012</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">359</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">2013</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">359</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2014</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">759</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">Total minimum lease payments</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,195</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Less imputed
      interest at 2.25%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(140</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">Total obligation under capital lease</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,055</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Current
      portion of obligation under capital lease</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">316</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Long-term portion
      of obligation under capital lease</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,739</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The obligation
under capital lease is secured by a hypothecation of the Corporation&#8217;s cash,
cash equivalents, and short-term investments.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">For the year
ended December 31, 2009, no interest was paid on capital lease
obligations.</font></div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">11. Long-term liabilities:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(revised &#8211; note
      1(c)(ii))</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;Defined benefit pension
plan</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,695</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,220</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;Other benefit plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">616</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">616</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Employee future benefit plans (note
      12)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3,311</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,836</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%"><font size="2" style="FONT-FAMILY: sans-serif">Asset retirement obligation</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,321</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,018</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Deferred revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,250</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">EBARA BALLARD
      Corporation</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">13,245</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">4,632</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">23,349</font>
  </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In determining
the fair value of the asset retirement obligations, the estimated future cash
flows have been discounted at 12% per annum. The total undiscounted amount of
the estimated cash flows required to settle this obligation is $3,988,000. The
obligation will be settled at the end of the term of the operating lease, which
extends to 2019.</font></div>
      </div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">26</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">11. Long-term liabilities (cont&#8217;d):
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In March 2009, the Corporation made a net
investment of $5,000,000 (2008 - $5,939,000), in EBARA BALLARD Corporation
(&#8220;EBARA BALLARD&#8221;). In May 2009, the Corporation announced intentions to
discontinue operations in EBARA BALLARD, a joint venture with EBARA Corporation
(&#8220;Ebara&#8221;) that was focused on the development, manufacture, sale, and servicing
of stationary power systems for the residential cogeneration market in Japan.
EBARA BALLARD was accounted for using the equity method and was considered a
related party. On the announcement of the intention to discontinue operations,
the $10,838,000 of historic recorded equity losses in EBARA BALLARD in excess of
the net investment of EBARA BALLARD (including $2,474,000 of equity losses
recorded in 2009 prior to the wind-up), was reversed to net income as (i) Ebara
was solely responsible for the liquidation obligations of EBARA BALLARD; and
(ii) the Corporation was not committed to provide, nor did it intend to provide,
any further financial support to EBARA BALLARD. EBARA BALLARD was formally
dissolved in October 2009. As a result, the Corporation recorded equity income
of $8,364,000 in 2009 and an equity loss of $8,649,000 in 2008.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">12. Employee future benefit plans:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td nowrap width="76%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="6" nowrap width="10%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="6" nowrap width="10%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="right" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Fair value of plan assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">7,105</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5,761</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Accrued benefit
      obligation</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(9,800</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(616</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(9,981</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(616</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="FONT-FAMILY: arial">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Accrued
      benefit liability</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(2,695</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(616</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(4,220</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(616</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="FONT-FAMILY: arial">)</font></td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation
maintains a defined benefit pension plan covering employees in the United
States. The benefits under the pension plan are based on years of service and
salary levels accrued as of December 31, 2009. In 2009, amendments were made to
the defined benefit pension plan to freeze benefits accruing to employees at
their respective years of service and salary levels obtained as of December 31,
2009. This hard freeze of pension plan benefits resulted in the recognition of
curtailment gains of $1,055,000 in 2009. Certain employees in the United States
are also eligible for post-retirement healthcare, life insurance and other
benefits. The Corporation accrues its obligations under employee future benefit
plans and the related costs, net of the fair value of plan
assets.</font></div>
      </div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">27</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">12. Employee future benefit plans
(cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt; WIDTH: 100%">
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The measurement
date used to determine pension and other post-retirement benefit measures is
December 31 of each year. The most recent actuarial valuation of the employee
future benefit plans for funding purposes was as of January 1, 2009. The next
actuarial valuation of the employee future benefit plans for funding purposes is
expected to be as of January 1, 2010.</font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Information
about the Corporation&#8217;s employee future benefit plans, in aggregate, is as
follows: </font></div>
        <div>&#160;</div>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Defined benefit
plan obligations: </font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="right" nowrap width="76%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="6" nowrap width="10%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="6" nowrap width="10%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="76%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="right" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="76%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Balance, beginning of
year</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">9,981</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">616</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">9,430</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">614</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%"><font size="2" style="FONT-FAMILY: sans-serif">Current service cost</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">366</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">3</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">348</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">3</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom" bgcolor="silver">
              <td align="left" nowrap width="76%"><font size="2" style="FONT-FAMILY: sans-serif">Interest cost</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">594</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">35</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">562</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">35</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom" bgcolor="white">
              <td align="left" nowrap width="76%"><font size="2" style="FONT-FAMILY: sans-serif">Benefits paid</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(200</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(31</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(116</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(31</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom" bgcolor="silver">
              <td align="left" nowrap width="76%"><font size="2" style="FONT-FAMILY: sans-serif">Actuarial (gains) losses</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">114</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(7</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(243</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(5</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom" bgcolor="white">
              <td align="left" nowrap width="76%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Curtailment
      gain</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(1,055</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom" bgcolor="silver">
              <td align="left" nowrap width="76%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Balance, end of
      year</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">9,800</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">616</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">9,981</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">616</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Defined benefit
plan assets: </font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="right" nowrap width="67%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="2%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="6" nowrap width="14%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td nowrap width="2%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="6" nowrap width="14%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="67%">
              </td>
              <td align="right" nowrap width="2%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" colspan="2" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="right" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="67%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="67%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Balance, beginning of
year</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5,761</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">7,849</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="67%"><font size="2" style="FONT-FAMILY: sans-serif">Actual return (loss) on</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="5%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%">&#160;</td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="5%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="67%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;plan assets</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td nowrap width="3%" style="FONT-FAMILY: sans-serif; TEXT-ALIGN: right">1,477</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td nowrap width="5%" style="TEXT-ALIGN: right">-</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td nowrap width="3%" style="FONT-FAMILY: sans-serif; TEXT-ALIGN: right">(2,337</td>
              <td align="left" nowrap width="1%">)</td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td nowrap width="5%" style="TEXT-ALIGN: right">-</td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="67%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Employer&#8217;s contributions</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">100</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">31</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">396</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">31</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="67%"><font size="2" style="FONT-FAMILY: sans-serif">Plan expenses</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(33</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(32</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="67%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Benefits
      paid</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(200</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(31</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(115</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(31</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="67%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Balance, end of
      year</font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">7,105</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">5,761</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table><br>
        <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The plan assets
for the funded pension plan consists of: </font></div>
        <div>&#160;</div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Cash and cash equivalents</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%"><font size="2" style="FONT-FAMILY: sans-serif">Equity securities</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">72</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">71</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Debt
      securities</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">27</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">26</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Total</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">100</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">%</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">100</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">%</font>
  </td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">28</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div><br>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">12. Employee future benefit plans
(cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The elements of the employee future
benefit plan expenses recognized for the years ended December 31, 2009 and 2008
were as follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="7" nowrap width="15%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="7" nowrap width="15%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%">
              </td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="6%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="6%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: arial">Pension plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: arial">Pension plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Current service cost</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">366</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">348</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%"><font size="2" style="FONT-FAMILY: sans-serif">Interest cost</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">594</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">35</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">562</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">35</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: arial">Actual (return) loss on plan</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(1,477</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,337</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%"><font size="2" style="FONT-FAMILY: sans-serif">Actuarial (gains) losses</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">114</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">(7</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">(243</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="2" style="FONT-FAMILY: sans-serif">(5</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Plan expenses</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">33</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">32</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Curtailment
      gain</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(1,055</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="66%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Employee future benefit
    plan</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="66%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; expense (gain)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(1,425</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">31</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3,036</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">33</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The significant actuarial assumptions
adopted in measuring benefit obligations at December 31, 2009 and 2008 were as
follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="3" nowrap width="9%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="3" nowrap width="8%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font> </td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Discount rate</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="79%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Rate of
      compensation increase</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">n/a</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">n/a</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3.3%</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">n/a</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The significant actuarial assumptions
adopted in determining net expense for the years ended December 31, 2009 and
2008 were as follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="3" nowrap width="9%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center">
              </td>
              <td colspan="3" nowrap width="8%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="4%"><font size="2" style="FONT-FAMILY: sans-serif">Pension</font></td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">Other benefit</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">plan</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Discount rate</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6.0%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="79%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Rate of
      compensation increase</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3.3%</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">n/a</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3.3%</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">n/a</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The assumed health care cost trend rates
applicable to the other benefit plans at December 31, 2009 and 2008 were as
follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Initial medical health care cost
      trend rate</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">9.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">9.0%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%"><font size="2" style="FONT-FAMILY: sans-serif">Initial dental health care cost trend rate</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">5.0%</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">5.0%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Cost trend rate declines to medical
      and dental</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5.0%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5.0%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%"><font size="2" style="FONT-FAMILY: sans-serif">Year that the medical rate reaches the rate it is</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; assumed to remain at</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial">2017</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: arial">2017</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Year that the dental rate reaches
      the rate it is</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="91%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; assumed to remain at</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">2009</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">2009</font></td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">29 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">12. Employee future benefit plans
(cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">A one-percentage-point change in assumed
health care cost trend rates would not have a material impact on the
Corporation&#8217;s financial statements. </font></div>
      <div>&#160;</div>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">13. Share capital: </font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(a)</font></td>
              <td nowrap valign="top">
              </td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Authorized and issued:</font></td>
            </tr><tr>
              <td valign="top">
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td valign="top">
              </td>
              <td valign="top">
              </td>
              <td valign="top">
              </td>
              <td align="left" valign="top" width="100%">
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Unlimited
      number of common shares, voting, without par value. </font></div>
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#160;</font></div>
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Unlimited
      number of preferred shares, issuable in series.</font></div>
              </td>
            </tr><tr>
              <td valign="top">
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td colspan="3" valign="top">
              </td>
              <td valign="top" width="100%">
                <div><font size="2" style="FONT-FAMILY: sans-serif">At December 31, 2009,
      83,973,988 (2008 &#8211; 82,122,135) common shares are issued and
      outstanding.</font></div>
              </td>
            </tr><tr>
              <td valign="top">
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(b)</font></td>
              <td nowrap valign="top">
              </td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Share option plan:</font></td>
            </tr><tr>
              <td valign="top">
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td valign="top">&#160;&#160;&#160;&#160;&#160;</td>
              <td valign="top">
              </td>
              <td valign="top">&#160;</td>
              <td align="left" valign="top" width="100%">
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2009,
      the Corporation adopted a consolidated share option plan to supersede and
      replace four previous share option plans. All directors, officers and
      employees of the Corporation, and its subsidiaries, are eligible to
      participate in the share option plan although as a matter of policy,
      options are currently not issued to directors. Option exercise prices are
      denominated in both Canadian and U.S. dollars, depending on the residency
      of the recipient. Canadian dollar denominated options have been converted
      to U.S. dollars using the year-end exchange rate for presentation
      purposes. All options have a term of seven to ten years from the date of
      grant unless otherwise determined by the board of directors. One-third of
      the options vest and may be exercised, at the beginning of each of the
      second, third and fourth years after granting.</font></div>
              </td>
            </tr><tr>
              <td valign="top">
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td valign="top">
              </td>
              <td valign="top">
              </td>
              <td valign="top">
              </td>
              <td align="left" valign="top" width="100%">
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at
      December 31, 2009, options outstanding from the consolidated share option
      plan was as follows:</font></div>
              </td>
            </tr></table>
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="81%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="8%" style="BORDER-TOP: #000000 1.5pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="7%" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Weighted
      average</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%" style="PADDING-BOTTOM: 1pt">
              </td>
              <td align="left" nowrap width="81%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="8%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: arial">Options for common
      shares</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">exercise
      price</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Balance, December 31,
2007</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="8%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5,585,076</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">34.15</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Options granted</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="8%"><font size="2" style="FONT-FAMILY: sans-serif">829,374</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">4.11</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Options cancelled</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="8%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(938,068</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">29.05</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Balance, December 31, 2008</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="8%"><font size="2" style="FONT-FAMILY: sans-serif">5,476,382</font></td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">24.65</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Options
      granted</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="8%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1,944,997</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1.60</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Options exercised</font></td>
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="8%"><font size="2" style="FONT-FAMILY: sans-serif">(5,000</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="2" style="FONT-FAMILY: sans-serif">1.01</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="81%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Options cancelled</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="8%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(1,548,528</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">33.13</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
              <td align="left" nowrap width="81%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Balance, December
      31, 2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="8%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">5,867,851</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">19.18</font></td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">30 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">13. Share capital (cont&#8217;d):
</font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(b)</font></td>
              <td nowrap valign="top">&#160;</td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Share option plans (cont&#8217;d):</font></td>
            </tr><tr>
              <td valign="top">
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td valign="top">&#160;&#160;&#160;&#160;&#160;</td>
              <td valign="top">
              </td>
              <td valign="top">
              </td>
              <td align="left" valign="top" width="100%">
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The
      following table summarizes information about the Corporation&#8217;s share
      options outstanding as at December 31, 2009:</font></div>
                <div>&#160;</div>
              </td>
            </tr></table>
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="70%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="2%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="6" nowrap width="13%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">Options outstanding</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="4" nowrap width="8%" style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">Options exercisable</font></td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="70%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: arial">Weighted</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="70%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">Number</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">average</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Weighted</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">Number</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Weighted</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="70%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">outstanding at</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">remaining</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">average</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">exercisable at</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">average</font></td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">&#160;</td>
              <td align="right" nowrap width="70%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">&#160;December 31,</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">contractual life</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">exercise</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">December 31,</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">exercise</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">Range of exercise
      price</font></td>
              <td align="left" nowrap width="70%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(years)</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">price</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">price</font></td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$1.01 &#8211; $5.00</font></td>
              <td align="right" nowrap width="70%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">2,472,315</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">6.1</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">2.42</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">219,390</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">4.63</font></td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">$5.51 &#8211; $7.56</font></td>
              <td align="right" nowrap width="70%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">1,737,137</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">5.3</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">6.97</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">1,545,608</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">6.93</font></td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$10.00 &#8211; $17.41</font></td>
              <td align="right" nowrap width="70%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">426,305</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">3.5</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">13.55</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">426,305</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">13.55</font></td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">$24.91 &#8211; $41.67</font></td>
              <td align="right" nowrap width="70%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">708,794</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">2.3</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">37.10</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">708,794</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">37.10</font></td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$62.80 &#8211; 84.21</font></td>
              <td align="right" nowrap width="70%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">285,500</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">1.2</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">68.00</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">285,500</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">68.00</font></td>
            </tr><tr valign="bottom">
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$109.90 &#8211;
      $182.68</font></td>
              <td align="right" nowrap width="70%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">237,800</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">0.2</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 180.70</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">237,800</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 180.70</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="70%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">5,867,851</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">4.7</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">19.18</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">3,423,397</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">31.02</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 30pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation uses the fair-value
method for recording employee and director share option grants. During 2009,
compensation expense of $1,760,000 (2008 - $2,763,000) was recorded in net
income as a result of fair value accounting for share options granted. The share
options granted during the year had a weighted average fair value of $0.76 (2008
- - $2.65) and vesting periods of three years. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 30pt" align="left"><font size="2" style="FONT-FAMILY: sans-serif">The fair values of the options granted were determined using the
Black-Scholes valuation model under the following weighted average assumptions:
</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Expected life</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;
    </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">5 years</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">7 years</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="91%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: sans-serif">Expected dividends</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: sans-serif">Nil</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: sans-serif">Nil</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="91%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Expected volatility</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">60%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">48%</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </td>
              <td align="left" nowrap width="91%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Risk-free
      interest rate</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3%</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">4%</font></td>
            </tr></table>
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(c)</font></td>
              <td nowrap valign="top">&#160;</td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Share distribution plan:</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" valign="top" width="100%">&#160;</td>
            </tr><tr>
              <td nowrap>&#160;&#160;&#160;&#160;&#160;</td>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top">
              </td>
              <td align="left" valign="top" width="100%">
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2009,
      the Corporation adopted a consolidated share distribution plan to
      supersede and replace five previous share distribution plans. The
      consolidated share distribution plan permits the issuance of common shares
      for no cash consideration to employees of the Corporation to recognize
      their past contribution and to encourage future contribution to the
      Corporation. At December 31, 2009, there were 1,472,380 shares available
      to be issued under these plans.</font></div>
              </td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" valign="top" width="100%">&#160;</td>
            </tr><tr>
              <td nowrap>
              </td>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top">
              </td>
              <td align="left" valign="top" width="100%">
                <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">No
      compensation expense was charged against income during the year ended
      December 31, 2009 (2008 - $5,446,000) for shares distributed, and to be
      distributed, under the plans.</font></div>
              </td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">31 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">13. Share capital (cont&#8217;d):
</font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(d)</font></td>
              <td nowrap valign="top">&#160;</td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Deferred Share Units:</font></td>
            </tr><tr>
              <td>
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td>
              </td>
              <td valign="top">&#160;</td>
              <td valign="top">
              </td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Deferred share units (&#8220;DSUs&#8221;) are granted to the board of directors
      and executives. Eligible directors may elect to receive all or part of
      their annual retainers and executives may elect to receive all or part of
      their annual bonuses in DSUs. Each DSU is redeemable for one common share
      in the capital of the Corporation after the director or executive ceases
      to provide services to the Corporation. Shares will be issued from the
      Corporation&#8217;s share distribution plan. As at December 31, 2009, 316,152
      DSUs (2008 &#8211; 333,066) were issued and outstanding.</font></td>
            </tr><tr>
              <td>
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td>
              </td>
              <td valign="top">&#160;</td>
              <td valign="top">
              </td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">In 2009, the Corporation determined that 169,276 DSUs had been
      issued to directors in excess of a limitation set out in its share
      distribution plan. The Corporation&#8217;s shareholders ratified the DSU
      overgrant. Accordingly the previously recorded compensation expense
      relating to the overgrant was reversed from contributed surplus and the
      revised compensation expense for the approved DSUs was recorded based on
      the market price of the shares on the date of approval, resulting in a net
      decrease to contributed surplus of $451,000. In 2008, $202,000 of
      compensation expense was recorded for the year then ended.</font></td>
            </tr><tr>
              <td>
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(e)</font></td>
              <td nowrap valign="top">
              </td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Restricted Share Units:</font></td>
            </tr><tr>
              <td>
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td>
              </td>
              <td valign="top">&#160;</td>
              <td valign="top">
              </td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation has two plans under which restricted share units
      (&#8220;RSUs&#8221;) may be granted. The awards under the consolidated share
      distribution plan (note 13 (c)) are satisfied by the issuance of treasury
      shares on maturity. The awards granted under the Market Purchase RSU Plan
      are satisfied by shares to be purchased on the open market by a trust
      established for that purpose. During 2009, the Corporation repurchased
      87,729 common shares through the trust for cash consideration of $207,000
      for the purpose of funding future grants under the Market Purchase RSU
      Plan.</font></td>
            </tr><tr>
              <td>
              </td>
              <td colspan="3" valign="top">&#160;</td>
            </tr><tr>
              <td>&#160;&#160;&#160;&#160;&#160;</td>
              <td valign="top">&#160;</td>
              <td valign="top">
              </td>
              <td valign="top" width="100%"><font size="2" style="FONT-FAMILY: sans-serif">RSUs are granted to employees and executives. Each RSU is
      convertible into one common share. The RSUs vest after a specified number
      of years from the date of issuance, and under certain circumstances, are
      contingent on achieving specified performance criteria. As at December 31,
      2009, 1,621,749 RSUs (2008 &#8211; 1,092,813) were issued and outstanding, and
      $1,736,000 (2008 - $1,388,000) of compensation expense was recorded for
      the year then ended.</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">32</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">14. Investment and other income
(loss):</font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: arial">Investment return (loss) less interest
      cost on employee future</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; benefit
      plans</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">741</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(2,686</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Curtailment gain
      on employee future benefit plans</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,055</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Employee future benefits gain
      (loss) (note 12)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1,796</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(2,686</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%"><font size="2" style="FONT-FAMILY: sans-serif">Investment income</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">387</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,012</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Other income</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">625</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1,456</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="88%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Foreign exchange
      gain (loss)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">3,187</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(3,653</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="88%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Investment
      and other income (loss)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 5,995</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; (2,871</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr></table>
      </div><br>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">15. Commitments, guarantees and
contingencies: </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="left"><font size="2" style="FONT-FAMILY: sans-serif">At December 31, 2009, the Corporation is committed to payments under
operating leases as follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2010</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,789</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">2011</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,789</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2012</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1,789</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="94%"><font size="2" style="FONT-FAMILY: sans-serif">2013</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,789</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2014</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1,842</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="94%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Thereafter</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">9,524</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="94%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Total minimum
      lease payments</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
18,522</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation has agreed to pay
royalties in respect of sales of certain fuel cell-based stationary power
products under two development programs with Canadian government agencies. The
total combined royalty is limited in any year to 4% of revenue from such
products. Under the original terms of the Utilities Development Program (Phase
1) with the Governments of Canada and British Columbia, total royalties were
payable to a maximum equal to the original amount of the government
contributions of CDN $10,702,000. During 2009, a Canadian government agency
agreed to terminate potential royalties payable of CDN $5,351,000 in respect of
future sales of fuel cell based stationary power products under the Utilities
Development Program (Phase 1). As at December 31, 2009, no royalties have been
incurred for Phase 1. Under the terms of the Utilities Development Program
(Phase 2) with Technology Partnerships Canada (&#8220;TPC&#8221;) total royalties are
payable to a maximum of CDN $38,329,000. As at December 31, 2009, a total of CDN
$5,320,000 in royalty repayments have been made for Phase 2 including payments
of CDN $115,000 in 2009 and CDN $184,000 in 2008.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">33 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements </font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">15. Commitments, guarantees and
contingencies (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Original
      maximum recoverable amount under Phase 1 and 2</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">CDN$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">49,031</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="90%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Prior year payments applied</font></td>
              <td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="2%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="white" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(5,022</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Maximum recoverable amount,
      December </font><font size="2" style="FONT-FAMILY: sans-serif">31,
      </font><font size="2" style="FONT-FAMILY: sans-serif">2007</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">44,009</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 2008 payments</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
                <div>&#160;</div>
              </td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(184</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Maximum recoverable amount,
      December </font><font size="2" style="FONT-FAMILY: sans-serif">31,
      </font><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">43,825</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="90%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      Termination of potential royalties payable</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: sans-serif">(5,351</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 2009 payments</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(115</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="90%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Maximum
      recoverable amount, December </font><font size="2" style="FONT-FAMILY: sans-serif">31, </font><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">CDN$</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">38,359</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="90%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Maximum
      recoverable amount, December </font><font size="2" style="FONT-FAMILY: sans-serif">31, </font><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">US$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">36,498</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation has issued letter of
credits in the amount of $293,000 (2008 - $nil) related to inventory purchases
and customer guarantees as at December 31, 2009.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">At December 31, 2009, the Corporation has
outstanding commitments aggregating up to a maximum of $1,691,000 (2008 -
$164,000) relating primarily to purchases of property, plant and
equipment.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation is also committed to make
future investments totaling $255,000 in Chrysalix (note 8). </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation has agreed to pay
royalties in respect of sales of Ballard fuel cells or fuel cell systems under a
July 31, 1996 Fuel Cell Bus Program Agreement (&#8220;FC Bus Agreement&#8221;), with
Province of British Columbia, BC Transit, and BC Transportation Financing
Authority (&#8220;BCTFA&#8221;). Under the terms of FC Bus Agreement, the royalty payable is
at a rate of 2% on future sales of such products for commercial transit
application to a maximum of $2,093,000 (CDN$ 2,200,000). No royalties have been
paid, or accrued, as of December 31, 2009.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Arrangement with Superior Plus (note
2) includes an indemnification agreement dated December 31, 2008 (the &#8220;Indemnity
Agreement&#8221;), which sets out the parties&#8217; continuing obligations to the other.
The Indemnity Agreement provides for the indemnification by each of the parties
to the other for breaches of representations and warranties or covenants, as
well as, in the Corporation&#8217;s case, any liability relating to the business,
which is suffered by Superior Plus. The Corporation&#8217;s indemnity to Superior Plus
with respect to representation relating to the existence of the Corporation&#8217;s
tax pools immediately prior to the completion of the Arrangement is limited to
an aggregate of $6,993,000 (CDN $7,350,000) with a threshold amount of $476,000
(CDN $500,000) before there is an obligation to make a payment. The Indemnity
Agreement also provides for adjustments to be paid by the Corporation, or to the
Corporation, depending on the final determination of the amount of 2008 Canadian
non-capital losses, scientific research and development expenditures and
investment tax credits, to the extent that such amounts are more or less than
the amounts estimated at the time the Arrangement was executed.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">34 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements </font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial">15. Commitments, guarantees and contingencies
(cont&#8217;d):</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">At December 31, 2009, no amount payable or receivable has been accrued as
a result of the Indemnity Agreement.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial">16. Income taxes:</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">The Corporation&#8217;s effective income tax rate differs from the combined
Canadian federal and provincial statutory income tax rate for manufacturing and
processing companies.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: Arial">The principal factors causing the difference are as follows:</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net income
      (loss) before income taxes</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(3,265</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">31,472</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arial">Expected tax expense (recovery) at 30.00%</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; (2008&#8211;31.00%)</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(980</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">9,756</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Increase (reduction) in income
      taxes resulting from:</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Gain on sale of assets</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(5,966</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Income
      transferred on Arrangement</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (10,807</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Non-deductible expenses (non-taxable
      income)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">320</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(483</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      Non-taxable equity gain in associated companies</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(2,509</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Investment tax credits earned</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(6,681</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Foreign
      tax rate differences</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">249</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(35</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: arial">&#160;&#160;&#160;&#160; Losses and other deductions for which no
      benefit</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; has been
      recorded</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 15,567</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1,569</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Income tax expense</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Branch
    tax</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(7</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">16</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Income taxes
      (recovery)</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(7</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">16</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation has available to carry
forward the following as at December 31: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="89%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Canadian scientific research
      expenditures</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">24,880</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">4,555</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="89%"><font size="2" style="FONT-FAMILY: sans-serif">Canadian investment tax credits</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">8,746</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">810</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">German losses from operations for
      corporate tax purposes</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">204</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">130</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="89%"><font size="2" style="FONT-FAMILY: sans-serif">U.S. federal losses from operations</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">18,440</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">28,158</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="89%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">U.S. state losses from
      operations</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3,333</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">19,072</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="89%"><font size="2" style="FONT-FAMILY: sans-serif">U.S. research and development and investment tax credits</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">783</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,162</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="89%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">U.S. capital
      losses</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 180,761</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
171,338</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Canadian scientific research
expenditures may be carried forward indefinitely. The German losses from
operations may be used to offset future taxable income in Germany for corporate
tax and trade tax purposes and may be carried forward indefinitely. The U.S.
federal losses from operations may be used to offset future U.S. taxable income
and expire over the period from 2010 to 2029.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">35 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="justify" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial
      Statements </font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and
      2008</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in
      thousands of U.S. dollars, except per share amounts and number of
      shares)</font></td>
            </tr><tr>
              <td align="justify" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">16. Income taxes (cont&#8217;d):
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The U.S. states losses from operations
arising in California and Massachusetts may be used to offset future state
taxable income and may be carried forward for ten and five years
respectively.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The U.S. research and development and
investment tax credits are available to reduce future U.S. taxable income and
expire over the period from 2010 to 2028. The U.S. capital losses are available
to reduce U.S. capital gains and expire over the period from 2010 to 2012.
</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Canadian investment tax credits may
be used to offset future Canadian income taxes otherwise payable and expire as
follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2010</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-TOP: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">168</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%"><font size="2" style="FONT-FAMILY: sans-serif">2011</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">306</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2012</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">58</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%"><font size="2" style="FONT-FAMILY: sans-serif">2013</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">115</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2014</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">101</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%"><font size="2" style="FONT-FAMILY: sans-serif">2015</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2016</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">90</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%"><font size="2" style="FONT-FAMILY: sans-serif">2017</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">100</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="93%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2029</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">7,808</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="justify" nowrap width="93%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 8,746</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The following sets forth the tax effect
of temporary differences that give rise to future income tax assets and
liabilities: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Future income tax assets:</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Scientific research expenditures</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">6,220</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,184</font></td>
              <td align="justify" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Investment
      in associated companies</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,173</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,511</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Accrued warranty and pension
      liabilities</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">3,747</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">3,198</font></td>
              <td align="justify" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Losses
      from operations carried forward</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">6,526</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">10,705</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Capital losses</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">61,459</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">58,255</font></td>
              <td align="justify" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Investment
      tax credits</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">8,274</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">2,976</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%"><font size="2" style="FONT-FAMILY: arial">&#160;&#160;&#160;&#160; Property, plant and equipment and
      intangible</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; assets</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">28,111</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">17,109</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Total future income tax
      assets</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      116,510</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">95,938</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Less valuation allowance:</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="3%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="3%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; -
      Canada</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(47,346</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(23,515</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; - U.S.</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(69,110</font></td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; (72,389</font></td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="87%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; - Germany</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(54</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(34</font></td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="justify" nowrap width="87%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Net future income
      taxes</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">36 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="justify" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial
      Statements </font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and
      2008</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in
      thousands of U.S. dollars, except per share amounts and number of
      shares)</font></td>
            </tr><tr>
              <td align="justify" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">17. Related party transactions:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Related parties include shareholders with
a significant ownership interest in the Corporation, together with its
subsidiaries and affiliates, and the Corporation&#8217;s equity accounted investee.
The revenue and costs recognized from transactions with such parties reflect the
prices and terms of sales and purchase transactions with related parties, which
are in accordance with normal trade practices. </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Balances with related
      parties:</font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Accounts receivable</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 4,500</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="justify" nowrap width="88%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Accounts payable and accrued
      liabilities</font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      -</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">31</font></td>
            </tr></table>
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Transactions during the year with
      related parties:</font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Revenues</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">380</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">7,906</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      Purchases</font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">78</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">188</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="justify" nowrap width="88%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Net investments and advances (note
      11)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 5,000</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 5,939</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In addition, the AFCC Transaction is a
related party transaction (note 3).</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">18. Supplemental disclosure of cash flow
information: </font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Non-cash financing and investing
      activities:</font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Compensatory shares</font></td>
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,847</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">7,299</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Accrued
      costs related to Arrangement (note 2)</font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">584</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">3,108</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="88%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Shares cancelled on AFCC transaction (note
      3)</font></td>
              <td nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="justify" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 173,900</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="justify" nowrap width="88%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Assets acquired under capital lease (note
      6)</font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 2,078</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="justify" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">-</font>
  </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">19. Segmented financial information:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation&#8217;s business operates in
three market segments:</font></div>
      <ul style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
        <li><font size="2" style="FONT-FAMILY: sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Fuel Cell Products:</font> Fuel
  cell products and services for motive power (consisting of the material
  handling and bus markets) and stationary power (consisting of the back-up
  power, supplemental power, and distributed generation markets)
  applications;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Contract Automotive:</font>
  Contract manufacturing of light-duty automotive fuel cell products and testing
  and engineering services provided primarily to AFCC, Daimler and Ford;
  and<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Material
  Products:</font></font><font size="2" style="FONT-FAMILY: sans-serif"> Carbon
  fiber material products primarily for automotive applications and gas
  diffusion layer (&#8220;GDL&#8221;) material for fuel cell products. </font></li>
      </ul>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">37 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="justify" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial
      Statements </font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and
      2008</font></td>
            </tr><tr valign="bottom">
              <td align="justify" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in
      thousands of U.S. dollars, except per share amounts and number of
      shares)</font></td>
            </tr><tr>
              <td align="justify" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: arial">&#160;</font></td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">19. Segmented financial information
(cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Segment revenues and segment income
(loss) represent the primary financial measures used by senior management in
assessing performance and allocating resources, and include the revenues, cost
of product and service revenues and expenses for which management is held
accountable. Segment expenses include research and product development costs
directly related to individual segments.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Costs associated with shared services and
other shared costs are allocated based on headcount and square footage.
Corporate amounts include expenses for research and product development, sales
and marketing, and general and administrative, which apply generally across all
segments and are reviewed separately by senior management. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">A significant portion of the
Corporation&#8217;s production, testing and lab equipment, and facilities, as well as
intellectual property, are common across the segments. Therefore, management
does not classify asset information on a segmented basis. Instead, performance
assessments of these assets and related resources allocations are done on a
company-wide basis.</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Revenues</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Fuel Cell Products</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">24,142</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">27,641</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Contract Automotive</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">9,170</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">19,217</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Material
      Products</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">13,410</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">12,722</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">46,722</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">59,580</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Segment income
      (loss) for the year <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Fuel Cell Products</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(11,553</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(3,780</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Contract Automotive</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">1,236</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">2,648</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Material
      Products</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">2,315</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(94</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Total</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(8,002</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(1,226</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Corporate amounts</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Research and product development</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(12,699</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(23,805</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; General
      and administrative</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (10,801</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (12,515</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Sales and marketing</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(7,203</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(7,461</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      Restructuring charges</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(6,229</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; Acquisition and related charges</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(529</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Depreciation and
    amortization</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(6,580</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(6,034</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Investment and other income (loss)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">5,995</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">(2,871</font></td>
              <td align="left" nowrap width="1%"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: arial">Gain (loss) on disposal and write-down
      of long-lived</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">122</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">(2,812</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%"><font size="2" style="FONT-FAMILY: sans-serif">Gain on sale of assets</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">34,297</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="2" style="FONT-FAMILY: sans-serif">96,845</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="87%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Equity gain
      (loss) in associated companies</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">8,364</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(8,649</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" nowrap width="87%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Income (loss)
      before income taxes</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">(3,265</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">31,472</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td width="100%">
                <div style="PADDING-LEFT: 15pt" align="justify"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><font size="1" style="FONT-FAMILY: sans-serif">(1) </font></font><font size="1" style="FONT-FAMILY: sans-serif">Research and product development
      costs directly related to segments are included in segment income (loss)
      for the year.</font></div>
              </td>
            </tr></table>
      </div><br>
      <div align="center"><font size="2" style="FONT-FAMILY: sans-serif">38 </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: arial">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div>
      <div align="justify">&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">19. Segmented financial information
(cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at December 31, 2009 and 2008, total
goodwill of $48,106,000 was allocated $46,291,000 to the Fuel Cell Products
segment, and $1,815,000 to the Material Products segment.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2009, revenues from the Fuel Cell
Products segment included sales to one customer that exceeds 10% of total
revenue in the amount of $8,093,000. Revenues from the Contract Automotive
segment included sales to one customer that exceeds 10% of total revenue in the
amount of $6,244,000. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2008, revenues from the Fuel Cell
Products segment included sales to one customer that exceeds 10% of total
revenue in the amount of $8,256,000. Revenues from the Contract Automotive
segment included sales of two customers that each exceeds 10% of total revenue
in the amount of $9,343,000 and $8,053,000, respectively.</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Revenues and capital asset information by
geographic area, as at and for the years ended December 31, is as follows:
</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; &#160; </td>
              <td align="left" nowrap width="70%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="4" nowrap width="13%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="5" nowrap width="13%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160; &#160;&#160;
</td>
              <td align="right" colspan="2" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">Property, plant and</font></td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="6%"><font size="1" style="FONT-FAMILY: sans-serif">Property, plant and</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">equipment and</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="6%"><font size="1" style="FONT-FAMILY: sans-serif">equipment and</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Revenues</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="7%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">goodwill</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Revenues</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">goodwill</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Canada</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">6,246</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">76,746</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">9,991</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">77,570</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%"><font size="1" style="FONT-FAMILY: sans-serif">U.S.</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">30,347</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="1" style="FONT-FAMILY: sans-serif">10,621</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">29,713</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">9,232</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Japan</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">485</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">5,138</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%"><font size="1" style="FONT-FAMILY: sans-serif">Germany</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">4,879</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="6%"><font size="1" style="FONT-FAMILY: sans-serif">59</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">11,822</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">59</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Other
      countries</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">4,765</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="6%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2,916</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="70%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 46,722</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="6%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 87,426</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 59,580</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
86,861</font></td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Revenues are attributed to countries
based on customer location. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">20. Financial instruments:
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(a)</font><font size="2" style="FONT-FAMILY: sans-serif"> </font><font size="2" style="FONT-FAMILY: sans-serif">Fair Value; </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation&#8217;s financial instruments
consist of cash and cash equivalents, short-term investments, accounts
receivables, accounts payable and accrued liabilities, and obligations under
capital lease. The fair values of cash, accounts receivable, accounts payable
and accrued liabilities approximate carrying value because of the short-term
nature of these instruments. The fair value of long-term investments accounted
for on the cost basis is not practical to determine because none of the
investments are publicly traded. The fair value of obligations under capital
lease approximates carrying value as the leases were entered into near the end
of the reporting period. The carrying value of cash equivalents and short-term
investments equal their fair values as they are classified as held for
trading.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">39</font></font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">20. Financial instruments (cont&#8217;d):
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">(a)</font><font size="2" style="FONT-FAMILY: sans-serif"> </font><font size="2" style="FONT-FAMILY: sans-serif">Fair Value (cont&#8217;d); </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Fair value measurements recognized in the
balance sheet must be categorized in accordance with the following
levels:</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top" width="21">&#160;&#160;&#160;&#160;&#160;</td>
              <td nowrap valign="top" width="18"><font size="2" style="FONT-FAMILY: sans-serif">(i)</font></td>
              <td nowrap valign="top" width="5">&#160;</td>
              <td width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: sans-serif">Level 1: quoted prices (unadjusted)
      in active markets for identical assets or liabilities;</font> </td>
            </tr><tr>
              <td nowrap valign="top" width="21">
              </td>
              <td nowrap valign="top" width="18"><font size="2" style="FONT-FAMILY: sans-serif">(ii)</font></td>
              <td nowrap valign="top" width="5">
              </td>
              <td width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: sans-serif">Level 2: inputs other than quoted
      prices included in Level 1 that are observable for the asset or liability,
      either directly (i.e. as prices) or indirectly (i.e., derived from
      prices);</font></td>
            </tr><tr>
              <td nowrap valign="top" width="21">
              </td>
              <td nowrap valign="top" width="18"><font size="2" style="FONT-FAMILY: sans-serif">(iii)</font></td>
              <td nowrap valign="top" width="5">
              </td>
              <td width="96%" style="TEXT-ALIGN: justify"><font size="2" style="FONT-FAMILY: sans-serif">Level 3: inputs for the asset or
      liability that are not based on observable market data (unobservable
      inputs).</font></td>
            </tr></table>
      </div>
      <div style="PADDING-LEFT: 15pt" align="justify">&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation categorized the fair
value measurement of its cash, cash equivalents and short-term investments in
Level 1 as they are primarily derived directly from reference to quoted
(unadjusted) prices in active markets.</font></div>
      <div>&#160;</div>
      <div><font size="2" style="FONT-FAMILY: sans-serif">(b)</font> <font size="2" style="FONT-FAMILY: sans-serif">Financial risk management:</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation primarily has exposure to
currency exchange rate risk, interest rate risk and credit risk. These risks
arise primarily from the Corporation&#8217;s holdings of U.S. and Canadian dollar
denominated cash and cash equivalents and short-term investments.</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
              <td align="left" nowrap width="62%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="8" nowrap width="18%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="8" nowrap width="18%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%">
              </td>
              <td align="right" colspan="2" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">Canadian</font></td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">Canadian</font></td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="5%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%">
              </td>
              <td align="right" colspan="2" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">dollar</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">U.S. dollar</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">dollar</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">U.S. dollar</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">portfolio<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">portfolio</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Total</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">portfolio<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">portfolio</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Total</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Cash and cash equivalents</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">9,191</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">34,108</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">43,299</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">43,343</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">10,743</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160; </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">54,086</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Short-term
      investments</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">11,059</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">27,873</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">38,932</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">15,289</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">16,024</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">31,313</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Total cash, cash</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; equivalents and
    short-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="5%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; term investments</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 20,250</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 61,981</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 82,231</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 58,632</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 26,767</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; 85,399</font></td>
            </tr><tr valign="bottom">
              <td nowrap width="1%">
              </td>
              <td align="left" nowrap width="62%"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><font size="1">(1)
      </font></font><font size="1" style="FONT-FAMILY: sans-serif">U.S. dollar
      equivalent</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="5%">&#160; </td>
            </tr></table>
      </div><br>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Changes arising from these risks could
impact the Corporation&#8217;s reported investment and other income through either
changes to investment income or foreign exchange gains or losses (note
14).</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Corporation did not realize any
material gains or losses on its accounts receivable or its financial liabilities
measured at amortized cost.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">40</font></font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">20. Financial instruments
(cont&#8217;d):</font></font><font size="2" style="FONT-FAMILY: sans-serif">
</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top">&#160;&#160;&#160; &#160;</td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(i)</font></td>
              <td nowrap valign="top">&#160;</td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Foreign
      currency exchange rate risk is the risk that the fair value of future cash
      flows of a financial instrument will fluctuate because of changes in
      foreign exchange rates. The Corporation is exposed to&#160; currency risks
      primarily due to its holdings of Canadian dollar denominated cash
      equivalents and short-term investments and its Canadian dollar denominated
      purchases and accounts payable. Substantially all receivables are
      denominated in U.S. dollars.</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" width="100%">&#160;&#160; </td>
            </tr><tr>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">The
      Corporation limits its exposure to foreign currency risk by holding
      Canadian denominated cash, cash equivalents and short-term investments in
      amounts up to 100% of forecasted twelve month Canadian dollar net
      expenditures and up to 50% of the following twelve months of forecasted
      Canadian dollar net expenditures, thereby creating a natural hedge.
      Periodically, the Corporation also enters into forward foreign exchange
      contracts to further limit its exposure. At December 31, 2009, the
      Corporation had Canadian dollar cash, cash equivalents and short-term
      investments of CDN $21,283,000, and no outstanding forward foreign
      exchange contracts.</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td width="100%">&#160;</td>
            </tr><tr>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: arial">The following
      exchange rates applied during the year ended December 31, 2009:
  </font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td nowrap>
              </td>
              <td width="100%">&#160;&#160; </td>
            </tr></table>
      </div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
              <td align="left" colspan="2" nowrap width="80%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="8%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$U.S. to $1.00 CDN</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="2" nowrap width="10%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: sans-serif">$CDN to $1.00 $U.S.</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" colspan="2" nowrap width="80%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">January 1, 2009 Opening
    rate</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">0.821</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="9%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1.218</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" colspan="2" nowrap width="80%"><font size="2" style="FONT-FAMILY: sans-serif">December 31, 2009 Close
    rate</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">0.951</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="9%"><font size="2" style="FONT-FAMILY: sans-serif">1.051</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="37%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">Fiscal <font size="2" style="FONT-FAMILY: sans-serif">2009 Average rate</font></font></td>
              <td align="left" nowrap width="43%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">0.876</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="9%" bgcolor="#c0c0c0"><font size="2" style="FONT-FAMILY: sans-serif">1.142</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="37%"><font size="2" style="FONT-FAMILY: sans-serif">Fiscal 2009 Year high</font></td>
              <td align="left" nowrap width="43%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="7%"><font size="2" style="FONT-FAMILY: sans-serif">0.952</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="9%"><font size="2" style="FONT-FAMILY: sans-serif">1.051</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="37%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">Fiscal 2009
      Year low</font></td>
              <td align="left" nowrap width="43%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="7%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">0.786</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="9%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="2" style="FONT-FAMILY: sans-serif">1.272</font></td>
            </tr></table>
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap>&#160;&#160;&#160;&#160;&#160;</td>
              <td nowrap>
              </td>
              <td nowrap>&#160;</td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Based on
      cash, cash equivalents and short-term investments and outstanding forward
      foreign exchange contracts held at December 31, 2009, a 10% increase in
      the Canadian dollar against the U.S. dollar, with all other variables held
      constant, would result in an increase in foreign exchange gains of
      approximately $2,024,000. If the Canadian dollar weakened 10% against the
      U.S. dollar, there would be an equal, and opposite impact, on net income.
      This sensitivity analysis includes foreign currency denominated monetary
      items, and adjusts their translation at year-end, for a 10% change in
      foreign currency rates.</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" width="100%">&#160;&#160; </td>
            </tr><tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(ii)</font></td>
              <td nowrap>
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Interest
      rate risk is the risk that the fair value of future cash flows of a
      financial instrument will fluctuate because of changes in market interest
      rates. The Corporation is exposed to interest rate risk arising primarily
      from fluctuations in interest rates on its cash, cash equivalents and
      short-term investments. The Corporation limits its exposure to interest
      rate risk by continually monitoring and adjusting portfolio duration to
      align to forecasted cash requirements and anticipated changes in interest
      rates.</font></td>
            </tr></table>
      </div>
      <div align="center">&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">41</font></font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">20. Financial instruments (cont&#8217;d):
</font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap>&#160;&#160;&#160;&#160;&#160;</td>
              <td nowrap>
              </td>
              <td nowrap>&#160;</td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Based on
      cash, cash equivalents and short-term investments at December 31, 2009, a
      0.25% decline in interest rates, with all other variables held constant,
      would result in a decrease in investment income $206,000, arising mainly
      as a result of an increase in the fair value of fixed rate financial
      assets classified as held-for-trading. If interest rates had been 0.25%
      higher, there would be an equal and opposite impact on net
    income.</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" width="100%">&#160;&#160;&#160; </td>
            </tr><tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(iii)</font></td>
              <td nowrap>
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Credit risk
      is the risk of financial loss to the Corporation if a counterparty to a
      financial instrument fails to meet its contractual obligations and arises
      principally from the Corporation&#8217;s cash, cash equivalents, short-term
      investments and accounts receivable. The Corporation limits its exposure
      to credit risk on cash, cash equivalents and short-term investments by
      only investing in liquid, investment grade securities. The Corporation
      manages its exposure to credit risk on accounts receivable by assessing
      the ability of counterparties to fulfill their obligations under the
      related contracts prior to entering into such contracts, and continuously
      monitors these exposures.</font></td>
            </tr></table>
      </div>
      <div align="justify">&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">21. Capital disclosures:
</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at December 31, 2009, the Corporation
considers its cash, cash equivalents and short-term investments as its capital.
The Corporation does not have any bank debt or externally imposed capital
requirements to which it is subject other than its obligation under capital
lease. The Corporation&#8217;s objectives when managing capital are to manage its
capital with strong fiscal discipline; focus on markets with high product and
service revenue growth potential; license technology in cases where it is
advantageous to the Corporation; and access available government funding for
research and development projects. The Corporation&#8217;s current financing principle
is to maintain cash balances sufficient to fund at least six quarters of
operating cash consumption at all times.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">22. Differences between Canadian and
United States accounting principles and practices: </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">These consolidated financial statements
have been prepared in accordance with Canadian GAAP which differ in certain
respects from those principles and practices that the Corporation would have
followed had its consolidated financial statements been prepared in accordance
with accounting principles and practices generally accepted in the United States
(&#8220;U.S. GAAP&#8221;). </font></div>
      <div>&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">42</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;&#160; </td>
            </tr></table>
      </div>&#160;<br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">22. Differences between Canadian and
United States accounting principles and practices (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top">&#160;&#160;&#160;&#160;&#160;</td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(a)</font></td>
              <td nowrap valign="top">&#160;</td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under
      Canadian GAAP, the adoption of the U.S. dollar in 2001 as the presentation
      and measurement currency was implemented by translating all prior year
      financial statement amounts at the foreign exchange rate on December 31,
      2001. Under U.S. GAAP, a change in presentation and measurement currency
      is implemented retroactively, such that prior period financial statements
      are translated under the current rate method using foreign exchange rates
      in effect on those dates. As a result, there is a difference in the share
      capital, additional paid-in capital, accumulated deficit and accumulated
      other comprehensive income amounts under U.S. GAAP as compared to Canadian
      GAAP.</font></td>
            </tr><tr>
              <td nowrap>&#160;</td>
              <td colspan="3" width="100%">&#160;&#160;&#160; </td>
            </tr><tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(b)</font></td>
              <td nowrap valign="top">
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under
      Canadian GAAP, the Corporation has accounted for funding received in prior
      years under the TPC agreement in accordance with specific pronouncements
      on accounting for government assistance by reducing research and product
      development expenses, cost of revenues, inventory and capital assets by
      the amount of the funding received.</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" width="100%">&#160;&#160; </td>
            </tr><tr>
              <td nowrap>
              </td>
              <td nowrap>&#160;</td>
              <td nowrap>
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under U.S.
      GAAP, there are no authoritative accounting standards addressing the
      various types of government assistance programs. Since the TPC funding
      combines the characteristics of a grant with some characteristics of a
      debt instrument, the Corporation has recorded the entire funding as
      long-term debt under U.S. GAAP. In addition, the U.S. GAAP liability is a
      Canadian dollar denominated liability and, as a result, foreign exchange
      gains and losses are incurred.</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" width="100%">&#160;&#160; </td>
            </tr><tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(c)</font></td>
              <td nowrap valign="top">
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under
      Canadian GAAP, the Corporation is required to account for gains and losses
      on the issuance of shares by a subsidiary or other entity which the
      Corporation accounts for on an equity basis, as a component of income.
      Under U.S. GAAP, the effect of such dilution gains are recorded in equity,
      as an increase in paid-in capital rather than as income.</font></td>
            </tr><tr>
              <td nowrap>
              </td>
              <td colspan="3" width="100%">&#160;&#160;&#160; </td>
            </tr><tr>
              <td nowrap valign="top">
              </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(d)</font></td>
              <td nowrap valign="top">
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Prior to
      2002, under Canadian GAAP, no compensation expense was recorded for
      employee share option plans under the intrinsic value method. A previous
      option exchange plan was accounted for as a variable option plan under
      U.S. GAAP. Prior to the Corporation&#8217;s 100% acquisition of BGS in 2003,
      minority interest under U.S. GAAP included the minority interest&#8217;s
      percentage share of compensation expense under variable plan accounting.
      The balance of the purchase price allocated to goodwill from the
      acquisition of the minority interest in BGS reflects this difference under
      U.S. GAAP.</font></td>
            </tr></table>
      </div>
      <div align="center">&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">43</font></font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;&#160; </td>
            </tr></table>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial">22.</font></font> <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Arial">Differences between Canadian and United States accounting principles and
practices (cont&#8217;d):</font></font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap>&#160;&#160;&#160;&#160;&#160; </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(e)</font></td>
              <td nowrap valign="top">&#160;</td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under
      Canadian GAAP, short-term investments are classified as held for trading
      and carried at fair market value with changes in fair market value
      recognized in net income. Under U.S. GAAP, the Corporation adopted
      Statement of Financial Accounting Standards No. 159, &#8220;The Fair Value
      Option for Financial Assets and Financial Liabilities (FAS 159)&#8221;,
      effective January 1, 2008 and elected to classify short-term investments
      as held for trading, making the treatment consistent with Canadian GAAP.
      Prior to that, the short-term investments were classified as
      available-for-sale and are carried at fair market value. As a result of
      the adoption of FAS 159 in 2008, gains of $4,733,000 recognized prior to
      the adoption have been reclassified from accumulated other comprehensive
      loss to accumulated deficit. Previously, unrealized holding gains and
      losses related to the short-term instruments were reflected as a separate
      component of shareholders&#8217; equity under accumulated other comprehensive
      income (loss).</font></td>
            </tr><tr>
              <td colspan="4" width="100%">&#160;</td>
            </tr><tr>
              <td nowrap>&#160;</td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(f)</font></td>
              <td nowrap valign="top">
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under
      Canadian GAAP, investments where no significant influence exists are
      accounted for using the cost method. Under U.S. GAAP, investments in
      limited partnerships such as Chrysalix are accounted for using the equity
      method. In 2008, Chrysalix was written down to its estimated net
      realizable value and there is no difference in the carrying value of such
      investment as of December 31, 2009 and 2008 between Canadian and U.S.
      GAAP.</font></td>
            </tr><tr>
              <td colspan="4" width="100%">&#160;</td>
            </tr><tr>
              <td nowrap>&#160;</td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(g)</font></td>
              <td nowrap valign="top">
              </td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under U.S.
      GAAP, the Corporation changed its accounting policy in 2009 for accounting
      for defined benefit pension and other post-retirement benefit plans from
      the defer and amortization approach to the immediate recognition approach.
      The Corporation believes the change in accounting policy more
      appropriately reflects the costs and liability of the employee future
      benefits as it better reflects the current estimated cost to terminate
      these plans. As a result of this change in accounting policy, applied on a
      retroactive basis, the Corporation has recognized in its balance sheet the
      net funded (deficiency) status of its employee future benefit plans. This
      results in no balance sheet difference to Canadian GAAP for the reported
      periods.</font></td>
            </tr></table>
      </div>
      <div align="center">&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">44</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;&#160; </td>
            </tr></table>
      </div>
      <div align="justify">&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">22. Differences between Canadian and
United States accounting principles and practices (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">U.S. GAAP also requires an entity to
recognize changes in the funded status of a defined benefit pension and
post-retirement plan within accumulated other comprehensive income, net of tax,
to the extent such changes are not recognized in earnings as components of
periodic net benefit cost. As a result of the change in accounting policy, the
changes to the funded status in each of the reporting periods, has been
recognized in earnings, resulting in no income statement difference to Canadian
GAAP. </font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The change in accounting policy under
U.S. GAAP was applied retroactively and prior period financial statements have
been restated, as follows:</font></div>
      <ul style="TEXT-ALIGN: justify">
        <li><font size="2" style="FONT-FAMILY: sans-serif">Accumulated deficit at
  December 31, 2007 was increased by $224,000.<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Net income for the year ended
  December 31, 2008 declined by $2,623,000 (representing a $0.03 decline in
  earnings and diluted earnings per share), with a corresponding increase in
  Accumulated other comprehensive income.<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Net income for the year ended
  December 31, 2009 increased by $2,215,000 (representing a $0.03 increase in
  earnings and diluted earnings per share), with a corresponding decrease in
  Accumulated other comprehensive income. </font></li>
      </ul>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: justify; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td nowrap valign="top">&#160;&#160;&#160;&#160;&#160; </td>
              <td nowrap valign="top"><font size="2" style="FONT-FAMILY: sans-serif">(h)</font></td>
              <td nowrap valign="top">&#160;</td>
              <td width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Under U.S.
      GAAP, no sub-total would be provided in the operating section of the
      consolidated statement of cash flows. There are no other differences in
      operating, investing and financing cash
flows.</font></td>
            </tr></table>
      </div>
      <div align="center">&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">45</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">22. Differences between Canadian and
United States accounting principles and practices (cont&#8217;d): </font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Under U.S. GAAP, these differences would
have been reported in the consolidated balance sheets, consolidated statements
of operations and comprehensive income (loss), and consolidated statements of
shareholders&#8217; equity as follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
              <td align="left" colspan="24" nowrap width="99%"><font size="2" style="FONT-FAMILY: sans-serif">Consolidated condensed balance
      sheets:</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" style="BORDER-TOP: #000000 1.5pt solid">&#160;</td>
              <td colspan="10" nowrap width="17%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="11" nowrap width="11%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160; </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160; </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160; </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160; </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">U.S.</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">GAAP</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Canadian</font></td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">U.S.</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">Canadian</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">(revised &#8211; note</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">GAAP</font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Difference</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">GAAP</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">GAAP</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Difference</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">22(g))</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Current assets</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">106,416</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">106,416</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">116,091</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">116,091</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">Property, plant and equipment</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">39,320</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">39,320</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">38,755</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">38,755</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Intangible assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">824</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">824</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">3,726</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">3,726</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">Goodwill (d)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">48,106</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">490</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">48,596</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">48,106</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">490</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">48,596</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Investments (f)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">632</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">632</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">1,765</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">1,765</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">Other long-term assets</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">50</font></td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">50</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">195,348</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">490</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">195,838</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">208,443</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">490</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">208,933</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">Current liabilities</font></td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">30,057</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">30,057</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">26,607</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">26,607</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Long-term liabilities (b)
    (g)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">4,632</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">36,404</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">41,036</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">23,349</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">35,889</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">59,238</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">Obligation under capital lease</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">1,739</font></td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">1,739</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">36,428</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">36,404</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">72,832</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">49,956</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">35,889</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">85,845</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">Shareholders' equity:</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Share capital (a)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">835,358</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">119,583</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">954,941</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">832,711</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">119,583</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">952,294</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">Additional paid-in capital (a)(c)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">284,510</font></td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">86,929</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">371,439</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">283,466</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">86,929</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">370,395</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Accumulated deficit</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (960,712</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (166,785)</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">&#160;&#160;&#160;&#160;
      (1,127,497)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (957,454</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (166,270</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (1,123,724</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: arial">Accumulated other comprehensive</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; income (a)(e) (g)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(236</font></td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(75,641</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(75,877</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(236</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(75,641</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(75,877</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Shareholders' equity</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">158,920</font></td>
              <td align="left" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(35,914</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">123,006</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">158,487</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(35,399</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">123,088</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="69%">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">195,348</font></td>
              <td align="left" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">490</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">195,838</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">208,443</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">490</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">208,933</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">46</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;&#160; </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">22. Differences between Canadian and
United States accounting principles and practices (cont&#8217;d):</font></font><font size="2" style="FONT-FAMILY: sans-serif"> </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
              <td align="left" nowrap width="86%" style="BORDER-TOP: #000000 1.5pt solid">&#160;</td>
              <td align="right" colspan="3" nowrap width="6%" style="BORDER-TOP: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-TOP: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(revised &#8211; note
      22(g))</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Income (loss) under Canadian
      GAAP</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(3,258</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">31,456</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: sans-serif">Research and development (b)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">4,293</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">94</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Foreign exchange gain (loss)
      (b)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(4,808</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">8,373</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Equity in loss in
      associated companies (f)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">1,325</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Net income (loss) and comprehensive
      income (loss) in&#160;</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; accordance with U.S.
      GAAP</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (3,773</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      41,248</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%"><font size="1" style="FONT-FAMILY: sans-serif">Basic earnings (loss) per share, U.S. GAAP</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">(0.05</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">0.49</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="86%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Diluted
      earnings (loss) per share, U.S. GAAP</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(0.05</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">0.48</font></td>
            </tr></table>
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </td>
              <td align="left" colspan="7" nowrap width="81%"><font size="2" style="FONT-FAMILY: sans-serif">Consolidated statements of
      shareholders&#8217; equity:</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" style="BORDER-TOP: #000000 1.5pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="3" nowrap width="5%" style="BORDER-TOP: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">Additional</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">other</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Total</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">paid-in</font></td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="3" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">Accumulated</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="5%"><font size="1" style="FONT-FAMILY: sans-serif">comprehensive</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="3" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">shareholders&#8217;</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="6%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Share
    capital</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160;</td>
              <td align="right" colspan="3" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">capital</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">deficit</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">income
    (loss)</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="3" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">equity</font></td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">Balance, December 31, 2007,</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; as reported</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      1,294,404</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      159,219</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (1,169,481</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;
      (71,286</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">212,856</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: sans-serif">Change in accounting policy</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; <font size="1">(note
      22(g))</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(224</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">142</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(82</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">Balance, December 31, 2007</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; as revised</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">1,294,404</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">159,219</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(1,169,705</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(71,144</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">212,774</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: sans-serif">Net Income</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">41,248</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">41,248</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: arial">Cumulative effect of adoption</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; of FAS 159 (e)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">4,733</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(4,733</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: arial">Cancellation of common shares</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: arial">&#160;&#160;&#160;&#160;&#160;&#160; upon disposition of assets
      held</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; <font size="1">for
      sale</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">(349,438</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">175,538</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160; (173,900</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Non-dilutive financing</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">33,812</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">33,812</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: sans-serif">RSUs and DSUs redeemed</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">2,557</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">(2,557</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Share
      distribution plan</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">4,771</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">4,383</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">9,154</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: sans-serif">Balance, December 31, 2008</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">952,294</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">370,395</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">(1,123,724</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">(75,877</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">123,088</font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Net Loss</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(3,773</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(3,773</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: sans-serif">Non-dilutive financing</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">(719</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">(719</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Purchase of treasury
    shares</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(207</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(207</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%"><font size="1" style="FONT-FAMILY: sans-serif">RSUs and DSUs redeemed</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">1,126</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">(1,283</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">(157</font></td>
              <td align="left" nowrap width="1%"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Options exercised</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">7</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">7</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Share
      distribution plan</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">1,721</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">3,046</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">4,767</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="72%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Balance,
      December 31, 2009</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="4%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">954,941</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">371,439</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(1,127,497</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(75,877</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">123,006</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">23. Subsequent
events:</font></font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On January 18, 2010, the Corporation
announced it had acquired a controlling interest in Denmark-based Dantherm
Power, partnering with co-investors Danfoss A/S and Dantherm A/S. In exchange
for the controlling interest, the Corporation will invest $6,000,000 in Dantherm
Power through two tranches; $3,000,000 on January 18, 2010, and $3,000,000 after
November 18, 2010.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">47</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3" style="FONT-FAMILY: sans-serif">BALLARD POWER SYSTEMS
      INC.</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">Notes to Consolidated Financial Statements</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31, 2009 and 2008</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%"><font size="1" style="FONT-FAMILY: sans-serif">(Tabular amounts expressed in thousands of U.S. dollars, except per
      share amounts and number of shares)</font></td>
            </tr><tr>
              <td align="left" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;&#160; </td>
            </tr></table>
      </div>
      <div align="justify">&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">23. Subsequent events
(cont&#8217;d):</font></font><font size="2" style="FONT-FAMILY: sans-serif">
</font></div>
      <div>&#160;</div>
      <div style="PADDING-LEFT: 15pt" align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On February 8, 2010, the Corporation
announced that it had entered into a sale-and-leaseback agreement with Madison
Pacific Properties Inc. The Corporation will sell its head office-building site
in return for gross cash proceeds of approximately $20,000,000 (Canadian $20.8
million). The Corporation will concurrently enter into an initial fifteen-year
capital lease agreement for the same property. This transaction closed on March
9, 2010.</font></div>
      <div>&#160;</div>
      <div align="center"><font size="1" style="FONT-FAMILY: sans-serif"><font size="2">48</font> </font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
    </div>
  </body>
</html>






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99_2.htm
<DESCRIPTION>MD&AMP;A
<TEXT>
<html>
<head>
    <title>ex99_2.htm</title>
<!-- Licensed to: Dorsey & Whitney LLP-->
<!-- Document Created using EDGARizer 5.1.4.0 -->
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</head>
<body bgcolor="#ffffff" link="#0000ff" vlink="#800000" text="#000000" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">EXHIBIT 99.2</font></font></div>
    <div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">BASIS OF PRESENTATION</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The information
below should be read in conjunction with the Audited Consolidated Financial
Statements for the year ended December 31, 2009. Our Consolidated Financial
Statements have been prepared in accordance with Canadian generally accepted
accounting principles (&#8220;GAAP&#8221;). The effect of significant differences between
Canadian and U.S. GAAP has been disclosed in note 22 to the Consolidated
Financial Statements for the year ended December 31, 2009. Unless the context
otherwise requires, all references to &#8220;Ballard&#8221;, &#8220;the Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and
&#8220;our&#8221; refer to Ballard Power Systems Inc. and its subsidiaries. This discussion
and analysis is dated March 9, 2010.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">All amounts in
this report are in U.S. dollars, unless otherwise stated.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">FORWARD-LOOKING
STATEMENTS</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">This document
contains forward-looking statements that are based on the beliefs of management
and reflect our current expectations as contemplated under the safe harbor
provisions of Section 21E of the United States Securities Exchange Act of 1934,
as amended. Such statements include, but are not limited to, statements with
respect to our objectives, goals and outlook including our estimated revenue,
cash flow from operations and operating cash consumption (see Non-GAAP Measures)
contained in our &#8220;Outlook&#8221;, as well as statements with respect to our beliefs,
plans, objectives, expectations, anticipations, estimates and intentions. Words
such as "estimate", "project", "believe", "anticipate", "intend", "expect",
"plan", "predict", "may", "should", "will", the negatives of these words or
other variations thereof and comparable terminology are intended to identify
forward-looking statements. These statements are not guarantees of future
performance and involve assumptions, risks and uncertainties that are difficult
to predict.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In particular,
these forward-looking statements are based on certain factors and assumptions
disclosed in our &#8220;Outlook&#8221; as well as specific assumptions relating to our
expectations with respect to the generation of new sales, producing, delivering
and selling the expected product volumes at the expected prices, and controlling
our costs. They are also based on a variety of general factors and assumptions
including, but not limited to, our expectations regarding product development
efforts, manufacturing capacity, product pricing, market demand, and the
availability and prices of raw materials, labour and supplies. These assumptions
have been derived from information available to the Company including
information obtained by the Company from third parties. These assumptions may
prove to be incorrect in whole or in part. In addition, actual results may
differ materially from those expressed, implied, or forecasted in such
forward-looking statements. Factors that could cause our actual results or
outcomes to differ materially from the results expressed, implied or forecasted
in such forward-looking statements include, but are not limited to: the
condition of the global economy; the rate of mass adoption of our products;
changes in product pricing; changes in our customers' requirements, the
competitive environment and related market conditions; product development
delays; changes in the availability or price of raw materials, labour and
supplies; our ability to attract and retain business partners, suppliers,
employees and customers; changing environmental regulations; our access to
funding and our ability to provide the capital required for product development,
operations and marketing efforts; our ability to protect our intellectual
property; the magnitude of the rate of change of the Canadian dollar versus the
U.S. dollar; and the general assumption that none of the risks identified in the
Risks and Uncertainties section of this report or in our most recent Annual
Information Form will materialize. Readers should not place undue reliance on
Ballard's forward-looking statements.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 1 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The
forward-looking statements contained in this document speak only as of the date
of this Management Discussion and Analysis. Except as required by applicable
legislation, Ballard does not undertake any obligation to release publicly any
revisions to these forward-looking statements to reflect events or circumstances
after the date of this Management Discussion and Analysis, including the
occurrence of unanticipated events.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">BUSINESS OVERVIEW </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Ballard is a
clean energy growth company. We are recognized as a world leader in proton
exchange membrane (&#8220;PEM&#8221;) fuel cell development and commercialization. Our
principal business is the design, development, manufacture, sale and service of
fuel cell products for a variety of applications, focusing on motive power
(material handling and buses) and stationary power (back-up power, supplemental
power, and distributed generation).</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">A fuel cell is
an environmentally clean electrochemical device that combines hydrogen fuel with
oxygen (from the air) to produce electricity. The hydrogen fuel can be obtained
from natural gas, kerosene, methanol or other hydrocarbon fuels, or from water
through electrolysis. As long as fuel is supplied, the fuel cell produces
electricity efficiently and continuously without combustion, with water and heat
as the main by-products when hydrogen is used as the fuel source.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Ballard&#174; fuel
cell products feature high fuel efficiency, low operating temperature, low noise
and vibration, compact size, quick response to changes in electrical demand,
modular design and environmental cleanliness. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Over the past
five years, we have refined the Company&#8217;s business strategy to establish a sharp
focus on what we believe to be key growth opportunities with near-term
commercial prospects in our core fuel cell markets. We sold our automotive fuel
cell systems operations to DaimlerChrysler AG (&#8220;Daimler&#8221;) and Ford Motor Company
(&#8220;Ford&#8221;) on August 31, 2005. We subsequently sold our electric drive operations
to Siemens VDO Automotive Corporation ("Siemens VDO") on February 15,
2007.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We completed our
exit from the fuel cell car business in 2008 by selling our automotive fuel cell
research and development assets to Daimler, Ford and a newly created private
corporation, AFCC Automotive Fuel Cell Cooperation Corp. (&#8220;AFCC&#8221;). We completed
this transaction (the &#8220;AFCC Transaction&#8221;) on January 31, 2008 and recorded a
gain of $96.8 million (see note 3 to our consolidated financial statements).
Under the terms of the AFCC Transaction, we retained a 19.9% interest in AFCC,
which is subject to a Share Purchase Agreement under which Ford, either at our
option or Ford&#8217;s election, could purchase our interest in AFCC at any time on or
after January 31, 2013 for $65 million plus interest accruing at LIBOR from
January 31, 2008.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 2 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Finally, we
decided to discontinue operations in EBARA Ballard Corporation (&#8220;EBARA BALLARD&#8221;)
on May 24, 2009. EBARA BALLARD was a joint venture with EBARA Corporation
(&#8220;Ebara&#8221;) that was focused on the development, manufacture, sale, and servicing
of stationary power systems for the residential cogeneration market in Japan.
EBARA BALLARD was formally dissolved in October 2009. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Following the
completion of these strategic dispositions, we have focused on bolstering our
cash reserves to strengthen our capability to execute on our clean energy growth
priorities.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2008, we
executed a transaction to extract value from our tax attributes through a
restructuring agreement (&#8220;Arrangement&#8221;) with Superior Plus Income Fund
("Superior Plus") resulting in a non-dilutive financing with net cash proceeds
of $33.8 million (Canadian $41.2 million). The Arrangement, which closed on
December 31, 2008, is described more fully in our Management Information
Circular dated November 14, 2008 (see note 2 to our consolidated financial
statements).</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In December
2009, we announced an agreement with a financial institution to monetize our
rights under the above noted Share Purchase Agreement with Ford relating to our
19.9% equity investment in AFCC for expected gross proceeds of $44.5 million,
comprising of an immediate cash payment of $37 million and a contingent payment
of $7.5 million. The contingent payment of $7.5 million is due upon maturation
of the Share Purchase Agreement on or before January 31, 2013 and is contingent
only on the financial institution&#8217;s rights in the transaction remaining
unsubordinated. On the closing of this transaction (the &#8220;AFCC Monetization&#8221;) on
December 21, 2009, we recorded a gain of $34.3 million (see note 8 to our
consolidated financial statements).</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In February
2010, we announced a sale and leaseback agreement with Madison Pacific
Properties Inc. (&#8220;Madison&#8221;) to further bolster our cash reserves. On the closing
of this transaction on March 9, 2010, we sold our head office building in
Burnaby, British Columbia in return for gross cash proceeds of $20.0 million
(Canadian $20.8 million). We then leased this property back from Madison for an
initial 15-year term plus two renewal options.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In January 2010,
we announced an agreement to acquire a controlling interest in Denmark-based
Dantherm Power, partnering with co-investors Danfoss A/S and Dantherm A/S. In
exchange for a controlling interest, we will be investing $6.0 million in
Dantherm Power through two tranches, $3.0 million payable on closing on January
18, 2010, and $3.0 million payable after November 2010. Dantherm Power is a
40-person company focused on development and production of commercially viable
fuel cell-based back-up power systems for use in IT and telecom network base
stations. Dantherm Power&#8217;s financial results for 2010 will be 100% consolidated
into Ballard&#8217;s.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 3 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We are based in
Canada, with head office, research and development, testing and manufacturing
facilities in Burnaby, British Columbia. In addition, we have sales, research
and development and manufacturing facilities in Lowell, Massachusetts. We report
our results in the following reporting units: </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">1. </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: sans-serif">Fuel Cell
Products</font></font></font><font size="2" style="FONT-FAMILY: sans-serif">
</font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">(core segment)</font></font><font size="2" style="FONT-FAMILY: sans-serif">: fuel cell products and services for
motive power (material handling and bus markets) and stationary power (back-up
power, supplemental power, and distributed generation markets);</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">2. </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: sans-serif">Contract
Automotive</font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif"> (supporting segment)</font></font><font size="2" style="FONT-FAMILY: sans-serif">: contract manufacturing of light-duty
automotive fuel cell products and testing and engineering services provided
primarily for AFCC, Daimler and Ford. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">3. </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: sans-serif">Material
Products</font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif"> (supporting segment)</font></font><font size="2" style="FONT-FAMILY: sans-serif">: carbon friction material products
primarily for automotive applications and gas diffusion layer (&#8220;GDL&#8221;) material
for fuel cell products.</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" colspan="13" nowrap width="100%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">SELECTED ANNUAL FINANCIAL
      INFORMATION</font></font></td>
            </tr><tr>
              <td align="left" colspan="13" nowrap width="100%">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" colspan="13" nowrap width="100%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Years ended December 31 (Expressed
      in thousands of U.S. dollars, except per share amounts)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2008 (1</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">)</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="3" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2007 (1)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Product and service
    revenues</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">46,722</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">52,726</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">43,352</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Engineering
      development revenue</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">6,854</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">22,180</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Total
      revenues</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">46,722</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">59,580</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">65,532</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="1" style="FONT-FAMILY: sans-serif">Net income (loss)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(3,258</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">31,456</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(55,633</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Net income
      (loss) per share</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.04</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">0.37</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.49</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="1" style="FONT-FAMILY: sans-serif">Income (loss) from continuing operations</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(3,258</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">31,456</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(56,418</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Income (loss)
      per share from continuing operations</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.04</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">0.37</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.49</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%"><font size="1" style="FONT-FAMILY: sans-serif">Normalized net loss (2)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(39,283</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">&#160;</td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(53,928</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(40,278</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Normalized
      net loss per share (2)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.47</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.64</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.35</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Operating cash
      consumption (2)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(27,542</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(29,275</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(36,691</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Cash, cash equivalents and
      short-term investments</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">82,231</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">85,399</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">145,574</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="85%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Total
      assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">195,348</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">208,443</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">298,691</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
              <td valign="top" width="1%"><font size="1" style="FONT-FAMILY: sans-serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></td>
              <td valign="top" width="98%" style="BORDER-TOP: #ffffff 4pt solid; TEXT-ALIGN: justify">
                <div style="TEXT-ALIGN: justify"><font size="1" style="FONT-FAMILY: sans-serif">The comparative figures have been adjusted to reflect a change in
      accounting policy applied on a retroactive basis. See note 1(c)(ii) to our
      consolidated financial statements.</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="1%"><font size="1" style="FONT-FAMILY: sans-serif"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></td>
              <td valign="top" width="98%" style="BORDER-TOP: #ffffff 4pt solid; TEXT-ALIGN: justify">
                <div style="TEXT-ALIGN: justify"><font size="1" style="FONT-FAMILY: sans-serif">Normalized net loss and operating cash consumption are non-GAAP
      measures. We use certain Non- GAAP measures to assist in assessing our
      financial performance. Non-GAAP measures do not have any standardized
      meaning prescribed by GAAP and are therefore unlikely to be comparable to
      similar measures presented by other companies. See reconciliation to GAAP
      in Non-GAAP Measures section.</font></div>
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">FINANCIAL OVERVIEW &#8211; Quarter ended
December 31, 2009</font></font><font size="2" style="FONT-FAMILY: sans-serif">
</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Revenue </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our revenues for
the fourth quarter of 2009 decreased 13%, to $16.5 million, compared to $18.9
million for the fourth quarter of 2008. Increases in our supporting Contract
Automotive and Material Products business segments of $1.5 million were more
than offset by declines in our core Fuel Cell Products business segment of $3.9
million. Revenues for the fourth quarter of 2009 represent 35% of our total year
revenues and reflect an increase of 83%, or $7.5 million, compared to the third
quarter of 2009.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 4 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In our core Fuel
Cell Products business segment, fourth quarter 2009 revenues decreased 34%, or
$3.9 million, to $7.7 million compared to the fourth quarter of 2008. The
decline in 2009 was due primarily to lower fuel cell bus revenues as the fourth
quarter of 2008 benefited from the commencement of shipments of fuel cell bus
modules related to the B.C. Transit 2010 Olympic fuel cell bus program (which
contributed $6.0 million to revenue in December 2008). Fourth quarter of 2009
revenues were also impacted by a deferral from 2009 to 2010 on the FirstEnergy
Corp. (&#8220;First Energy&#8221;) distributed power generator project related to delays in
testing and customer acceptance.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In our
supporting Contract Automotive and Material Products business segments, fourth
quarter of 2009 revenues increased 21%, or $1.5 million, to $8.8 million
compared to the fourth quarter of 2008. Improvements in our Material Products
segment of $0.8 million represents increased volumes at higher prices of carbon
friction material products related to the recovery in the U.S. automotive sector
during the quarter. Improvements in our Contract Automotive segment of $0.7
million related to increased shipments of light duty automotive products in
support of Daimler&#8217;s Highway 2/3 programs, partially offset by lower automotive
testing and engineering services provided to AFCC.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Net income (loss) </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our net income
for the fourth quarter of 2009 increased to $25.6 million, or $0.31 per share,
compared with a net loss of $19.2 million, or ($0.23) per share, in the fourth
quarter of 2008. Net income for the fourth quarter of 2009 includes a gain on
sale of assets of $34.3 million resulting from the AFCC Monetization, partially
offset by an acceleration of amortization expense of $2.5 million for patents
that were no longer in use. Net loss for the fourth quarter of 2008 includes a
write-down of non-core investments of $3.0 million primarily related to our
investment in Chrysalix Energy Limited Partnership (&#8220;Chrysalix&#8221;).</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Normalized net loss </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our normalized
net loss (see Non-GAAP Measures) for the fourth quarter of 2009 decreased $6.8
million, or 44%, to $8.6 million, or ($0.10) per share, compared with a
normalized net loss of $15.4 million, or ($0.19) per share, for 2008. The
improvement in normalized net loss was driven by increases in investment and
other income of $6.1 million primarily as a result of increases in foreign
exchange gains combined with a curtailment gain and improved investment returns
related to our employee future benefit plans.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our fourth
quarter of 2009 operating expenses (excluding depreciation and amortization,
restructuring, acquisition and related expenses) decreased $2.0 million, or 17%,
to $10.2 million, compared with operating expenses of $12.2 million for the
fourth quarter of 2008. The decline was primarily as a result of our workforce
reduction and cost optimization initiatives, which were partially offset by a
one-time&#160;commodity tax assessment combined with the negative effects of a
stronger Canadian dollar, relative to the U.S. dollar, quarter over
quarter.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 5 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Operating cash consumption (contribution)
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Operating cash
consumption (contribution) (see Non-GAAP Measures) for the fourth quarter of
2009 decreased $12.8 million to positive ($4.5) million, compared to $8.3
million for the fourth quarter of 2008. The $12.8 million improvement in
operating cash consumption (contribution) was driven by improvements in cash
flow from operating activities (net of restructuring and related payments) of
$10.1 million related to our 2009 workforce reduction and cost optimization
initiatives, combined with improvements in working capital requirements,
including customer collections on our B.C. Transit 2010 Olympic fuel cell bus
program and light-duty automotive shipments. Operating cash consumption
(contribution) in the fourth quarter of 2009 also benefited from lower capital
expenditures (net of proceeds on sale) of $2.7 million as we financed the
acquisition of certain manufacturing assets through capital leases versus
outright purchase. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">FINANCIAL OVERVIEW &#8211; Year ended December
31, 2009</font></font><font size="2" style="FONT-FAMILY: sans-serif">
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We generated
revenues of $46.7 million in 2009, a decline of 22%, or $12.9 million from 2008.
Revenues were slightly lower than our revised guidance target of $50.0 million
due to the delay of expected 2009 fuel cell bus shipments and First Energy
distributed power generator project milestones to 2010.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We reduced
operating cash consumption in 2009 (see non-GAAP measures section) by 6% to
$27.5 million, down from $29.3 million in 2008, essentially meeting our guidance
target of $27 million. The improvement was due primarily to a reset of our
operating cost base through restructuring activities in March and August, which
offset margin declines as a result of the decline in revenues.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We ended 2009
with cash reserves of $82.2 million. Cash reserves were augmented in December
2009 through the monetization of our rights under the Share Purchase Agreement
with Ford relating to our 19.9% equity investment in AFCC.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Revenue </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our revenues for
the year ended December 31, 2009 decreased to $46.7 million, or 22%, compared to
$59.6 million for 2008 due primarily to declines in our supporting Contract
Automotive business segment of $10.0 million.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Fuel Cell
Products revenues declined $3.5 million, or 13%, from 2008 as increases in
product and service revenues of $1.7 million were offset by declines in
engineering development revenues of $5.2 million primarily as a result of our
decision to discontinue operations in EBARA BALLARD in May 2009. Fuel Cell
Products product and service revenues increased 8% to $24.1 million driven by an
increase in fuel cell bus shipments as a result of the B.C. Transit 2010
Olympic, Transport of London, and Advanced Public Transportation System BV
(&#8220;APTS&#8221;) fuel cell bus programs. In addition, increases in back-up power market
revenues driven by work completed on the First Energy distributed power
generator project and increased unit shipments as a result of the successful
completion of the hydrogen unit product acceptance milestone with ACME supported
overall revenue growth of Fuel Cell Products product and service revenue. These
increases were partially offset by lower shipments in the material handing
market and by lower residential cogeneration market revenues.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 6 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Contract
Automotive revenues decreased 52% to $9.2 million due to lower shipments of
light-duty automotive fuel cell modules to AFCC, Daimler and Ford, combined with
lower testing and engineering services provided to AFCC. In addition, the
absence of engineering development revenues as a result of the elimination of
light-duty automotive fuel cell program work subsequent to the closing of the
AFCC Transaction on January 31, 2008 (the &#8220;AFCC Transaction&#8221;) contributed to the
overall decline in Contract Automotive revenue. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Material
Products revenues increased 5% to $13.4 million due to increased volumes of fuel
cell GDL shipments combined with the maintenance of carbon friction material
product revenues as price increases offset the impact of lower volumes as a
result of the slowdown in the U.S. automotive sector during the first half of
2009. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Net income (loss) </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our net loss for
the year ended December 31, 2009 increased to $3.3 million, or ($0.04) per
share, compared with net income of $31.5 million, or $0.37 per share, in 2008.
The net loss for 2009 includes a gain on sale of assets resulting from the AFCC
Monetization of $34.3 million, restructuring and related expenses of $6.2
million relating to a 20% workforce reduction initiated in August 2009 and a 7%
workforce reduction initiated in March 2009, and a non-cash gain (net of equity
losses prior to dissolution) of $8.4 million related to our decision to
discontinue operations in EBARA Ballard Corporation (&#8220;EBARA BALLARD&#8221;) on May 24,
2009. The net income for 2008 includes a gain on sale of assets of $96.8 million
related to the AFCC Transaction, partially offset by a write-down of a non-core
investment in Chrysalix of $3.0 million. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Normalized net loss </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our normalized
net loss (see Non-GAAP Measures) for 2009 decreased $14.6 million, or 27%, to
$39.3 million, or ($0.47) per share, compared with a normalized net loss of
$53.9 million, or ($0.64) per share, for 2008. Reductions in operating expenses
(excluding restructuring, acquisition and related expenses) of $12.5 million
primarily as a result of our workforce reduction and cost optimization
initiatives, combined with increases in investment and other income of $8.9
million primarily as a result of increases in foreign exchange gains and a
curtailment gain and improved investment returns related to our employee future
benefit plans, more than offset the decline in revenues (including engineering
development revenue) and the related gross margin impacts of $6.2 million.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Operating cash consumption
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Operating cash
consumption (see Non-GAAP Measures) for 2009 decreased 6% to $27.5 million,
compared to $29.3 million for 2008. The $1.7 million improvement in operating
cash consumption was driven by improvements in cash flow from operating
activities (net of restructuring and related payments) of $3.3 million partially
offset by increased investment (net of proceeds on sale) in building
manufacturing capacity. The improvement in cash flow from operations was
primarily a result of our workforce reduction and cost optimization initiatives
in 2009, which more than offset the impacts of the decline in revenue and
related gross margin and the decline in working capital improvements. The
decline in working capital improvements of $0.4 million were driven primarily by
a drawdown of deferred revenue on our First Energy distributed power generator
project combined with reduced improvements in inventory requirements, which more
than offset improvements in accounts receivable due primarily to increased
customer collections on our B.C. Transit 2010 Olympic fuel cell bus program and
light-duty automotive shipments.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 7 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">CRITICAL ACCOUNTING POLICIES, ESTIMATES
AND JUDGMENT APPLIED </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our consolidated
financial statements are prepared in accordance with Canadian GAAP, which
require us to apply judgment when making estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements, the reported amounts of revenues and expenses of the reporting
period, as well as disclosures made in the accompanying notes to the financial
statements. The estimates and associated assumptions are based on past
experience and other factors that are considered relevant. Actual results could
differ from these estimates. The following are our most critical accounting
estimates, which are those that require management&#8217;s most challenging,
subjective and complex judgments, requiring the need to make estimates about the
effect of matters that are inherently uncertain and may change in subsequent
periods. The application of these and other accounting policies are described
more fully in note 1 to the consolidated financial statements.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">REVENUE
RECOGNITION </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Revenues are
generated primarily from product sales and services in our core Fuel Cell
Products and supporting Contract Automotive and Material Products segments. We
have also historically earned revenues by providing engineering development
services in our core Fuel Cell Products and supporting Contract Automotive
segments. Product revenues are derived primarily from standard equipment and
material sales contracts and from long-term fixed price contracts. Service
revenues are derived primarily from cost-plus reimbursable contracts.
Engineering development revenues are derived primarily from long-term fixed
price contracts.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On standard
equipment and material sales contracts, revenues are recorded when the product
is shipped to the customer, the risks of ownership are transferred to the
customer, the price is fixed and determinable, and collection is reasonably
assured. Provisions are made at the time of sale for warranties. Revenue
recognition for standard equipment and material sales contracts does not usually
involve significant estimates.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On cost-plus
reimbursable contracts, revenues are recognized as costs are incurred, and
include applicable fees earned as services are provided. Revenue recognition for
cost-plus reimbursable contracts does not usually involve significant
estimates.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 8 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">On long-term
fixed price contracts, revenues are recorded on the percentage-of-completion
basis over the duration of the contract, which consists of recognizing revenue
on a given contract proportionately with its percentage of completion at any
given time. The percentage of completion is determined by dividing the
cumulative costs incurred as at the balance sheet date by the sum of incurred
and anticipated costs for completing a contract.</font></div>
      <ul style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
        <li><font size="2" style="FONT-FAMILY: sans-serif">The determination of
  anticipated costs for completing a contract is based on estimates that can be
  affected by a variety of factors such as variances in the timeline to
  completion, the cost of materials, the availability and cost of labour, as
  well as productivity.<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">The determination of
  potential revenues includes the contractually agreed amount and may be
  adjusted based on the estimate of our attainment on achieving certain defined
  contractual milestones. Management&#8217;s judgment is required in determining the
  probability that the revenue will be received and in determining the
  measurement of that amount.</font> </li>
      </ul>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Estimates used
to determine revenues and costs of long-term fixed price contracts involve
uncertainties that ultimately depend on the outcome of future events and are
periodically revised as projects progress. There is a risk that a customer may
ultimately disagree with our assessment of the progress achieved against
milestones or that our estimates of the work required to complete a contract may
change. The cumulative effect of changes to anticipated revenues and anticipated
costs for completing a contract are recognized in the period in which the
revisions are identified. In the event that the anticipated costs exceed the
anticipated revenues on a contract, such loss is recognized in its entirety in
the period it becomes known. </font></div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#160;</font></div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">During the years
ended December 31, 2009 and 2008, there were no material adjustments to revenues
relating to revenue recognized in a prior period.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">ASSET IMPAIRMENT
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Asset impairment
incorporates an evaluation of our goodwill as well as our long-lived assets for
impairment. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Goodwill is
subject to at least an annual assessment of impairment by applying a fair value
based test at the reporting unit level. An impairment loss is recognized to the
extent that the carrying amount of goodwill for each reporting unit exceeds its
estimated fair market value. The fair market values of the reporting units are
derived from certain valuation models, which may consider various factors such
as normalized and estimated future earnings, price earnings multiples, terminal
values and discount rates. All factors used in the valuation models are based on
management&#8217;s estimates and are subject to uncertainties and judgments. Changes
in any of these estimates could affect the fair value of the reporting units
and, consequently, the value of the reported goodwill. We perform the annual
review of goodwill as at December 31 of each year, more often if events or
changes in circumstances indicate that it might be impaired. Based on the
impairment test performed as at December 31, 2009 and 2008, we have concluded
that no goodwill impairment loss was required. </font></div>
      <div>&#160;</div>
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</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
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      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In addition, we
review our long-lived assets, which include intangible assets, and property,
plant and equipment, for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may not be recoverable. To
determine whether impairment exists, we compare the estimated undiscounted
future cash flows that are projected to be generated by those assets to their
respective carrying value. If the undiscounted future cash flows are lower than
the carrying value, then the assets are written down to fair market value and an
impairment loss is recognized. Estimated undiscounted cash flows reflect
management&#8217;s estimates, and changes in those estimates could affect the carrying
amount of the long-lived assets. During the years ended December 31, 2009 and
2008, we have concluded that no impairment charge was required for our
long-lived assets.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">During the year
ended December 31, 2009, we recorded an acceleration of amortization expense of
$2.5 million for patents that were no longer in use.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">WARRANTY
PROVISION </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">A provision for
warranty costs is recorded on product sales at the time of shipment. In
establishing the accrued warranty liabilities, we estimate the likelihood that
products sold will experience warranty claims and the cost to resolve claims
received. In making such determinations, we use estimates based on the nature of
the contract and past and projected experience with the products. Should these
estimates prove to be incorrect, we may incur costs different from those
provided for in our warranty provisions. During the years ended December 31,
2009 and 2008 we recorded provisions to accrued warranty liabilities of $3.7
million and $4.4 million, respectively, for new product sales. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We review our
warranty assumptions and make adjustments to accrued warranty liabilities
quarterly based on the latest information available and to reflect the expiry of
contractual obligations. Adjustments to accrued warranty liabilities are
recorded in cost of product and service revenues. As a result of these reviews
and the resulting adjustments, our warranty provision and cost of revenues for
the years ended December 31, 2009 and 2008 were adjusted downwards by a net
amount of $0.5 million and $0.4 million, respectively. The adjustments to reduce
accrued warranty liabilities were primarily due to contractual expirations and
improved lifetimes of our fuel cell products.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">INVENTORY
PROVISION </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In determining
the lower of cost and net realizable value of our inventory and establishing the
appropriate provision for inventory obsolescence, we estimate the likelihood
that inventory carrying values will be affected by changes in market pricing or
demand for our products and by changes in technology or design which could make
inventory on hand obsolete or recoverable at less than cost. We perform regular
reviews to assess the impact of changes in technology and design, sales trends
and other changes on the carrying value of inventory. Where we determine that
such changes have occurred and will have a negative impact on the value of
inventory on hand, appropriate provisions are made. If there is a subsequent
increase in the value of inventory on hand, reversals of previous write-downs to
net realizable value are made. Unforeseen changes in these factors could result
in additional inventory provisions, or reversals of previous provisions, being
required. During the years ended December 31, 2009 and 2008, inventory
provisions of $0.9 million and $0.7 million, respectively, were recorded as a
charge to cost of product and service revenues.</font></div>
      <div>&#160;</div>
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</font></div>
      <div>&#160;</div>
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      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">INVESTMENTS
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We have made
strategic investments in other companies or partnerships that are developing
technology with potential fuel cell applications. Each of these investments is
either accounted for by the equity method or carried at cost, depending on
whether or not we have the ability to exercise significant influence over the
company or partnership. We regularly review such investments and should
circumstances indicate that an impairment of value has occurred that is other
than temporary, we would record this impairment in the earnings of the current
period. Given that these entities are in the development stage, there is
significant judgment required in determining whether impairment has occurred in
the value of these investments. During the year ended December 31, 2009, we
recorded a gain of $10.8 million representing the reversal of historic equity
losses (including $2.4 million of equity losses recorded in 2009 prior to the
wind-up) in excess of our net investment in EBARA BALLARD as a result of the
announcement of our intentions to discontinue operations in EBARA BALLARD.
During the year ended December 31, 2008, we recorded a $3.0 million write-down
of our non-core investment in Chrysalix.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">INCOME TAXES
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We use the
liability method of accounting for income taxes. Under this method, future
income tax assets and liabilities arise from temporary differences between the
tax bases of assets and liabilities and their carrying amounts reported in the
financial statements. Future income tax assets also reflect the benefit of
unutilized tax losses than can be carried forward to reduce income taxes in
future years. Such method requires the exercise of significant judgment in
determining whether or not our future tax assets are &#8220;more likely than not&#8221; to
be recovered from future taxable income and therefore, can be recognized in the
consolidated financial statements. Also estimates are required to determine the
expected timing upon which tax assets will be realized and upon which tax
liabilities will be settled, and the enacted or substantially enacted tax rates
that will apply at such time. </font></div>
      <div>&#160;</div>
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      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">ACCOUNTING POLICY
CHANGES</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font></font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Business Combinations, Consolidated
Financial Statements and Non-Controlling Interest </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">On December 31, 2009, we
elected to early adopt the new recommendations of the Canadian Institute of
Chartered Accountants (&#8220;CICA&#8221;) for </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Business
Combinations</font></font><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (CICA Handbook Section 1582), </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidations</font></font><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> (CICA Handbook Section 1601)
and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-Controlling
Interests</font></font><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">
(CICA Handbook Section 1602). Section 1582, which replaces the former Section
1581, requires all business combinations to be accounted for by applying the
acquisition method. Under this method, assets </font>acquired and liabilities
assumed are measured at their full fair value at the date of acquisition unless
another standard requires otherwise. Section 1582 provides the option of
accounting for non-controlling interest at either fair value, or at the
non-controlling interest&#8217;s proportionate share of the identifiable net assets
acquired. Acquisition costs associated with a business combination are to be
expensed in the period in which they are incurred. Section 1601 carries forward
the standards for the preparation of consolidated financial statements of former
Section 1600, while Section 1602 requires non-controlling interests to be
reported as a separate component of equity, with net income calculated without
deduction for non-controlling interests. Consolidated net income is to be
allocated between controlling and non-controlling interest. These three new
sections, which are effectively harmonized with International Financial
Reporting Standards and U.S. GAAP, were implemented effective January 1, 2009
and apply prospectively to all business combinations. There was no impact on our
2009 financial statements as a result of adopting these new standards other than
the expensing of acquisition costs of $0.5 million incurred for our subsequent
acquisition of Dantherm Power.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Employee Future Benefit
Plans</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2009, we have
changed our accounting policy for accounting for actuarial gains and losses for
employee future benefit plans from the corridor method to the fair value method
of accounting. This change in accounting policy applies to a defined benefit
pension plan and other post-retirement benefits for our current and former
employees in the United States. We have made this accounting policy change, as
we believe it is the preferred policy to better reflect the costs and liability
of these employee future benefits to us as it better reflects the current
estimated cost to terminate these plans. This change in accounting policy was
made concurrent with a December 31, 2009 curtailment of future benefits in the
defined benefit pension plan. As a result of this change, employee future
benefit plan assets and accrued benefit obligations have been recorded at their
fair values on each balance sheet date with the actual return on plan assets and
any net actuarial gains or losses recognized immediately in the statement of
operations. This change in accounting policy has been applied on a retroactive
basis and has resulted in a $0.2 million increase in accumulated deficit as at
December 31, 2007, an $2.6 million decrease in net income for 2008, and a $2.2
million increase in net income for 2009. The offsetting adjustment as a result
of the retroactive application has been recorded to long-term liabilities (see
note 1(c)(ii) to the consolidated financial statements). Certain comparative
figures on the consolidated statement of cash flows have been reclassified to
conform to the current year presentation. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Financial Instruments &#8211; Presentation and
Disclosure </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2009, we
adopted the amendments to CICA Handbook Section 3862 for </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Financial Instruments &#8211; Presentation and
Disclosure.</font></font><font size="2" style="FONT-FAMILY: sans-serif"> The
adoption of these amendments resulted in enhanced disclosures regarding the fair
value measurement of financial instruments (see note 20 to the consolidated
financial statements) but had no impact on our results, financial position or
cash flows.</font></div>
      <div>&#160;</div>
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</font></div>
      <div>&#160;</div>
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      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">NEW ACCOUNTING PRONOUNCEMENTS AND
DEVELOPMENTS </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Convergence with
International Financial Reporting Standards</font><font size="2" style="FONT-FAMILY: sans-serif"> </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In February
2008, Canada&#8217;s Accounting Standards Board (&#8220;AcSB&#8221;) confirmed that Canadian GAAP,
as used by publicly accountable companies, would be fully converged to
International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued by the
International Accounting Standards Board (&#8220;IASB&#8221;). For our 2011 interim and
annual financial statements, we will be required to report under IFRS and to
provide IFRS comparative information for the 2010 financial year. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">IFRS uses a
conceptual framework similar to Canadian GAAP, but there are significant
differences on recognition, measurement and disclosures. As part of the IFRS
conversion project, we have established an implementation team, which includes a
project manager, management from all relevant departments and a steering
committee to oversee the project. We have also engaged an external advisor to
assist in the conversion to IFRS.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The conversion
project consists of three phases.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Scoping Phase</font></font><font size="2" style="FONT-FAMILY: sans-serif"> &#8211; This phase involves a detailed review
and initial scoping of accounting differences between Canadian GAAP and IFRS, a
preliminary evaluation of IFRS 1 exemptions for first-time IFRS adopters and a
high-level assessment of potential consequences for financial reporting,
business processes, internal controls, and information systems.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Design Phase</font></font><font size="2" style="FONT-FAMILY: sans-serif"> &#8211; This phase involves prioritizing
accounting treatment issues and preparing a conversion plan, quantifying the
impact of conversion to IFRS, reviewing and approving accounting policy choices,
performing a detailed impact assessment and designing changes to systems and
business processes, developing IFRS training material and drafting IFRS
financial statement content.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Implementation Phase</font></font><font size="2" style="FONT-FAMILY: sans-serif"> &#8211; This phase involves embedding changes
to systems business processes and internal controls; determining the opening
IFRS transition balances sheet and tax impacts; parallel accounting under
Canadian GAAP and IFRS; and preparing detailed reconciliations of Canadian GAAP
to IFRS financial statements. This phase also involves conversion assessment,
evaluating improvements for a sustainable operational IFRS model, and testing
the internal controls environment.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We have
completed the scoping phase and are continuing with the project design phase and
continue to develop solutions to execute the project implementation phase.
Initial training has been given to key employees, and further investments in
training and resources will be made throughout the transition to facilitate a
timely and efficient changeover to IFRS.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We have
performed an initial assessment of the exemptions from full retrospective
application available under IFRS 1, &#8220;First-Time Adoption of International
Financial Reporting Standards,&#8221; and their potential impacts on our financial
position.</font></div>
      <div>&#160;</div>
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</font></div>
      <div>&#160;</div>
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      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#160;<font size="2" style="FONT-FAMILY: sans-serif">On adoption of IFRS, the exemptions being
considered by us that could result in </font>material impacts are as
follows:</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" valign="top" width="28%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Exemptions</font></font></td>
              <td align="left" valign="top" width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="left" valign="top" width="70%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Application of
      exemption</font></font></td>
            </tr><tr valign="bottom" style="LINE-HEIGHT: 12pt;">
              <td align="left" valign="top" width="28%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Business combinations</font></td>
              <td align="left" valign="top" width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td valign="top" width="70%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: justify"><font size="1" style="FONT-FAMILY: sans-serif">The Company expects to elect not the restate any business
      combinations that occurred prior to January 1, 2010.</font></td>
            </tr><tr valign="bottom" style="LINE-HEIGHT: 12pt;">
              <td align="left" valign="top" width="28%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Assets and
      liabilities of subsidiaries,<br>associates and joint ventures<br>(entities
      in the same group may<br>adopt IFRS at different dates)</font></td>
              <td align="left" valign="top" width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td valign="top" width="70%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: justify"><font size="1" style="FONT-FAMILY: sans-serif">The Company may
      elect different IFRS accounting policies than its subsidiaries (but the
      subsidiaries would need to align those policies when preparing
      consolidated IFRS financial statements).</font></td>
            </tr><tr valign="bottom" style="LINE-HEIGHT: 12pt;">
              <td align="left" valign="top" width="28%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Cumulative transaction differences<br>(IAS 21, &#8220;The Effects of
      Changes in<br>Foreign Exchange Rates&#8221;)</font></td>
              <td align="left" valign="top" width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td valign="top" width="70%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: justify"><font size="1" style="FONT-FAMILY: arial">The Company has elected to reset all cumulative translation gains
      and losses to zero in opening earnings at January 1,
  2010.</font></td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We are in the
process of quantifying the expected material differences between IFRS and the
current accounting treatment under Canadian GAAP. Differences with respect to
recognition, measurement, presentation and disclosure of financial information
are expected to be in the following key account areas:</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="28%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Key Accounting
Area</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="left" nowrap width="71%" style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Differences with Potential Impact
      to the Company</font></font></td>
            </tr><tr>
              <td align="left" nowrap valign="top" width="28%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
                <div align="justify"><font size="1" style="FONT-FAMILY: sans-serif">Presentation of Financial<br>Statements (IAS 1)</font></div>
              </td>
              <td align="left" nowrap valign="top" width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" valign="top" width="71%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
                <ul style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 13pt; TEXT-ALIGN: justify">
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Additional disclosures
        in the notes to the financial statements.</font><font size="1" style="FONT-FAMILY: arial"> </font>
                    </li>
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Statement of Operations
        expected to be presented by functional category versus by type of
        expenditure.</font> </li>
                </ul>
              </td>
            </tr><tr style="LINE-HEIGHT: 12pt;">
              <td align="left" nowrap valign="top" width="28%" style="BORDER-BOTTOM: #000000 1pt solid">
                <div align="justify"><font size="1" style="FONT-FAMILY: sans-serif">Property
      and Equipment (IAS 16)</font></div>
                <div>&#160;</div>
              </td>
              <td align="left" nowrap valign="top" width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" valign="top" width="71%" style="BORDER-BOTTOM: #000000 1pt solid">
                <ul style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 13pt; TEXT-ALIGN: justify">
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Evaluating impact of
        componentization on accounting policy</font>
                    </li>
                  <li><font size="1" style="FONT-FAMILY: arial">All significant components
        of furniture and fixtures, office equipment and computer hardware will
        be amortized accordingly to their useful lives determined in accordance
        with IFRS.</font> </li>
                </ul>
              </td>
            </tr><tr>
              <td align="left" nowrap valign="top" width="28%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
                <div align="justify"><font size="1" style="FONT-FAMILY: sans-serif">Impairment
      of Assets (IAS 36)</font></div>
                <div>&#160;</div>
              </td>
              <td align="left" nowrap valign="top" width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" valign="top" width="71%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
                <ul style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 13pt; TEXT-ALIGN: justify">
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Grouping of assets in
        cash-generating units (CGUs) on the basis of independent cash inflows
        for impairment testing purposes, using a Fair Value or Value-in-Use
        (i.e. discounted cash-flow method (DCF)) approach.</font>
                    </li>
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Goodwill allocated to,
        and tested in, conjunction with its related CGU or group of CGUs.</font>
                    </li>
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Under certain
        circumstances, previous impairment taken (other than goodwill) is
        required to be reversed.</font>
                    </li>
                  <li><font size="1" style="FONT-FAMILY: sans-serif">The Company is
        currently in the process of defining a CGU.</font> </li>
                </ul>
              </td>
            </tr><tr style="LINE-HEIGHT: 12pt;">
              <td align="left" nowrap valign="top" width="28%" style="BORDER-BOTTOM: #000000 1pt solid">
                <div align="justify"><font size="1" style="FONT-FAMILY: sans-serif">Income
      Taxes (IAS 12)<br><font size="1" style="FONT-FAMILY: sans-serif">(Subject to
      adoption at transition of<br>a revised IAS 12
    standard)</font></font></div>
              </td>
              <td align="left" nowrap valign="top" width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" valign="top" width="71%" style="BORDER-BOTTOM: #000000 1pt solid">
                <ul style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 13pt; TEXT-ALIGN: justify">
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Recognition and
        measurement criteria for deferred tax assets and liabilities may
        differ.</font> </li>
                </ul>
              </td>
            </tr><tr style="LINE-HEIGHT: 12pt;">
              <td align="left" nowrap valign="top" width="28%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
                <div align="justify"><font size="1" style="FONT-FAMILY: sans-serif">Share-based Payments (IFRS 2)</font></div>
                <div>&#160;</div>
              </td>
              <td align="left" nowrap valign="top" width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" valign="top" width="71%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
                <ul style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 13pt; TEXT-ALIGN: justify">
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Each installment
        accounted for as a separate arrangement. Compensation expense for a
        share-based payment award that vests over a three-year period will be
        calculated and recognized as three separate awards (graded vesting)
        instead of as a single award recognized on a straight-line basis.</font>
        </li>
                </ul>
              </td>
            </tr><tr style="LINE-HEIGHT: 12pt;">
              <td align="left" nowrap valign="top" width="28%" style="BORDER-BOTTOM: #000000 1.5pt solid">
                <div align="justify"><font size="1" style="FONT-FAMILY: sans-serif">Provisions
      and Contingencies<br>(IAS 37)</font></div>
              </td>
              <td align="left" nowrap valign="top" width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" valign="top" width="71%" style="BORDER-BOTTOM: #000000 1.5pt solid">
                <ul style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 13pt; TEXT-ALIGN: justify">
                  <li><font size="1" style="FONT-FAMILY: sans-serif">Different threshold
        used for recognition of a contingent liability, which could have an
        impact on timing of when a provision may be recorded.</font>
  </li>
                </ul>
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The above is not
an exhaustive list of all the significant impacts that could occur during the
conversion to IFRS. We continue to monitor and assess the impact of evolving
differences between Canadian GAAP and IFRS, since the IASB is expected to
continue to issue new accounting standards during the transition period. As a
result, the final impact of IFRS on our consolidated financial statements can
only be measured once all the applicable IFRS at the conversion date are
known.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our IFRS
conversion project is progressing according to schedule. As the project
advances, the Company could alter its intentions and the milestones communicated
at the time of reporting as a result of changes to international standards
currently in development, or in light of new information or other external
factors that could arise between now and when the changeover has been
completed.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 14 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">RESULTS OF OPERATIONS
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Revenues</font></font></font><font size="2" style="FONT-FAMILY: sans-serif"> for the year ended December 31, 2009
were $46.7 million, a decrease of $12.9 million, or 22%, from 2008 due primarily
to declines in our supporting Contract Automotive segment of $10.0
million.</font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" colspan="19" nowrap width="100%"><font size="2" style="FONT-FAMILY: sans-serif">The following table provides a
      breakdown of our revenues for the reported periods:</font></td>
            </tr><tr>
              <td align="left" colspan="19" nowrap width="100%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S.
      dollars)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td colspan="17" nowrap width="29%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">Year ended December
31,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Product and</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">Engineering</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%">&#160;</td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: arial">Product and</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Engineering</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="4%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">Service</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">Development</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">Total</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">Service</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">Development</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">Total</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Fuel Cell Products</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">24,142</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">24,142</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">22,405</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">5,236</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">27,641</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%"><font size="1" style="FONT-FAMILY: sans-serif">Contract Automotive</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">9,170</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">9,170</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">17,598</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">1,618</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">19,216</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Material
      Products</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">13,410</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">13,410</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">12,723</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">12,723</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="70%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">46,722</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">46,722</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">52,726</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">6,854</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160; </font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">59,580</font></td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Fuel Cell
Products product and service revenues for the year ended December 31, 2009
increased $1.7 million, or 8%, compared to 2008. Increased fuel cell bus
revenues as a result of the shipment of the remaining ten fuel cell bus modules
for the B.C. Transit 2010 Olympic fuel cell bus program in the second quarter of
2009 ($6.0 million) combined with fuel cell bus module shipments for the
Transport of London and the Advanced Public Transportation System by (&#8220;APTS&#8221;)
fuel cell bus programs drove the increase. Increases in back-up power market
revenues as a result of work completed on the First Energy distributed power
generator project combined with increased unit shipments as a result of the
successful completion of the hydrogen unit product acceptance milestone with
ACME in the second quarter of 2009 were more than offset by lower shipments in
the material handling and residential cogeneration markets. Fuel Cell Products
shipments in our back-up power and materials handling markets totaled 988 units
and 182 units, respectively, for the year ended December 31, 2009, as compared
to 720 units and 508 units, respectively, for the year ended December 31,
2008.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Fuel Cell
Products engineering development revenues were nil for the year ended December
31, 2009, a $5.2 million reduction compared to 2008. The absence of Fuel Cell
Products engineering development revenues in 2009 was expected due primarily to
the completion of our 1kW residential cogeneration fuel cell program and the
completion of pre-production work related to the B.C. Transit 2010 Olympic fuel
cell bus program in the third quarter of 2008. The costs associated with these
engineering development revenues are included in research and development
expenses. </font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 15 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Contract Automotive product
and service revenues for the year ended December 31, 2009 decreased $8.4 <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">million, or 48%, compared to 2008
due to lower contract manufacturing of light-duty automotive fuel cell products
at lower prices to AFCC, Daimler and Ford, combined with lower automotive
service revenues derived </font></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">primarily from testing and
engineering services to AFCC. Contract Automotive engineering development
revenues were nil for the year ended December 31, 2009, a $1.6 million reduction
compared to 2008. The absence of Contract Automotive engineering development
revenues in 2009 was expected due to the closing of the AFCC Transaction on
January 31, 2008. The costs associated with these engineering development</font>
revenues are included in research and development expenses.</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Material
Products revenues for the year ended December 31, 2009 increased $0.7 million,
or 5%, compared to 2008 due primarily to increased volumes of fuel cell GDL
shipments combined with the maintenance of carbon friction material product
revenues as price increases offset the impact of lower volumes as a result of
the slowdown in the U.S. automotive sector during the first half of 2009.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Cost of product and service
revenues</font></font></font><font size="2" style="FONT-FAMILY: sans-serif"> for
the year ended December 31, 2009 were $40.8 million, a decrease of $6.6 million,
or 14%, compared to 2008. The 14% decrease year over year is reflective of the
11% decrease in product and service revenues for the respective
periods.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Gross margins on
product and service revenues increased to $5.9 million, or to 12% of revenues
for the year ended December 31, 2009, compared to $5.3 million, or 10% of
product and service revenues for 2008. Increased gross margins 2009 as a result
of increased shipments fuel cell buses and carbon fiber products combined with
work performed on the First Energy distributed power generator program more than
offset the decline in gross margin as a result of lower automotive shipments and
service revenues. Gross margins in 2009 were also negatively impacted by more
aggressive product pricing on our back-up power products in order to encourage
market adoption whereas gross margins in 2008 were negatively impacted by more
aggressive product pricing and enhanced warranty coverage on our materials
handling products in order to encourage market adoption. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Research and product
development</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font size="2" style="FONT-FAMILY: sans-serif">expenses for
the year ended December 31, 2009 were $26.6 million, a decrease of $10.6
million, or 28%, compared to 2008. The decline in expenditures is due primarily
to the 20% workforce reduction initiated in August 2009 and the 7% workforce
reduction initiated in March 2009 combined with the disposition of our
automotive fuel cell development programs on the closing of the AFCC Transaction
on January 31, 2008, the completion of our 1kW residential cogeneration fuel
cell program in the third quarter of 2008, and the positive effects of a weaker
Canadian dollar relative to the U.S. dollar. In addition, as part of our
restructuring events we have significantly narrowed our research efforts in the
business and have begun to aggressively pursue government funding for our
programs. Government research funding is reflected as a cost offset to research
and product development expenses.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Included in
research and product development expenses for 2008 were costs of $5.9 million
related to our achievement of predefined milestones for our customers under the
development programs for which we earned engineering development
revenue.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">General and
administrative</font></font></font><font size="2" style="FONT-FAMILY: sans-serif">
expenses for the year ended December 31, 2009 were $10.8 million, a decrease of
1.7 million, or 14%, compared to 2008. This decline in expenditures is due
primarily to the 20% workforce reduction initiated in August 2009 and the 7%
workforce reduction initiated in March 2009 combined with the positive effects
of a weaker Canadian dollar relative to the U.S. dollar, which more than offset
the negative impacts of a one-time commodity tax assessment.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 16 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Sales and marketing
</font></font></font><font size="2" style="FONT-FAMILY: sans-serif">expenses for
the year ended December 31, 2009 were $7.2 million, a decrease of 0.3 million,
or 3%, compared to 2008. Increased investment in sales and marketing capacity in
2009 in support of commercial efforts was more than offset by cost optimization
efforts and the positive effects of a weaker Canadian dollar, relative to the
U.S. dollar. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Restructuring and
related</font></font></font><font size="2" style="FONT-FAMILY: sans-serif">
expenses for the year ended December 31, 2009 were $6.2 million and relate to
the 20% workforce reduction initiated in August 2009 and the 7% workforce
reduction initiated in March 2009. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Acquisition
charges</font></font></font><font size="2" style="FONT-FAMILY: sans-serif"> for
the year ended December 31, 2009 were $0.5 million and relate to costs incurred
on the acquisition of a controlling interest in Dantherm Power, completed on
January 18, 2010. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Depreciation and
amortization</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font size="2" style="FONT-FAMILY: sans-serif">was $6.6
million for the year ended December 31, 2009, an increase of $0.5 million, or
9%, compared to 2008. Depreciation and amortization increased in 2009 due
primarily to an acceleration of amortization expense of $2.5 million for patents
that were no longer in use. This increase was only partially offset by declines
in depreciation and amortization expense as some assets became fully depreciated
or amortized during 2008. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Investment and other income
(loss)</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font size="2" style="FONT-FAMILY: sans-serif">was $6.0
million for the year ended December 31, 2009, compared to a loss of ($2.9)
million for 2008. The following table provides a breakdown of our investment and
other income and foreign exchange gain for the reported periods: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="92%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Curtailment gain on employee future
      benefit plans</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">1,055</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: sans-serif">Investment return (loss) less interest cost on</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: sans-serif">employee future benefit plans</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">741</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">(2,686</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Investment income</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">387</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2,012</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: sans-serif">Foreign exchange gain (loss)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">3,187</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(3,653</font></font></td>
              <td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Other
      income</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">625</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">1,456</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Investment and other income
      (loss)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">5,995</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(2,871</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Curtailment gain
on employee future benefit plans was $1.1 million for the year ended December
31, 2009 and resulted from a freeze in future benefits of a defined benefit
pension plan applicable for our current and former employees in the United
States. As a result of the curtailment, there will be no further current service
cost related to this defined benefit pension plan.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 17 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investment return (loss) less
interest cost on employee future benefit plans was $0.7 million for the year
ended December 31, 2009 as compared to a loss of ($2.7) million during 2008. The
improvement in 2009, as compared to 2008, was primarily a result of a recovery
in the capital markets in 2009 which resulted in increased </font>returns on
plan assets related to the above defined benefit pension plan. We account for
future employee benefits using the fair value method of accounting. As a result,
employee future benefit plan assets and accrued benefit obligations are recorded
at their fair values on each balance sheet date with the actual return on plan
assets and any net actuarial gains or losses recognized immediately in the
statement of operations. The fair values are determined directly by reference to
quoted market prices.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Investment
income was $0.4 million for the year ended December 31, 2009, a decrease of $1.6
million, or 81%, compared to 2008. The decrease was a result of declining
interest rates combined with lower average cash balances in 2009 compared to
2008. We classify our cash, cash equivalents and short-term investments as
held-for-trading and measure these assets at fair value with changes in fair
value recognized in income. The fair values are determined directly by reference
to quoted market prices. During 2008 and into 2009, the investment market was
negatively impacted by liquidity and credit market concerns along with increased
concerns about a global economic slowdown. We continue to review our exposure to
these issues and have determined that there are no material impacts on our
investment portfolio.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Foreign exchange
gains and losses are attributable to the effect of the changes in the value of
the Canadian dollar, relative to the U.S. dollar, on our Canadian
dollar-denominated net monetary assets and on outstanding foreign exchange
contracts to buy or sell Canadian dollars over the respective periods. The
foreign exchange gains in the second, third and fourth quarters of 2009 of $2.3
million, $1.0 million, and $1.2 million, respectively, resulted primarily from
the strengthening of the Canadian dollar during the quarters and more than
offset the first quarter of 2009 foreign exchange loss of $1.4 million, which
had resulted primarily from the weakening of the Canadian dollar during that
quarter. Compared to the U.S. dollar, the Canadian dollar has strengthened to
1.05 at December 31, 2009, as compared to 1.07 at September 30, 2009, 1.16 at
June 30, 2009, 1.26 at March 31, 2009 and 1.22 at December 31, 2008. The foreign
exchange loss of $3.7 million for 2008 resulted from the weakening of the
Canadian dollar in 2008. Compared to the U.S. dollar, the Canadian dollar
weakened in 2008 from 0.99 at December 31, 2007 to 1.22 at December 31, 2008. In
addition to foreign exchange contracts, we hold Canadian dollar cash and
short-term investments to reduce the foreign currency risk inherent in
expenditures denominated in Canadian dollars. Our foreign denominated cash and
short-term investments do not qualify for hedge accounting and therefore foreign
exchange gains and losses are recognized when they occur. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">See note 20 to
our consolidated financial statements for additional information about the
significance of financial instruments to our financial position and performance,
the nature and extent of risks arising from those financial instruments to which
we are exposed, and how we manage those risks. </font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 18 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Other income was
$0.6 million for the year ended December 31, 2009, a decrease of $0.8 million,
or 57%, compared to 2008. The decline was expected due to fewer administrative
support services provided to AFCC in 2009.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Gain on assets held for
sale</font></font></font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font size="2" style="FONT-FAMILY: sans-serif">was $34.3 million for the year ended
December 31, 2009 compared to $96.8 million for 2008. The 2009 gain was
primarily a result of the AFCC Monetization whereas the 2008 gain reflects the
disposition of automotive assets pursuant to the AFCC Transaction. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Loss on disposal and write-down of
long-lived assets</font></font></font><font size="2" style="FONT-FAMILY: sans-serif"> were $2.8 million for the year ended December 31, 2008 primarily as a
result of a $3.0 million write-down in our investment in Chrysalix to $0.5
million, representing estimated net realizable value.</font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Equity income (loss) of associated
companies</font></font></font><font size="2" style="FONT-FAMILY: sans-serif"> was
income of $8.4 million for the year ended December 31, 2009, compared to a loss
of ($8.6) million, for 2008 and related to our share of the losses of EBARA
BALLARD. On the announcement of our decision in May 2009 to discontinue
operations in EBARA BALLARD, the $10.8 million of historic recorded equity
losses in EBARA BALLARD (including $2.4 million of equity losses recorded in
2009 prior to the wind-up) in excess of our net investment in EBARA BALLARD, was
reversed to net income as (i) Ebara was solely responsible for the liquidation
obligations of EBARA BALLARD; and (ii) we are not committed to provide, nor do
we intend to provide, any further financial support to EBARA BALLARD. EBARA
BALLARD was formally dissolved in October 2009.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">CASH FLOWS, LIQUIDITY AND CAPITAL
RESOURCES </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">CASH FLOWS
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Cash, cash
equivalents and short-term investments were $82.2 million as at December 31,
2009, compared to $85.4 million at the end of 2008. The decrease of $3.2 million
in 2009 was driven by a net loss (excluding non-cash items) of $35.5 million, an
advance to EBARA BALLARD of $5.0 million, capital expenditures (net of proceeds
on sale of capital assets) of $4.6 million and payment of non-dilutive financing
costs of $3.2 million. These outflows were partially offset by proceeds on the
AFCC Monetization of $37.0 million and working capital inflows of $8.5
million.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">For the year
ended December 31, 2009, working capital requirements resulted in cash inflows
of $8.5 million compared to cash inflows of $8.9 million for 2008. In 2009,
working capital inflows were driven by lower accounts receivable of $6.1 million
due primarily to collections of our fuel cell bus and contract automotive
product and service revenues, higher accrued warranty liabilities of $4.0
million due primarily to product shipments for the B.C. Transit 2010 Olympic and
APTS fuel cell bus programs, lower inventory expenditures of $1.4 million and
higher accounts payable and accrued liabilities of $1.6 million. These working
capital inflows in 2009 were partially offset by cash outflows from the draw
down of deferred revenue of $3.7 million due primarily to amounts earned under
the First Energy distributed power generator program. Working capital inflows of
$8.9 million for 2008 were driven by lower inventory of $4.5 million due to
higher fourth quarter shipments of fuel cell bus, materials handing and back-up
power products combined with improved inventory management and increased
platinum recoveries, higher accrued warranty liabilities of $3.1 million as a
result of the above noted fourth quarter product shipments, and higher deferred
revenue of $0.8 million due to the timing of payments on pre-funded
contracts.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 19 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Investing
activities resulted in cash inflows of $19.7 million for the year ended December
31, 2009, compared to cash outflows of $6.0 million in 2008. Investing
activities in 2009 include gross proceeds received on the closing of the AFCC
Monetization of $37.0 million. The AFCC Monetization closing costs of $1.4
million were accrued at December 31, 2009 and paid during 2010. Changes in
short-term investments resulted in cash outflows of $7.6 million in 2009 as
compared to inflows of $64.9 million in 2008. Balances changed between cash
equivalents and short-term investments as we make investment decisions with
regards to the term of investments and our future cash requirements. Capital
spending (net of proceeds on sale) of $4.6 million in 2009, and $3.1 million in
2008, was primarily for manufacturing equipment in order to build production
capacity. The cash flows used for other investing activities in 2009 of $5.1
million include an investment in EBARA BALLARD of $5.0 million and an investment
in Chrysalix Energy Limited Partnership of $0.2 million. The cash flows used for
other investing activities in 2008 of $6.2 million represent a net investment in
EBARA BALLARD of $5.9 million, comprising of an additional investment of $11.2
million offset by licensing cash receipts of $5.3 million, combined with an
investment in Chrysalix of $0.3 million.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Financing
activities resulted in cash outflows of $3.5 million for the year ended December
31, 2009, compared to cash inflows of $36.9 million for 2008. Financing
activities in 2009 represent the payment of the remaining closing costs of $3.2
million which were accrued at December 31, 2008 on the closing of the
Arrangement with Superior, and the purchase of treasury stock under our market
purchase restricted share unit plan of $0.2 million. Financing activities in
2008 represent gross proceeds received on the closing of the Arrangement with
Superior of $38.0 million less initial closing costs paid in 2008 of $1.1
million. </font></div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">&#160;</font></div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at March 9,
2010, we had 84,059,291 common shares issued and outstanding and stock options
to purchase 5,410,838 of our common shares outstanding. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">LIQUIDITY AND CAPITAL RESOURCES
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at December
31, 2009, we had cash, cash equivalents and short-term investments totaling
$82.2 million. We will use our funds to meet net funding requirements for the
development and commercialization of products in our target markets. This
includes research and product development for fuel cells and material products,
the purchase of equipment for our manufacturing and testing facilities, the
further development of business systems and low-cost manufacturing processes and
the further development of our sales and marketing, product distribution and
service capabilities. </font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 20 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">At this stage of
our development, we expect to record losses for at least the next few years as
we continue to make significant investments in research and product and market
development activities necessary to commercialize our products. Our actual
funding requirements will vary based on the factors noted above, our
relationships with our lead customers and strategic partners, our success in
developing new channels to market and relationships with customers, our success
in generating revenue growth from near-term product opportunities, our working
capital requirements, foreign exchange fluctuations, and the progress and
results of our research, development and demonstration programs. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our financial
strategy is to manage our cash resources with strong fiscal discipline, focus on
markets with high product and service revenue growth potential, license
technology in cases where it is advantageous to us, and access available
government funding for research and development projects. Our current financing
principle is to maintain cash balances sufficient to fund at least six quarters
of operating cash consumption at all times. We believe that our current cash,
cash equivalents and short-term investments, combined with our subsequent
monetization of our head office building in Burnaby, British Columbia through a
sale and leaseback transaction, are sufficient to meet our planned growth and
development activities for the foreseeable future without the need to access
public market financing. However, circumstances could change which would make it
advantageous for us to access additional capital.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">2010 OUTLOOK</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We expect
revenues for 2010 to be in excess of 35% over our 2009 revenues of $46.7
million.</font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif"> </font></font><font size="2" style="FONT-FAMILY: sans-serif">Our revenue outlook for 2010 is based on
our internal revenue forecast which reflects an assessment of overall business
conditions and takes into account actual sales in the first two months of 2010,
sales orders received for units and services to be delivered in 2010, and an
estimate with respect to the generation of new sales in each of our markets. Our
2010 revenue outlook is supported by committed orders for products and services
of $22.7 million at December 31, 2009 (consisting of $12.5 million for Fuel Cell
Products, $5.8 million for Contract Automotive, and $4.5 million for Material
Products); and by the following expected growth milestones: </font></div>
      <ul style="FONT-SIZE: 10pt; MARGIN-LEFT: 15px; TEXT-ALIGN: justify">
        <li><font size="2" style="FONT-FAMILY: SANS-SERIF">Commencement of shipments of
  back-up power fuel cell stacks for deployment to Idatech, LLC&#8217;s
  reformate-based supplemental power systems for the Indian telecom
  market.<br>&#160;</font>
          </li>
        <li><font style="FONT-FAMILY: SANS-SERIF">Deployment of Dantherm Power
  hydrogen-based back-up power systems in one major new
  network;<br>&#160;</font>
          </li>
        <li><font style="FONT-FAMILY: SANS-SERIF">Commissioning of the 1 MW
  distributed generation system for FirstEnergy Corp.;<br>&#160;</font>
          </li>
        <li><font style="FONT-FAMILY: SANS-SERIF">Recording our first distributed
  generation system sale utilizing by-product hydrogen;<br>&#160;</font>
          </li>
        <li><font style="FONT-FAMILY: SANS-SERIF">More than doubling volumes of
  material handling fuel cell stack shipments, in line with Plug Power Inc.&#8217;s
  2010 shipment target of 1,100 GenDrive&#160;&#8482; systems; and<br>&#160;</font>
          </li>
        <li><font style="FONT-FAMILY: SANS-SERIF">Recording new fuel cell bus
  contracts to support the deployment of more than 25 buses.</font> </li>
      </ul>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 21 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We expect to
improve our cash flow from operations in 2010 by 30% over our 2009 cash used by
operations of ($26.9) million. A primary driver for this expected reduction in
cash flow from operations for 2010 are expected increases in gross margins as a
result of the above 35% expected increase in revenues, combined with the full
year benefit of our streamlined operating expense base as a result of the 20%
workforce reduction initiated in August 2009 and the 7% workforce reduction
initiated in March 2009. Our cash flow from operations outlook for 2010 is based
on our internal cash flow from operations forecast and takes into account our
forecasted gross margin and working capital impacts related to the above revenue
forecast, the costs of our current operating expense base, and assumes an
average U.S. dollar exchange rate of 1.10 in relation to the Canadian
dollar.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Cash used by
operations is expected to be materially higher in the first quarter of 2010, as
compared to the last three quarters of the year, due primarily to working
capital impacts related to the payment of accrued severance, accrued AFCC
Monetization expenses and accrued acquisition costs related to the subsequent
purchase of Dantherm Power; the buildup of inventory to support automotive fuel
cell shipments to Daimler expected to commence in the second quarter of 2010;
and the expected timing of revenues and the related customer collections.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">OFF-BALANCE SHEET ARRANGEMENTS &amp;
CONTRACTUAL OBLIGATIONS </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In 2009, we
completed the AFCC Monetization with a financial institution to monetize our
rights under a Share Purchase Agreement with Ford relating to our 19.9% equity
investment in AFCC. On the closing of the AFCC Monetization in 2009, we received
a cash payment of $37 million and a contingent payment of $7.5 million. The
contingent payment of $7.5 million is due upon maturation of the Share Purchase
Agreement on or before January 31, 2013, and is contingent on the financial
institution&#8217;s rights in the transaction remaining unsubordinated. Due to the
contingent nature of the $7.5 million receipt in 2013, this receipt has not been
accrued in our consolidated financial statements as at December 31,
2009.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Periodically, we
use foreign exchange contracts to manage our exposure to currency rate
fluctuations and platinum forward purchase contracts to manage our exposure to
platinum price fluctuations. We record these contracts at their fair value as
either assets or liabilities on our balance sheet. Any changes in fair value are
recorded in our consolidated statements of operations. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at December
31, 2009, we did not have any other material obligations under guarantee
contracts, retained or contingent interests in transferred assets, outstanding
derivative instruments or non-consolidated variable interests.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">During 2009, a
Canadian governmental agency agreed to terminate potential royalties payable of
Canadian $5.4 million in respect of future sales of fuel cell-based stationary
power products under a historic development program. As a result, total
royalties payable in respect of future sales of fuel cell-based stationary power
products under two development programs with certain Canadian government
agencies have been reduced from up to a maximum of Canadian $49.0 million at
December 31, 2008 to a maximum of Canadian $43.7 million at December 31, 2009.
</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 22 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at December
31, 2009, we have made total royalty payments of Canadian $5.3 million against
this potential obligation, including royalty payments of Canadian $0.1 million
in 2009. The conditions under which these royalties become payable are described
in more detail in note 15 to our consolidated financial statements.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We have
committed to make future capital contributions of $0.3 million (Canadian $0.3
million) in Chrysalix, in which we have a limited partnership
interest.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As at December
31, 2009 we had the following contractual obligations and commercial
commitments: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="79%" style="BORDER-TOP: #000000 1.5pt solid"><font size="1" style="DISPLAY: inline; FONT-STYLE: italic; FONT-FAMILY: sans-serif">(Expressed in thousands of U.S. dollars)</font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td colspan="14" nowrap width="19%" style="BORDER-TOP: #000000 1.5pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">Payments due by period,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="79%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Contractual
      Obligations</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">Less than</font></td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="3%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="right" colspan="2" nowrap width="3%"><font size="1" style="FONT-FAMILY: sans-serif">After 5</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="79%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">Total</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">one year</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">1-3 years</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: arial">4-5 years</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">years</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="79%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Operating leases</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">18,522</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">1,789</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">3,577</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">3,631</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">9,525</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="79%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Asset retirement
      obligations</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">3,988</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">3,988</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="79%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Total
      contractual obligations</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">&#160;
      22,510</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">1,789</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">3,577</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">3,631</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">13,513</font></td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">In addition to
the contractual purchase obligations above, we have commitments to purchase $1.4
million of capital assets as at December 31, 2009. Capital expenditures pertain
to our regular operations and will be funded through either capital leases or
cash on hand.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The Arrangement
with Superior Plus includes an indemnification agreement dated December 31, 2008
(the "Indemnity Agreement"), which sets out the parties&#8217; continuing obligations
to the other. The Indemnity Agreement has two basic elements: it provides for
the indemnification by each of the parties to the other for breaches of
representations and warranties or covenants as well as, in our case, any
liability relating to our business which is suffered by Superior Plus. Our
indemnity to Superior Plus with respect to our representation relating to the
existence of our tax pools immediately prior to the completion of the
Arrangement is limited to an aggregate of $7.0 million (Canadian $7.4 million)
with a threshold amount of $0.5 million (Canadian $0.5 million) before there is
an obligation to make a payment. Second, the Indemnity Agreement provides for
adjustments to be paid by us, or to us, depending on the final determination of
the amount of our Canadian non-capital losses, scientific research and
development expenditures and investment tax credits generated to December 31,
2008, to the extent that such amounts are more or less than the amounts
estimated at the time the Arrangement was executed. At December 31, 2009, we
have not accrued any amount owing, or receivable, as a result of the Indemnity
Agreement.</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">RELATED PARTY TRANSACTIONS
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Related parties
include shareholders with a significant ownership interest in us, together with
their subsidiaries and affiliates, our key management personnel and our
equity-accounted investees. Revenues and costs recognized from such transactions
reflect the prices and terms of sale and purchase transactions with related
parties, which are in accordance with normal trade practices. Related parties
include EBARA BALLARD and EBARA Corporation prior to the discontinuance of our
operations in EBARA BALLARD in May 2009; and Daimler and Ford prior to the
closing of the AFCC Transaction on January 31, 2008. AFCC is not considered to
be a related party as we do not have the ability to exercise significant
influence over AFCC&#8217;s strategic operating, investing or financing
policies.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 23 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We have earned
revenues from related parties from the sale of products and services and from
engineering development revenues. We have provided funding to related parties
for the purposes of conducting research and development on our behalf. We have
also purchased intellectual property and obtained licenses from, and granted
licenses to, related parties. As a result of the AFCC Transaction and the
discontinuance of operations in EBARA BALLARD, related party transactions have
been reduced. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Related party
transactions and balances are as follows: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="92%" style="BORDER-TOP: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S.
      dollars)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="5" nowrap width="7%" style="BORDER-TOP: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Years Ended
      December 31,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Transactions with related
      parties</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Revenues from products, engineering
      services and other</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">$</font>&#160;&#160;&#160;&#160;&#160;
      </font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">380</font></font></td>
              <td nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;&#160;
      </font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">7,906</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: sans-serif">Purchases</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">78</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="2%"><font size="1" style="FONT-FAMILY: sans-serif">188</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Net
      investments and advances</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">5,000</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">5,939</font></td>
            </tr><tr>
              <td align="left" nowrap width="92%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" colspan="4" nowrap width="6%" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S.
      dollars)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" colspan="5" nowrap width="7%"><font size="1" style="FONT-FAMILY: sans-serif">As at December 31,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Balances with related
      parties</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Accounts receivable</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">4,500</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="92%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Accounts payable
      and accrued liabilities</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="2%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">31</font></td>
            </tr></table>
      </div><br>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The AFCC
Transaction, which closed on January 31, 2008, is also a related party
transaction.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">For 2010, the
operating results of Dantherm Power will be consolidated with Ballard&#8217;s. As
such, all transactions between Dantherm Power and Ballard will be eliminated.
Transactions between Ballard and Dantherm Power&#8217;s non-controlling partners,
Danfoss A/S and Dantherm A/S, will be considered to be related party
transactions. </font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 24 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">SELECTED QUARTERLY FINANCIAL DATA
(UNAUDITED) </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">The following
table provides summary financial data for our last eight quarters: </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="76%" style="BORDER-TOP: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S.
      dollars, except per share amounts)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td colspan="15" nowrap width="23%" style="BORDER-TOP: #000000 1.5pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">Quarter ended,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%">
              </td>
              <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Dec 31,</font></td>
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Sep 30,</font></td>
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Jun 30,</font></td>
              <td align="right" nowrap width="1%">&#160;</td>
              <td align="right" nowrap width="1%">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%"><font size="1" style="FONT-FAMILY: sans-serif">Mar 31,</font></td>
              <td align="right" nowrap width="1%">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Product and service
    revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">16,516</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">9,047</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">13,075</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">8,084</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Engineering
      development revenue</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">-</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; Total revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">16,516</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">9,047</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">13,075</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">8,084</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="76%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Net income (loss)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">25,634</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(11,352</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">1,583</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(19,123</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">Net income (loss) per share, basic
      and diluted</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">0.31</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">(0.14</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">0.02</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">(0.23</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
            </tr><tr>
              <td align="left" nowrap width="76%" bgcolor="#ffffff">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Weighted average common shares
      outstanding</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(000&#8217;s)</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">83,974</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">83,955</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">83,941</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">82,662</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="76%" bgcolor="#ffffff">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">Dec 31,</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">Sep 30,</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">Jun 30,</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">Mar 31,</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></td>
              <td align="right" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Product and service
    revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">18,605</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">10,879</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">11,131</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">12,111</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Engineering
      development revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">296</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">1,406</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">1,220</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">3,932</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">&#160;&#160;&#160;&#160;&#160;&#160; Total revenue</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">18,901</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">12,285</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">12,351</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">16,043</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="76%" bgcolor="#ffffff">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Net income (loss)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(19,161</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(16,186</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">(13,638</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">80,440</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">Net income (loss) per share, basic
      and diluted</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">(0.23</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">(0.20</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">(0.17</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">$</font></td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">0.86</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
            </tr><tr>
              <td align="left" nowrap width="76%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Weighted average common shares
      outstanding</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="76%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">(000&#8217;s)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">&#160;</td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">82,116</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">82,102</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">82,086</font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: arial">93,447</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Summary of Quarterly Results</font></font><font size="2" style="FONT-FAMILY: sans-serif"><font style="FONT-WEIGHT: bold">:</font>
There were no significant seasonal variations in our quarterly results.
Variations in our net income (loss) for the above periods were affected
primarily by the following factors: </font></div>
      <ul style="FONT-SIZE: 10pt; MARGIN-LEFT: 15px; TEXT-ALIGN: justify">
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Product and service
  revenues</font></font><font size="2" style="FONT-FAMILY: sans-serif"><font style="FONT-WEIGHT: bold">:</font> Variations in fuel cell product revenues
  reflect the timing of our customers&#8217; fuel cell vehicle, bus and field cell
  product deployments. Product revenues in the second quarter of 2009 and the
  fourth quarter of 2008 were positively impacted by the shipments of fuel cell
  bus modules related to the B.C. Transit 2010 Olympic fuel cell bus program
  totaling $6.0 million in each of those quarters. Revenue from testing and
  engineering services to AFCC commenced in the first quarter of 2008.
  Variations in fuel cell service revenues reflect the timing of work performed
  and the achievements of milestones under the First Energy distributed power
  generator program which commenced in the second quarter of 2009 and from
  government contracts in the material handling and back-up power
  markets.<br>&#160;</font>
          </li>
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Engineering development
  revenue</font></font><font size="2" style="FONT-FAMILY: sans-serif"><font style="FONT-WEIGHT: bold">:</font> Variations in engineering development
  revenue reflect the timing of work performed and the achievements of
  milestones under the 1kW residential cogeneration fuel cell development
  program and from light duty automotive and fuel cell bus programs. As a result
  of the AFCC Transaction, there were no light duty automotive fuel program
  engineering development revenues subsequent to January 2008. In addition, the
  1kW residential cogeneration fuel cell development program was completed in
  the third quarter of 2008.</font> </li>
      </ul>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 25 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""></div>
      <ul style="FONT-SIZE: 10pt; MARGIN-LEFT: 15px; TEXT-ALIGN: justify">
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Operating
  expenditures</font></font><font size="2" style="FONT-FAMILY: sans-serif"><font style="FONT-WEIGHT: bold">:</font> Operating expenses have declined in the
  last three quarters of 2009 as a result of the 20% workforce reduction
  initiated in August 2009 and the 7% workforce reduction initiated in March
  2009. Operating expenses also include restructuring and related expenses of
  $4.8 million in the third quarter of 2009 and $1.4 million in the first
  quarter of 2009 as a result of the above workforce reduction initiatives.
  Operating expenses also reflect changes in the value of the Canadian dollar
  versus the U.S. dollar.<br>&#160;</font>
          </li>
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Depreciation and
  amortization</font></font><font size="2" style="FONT-FAMILY: sans-serif"><font style="FONT-WEIGHT: bold">:</font> Depreciation and amortization has declined
  for the first three quarters of 2009 and the four quarters of 2008 as several
  assets became fully depreciated or amortized during 2007 and certain
  intangible assets were disposed of in the AFCC Transaction. Depreciation and
  amortization expense increased in the fourth quarter of 2009 due an
  acceleration of amortization expense of $2.5 million for patents that were no
  longer in use.<br>&#160;</font>
          </li>
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Investment and other income:
  </font></font><font size="2" style="FONT-FAMILY: sans-serif">Investment and
  other income include foreign exchange gains (losses), investment income,
  curtailment and mark to market gains (losses) on our employee future benefit
  plans, and other income. Foreign exchange gains (losses) have varied in each
  quarter due to fluctuations in the Canadian dollar, relative to the U.S.
  dollar, on our Canadian dollar-denominated cash and short-term investments,
  and on our outstanding foreign exchange contracts to buy or sell Canadian
  dollars. Investment income has continually declined for the last eight
  quarters due to declines in our cash equivalents and short-term investment
  portfolios and declines in interest rates. Investment and other income in the
  fourth quarter of 2009 was positively impacted by a $1.1 curtailment gain
  resulting from a freeze in future benefits of a defined benefit pension plan
  applicable for our current and former employees in the United
  States.<br>&#160;</font>
          </li>
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Loss on disposal and write-down of
  long-lived assets: </font></font><font size="2" style="FONT-FAMILY: sans-serif">The net loss for the fourth quarter of 2008 was negatively impacted by
  a $3.0 million write-down of our investment in Chrysalix.<br>&#160;</font>
          </li>
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Gain on sale of
  assets:</font></font><font size="2" style="FONT-FAMILY: sans-serif"> The net
  income for the fourth quarter of 2009 was significantly impacted by a $34.3
  million gain on the AFCC Monetization. The net income for the first quarter of
  2008 was significantly impacted by a $96.8 million gain on the sale of assets
  pursuant to the AFCC Transaction.<br>&#160;</font>
          </li>
        <li><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">Equity income (loss) of associated
  companies:</font></font><font size="2" style="FONT-FAMILY: sans-serif"> The net
  income for the second quarter of 2009 was significantly impacted by a $10.8
  million gain recorded on the discontinuance of operations in EBARA BALLARD,
  representing the reversal of our historic recorded equity losses in EBARA
  BALLARD in excess of our net investment in EBARA BALLARD at that time. Net
  income (loss) for the first quarter of 2009 and the four quarters of 2008, was
  impacted by equity losses in EBARA BALLARD ranging from approximately $1.0
  million to $3.0 million, respectively, per quarter.</font> </li>
      </ul>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 26 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">RISKS &amp; UNCERTAINTIES
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">An investment in
our common shares involves risk. Investors should carefully consider the risks
described below and the other information contained in, and incorporated into,
this Management Discussion and Analysis, our financial statements for the year
ended December 31, 2009, and our Annual Information Form. The risks and
uncertainties described below are not the only ones we face. Additional risks
and uncertainties, including those that we do not know about now or that we
currently deem immaterial, may also adversely affect our business. For a more
complete discussion of risks and uncertainties summarized below which apply to
our business and our operating results, please see our Annual Information Form
and other filings with Canadian (</font><font color="#000000" size="2" style="FONT-FAMILY: sans-serif">www.sedar.com</font><font size="2" style="FONT-FAMILY: sans-serif">) and U.S. securities regulatory authorities (</font><font color="#000000" size="2" style="FONT-FAMILY: sans-serif">www.sec.gov</font><font size="2" style="FONT-FAMILY: sans-serif">). These documents are also available on
our website at </font><font color="#000000" size="2" style="FONT-FAMILY: sans-serif">www.ballard.com</font><font size="2" style="FONT-FAMILY: sans-serif">.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Our business
entails risks and uncertainties that affect our outlook and eventual results of
our business and commercialization plans. The primary risks relate to meeting
our product development and commercialization milestones, which require that our
products exhibit the functionality, cost, durability and performance required in
a commercial product and that we have sufficient access to capital to fund these
activities. To be commercially useful, most of our products must be integrated
into products manufactured by system integrators or OEMs. There is no guarantee
that system integrators or OEMs will provide products that use our products as
components. There is also a risk that mass markets for certain of our products
may never develop, or that market acceptance might take longer to develop than
anticipated.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">A summary of
these identified risks and uncertainties are as follows: </font></div>
      <ul style="FONT-SIZE: 10pt; MARGIN-LEFT: 15px; TEXT-ALIGN: justify">
        <li><font size="2" style="FONT-FAMILY: sans-serif">We may not be able to achieve
  commercialization of our products on the timetable we anticipate, or at
  all;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We expect our cash reserves
  will be reduced due to future operating losses, and we cannot provide
  certainty as to how long our cash reserves will last or that we will be able
  to access additional capital when necessary;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We may not be able to
  successfully execute our business plan;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Potential fluctuations in our
  financial and business results make forecasting difficult and may restrict our
  access to funding for our commercialization plan;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Exchange rate fluctuations
  are beyond our control and may have a material adverse effect on our business,
  operating results, financial condition or profitability;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Commodity price fluctuations
  are beyond our control and may have a material adverse effect on our business,
  operating results, financial condition and profitability;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">A mass market for our
  products may never develop or may take longer to develop than we anticipate;
  </font></li>
      </ul>
      <div>
      </div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 27 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""></div>
      <ul style="FONT-SIZE: 10pt; MARGIN-LEFT: 15px; TEXT-ALIGN: justify">
        <li><font size="2" style="FONT-FAMILY: sans-serif">We have limited experience
  manufacturing fuel cell products on a commercial basis;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We are dependent on third
  party suppliers for the supply of key materials and components for our
  products;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We are dependent upon
  Original Equipment Manufacturers and Systems Integrators to purchase certain
  of our products;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Global economic conditions
  are beyond our control and may have an adverse impact on our business or on
  our key suppliers and / or customers;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Public Policy and regulatory
  changes could hurt the market for our products;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We depend on our intellectual
  property and our failure to protect that intellectual property could adversely
  affect our future growth and success;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We may be involved in
  intellectual property litigation that causes us to incur significant expenses
  or prevents us from selling our products;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We currently face and will
  continue to face significant competition;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We could lose or fail to
  attract the personnel necessary to run our business;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">We could be liable for
  environmental damages resulting from our research, development or
  manufacturing operations;<br>&#160;</font>
          </li>
        <li><font size="2" style="FONT-FAMILY: sans-serif">Our products use flammable
  fuels, which could subject our business to product liability claims;
  </font></li>
      </ul>
      <div>
      </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">MANAGEMENT&#8217;S REPORT ON DISCLOSURE
CONTROLS AND PROCEDURES AND INTERNAL CONTROLS OVER FINANCIAL REPORTING
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Disclosure controls and procedures
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Disclosure
controls and procedures are designed to provide reasonable assurance that all
relevant information is gathered and reported to senior management, including
the President and Chief Executive Officer (&#8220;CEO&#8221;) and the Chief Financial
Officer (&#8220;CFO&#8221;), on a timely basis so that appropriate decisions can be made
regarding public disclosure. </font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">As of the end of
the period covered by this report, we evaluated, under the supervision and with
the participation of management, including the CEO and the CFO, the
effectiveness of the design and operation of our disclosure controls and
procedures, as defined in Rules 13a&#8211;15(e) and 15d-15(e) of the Securities
Exchange Act of 1934 (&#8220;Exchange Act&#8221;). The CEO and CFO have concluded that as of
December 31, 2009, our disclosure controls and procedures were effective to
ensure that information required to be disclosed in reports we file or submit
under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified therein, and accumulated and reported to management
to allow timely discussions regarding required disclosure. </font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 28 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Internal control over financial reporting
</font></font></div>
      <div>&#160;</div>
      <div align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The CEO and CFO, together
with other members of management, are responsible for </font>establishing and
maintaining adequate internal control over the Company&#8217;s financial reporting.
Internal control over financial reporting is designed under our supervision, and
effected by the Company&#8217;s board of directors, management, and other personnel,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with accounting principles generally accepted in Canada and the requirements of
the Securities and Exchange Commission in the United States, as
applicable.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">There are
inherent limitations in the effectiveness of internal control over financial
reporting, including the possibility that misstatements may not be prevented or
detected. Accordingly, even effective internal controls over financial reporting
can provide only reasonable assurance with respect to financial statement
preparation. Furthermore, the effectiveness of internal controls can change with
circumstances.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">Management,
including the CEO and CFO, have evaluated the effectiveness of internal control
over financial reporting, as defined in Rules 13a&#8211;15(f) of the Exchange Act, in
relation to criteria described in </font><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Internal Control&#8211;Integrated
Framework</font></font><font size="2" style="FONT-FAMILY: sans-serif"> issued by
the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;).
Based on this evaluation, Management has determined that internal control over
financial reporting was effective as of December 31, 2009.</font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">KPMG LLP, our
independent registered public accounting firm, has audited our consolidated
financial statements and expressed an unqualified opinion thereon. KPMG has also
expressed an unqualified opinion on the effective operation of our internal
control over financial reporting as of December 31, 2009. </font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Changes in internal control over
financial reporting </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">During the year
ended December 31, 2009, there were no material changes in internal control over
financial reporting that have materially affected, or are reasonably likely to
materially affect, the Company&#8217;s internal control over financial reporting.
</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: sans-serif">NON-GAAP MEASURES </font></font></div>
      <div>&#160;</div>
      <div align="justify"><font size="2" style="FONT-FAMILY: sans-serif">We use certain
non-GAAP measures to assist in assessing our financial performance and
liquidity. Non-GAAP measures do not have any standardized meaning prescribed by
GAAP and are therefore unlikely to be comparable to similar measures presented
by other companies. A description of non-GAAP measures and reconciliations to
financial statement line items for the periods indicated are as
follows:</font></div>
      <div>&#160;</div>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Normalized net
loss</font></font></font><font size="2" style="FONT-FAMILY: sans-serif"> measures
our net loss after excluding items that are unusual in nature or do not reflect
the normal continued operating activity of the business. Gains on sale of
assets, write-downs of investments, restructuring and related expenses, equity
income (loss) in associated companies, and acquisition and related costs are
either not considered part of our core activities, or are expected to occur
infrequently. Therefore we have removed these items in our calculation of
normalized net loss. We believe normalized net loss assists investors in
assessing our actual and future performance.</font></div>
      <div>&#160;</div>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 29 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
      <div id="PN" style="PAGE-BREAK-BEFORE: always">
      </div><br>
      <div align="right"><img src="continuationx1x1.jpg" alt=""> </div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="78%" style="BORDER-TOP: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S.
      dollars, except per</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td colspan="7" nowrap width="9%" style="BORDER-TOP: #000000 1.5pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">Three
      months ended</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td colspan="7" nowrap width="11%" style="BORDER-TOP: #000000 1.5pt solid; TEXT-ALIGN: center">&#160;</td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">share amounts)</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td colspan="7" nowrap width="9%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">December 31,</font></td>
              <td nowrap width="1%">
              </td>
              <td colspan="7" nowrap width="1%" style="FONT-FAMILY: sans-serif; TEXT-ALIGN: center"><font size="1">Year ended December 31,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Normalized net
loss</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="2%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2008</font></font></td>
              <td align="right" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Reported net income
(loss)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">25,634</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(19,161</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(3,258</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">31,456</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="78%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Restructuring and related
      expenses</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">36</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">6,229</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="78%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Gain loss on sale of
    assets</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(34,297</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(34,297</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(96,845</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr>
              <td align="left" nowrap width="78%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Equity (income) loss in associated
      companies</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(421</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">942</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(8,364</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">8,649</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="78%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Write-down (gain on sale) of
      investments</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(71</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2,812</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(122</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2,812</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
            </tr><tr>
              <td align="left" nowrap width="78%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Acquisition
      charges</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">529</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">529</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr>
              <td align="left" nowrap width="78%">&#160;</td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Normalized
      net loss</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(8,590</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(15,407</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(39,283</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(53,928</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Normalized net
      loss per share</font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.10</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.19</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.47</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(0.64</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="78%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Weighted
      average common shares outstanding (000&#8217;s)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">83,974</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">82,116</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">83,637</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">84,922</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
            </tr></table>
      </div><br>
      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="2" style="FONT-FAMILY: sans-serif">Operating cash
consumption</font></font></font><font size="2" style="FONT-FAMILY: sans-serif">
measures the amount of cash required to fund the operating activities of our
business (net of restructuring and related costs) and excludes financing and
investing activities except for capital lease payments and additions, net of
proceeds on sale, of property, plant and equipment. We believe operating cash
consumption assists investors in assessing our requirements to fund future
operations. </font></div>
      <div>&#160;</div>
      <div>
        <table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="bottom">
              <td align="left" nowrap width="75%" style="BORDER-TOP: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: sans-serif">(Expressed in thousands of U.S.
      dollars)</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td colspan="7" nowrap width="11%" style="BORDER-TOP: #000000 1.5pt solid; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: arial">Three months
      ended</font></td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td nowrap width="3%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
              <td nowrap width="1%" style="BORDER-TOP: #000000 1.5pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: sans-serif">December 31,</font></td>
              <td nowrap width="1%">
              </td>
              <td colspan="7" nowrap width="11%" style="TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: arial">Year ended December 31,</font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">Operating cash (consumption)
      contribution</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">2008</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;&#160;&#160;&#160;&#160; </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">2009</font></font></td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" colspan="2" nowrap width="4%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: arial">2008</font></font></td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Cash from (used by)
      operations</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">1,578</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(7,305</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(26,962</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$&#160;&#160;&#160;&#160;
      </font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(26,190</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%"><font size="1" style="FONT-FAMILY: sans-serif">Restructuring and related expenses</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="3%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%"><font size="1" style="FONT-FAMILY: sans-serif">(cash paid component)</font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">1,190</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">4,067</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="left" nowrap width="1%">
              </td>
              <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">-</font></font></td>
              <td align="left" nowrap width="1%">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: sans-serif">Additions to property, plant and
      equipment</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(402</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(1,460</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(6,778</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(3,560</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">Proceeds on sale of property, plant
      and equipment</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="3%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: sans-serif">(net of capital lease
      payments)</font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2,127</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">466</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">2,131</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
              <td align="right" nowrap width="3%" bgcolor="#ffffff"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">475</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#ffffff">
              </td>
            </tr><tr>
              <td align="left" nowrap width="75%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
              <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
              </td>
            </tr><tr valign="bottom">
              <td align="left" nowrap width="75%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: sans-serif">Operating
      cash (consumption) contribution</font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">4,493</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(8,299</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(27,542</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid">
              </td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">$</font></font></td>
              <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">(29,275</font></font></td>
              <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1.5pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: sans-serif">)</font></font></td>
            </tr></table>
      </div><br>
      <div align="right"><font size="1" style="FONT-FAMILY: sans-serif">Page 30 of 30
</font></div>
      <div>&#160;</div>
      <hr align="center" noshade size="2" width="100%">
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex99_3a.htm
<DESCRIPTION>AIF
<TEXT>
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    <title>ex99_3a.htm</title>
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    <div style="TEXT-ALIGN: right">
      <div align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">EXHIBIT 99.3</font></font></div>
      <div>&#160;</div>
      <div align="left"><br>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><img src="logo.jpg" alt=""><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div>&#160;</div>
      <div><br>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">BALLARD
POWER SYSTEMS INC.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">ANNUAL
INFORMATION FORM</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">MARCH
15, 2010</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><a name="AddendaDef_1_3982896019"><br></a></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 171pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TABLE
OF CONTENTS</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br><br></font>

          <div align="left">
            <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                  <td align="left" valign="top" width="95%" style="BORDER-TOP: black 0.5pt; BORDER-BOTTOM: black 2px">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CORPORATE
      STRUCTURE</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name,
      Address and Incorporation</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Intercorporate
      Relationships</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">OUR
      BUSINESS</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Recent
      History</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Siemens
      VDO Transaction</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">AFCC
      Transaction</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Superior
      Plus Transaction</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ebara
      Ballard Corporation Transaction</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sale
      and Lease-back of Head Office</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dantherm
      Power Transaction</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Strategy</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues
      from Market Segments</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Our
      Markets and Products</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Product
      Overview</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fuel
      Cell Products and Servicing</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Motive
      Power</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Material
      Handling</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Heavy-Duty/Buses</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stationary
      Power</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Back-up
      Power and Supplemental Power</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Distributed
      Generation</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Contract
      Technical Services and Manufacturing Services</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Material
      Products</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Impact
      of Regulations and Public Policy</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">United
      States</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Other
      Jurisdictions</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Research
      and Product Development</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Intellectual
      Property</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Manufacturing</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Facilities</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Human
      Resources</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Competition</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fuel
      Cell Products and Servicing</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Motive
      Power</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stationary
      Power</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Material
      Products</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Friction
      Products</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fuel
      Cell Products</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">SHARE
      CAPITAL AND MARKET FOR SECURITIES</font></div>
                  </td>
                  <td valign="top" width="5%" style="BORDER-TOP: black 0.5pt; BORDER-BOTTOM: black 2px; TEXT-ALIGN: right">
                    <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2</font></div>
                    <div style="TEXT-ALIGN: right">2</div>
                    <div style="TEXT-ALIGN: right">2</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">3</div>
                    <div style="TEXT-ALIGN: right">3</div>
                    <div style="TEXT-ALIGN: right">4</div>
                    <div style="TEXT-ALIGN: right">4</div>
                    <div style="TEXT-ALIGN: right">5</div>
                    <div style="TEXT-ALIGN: right">5</div>
                    <div style="TEXT-ALIGN: right">5</div>
                    <div style="TEXT-ALIGN: right">6</div>
                    <div style="TEXT-ALIGN: right">6</div>
                    <div style="TEXT-ALIGN: right">7</div>
                    <div style="TEXT-ALIGN: right">9</div>
                    <div style="TEXT-ALIGN: right">9</div>
                    <div style="TEXT-ALIGN: right">10</div>
                    <div style="TEXT-ALIGN: right">10</div>
                    <div style="TEXT-ALIGN: right">10</div>
                    <div style="TEXT-ALIGN: right">11</div>
                    <div style="TEXT-ALIGN: right">13</div>
                    <div style="TEXT-ALIGN: right">13</div>
                    <div style="TEXT-ALIGN: right">14</div>
                    <div style="TEXT-ALIGN: right">15</div>
                    <div style="TEXT-ALIGN: right">15</div>
                    <div style="TEXT-ALIGN: right">16</div>
                    <div style="TEXT-ALIGN: right">16</div>
                    <div style="TEXT-ALIGN: right">17</div>
                    <div style="TEXT-ALIGN: right">17</div>
                    <div style="TEXT-ALIGN: right">18</div>
                    <div style="TEXT-ALIGN: right">18</div>
                    <div style="TEXT-ALIGN: right">19</div>
                    <div style="TEXT-ALIGN: right">20</div>
                    <div style="TEXT-ALIGN: right">20</div>
                    <div style="TEXT-ALIGN: right">20</div>
                    <div style="TEXT-ALIGN: right">20</div>
                    <div style="TEXT-ALIGN: right">22</div>
                    <div style="TEXT-ALIGN: right">23</div>
                    <div style="TEXT-ALIGN: right">23</div>
                    <div style="TEXT-ALIGN: right">23</div>
                    <div style="TEXT-ALIGN: right">23</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                  </td>
                </tr></table>
          </div>
          <div align="left">&#160;</div><br>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- i
- -</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
            </div>
          </div><br><br>
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                  <td align="left" valign="top" width="95%" style="BORDER-TOP: black 0.5pt; BORDER-BOTTOM: black 2px">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DIVIDEND
      RECORD AND POLICY</font></div>
                    </div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DIRECTORS
      AND OFFICERS</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
      of Directors</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Governance</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
      Composition</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Share
      Ownership Guidelines</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Roles
      and Responsibilities</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
      Orientation and Education</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shareholder
      Feedback and Communication</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
      and Director Performance Evaluations</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Compliance
      in Canada and the United States</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
      Committees</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Audit
      Committee</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Management
      Development, Nominating &amp; Compensation Committee</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Governance Committee</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Officers</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shareholdings
      of Directors and Senior Officers</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TRANSFER
      AGENT AND REGISTRAR</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">MATERIAL
      CONTRACTS</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Detailed
      Description of the AFCC Transaction and Associated Material
      Contracts</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Transfer
      of Automotive Fuel Cell Research and Development Assets</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Employee
      Transfers</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Termination
      of Automotive Alliance</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
      of Articles</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Arrangements
      with respect to AFCC</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Treatment
      of Intellectual Property</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Service
      Arrangements with AFCC</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Detailed
      Description of the Superior Plus Transaction and Associated Material
      Contracts</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stock
      Exchange Listings</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Security
      Certificates</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Indemnification
      Arrangements</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">RISK
      FACTORS</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">ADDITIONAL
      INFORMATION</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">APPENDIX
      "A" Board of Directors Mandate</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">APPENDIX
      "B" Director Terms of Reference</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">APPENDIX
      "C" Audit Committee Mandate</font></div>
                  </td>
                  <td valign="top" width="5%" style="BORDER-TOP: black 0.5pt; BORDER-BOTTOM: black 2px; TEXT-ALIGN: right">
                    <div style="TEXT-ALIGN: right">25</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">25</div>
                    <div style="TEXT-ALIGN: right">25</div>
                    <div style="TEXT-ALIGN: right">28</div>
                    <div style="TEXT-ALIGN: right">29</div>
                    <div style="TEXT-ALIGN: right">30</div>
                    <div style="TEXT-ALIGN: right">30</div>
                    <div style="TEXT-ALIGN: right">31</div>
                    <div style="TEXT-ALIGN: right">32</div>
                    <div style="TEXT-ALIGN: right">32</div>
                    <div style="TEXT-ALIGN: right">32</div>
                    <div style="TEXT-ALIGN: right">33</div>
                    <div style="TEXT-ALIGN: right">33</div>
                    <div style="TEXT-ALIGN: right">36</div>
                    <div style="TEXT-ALIGN: right">36</div>
                    <div style="TEXT-ALIGN: right">37</div>
                    <div style="TEXT-ALIGN: right">38</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">38</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">38</div>
                    <div style="TEXT-ALIGN: right">39</div>
                    <div style="TEXT-ALIGN: right">39</div>
                    <div style="TEXT-ALIGN: right">40</div>
                    <div style="TEXT-ALIGN: right">40</div>
                    <div style="TEXT-ALIGN: right">41</div>
                    <div style="TEXT-ALIGN: right">41</div>
                    <div style="TEXT-ALIGN: right">42</div>
                    <div style="TEXT-ALIGN: right">44</div>
                    <div style="TEXT-ALIGN: right">44</div>
                    <div style="TEXT-ALIGN: right">45</div>
                    <div style="TEXT-ALIGN: right">46</div>
                    <div style="TEXT-ALIGN: right">46</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">47</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">55</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">56</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">60</div>
                    <div style="TEXT-ALIGN: right">&#160;</div>
                    <div style="TEXT-ALIGN: right">62</div>
                  </td>
                </tr></table><br>
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</font></div>
              </div>
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                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- ii
- -</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
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</font></div>
              </div>
            </div><br><br>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                    <td align="left" valign="top" width="95%" style="BORDER-TOP: black 0.5pt; BORDER-BOTTOM: black 2px">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">APPENDIX
      "D" Management Development, Nominating &amp; Compensation Committee
      Mandate</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">APPENDIX
      "E" Corporate Governance Committee Mandate</font></div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                    </td>
                    <td valign="top" width="5%" style="BORDER-TOP: black 0.5pt; BORDER-BOTTOM: black 2px; TEXT-ALIGN: right">
                      <div style="TEXT-ALIGN: right">79</div>
                      <div style="TEXT-ALIGN: right">&#160;</div>
                      <div style="TEXT-ALIGN: right">85</div>
                      <div style="TEXT-ALIGN: right">&#160;</div>
                    </td>
                  </tr></table>
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
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          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- iii
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
          <div id="HDR">
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          </div>
        </div>
      </div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;This Annual
Information Form and the documents incorporated by reference herein contain
forward-looking statements that are based on the beliefs of management and
reflect our current expectations as contemplated under the safe harbor
provisions of Section 21E of the United States Securities Exchange Act of 1934,
as amended.&#160;&#160;When used in this Annual Information Form, the words
"estimate", "project", "believe", "anticipate", "intend", "expect", "plan",
"predict", "may", "should", "will", the negatives of these words or other
variations thereof and comparable terminology are intended to identify
forward-looking statements.&#160;&#160;Such statements reflect our current views
with respect to future events based on currently available information and are
subject to risks and uncertainties that could cause actual results to differ
materially from those contemplated in those forward-looking statements,
including, without limitation the following risks and uncertainties which are
discussed in the section of this Annual Information Form entitled "Risk
Factors": we may not be able to achieve commercialization of our products on the
timetable we anticipate, or at all; we expect our cash reserves will be reduced
due to future operating losses, and we cannot provide certainty as to how long
our cash reserves will last or that we will be able to access additional capital
when necessary; we may not be able to successfully execute our business plan;
potential fluctuations in our financial and business results makes forecasting
difficult and may restrict our access to funding for our commercialization plan;
exchange rate fluctuations are beyond our control and may have a material
adverse effect on our business, operating results, financial condition and
profitability; commodity price fluctuations are beyond our control and may have
a material adverse effect on our business, operating results, financial
condition and profitability; a mass market for our products may never develop or
may take longer to develop than we anticipate; we have limited experience
manufacturing fuel cell products on a commercial basis; we are dependent on
third party suppliers for the supply of key materials and components for our
products; we are dependent upon Original Equipment Manufacturers and System
Integrators to purchase certain of our products; global economic conditions are
beyond our control and may have an adverse impact on our business or our key
suppliers and/or customers; public policy and regulatory changes could hurt the
market for our products; we depend on our intellectual property, and our failure
to protect that intellectual property could adversely affect our future growth
and success; we may be involved in intellectual property litigation that causes
us to incur significant expenses or prevents us from selling our products; we
currently face and will continue to face significant competition; we could lose
or fail to attract the personnel necessary to run our business; we could be
liable for environmental damages resulting from our research, development or
manufacturing operations; our products use flammable fuels, which could subject
our business to product liability claims; and the other risks and uncertainties
discussed elsewhere in this Annual Information Form.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
forward-looking statements contained in this Annual Information Form speak only
as of the date of this Annual Information Form.&#160;&#160;Except as required by
applicable legislation, Ballard does not undertake any obligation to release
publicly any revisions to these forward-looking statements to reflect events or
circumstances after the date of this Annual Information Form, including the
occurrence of unanticipated events.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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</font></div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 1
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
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          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CORPORATE
STRUCTURE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name,
      Address and Incorporation</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ballard
was incorporated on November 12, 2008 under the <font style="DISPLAY: inline; FONT-STYLE: italic">Canada Business Corporations
Act</font>, under the name "7076991 Canada Inc.".&#160;&#160;Ballard changed its
name to "Ballard Power Systems Inc." on December 31, 2008.&#160;&#160;Ballard's
head office is located at 9000 Glenlyon Parkway, Burnaby, British Columbia,
Canada V5J 5J8 and its registered office is located at Suite 1700, 666 Burrard
Street, Vancouver, British Columbia, Canada V6C 2X8.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In this
Annual Information Form, references to "Corporation", "Ballard", "BPS", "we",
"us" and "our" refers to Ballard Power Systems Inc. and, as applicable, its
subsidiaries.&#160;&#160;All dollar amounts are in United States dollars unless
otherwise indicated.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Intercorporate
      Relationships</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
four principal subsidiaries and affiliates: Ballard Material Products Inc., a
Delaware corporation that develops and manufactures carbon fiber products for
use in the automotive and fuel cell markets; Dantherm Power, a Denmark-based
corporation jointly owned with Danfoss A/S and Dantherm A/S that develops clean
energy backup power systems across Europe; AFCC Automotive Fuel Cell Cooperation
Corp. ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">AFCC</font>"), a
British Columbia corporation that develops fuel cell products for the automotive
fuel cell market; and BDF IP Holdings Ltd. ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">IP Holdings</font>"), a Canadian
corporation that holds intellectual property assets.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following chart shows these principal subsidiaries and affiliates, their
respective jurisdictions of incorporation and our percentage of share ownership
in each of them, all as of March 15, 2010:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="TEXT-ALIGN: center"><img src="p2_chart.jpg" alt=""></div>
      <div style="TEXT-ALIGN: left">
        <div>
          <div>
            <hr style="COLOR: black" align="left" noshade size="2" width="10%">
          </div>Notes</div>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Corporation holds a 45.1% interest in Dantherm Power, with the remaining
      54.9% held by Dantherm A/S and Danfoss A/S.&#160;&#160;The Corporation
      maintains a controlling interest through its control of the Dantherm Power
      board of directors.</font></div>
              </td>
            </tr></table>
      </div>
      <div><br></div>
      <div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Corporation holds a 19.9% minority interest in AFCC with 50.1% held by
      Daimler AG and 30% held by Ford Motor Company.&#160;&#160;Ballard&#8217;s
      minority interest in AFCC is the subject of a forward-sale arrangement
      with Ford Motor Company (see the "Detailed Description of the AFCC
      Transaction - Arrangements with respect to AFCC" section of this Annual
      Information Form).</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Corporation holds all of the non-voting, participating shares of IP
      Holdings and 34% of the voting, non-participating shares of IP Holdings,
      with each of Daimler AG and Ford Motor Company holding 33% of the voting,
      non-participating shares.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>OUR BUSINESS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
Ballard, we are building a clean energy growth company.&#160;&#160;We are
recognized as a world leader in proton exchange membrane ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">PEM</font>") fuel cell development
and commercialization.&#160;&#160;Our principal business is the design,
development, manufacture, sale and service of fuel cell products for a variety
of applications, focusing on motive power (material handling and
heavy-duty/buses) and stationary power (back-up and supplemental power and
distributed generation) markets.&#160;&#160;A fuel cell is an environmentally
clean electrochemical device that combines hydrogen fuel with oxygen (from the
air) to produce electricity.&#160;&#160;The hydrogen fuel can be obtained from
natural gas, kerosene, methanol or other hydrocarbon fuels, or from water
through electrolysis.&#160;&#160;As long as fuel is supplied, the fuel cell
produces electricity efficiently and continuously without combustion, with water
and heat as the main by-products when hydrogen is used as the fuel
source.&#160;&#160;Ballard<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> fuel
cell products feature high fuel efficiency, low operating temperature, low noise
and vibration, compact size, quick response to changes in electrical demand,
modular design and environmental cleanliness.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
original predecessor to the Corporation was founded in 1979 under the name
"Ballard Research Inc." to conduct research and development on high-energy
lithium batteries.&#160;&#160;In the course of investigating environmentally
clean energy systems with commercial potential, we began to develop fuel cells
and have been developing fuel cell products since 1983.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result of our successes in developing fuel cells, we entered into a number of
strategic alliances to pursue, develop and commercialize fuel cells for specific
markets with industry leaders in those markets.&#160;&#160;This included an
alliance to develop and commercialize automotive fuel cells with Daimler AG
("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Daimler</font>") and Ford
Motor Company ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Ford</font>"),
and an alliance to develop and commercialize residential cogeneration systems
with Ebara Corporation ("<font style="FONT-WEIGHT: bold">Ebara</font>").</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Recent
      History</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Over the
past three years, we have been focusing on our core fuel cell business and on
markets with near-term commercial prospects. As a result, we sold our automotive
fuel cell systems operations to DaimlerChrysler AG and Ford on August 31,
2005.&#160;&#160;We subsequently sold our electric drive operations to Siemens
VDO Automotive Corporation ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Siemens VDO</font>") on February 15,
2007.&#160;&#160;Finally, we completed our exit</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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</font></div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 3
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">from the
automotive business by selling our automotive fuel cell research and development
assets to AFCC on January 31, 2008.&#160;&#160;Following completion of these
dispositions, we identified a way to extract value from Ballard&#8217;s tax attributes
through a restructuring transaction with Superior Plus Income Fund ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Superior Plus</font>"), which was
completed on December 31, 2008.&#160;&#160;On December 21, 2009,&#160;we closed
an agreement with a financial institution to monetize our rights under the
purchase agreement with Ford relating to our 19.9% equity interest in AFCC for
initial net proceeds of approximately $34 million and a further contingent
payment of $7.5 million due on or before January 31, 2013.&#160;&#160;On January
18, 2010, we acquired a controlling interest in Dantherm Power, a Denmark-based
corporation, which develops clean energy backup power through utilization of our
hydrogen fuel cell technology.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Siemens
VDO Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We sold
our electric drive operations, based in Dearborn, Michigan, to Siemens VDO as
the electric drive operations were not core to our fuel cell stack strategy and
had limited revenue potential and high cash consumption in the
near-term.&#160;&#160;The sale was completed in February
2007.&#160;&#160;Proceeds from the sale were approximately $4 million, before
purchase price adjustments.&#160;&#160;As a result of the transaction, we
recorded a net loss of approximately $108 million, which consisted primarily of
a non-cash write-down of goodwill.&#160;&#160;The sale reduced Ballard&#8217;s
operating cash consumption by approximately $10 million per
year.&#160;&#160;Operating cash consumption is a non-GAAP
measure.&#160;&#160;Please see our management&#8217;s discussion and analysis for a
description of this measure and a reconciliation of this measure to
GAAP.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">AFCC
Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result of an extensive strategic review process, consistent with our focus on
our core fuel cell business and commitment to continue to improve our financial
performance in the near and medium term by focusing on near-term commercial fuel
cell markets, we sold certain of our automotive fuel cell research and
development assets to AFCC in January 2008 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">AFCC
Transaction</font>").</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
purpose of the AFCC Transaction was to decrease our investment in automotive
fuel cell research and development due to its high cost, uncertainties
surrounding government mandates relating to the adoption and deployment of
automotive fuel cell powered vehicles, the lengthening timeline to automotive
fuel cell commercialization, and the negative impact of these factors on our
production volumes and revenues.&#160;&#160;The AFCC Transaction allowed us to
focus our efforts on the development and commercialization of fuel cells for
non-automotive applications, such as material handling, back-up power and
supplemental power while limiting our fuel cell products in the automotive
market to buses.&#160;&#160;In addition, our continuing involvement with
automotive products and services for AFCC is on a contract basis under which we
are paid on a profitable basis.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          <div id="FTR">
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</font></div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 4
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Superior
Plus Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our Audit
Committee regularly reviews Ballard&#8217;s tax position.&#160;&#160;As we did not
expect to be in a position to make full use of our tax attributes for the
foreseeable future, in 2005 management reviewed opportunities to extract value
from these tax attributes.&#160;&#160;Following the AFCC Transaction, Ballard
revisited the issue of its tax attributes and engaged financial advisors to
assist in identifying and negotiating a transaction.&#160;&#160;This process led
to the execution of an agreement on October 30, 2008 with Superior Plus, under
which Ballard's old corporate entity agreed to transfer its entire business and
operations, including all assets, liabilities, directors, management and
employees, but excluding its tax attributes, to the Corporation, and
subsequently allowed Superior Plus to use Ballard&#8217;s old corporate entity as a
vehicle to complete its conversion from an income trust to a corporation (the
"<font style="DISPLAY: inline; FONT-WEIGHT: bold">Superior Plus
Transaction</font>").&#160;&#160;Under the Superior Plus Transaction,
shareholders exchanged their common shares in the capital of Ballard&#8217;s old
corporate entity for common shares in the capital of the Corporation on a
one-for-one basis, and Superior Plus obtained 100% of the common shares in the
capital of Ballard&#8217;s old corporate entity.&#160;&#160;Since the completion of
the Superior Plus Transaction, Ballard has continued to carry on its business
operations as a public entity with all of the assets (including its intellectual
property rights) as it had prior to the Superior Plus Transaction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
obtained several benefits from the Superior Plus Transaction, including net cash
proceeds of $33 million and the creation of a new Canadian tax basis, which
Ballard may apply in sheltering future taxable income.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Further
details of the Superior Plus Transaction are provided in the "Detailed
Description of the Superior Plus Transaction" section of this Annual Information
Form.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Ebara
Ballard Corporation Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In May
2009, we decided to discontinue operations of Ebara Ballard Corporation, our
joint venture company with Ebara, as it became evident that the timeframe to
commercialization for the residential cogeneration market in Japan was longer
than anticipated, and due to an increasing investment requirement for continued
system development work.&#160;&#160;Ebara Ballard was dissolved in October
2009.&#160;&#160;As a result of the transaction, we recorded a one-time non-cash
gain of approximately $10.8 million (including $2.4 million of equity losses
recorded in 2009 prior to the dissolution).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Sale
and Lease-back of Head Office</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
December 2009, we entered into a sale-and-leaseback agreement pursuant to which
Ballard will sell its head office building located in Burnaby, British Columbia
in return for net cash proceeds of approximately $20 million.&#160;&#160;We also
entered into an</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
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- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">initial
fifteen-year lease agreement for the same property.&#160;&#160;The transaction
closed on March 9, 2010.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Dantherm
Power Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
January 18, 2010, we acquired a controlling interest in Denmark-based Dantherm
Power, partnering with co-investors Danfoss A/S and Dantherm A/S.&#160;&#160;We
are investing $6 million in Dantherm Power in two tranches between 2010 and
2012.&#160;&#160;We will also provide knowledge and intellectual property
related to our fuel cell technology.&#160;&#160;In addition to its cash
investment, Dantherm A/S will continue to provide operational support and
collaborative sales and marketing activities through its worldwide sales
organization.&#160;&#160;Danfoss A/S will invest cash, proprietary technology,
expertise, as well as operational and commercial assistance through its network
of 93 sites in 25 countries.&#160;&#160;Executives from each of Danfoss A/S,
Dantherm A/S and Ballard formed a new board of directors for Dantherm
Power.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dantherm
Power develops clean energy backup power systems, utilizing Ballard's hydrogen
fuel cell technology, for telecom equipment suppliers, including Motorola and
Ericsson.&#160;&#160;The joint investment is expected to result in accelerated
development of fuel cell backup power applications across Europe.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Strategy</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
focused on building a clean energy fuel cell solutions company.&#160;&#160;We
provide our customers the positive economic and environmental benefits unique to
fuel cell power.&#160;&#160;We plan to build value for our shareholders by
developing, manufacturing, selling and servicing industry-leading fuel cell
products to meet the needs of our customers in select target
markets.&#160;&#160;We are focused on our core competencies of PEM fuel cell
design, development, manufacture, sales and service.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Over the
past three years, we have focused our efforts on leveraging the inherent
reliability and durability derived in our legacy automotive technology into
non-automotive markets where demand is near term.&#160;&#160;Our initial target
markets include: motive power (material handling and buses) and the stationary
power (back-up power, supplemental power and distributed
generation).&#160;&#160;We continue to support and supply fuel cells and
technology to AFCC, and Daimler, and Ford on a profitable
basis.&#160;&#160;Today, varying stages of commercialization activities are
progressing in each of these markets in North America, Europe and Asia and we
are actively considering other key non-automotive markets for which our products
are well suited.&#160;&#160;We believe these markets represent a large global
opportunity for fuel cell products.&#160;&#160;We are also confident that there
are opportunities for our products in additional geographic markets as well as
product extension opportunities in different applications.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
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- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues
from Market Segments</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In 2009,
we operated in three market segments:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fuel
      Cell Products and Servicing: fuel cell products and services for motive
      power (material handling and heavy-duty/buses markets) and stationary
      power (back-up power, supplemental power and distributed generation
      markets);</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Contract
      Automotive: contract technical and manufacturing services primarily for
      Daimler, Ford and AFCC; and</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Material
      Products: carbon fiber products primarily for automotive transmissions and
      gas diffusion layers ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">GDLs</font>") for fuel
      cells.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 7
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The following
chart shows the percentage of total revenues derived from each segment, and the
portion of revenues from each segment which arises from sales to investees and
sales of products and services to other customers, for the years 2009 and
2008:</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
              <td valign="top" width="54%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2009</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2008</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues
      from Fuel Cell Products and Servicing</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Percentage
      of total revenues</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">51.7%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">46.4%</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Portion
      representing sales to investees<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0easae">1</a></font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">)</font></font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.8%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">8.1%</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Portion
      representing sales to customers other than investees</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50.9%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">38.3%</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues
      from Contract Automotive</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Percentage
      of total revenues</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">19.6%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">32.2%</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Portion
      representing sales to investees<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.id0edbag">2</a></font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">)</font></font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13.4%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">15.7%</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Portion
      representing sales to customers other than investees</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6.2%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">16.6%</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Revenues
      from Material Products</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Percentage
      of total revenues</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">28.7%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21.3%</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Portion
      representing sales to investees</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Nil</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Nil</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="54%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Portion
      representing sales to customers other than investees</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">28.7%</font></div>
              </td>
              <td valign="top" width="9%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">21.3%</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result of completing the AFCC Transaction, we have been able to re-vector our
business and establish a sharp focus on key commercial growth opportunities with
near-term commercial prospects in our core fuel cell markets.&#160;&#160;We also
bolstered our already strong balance sheet with $33 million in non-dilutive
financing proceeds from the Superior Plus Transaction; approximately $34 million
from monetizing our equity interest in AFCC; and approximately $20 million from
the sale-and-leaseback of our head office building.&#160;&#160;This increase in
cash reserves is expected to allow Ballard to execute its growth plan without
any need for public market financing for the foreseeable future.&#160;&#160;In
addition, we continue to build value for our shareholders by accelerating fuel
cell adoption as evidenced by our supply agreements with Plug Power Inc. ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Plug Power</font>") (and its
customers, Central Grocers, Inc., Wal-Mart, Nestle, Cisco</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div>
          <hr style="COLOR: black" align="left" noshade size="1" width="10%">
        </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">)</font> In
relation to Power Generation revenues, &#8220;investees&#8221; means Ebara Ballard
Corporation.</font><a name="ref.ID0EDBAG">&#160; </a></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">)</font> In
relation to Automotive revenues, &#8220;investees&#8221; means AFCC.</font></div>
      </div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 8
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
others), BC Transit, FirstEnergy Corp., Baxi Innotech GmbH, ISE Corporation,
Daimler AG, IdaTech LLC, Heliocentris Fuel Cells AG and FutureE Fuel Cell
Solutions GmbH.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Our
      Markets and Products</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>Product
Overview</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ballard's
product offering provides for a cost effective and flexible set of fuel cell
power solutions.&#160;&#160;Ballard provided product in three distinct product
classes:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fuel
      cell stacks:&#160;&#160;Ballard provides fuel cells to OEM customers and
      system integrators (such as Plug Power) that use the stacks to produce
      power solutions.&#160;&#160;As the stack provider, Ballard is the power
      inside the system.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fuel
      cell modules:&#160;&#160;Ballard builds the stacks into self-contained
      fuel cell modules that are plug-and-play into a larger
      system.&#160;&#160;As a module provider, we make it easier for systems
      companies (such as ISE Corporation) to create fuel cell systems (such as a
      fuel cell bus power train).</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fuel
      cell solutions:&#160;&#160;Ballard builds full systems that are designed
      to solve certain energy needs of our customer.&#160;&#160;As a solution
      provider Ballard builds up the stacks and modules into full systems that
      bring value to our customers.&#160;&#160;Ballard does this directly in
      distributed power (e.g., First Energy 1 megawatt system), and through
      Dantherm Power (e.g. Motorola telecommunications
  systems).</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
design, develop, manufacture, sell and service carbon fiber materials that can
be used in a variety of fuel cell and non-fuel cell applications.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
timing of commercialization of our products will largely be influenced by the
market rollout plans of our customers.&#160;&#160;The following table lists the
key fuel cell and non-fuel cell products we currently produce, have under
development or are testing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="HEIGHT: 5pt;">
              <td align="left" colspan="3" valign="top" width="78%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Motive
      Power Product Family: FCvelocity</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8482;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;Fuel
      Cell Products</font></font></div>
              </td>
            </tr><tr bgcolor="lightgrey">
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Product Name</font></font></div>
              </td>
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Application</font></font></div>
              </td>
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Status</font></font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FCvelocity&#8482;-9SSL</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Material
      handling</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales
      to Original Equipment Manufacturers ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">OEMs</font>") and system
      integrators</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FCvelocity&#8482;-1020ACS</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Material
      handling</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales
      to OEMs and system integrators</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 9
- -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                <td align="left" colspan="3" valign="top" width="78%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Motive
      Power Product Family: FCvelocity</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8482;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;Fuel
      Cell Products</font></font></div>
                </td>
              </tr><tr bgcolor="lightgrey">
                <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Product Name</font></font></div>
                </td>
                <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Application</font></font></div>
                </td>
                <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Status</font></font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FCvelocity&#8482;-HD6</font></div>
                </td>
                <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Buses</font></div>
                </td>
                <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales
      to OEMs and system integrators</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" colspan="3" valign="top" width="78%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Stationary
      Power Product Family: FCgen</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8482;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;Fuel
      Cell Products</font></font></div>
              </td>
            </tr><tr bgcolor="lightgrey">
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Product Name</font></font></div>
              </td>
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Application</font></font></div>
              </td>
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Status</font></font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FCgen&#8482;-9SSL</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Back-up
      power &amp; supplemental power</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">In
      development and testing</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FCgen&#8482;-1020ACS</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Back-up
      power &amp; supplemental power</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales
      to OEMs and system integrators</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FCgen&#8482;-1030</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Residential
      heat and power</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Primarily
      sales under government sponsored programs</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FCgen&#8482;-1300</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Back-up
      power &amp; supplemental power</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Distributed
      generation</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">In
      pilot production</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" colspan="3" valign="top" width="78%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Product Family: Material
      Products</font></font></div>
              </td>
            </tr><tr bgcolor="lightgrey">
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Product Name</font></font></div>
              </td>
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Application</font></font></div>
              </td>
              <td valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Status</font></font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">AvCarb&#8482;
      gas diffusion layer fuel cell products</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fuel
      cells</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales
      to fuel cell developers</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Carbon
      friction materials</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Mainly
      automobile automatic transmissions</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sales
      to OEM's or their suppliers.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fuel
Cell Products and Servicing</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Motive
Power</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Material
Handling</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The material
handling market includes target industrial vehicles such as forklifts, automated
guided vehicles ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">AGVs</font>")
and ground support equipment.&#160;&#160;Our initial focus is on Class 1, Class
2 and Class 3 battery-powered forklifts and AGVs. We believe fuel cell powered
forklift trucks can offer significant productivity gains in
high-throughput,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">multi-shift
distribution centre and warehouse operations when compared to incumbent battery
technology.&#160;&#160;Our primary product for the material handling market is
the FCvelocity&#8482;-9SSL, which is applicable to Class 1, Class 2 and Class 3
industrial forklift truck solutions in the North American market.&#160;&#160;We
are also developing industrial forklift solutions based on the
FCvelocity&#8482;-1020ACS, our second-generation air-cooled fuel cell product, and are
performing evaluation trials with key end-users.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
principle customer in North America is Plug Power, a specialized system
integrator working to achieve early penetration into the market by deploying its
GenDrive<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8482; </font>battery pack
replacement fuel cell systems.&#160;&#160;Plug Power has initiated or completed
field trials and commercial deliveries to a number of end-users including:
Wal-Mart Stores, Inc.; Bridgestone Firestone North America Tire, LLC; Sysco
Corporation; H.E. Butt Grocery Company; Whole Foods; Coca-Cola; Genco; Wegmans;
Nestle Waters; and Nissan North America, Inc.&#160;&#160;Some of Plug Power&#8217;s
customers have completed the first phase of deployment of the technology and are
now moving to larger trials and commercial orders, for which we are supplying
our FCvelocity&#8482;-9SSL fuel cell product.&#160;&#160;For example, 220 Plug Power
GenDrive systems are deployed at a new "greenfield fuel cell only" distribution
center operated by Central Grocers, Inc. in Joliet, Illinois.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Plug
Power has, until now, offered commercial GenDrive systems using Ballard fuel
cells for Class 1 counter balance lift trucks and for Class 3 pallet
trucks.&#160;&#160;In 2010, Plug Power will also be selling a new GenDrive
system designed for Class 2 reach trucks, using Ballard fuel
cells.&#160;&#160;Availability of a system for Class 2 forklift trucks will fill
out Plug Power's product portfolio and should more readily enable full facility
conversions, which will help advance market penetration.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Plug
Power continues to make progress deploying the GenDrive solution at key end user
locations with funding from the Department of Energy.&#160;&#160;Class 1
GenDrive units have been installed at Anheuser Busch and FedEx.&#160;&#160;Sysco
(Houston, TX) has installed Class 3 GenDrive units in a new "greenfield"
warehouse facility and is planning deployment of Class 2 GenDrive systems later
in 2010.&#160;&#160;In addition, Plug Power has announced orders from Wegmans,
Whole Foods and Coca-Cola for deployment in 2010.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In order
to support market growth, we will continue to pursue cost reduction of our
FCvelocity&#8482;-9SSL fuel cell product. In 2008, we reduced the cost of this fuel
cell product by 36% with the introduction of a new product
version.&#160;&#160;Since 2008, we have been developing a high-performance,
low-cost membrane electrode assembly ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">MEA</font>") that we anticipate will
be integrated into the FCvelocity&#8482;-9SSL fuel cell product for sales starting in
2010, helping to achieve further cost reduction of at least 20% from 2008
levels.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Heavy-Duty/Buses</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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            </div>
          </div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">The
addressable market for fuel cell buses today is comprised of transit buses,
which offer several advantages over automobiles for the adoption of fuel cell
technology. Buses rely on centralized fuelling depots that simplify the hydrogen
infrastructure requirements. Transit buses are government-subsidized, enabling
the purchase of pre-commercial fleets. In addition, their design volume and
drive cycle requirements are less demanding.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On August
3, 2007, BC Transit announced the contract award for the supply of up to 20 fuel
cell hybrid buses.&#160;&#160;The consortium of New Flyer Industries (<font style="DISPLAY: inline; FONT-STYLE: italic">coach manufacturer</font>), ISE
Corporation (<font style="DISPLAY: inline; FONT-STYLE: italic">hybrid drive
integrator</font>) and Ballard (<font style="DISPLAY: inline; FONT-STYLE: italic">fuel cell module supplier</font>)
built the buses.&#160;&#160;On October 3, 2009, the first bus in BC Transit's
fleet of 20 hydrogen fuel cell buses was introduced.&#160;&#160;Starting in
January 2010, all 20 buses were commissioned at New Flyer and sent to Victoria,
British Columbia for acceptance tests by BC Transit.&#160;&#160;These buses
operated in revenue service in Whistler, British Columbia during the 2010
Olympic Winter Games.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
November 13, 2007, the City of London, England announced the contract award for
the supply of five fuel cell hybrid buses to be delivered in 2009. These buses
will begin revenue service in London in 2010. The consortium of Wrights Bus Ltd.
(<font style="DISPLAY: inline; FONT-STYLE: italic">coach manufacturer</font>),
ISE Corporation (<font style="DISPLAY: inline; FONT-STYLE: italic">hybrid drive
integrator</font>) and Ballard (<font style="DISPLAY: inline; FONT-STYLE: italic">fuel cell module supplier</font>)
will build the buses.&#160;&#160;Two 75kW FCvelocity&#8482;-HD6 modules were shipped
to ISE Corporation in September and October 2008, respectively.&#160;&#160;The
first London bus started integration in late 2008, and started commissioning and
testing in February 2009.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
January 11, 2010, Ballard received a sales order for five FCvelocity&#8482;-HD6
modules from Advanced Public Transportation Systems bv ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">APTS</font>"), a specialty bus OEM in
The Netherlands, part of the VDL Group.&#160;&#160;The 150&#8211;kilowatt power
modules will be installed and integrated by Vossloh-Kiepe with hybrid electric
drive systems in 18-metre (60 foot) articulated Phileas buses manufactured by
APTS.&#160;&#160;Phileas is a new concept for passenger transport on high
frequency dedicated bus lanes.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All the
power modules will be shipped to APTS by the second quarter of 2010 and the
first APTS Phileas bus incorporating a Ballard power module will be produced
this year.&#160;&#160;Two Phileas buses powered by Ballard fuel cell modules
will be operating in Cologne, Germany and two will be operating in
Amsterdam.&#160;&#160;APTS currently has 70 Phileas buses in operation
worldwide.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will
continue to seek new opportunities in other markets including electrified light
rail transit, yard-switching locomotives and marine auxiliary power, and
continue to provide service support for our existing fifth-generation bus
fleets, utilizing P5 fuel cell products.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font></div>
      <div><br></div>
      <div>
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        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>Stationary
Power</font></font></div>
      <div>&#160;</div>
      <div><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Back-up
Power and Supplemental Power</font></div>
      <div><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Our focus in
the back-up power and supplemental power markets is on the telecommunications
industry, which is currently dominated by batteries and diesel generators. The
back-up power market is characterized by infrequent power demand, where outages
typically occur monthly or less frequently and last less than eight hours;
whereas the supplemental power market is characterized by often daily outages
lasting 4-8 hours or more. With increasing demand for more reliable
communications networks and longer duration back-up time, we believe fuel cell
products offer significant operating cost savings to the end user. In some
geographic regions such as the European Union and the United States, regulatory
pressure on telecommunications service providers for infrastructure back-up time
of eight hours or longer is, we believe, creating greater interest in fuel cells
as a preferred back-up power solution.&#160;&#160;The FCgen&#8482;-1020ACS fuel cell
product is our primary product to support the early commercialization of fuel
cell products in the back-up power market.</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;In 2006, we
supplied a small number of FCgen&#8482;-1020ACS fuel cell products to potential
customers for evaluation and testing purposes. We also entered into a funded
United States government contract to develop and demonstrate an extended
duration back-up power solution for the United States Department of
Defence&#8217;s<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Continuity of Operations
Project in collaboration with Plug Power.&#160;&#160;In 2007, we entered into a
second phase of this contract to continue the development of the product in
collaboration with Plug Power, and to significantly reduce the cost of fuel cell
products for volume commercialization.&#160;&#160;We also entered into a
two-year supply agreement with Dantherm Air Handling A/S ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dantherm Air</font>") to supply 646
kW of FCgen&#8482;-1020ACS fuel cell products.</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Through our
development efforts, we expect to reduce our product costs to make the
FCgen&#8482;-1020ACS fuel cell product competitive with current battery costs on a
capital basis. We also plan to enhance the versatility of our back-up power
products to accept fuels such as methanol, propane and natural gas, in addition
to hydrogen.</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;During 2008,
over 700 fuel cell product units were shipped to back-up power customers in
various global telecom markets.&#160;&#160;We signed two supply agreements with
IdaTech LLC ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">IdaTech</font>")
for the delivery of FCgen&#8482;-1020ACS fuel cell products for use in IdaTech&#8217;s iGen&#8482;
and ElectraGen&#8482; family of products.&#160;&#160;In addition, Dantherm Air
continued to make progress in product deployments primarily in the European
Tetra market.</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;In October
2008, Ballard entered into a supply agreement with IdaTech and ACME to develop
and supply to the Indian market a 5kW natural gas fuelled supplemental power
system that is expected to be directly competitive with diesel</font></div>
      <div><br></div>
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      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">generators
on a life cycle basis. <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Subject to meeting
product design and acceptance criteria, the agreement contemplated the
development and sale of approximately 300 direct hydrogen fuelled units based on
our FCgen&#8482;-1020ACS fuel cell, followed by the development and sale of
approximately 9,700 natural gas fuelled units based on our proposed FCgen&#8482;-1300
fuel cell product.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>The 300 direct hydrogen
units were delivered during 2009.&#160;&#160;Due to concerns with the supply
base needing to meet cost and volume targets, in November of 2009, IdaTech
announced the need to delay the launch of the natural gas product to a point in
time later than allowable under the original contract.&#160;&#160;The supply
agreement was terminated and replaced with a more flexible distribution
agreement with ACME.&#160;&#160;All parties continue to believe in the potential
for volume sales of fuel cell products in the Indian telecommunications market
and will continue to develop the appropriate market channels to capitalize on
the opportunity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
Ballard dissolved the Ebara joint venture company, it will continue to sell its
FCgen&#8482;-1030v3 fuel cell product for applications such as residential
cogeneration, including supply of this product to Baxi Innotech GmbH ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Baxi Innotech</font>") for the German
Callux Project.&#160;&#160;On March 11, 2009, Ballard entered into a three-year
supply agreement with Baxi Innotech, the leading European developer and
manufacturer of fuel cell micro combined heat and power ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">mCHP</font>") units.&#160;&#160;Under
the agreement, Baxi Innotech will exclusively purchase Ballard fuel cells
through to the end of Phase 2 of the German Callux Project, scheduled to
conclude in 2012.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Distributed
Generation</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Utilization
of our PEM fuel cell products for large scale distributed generation ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">DPG</font>") is an exploratory new
market for Ballard.&#160;&#160;We first entered into this space in 2009, with
the announcement of the supply agreement to deliver a one megawatt solution to
FirstEnergy, an Ohio based energy company, for use in a utility load management
demonstration project.&#160;&#160;We are providing a complete turnkey power
generation solution to FirstEnergy, rather than supplying fuel cell stacks to a
systems integrator; this is a different channel strategy than our other
stationary segments, and one we feel is appropriate to seed this
market.&#160;&#160;Delivery of this unit is targeted for the first quarter of
2010, and will serve as an important reference site for underpinning future
growth in this market.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;We
have a strategic goal in 2010 to book the first DPG project utilizing by-product
hydrogen.&#160;&#160;Market research has shown that there is a large niche
opportunity for fuel cell solutions where two key factors exist: 1) the presence
of low cost by-product hydrogen, and 2) a feed-in-tariff program or renewable
portfolio standard legislation to underpin the demand for clean electricity
generation.&#160;&#160;&#160;&#160;With a fuel cell system, the by-product
hydrogen can be used to produce electricity that is either sold back to the
grid, through the electric utility, or used to offset power demands on
site.&#160;&#160;Power production through fuel cells is the highest efficiency,
most environmentally responsible way to utilize the
hydrogen.&#160;&#160;Although it is too soon to say how large this market will
be for</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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            </div>
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>Ballard in the future, initial indications show that the addressable market
is in the order of 500 &#8211; 1000 MW, from primary sources of by-product hydrogen
only.</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The first
generation 1 MW DPG unit for FirstEnergy utilized our motive power fuel
cells.&#160;&#160;The second generation, currently under development, is a
modular 1 MW unit, comprised of three independent power banks that enable high
overall uptime and power availability.&#160;&#160;The core building block is the
FCgen&#8482;-1300 fuel cell platform, which is used in telecom backup power
applications in India; the volume demand for this market will help to drive down
the cost of the fuel cell stack for distributed power generation.&#160;&#160;In
addition to being the lowest cost option, this platform enables the highest
efficiency system design.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Contract
      Technical Services and Manufacturing
Services</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
provide AFCC with manufacturing, testing and other engineering services. The
areas of service selected were those in which a longer-term synergy of efforts
to meet both Ballard and AFCC requirements could be met.&#160;&#160;We
manufacture for Daimler the fuel cell products required for their existing
vehicle programs. We provide manufacturing engineering services and manufacture
experimental and prototype fuel cell products for AFCC&#8217;s research and product
development requirements. We provide AFCC with both failure analysis services
and fuel cell test stand maintenance. We also provide services in the area of
engineering simulation and modeling.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
provide short-term information technology and EH&amp;S support services to
AFCC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
anticipate providing AFCC with these services at least through 2010, but our
service contracts may be terminated by AFCC with six-months
notice.&#160;&#160;AFCC&#8217;s requirement for our services is dependent on, among
other things, the continued funding of their operations by Daimler and Ford,
which is not certain, especially given current economic conditions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Material
      Products</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
develop, manufacture and sell carbon-based engineered material products into a
variety of markets. These products are in the form of roll goods as either woven
carbon fiber textile fabrics or as carbon fiber papers.&#160;&#160;A major
application for carbon fiber fabrics is the friction surface in torque
converters for light vehicle automatic transmissions.&#160;&#160;We are a Tier 1
supplier with QS-9000 and TS-16949 quality certification.&#160;&#160;In 2008, we
were awarded a five-year extension to our exclusive supply contract for this
product by one of our automotive manufacturing customers, valued at more than
$40 million.&#160;&#160;However, given the recent economic conditions,
particularly in the automotive sector, the total product ordered has been less
than the amount stipulated in the contract.&#160;&#160;On the other hand, the
use of our product is expanding at a second </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: justify">automotive OEM and expanding globally with
applications in Europe and the Far East. Orders have increased in late 2009 and
this trend has continued into 2010.</div>
      <div style="TEXT-ALIGN: justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beyond
automatic transmissions, we supply carbon fiber friction materials for use in
wet brake systems for off-road heavy-duty construction and mining equipment and
for use in the sporting goods market.&#160;&#160;To grow and diversify in this
market, we are working with a number of Tier 1 and Tier 2 automotive suppliers
to develop and incorporate our carbon fiber products in new drivetrain
applications, including dual clutch transmissions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A GDL is
a significant component at the core of the fuel cell, allowing the uniform
diffusion of hydrogen and air towards the electrocatalyst, and releasing water
as the chemical reaction is complete.&#160;&#160;The quality of the GDL plays an
important role in the overall performance and cost of a fuel
cell.&#160;&#160;Our AvCarb&#8482; GDL materials are available in continuous rolls,
and are designed to enable MEAs to be manufactured using high-speed automated
assembly techniques. The first two members of this family of products are the
AvCarb&#8482; P-50 and the AvCarb&#8482; P-50T, which include a Teflon&#174;
coating.&#160;&#160;Since 2002, we have added a precision carbon coating
capability. We supply several key industry participants in the fuel cell
industry with GDLs, and we use our GDLs in several of our own fuel cell
products.&#160;&#160;We also supply GDLs for phosphoric acid fuel cells used in
stationary power applications.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
provide material supply chain management services to our customers, where we
manage several subcontractor suppliers.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Impact
      of Regulations and Public Policy</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">United
States</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
October 2007, the Federal Communications Commission ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">FCC</font>") mandated that, over the
next 12 months, local exchange carrier and commercial mobile radio service
providers place a minimum of 24 hours of power back-up at central offices and a
minimum of eight hours of power back-up at cellular sites, remote switches, and
digital loop carrier system remote terminals.&#160;&#160;This regulatory change
was expected to drive demand for extended duration back-up power favouring fuel
cell system solutions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
December 2008, the White House Office of Management and Budget rejected the
FCC&#8217;s plan to implement the eight-hour mandate.&#160;&#160;The final outcome of
the enforceability of this mandate is still unclear at this
stage.&#160;&#160;However, through this process, the telecom operators in the
United States have recognized the need to upgrade the back-up power capability
at cellular sites and have created a higher demand for fuel cell
solutions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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</font></div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
October 2008, the fuel cell investment tax credit - first included in the <font style="DISPLAY: inline; FONT-STYLE: italic">Energy Policy Act of 2005</font> &#8211;
was revised and extended.&#160;&#160;End users will now be able to deduct from
their tax liability 30% of the cost of installing a fuel cell (or $3000/kw,
whichever is </font>less) through 2017.&#160;&#160;The continued availability of
this tax credit is expected to help drive demand for fuel cell
products.</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
February 2009, President Obama signed the <font style="DISPLAY: inline; FONT-STYLE: italic">American Recovery and Reinvestment
Act</font> (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">ARRA</font>")
into law.&#160;&#160;In addition to facilitating more robust funding for
Department of Energy programs, the ARRA contained two provisions of particular
importance to the hydrogen and fuel cell industry.&#160;&#160;First, the ARRA
offered the aforementioned tax credit (30% up to $3000/kW) as a
grant.&#160;&#160;The program, titled "Grant In Lieu of Tax Credit", is
administered by the Department of Treasury.&#160;&#160;Participants must
initiate projects by the end of 2010 to be eligible for grant, and applications
must be filed by October 1, 2011.&#160;&#160;Second, the ARRA expanded the cap
on the tax credit available for hydrogen fuelling infrastructure.&#160;&#160;For
hydrogen fuelling infrastructure, the tax credit (which can be claimed under the
Qualified Alternative Fuel Vehicle ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">QAFV</font>") refuelling property
credit) is now 30% up to $200,000 versus up to $30,000.&#160;&#160;If the
expanded credit is not extended, the level will revert back to $30,000 end of
year 2010.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the
state level, the California Self-Generation Incentive Program, which is funded
by ratepayers and administered by utilities, provides incentives of $2500/kW for
power plants that operate on hydrogen from non-renewable resources and $4500/kW
for those that operate on hydrogen from renewable resources.&#160;&#160;The
program is funded annually and guidelines are published in a yearly
handbook.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Other
Jurisdictions</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
2009, feed-in tariff policies have been enacted in 63 jurisdictions around the
world to encourage the adoption of renewable energy sources. Under a feed-in
tariff, utilities are obligated to buy electricity from all eligible
participants at rates based on the cost of renewable energy generation, which
enables a diversity of projects to be developed at a reasonable return on
investment. The rates are typically designed to ratchet downward over time to
track technology improvements and overall cost reductions. Feed-in tariff
programs also typically offer long-term (15&#8211;25 year) guaranteed purchase
contracts for the electricity generated from such projects. Programs that
support energy generation from hydrogen sources are expected to help drive
demand for fuel cell products.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Research
      and Product Development</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ballard
conducts research in improving the cost, durability and fundamental
understanding of the MEA and its sub-components. In addition, greater
development focus is being placed on the capability of MEAs operating on
reformate fuels, reflecting customer needs in the non-automotive markets. As a
result of the AFCC Transaction,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: justify">automotive centric research activities such as
freeze-start capability and long-term technology paths such as platinum free
catalysts will no longer be directly conducted by Ballard.</div>
      <div style="TEXT-ALIGN: justify">&#160;</div>
      <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Intellectual
Property</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with the AFCC Transaction in January 2008, we transferred to Daimler
and Ford our automotive intellectual property rights, which represented
approximately 20% of our patent portfolio.&#160;&#160;We also transferred
approximately 485 patents and patent applications to IP Holdings, a holding
company established for the purpose of protecting Daimler and Ford&#8217;s licence
rights granted as part of the AFCC Transaction. We then entered into a licence
agreement with IP Holdings evidencing our exclusive right to use fundamental
intellectual property rights and improvements thereto for non-automotive
applications.&#160;&#160;As of January 31, 2010, Ballard owns or controls
through IP Holdings, patents approximately as follows: 115 United States granted
patents, 70 non-United States granted patents, 35 United States published patent
applications and 140 published non-United States patent
applications.&#160;&#160;We also hold exclusive and non-exclusive licence rights
to additional intellectual property from a number of third parties, including
licences to approximately 2,000 patents and patent applications included in the
AFCC Transaction.&#160;&#160;These licences include royalty-free access to all
of the intellectual property rights held by NuCellSys GmbH ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">NuCellSys</font>"), an entity jointly
owned by Daimler and Ford, as well as royalty-free access to all of the
intellectual property rights relating to fuel cells developed by Daimler, Ford
and their subsidiaries (either directly or through AFCC) for so long as we
continue to be a shareholder of AFCC.&#160;&#160;Our patents will expire between
2010 and 2026.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Manufacturing</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our fuel
cell manufacturing facility is located in Burnaby, British Columbia and is
designed to provide the manufacturing capacity necessary to meet expected
customer demand through the initial market introduction phase for our material
handling, heavy-duty/buses, stationary power fuel cell products, as well as to
provide contract manufacturing services to AFCC.&#160;&#160;We expect demand for
our fuel cell products to increase and to require increased manufacturing
capacity.&#160;&#160;We will either build that capacity to meet the increased
demand or outsource some or all of the manufacturing requirements.&#160;&#160;In
some circumstances, we may choose to license part or all of the manufacturing
for a particular fuel cell application or customer on a royalty-bearing
basis.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
Burnaby, we currently have an Integrated Management System registered to ISO/TS
16949, ISO 9001, ISO 14001 and OHSAS 18001 standards.&#160;&#160;These
registrations reflect our approach to achieving best business system practices
in the areas of quality, environment, health and safety.&#160;&#160;We have also
developed expertise in the testing of all aspects of PEM fuel cells and
components.&#160;&#160;We subcontract some process steps or </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
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          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">assemblies
to minimize investment in capital equipment, particularly in the case of
processes that will eventually be replaced by new manufacturing methods or
materials, or that relate to non-core technology.&#160;&#160;We have developed
strategic relationships with key suppliers to ensure a timely supply of key
components.&#160;&#160;Additionally, we have established relationships with key
material suppliers to enhance the quality and suitability of components supplied
and to assist in the development of our fuel cell products.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Many of
the components we use to manufacture our fuel cell products are unique and may
require long lead times to order.&#160;&#160;Certain components used in our fuel
cell products have been developed to our specifications under development and
supply agreements. These development and supply agreements provide that the
intellectual property created by the design of these components is owned
exclusively by us, jointly by us and the supplier, or solely by the supplier,
depending upon whether we have assumed any of the development
costs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
facility in Lowell, Massachusetts, where we produce our carbon fiber products,
is also ISO 9001 and QS 9000 registered.&#160;&#160;The experience of our
operations in Lowell in continuous roll-to-roll manufacturing processes and as a
Tier 1 automotive supplier will be valuable to us as we increase commercial
production in our Burnaby manufacturing facility, and as we leverage our
established quality and manufacturing practices.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Facilities</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
currently have the following principal facilities: (a) a leased 116,797 square
foot (10,850 square meter) facility in Burnaby, British Columbia that houses our
corporate headquarters, and our fuel cell development and testing activities;
(b) a leased 112,000 square foot (10,398 square meter) facility in Burnaby,
British Columbia that houses our operations staff and our manufacturing
facilities; and (c) a 137,000 square foot (12,728 square meter) facility in
Lowell, Massachusetts, owned by us, that is used for the development and
manufacture of carbon fiber products.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We leased
and licensed to AFCC an area in our owned facility in Burnaby, British Columbia
totalling approximately 40,000 square feet (3,716 square meters), comprised of
office and laboratory space.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
sublet an area in our manufacturing facility in Burnaby, British Columbia
totalling 31,000 square feet (2,880 square meters), composed of office
space.&#160;&#160;We retained the remaining 17,000 square feet (1,580 square
meters) of office space, as well as the 64,000 square feet (5,948 square meters)
manufacturing facility, for our own use.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
committed to developing and manufacturing products, and operating all of our
facilities, in full compliance with all applicable local, regional, national and
international environmental, health and safety regulatory
standards.&#160;&#160;Our commitment is reflected in our corporate "Quality,
Safety and Environmental Policy and Guiding Principles", and our underlying
programs and initiatives.&#160;&#160;We have completed
a&#160;</font>&#160;detailed environmental assessment of our operations in
Burnaby.&#160;&#160;In turn, we developed policies, procedures, and work
instructions to manage environmental matters including air, water, and waste
management and reduction, transportation of dangerous goods, environmental
impact and hazard assessment, and internal and external recycling
programs.</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Human
      Resources</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
December 31, 2009, we had approximately 340 employees in Canada and the United
States, representing such diverse disciplines as electrochemistry, polymer
chemistry, chemical, mechanical, electronic and electrical engineering,
manufacturing, marketing, sales, business development, legal, finance, human
resources, information technology and business management.&#160;&#160;During
2009, the Corporation undertook two organizational restructuring activities
(March and August), resulting in the elimination of approximately 125 positions
in total.&#160;&#160;Our employees are not represented by any labour
union.&#160;&#160;Each employee must agree to confidentiality provisions as part
of the terms of his or her employment, and certain employees have also executed
non-competition agreements with us.</font></div>
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      <div>
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Competition</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Competition
for our products comes from existing power technologies, improvements to
existing technologies and new alternative energy technologies.&#160;&#160;Each
of our target markets is currently served by manufacturers that offer proven and
widely accepted technologies, and have established customers and
suppliers.&#160;&#160;In each of our target markets, these and other competitors
are also developing alternative energy technologies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Fuel
Cell Products and Servicing</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;&#160; </font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Motive
Power</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Material
Handling</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Existing
Technologies</font>.&#160;&#160;Class 2 and Class 3 forklift trucks are
currently dominated by lead-acid battery-powered solutions, as are Class 1
forklift trucks intended for indoor applications (internal combustion engine
("<font style="DISPLAY: inline; FONT-WEIGHT: bold">ICE</font>") power is
typically seen as the solution for forklift trucks in Classes 4, 5, 6 and 7,
generally, and in Class 1 for outdoor applications).&#160;&#160;We believe that
fuel cell systems are superior to batteries in Class 1, Class 2 and Class 3
forklift trucks because of their ability to provide extended run time
</font></div>
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>without frequent and lengthy battery replacement and recharging
cycles.&#160;&#160;For high-throughput, multi-shift warehouse or manufacturing
operations, fuel cell products can provide a lower life cycle cost and total
cost of ownership when compared with traditional lead-acid battery
solutions.</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Fuel
Cells</font>.&#160;&#160;Companies developing fuel cell systems for material
handling applications include Toyota, Hydrogenics, and Nuvera.&#160;&#160;We
seek to gain a competitive advantage through fuel cell designs that provide
superior performance, efficiency, durability and cost.&#160;&#160;Some of our
competitors purchase, or are considering the purchase of, fuel cell products
from us for use in some of their material handling products.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Emerging
Technology</font>.&#160;&#160;Advanced battery technology continues to make
progress in the material handling market.&#160;&#160;However, advanced battery
technology still requires significant time for recharging and, in many cases,
cannot meet desired run times without requiring spare batteries and substantial
space for battery charging and storage.&#160;&#160;These issues are addressed by
fuel cell technology.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Heavy-Duty/Buses</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Existing
Technologies.</font>&#160;&#160;Diesel-powered buses currently dominate the
market today.&#160;&#160;Compressed natural gas ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">CNG</font>") buses have also become
popular as a lower-emission alternative to diesel buses, however, their capital
and operating costs are higher.&#160;&#160;Electric trolley buses provide a
zero-emission alternative, however, their purchase price is high and the
overhead catenary power infrastructure is expensive to maintain and is
considered aesthetically undesirable in many urban centres.&#160;&#160;We
believe that fuel cells are the best zero-emission alternative for transit
applications.&#160;&#160;They offer much greater fuel efficiency than
conventional diesel buses, eliminate greenhouse gas emissions and eliminate the
need for unsightly overhead catenary wires.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Fuel
Cells.</font>&#160;&#160;Companies developing fuel cell systems for transit bus
applications include United Technologies, Hydrogenics and
Nedstack.&#160;&#160;We seek to gain a competitive advantage through fuel cell
designs that provide superior performance, efficiency, durability and
cost.&#160;&#160;Ballard has been demonstrating fuel cells in transit bus
applications since 1991.&#160;&#160;We are now delivering our sixth-generation
heavy-duty fuel cell product, the FCvelocity&#8482;-HD6, in both 75kW and 150kW
configurations specifically designed for fuel cell hybrid drive transit bus
applications.&#160;&#160;We believe that we have accumulated far more operating
hours in real transit operations than any other fuel cell
manufacturer.&#160;&#160;This experience has enabled us to produce more reliable
and durable products than our competitors.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Emerging
Technology.</font>&#160;&#160;Electric hybrid drive systems are quickly
displacing conventional mechanical drives for transit bus applications offering
better fuel economy and lower emissions.&#160;&#160;These are primarily being
driven by diesel engines in diesel hybrid drive configurations.&#160;&#160;Other
variations available today include gasoline hybrid </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
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          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">buses and
CNG hybrid buses.&#160;&#160;Since a fuel cell system is essentially a source of
electricity it is easily adapted to a hybrid drive system to produce a bus with
even greater fuel efficiency than diesel hybrid buses and no greenhouse gas
emissions.&#160;&#160;Recently, hydrogen internal combustion engines have been
demonstrated in transit buses with both conventional and hybrid drive
systems.&#160;&#160;These have not been widely adopted primarily because of very
low fuel efficiency, low power and low operational reliability.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;
Stationary Power</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Back-up Power and
Supplemental Power</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Existing
Technology</font>.&#160;&#160;The back-up power and supplemental power markets
are currently dominated by ICEs and batteries.&#160;&#160;&#160;&#160;We believe
that PEM fuel cell products are superior to batteries, because of their ability
to provide extended run time without frequent or lengthy recharging, as well as
their ability to offer lower life cycle costs, given that batteries require
periodic replacement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Fuel
Cells</font>.&#160;&#160;Companies developing PEM fuel cell systems for back-up
power and supplemental power applications include Dantherm Power, Hydrogenics,
IdaTech, Plug Power, Distributed Energy Systems and ReliOn.&#160;&#160;&#160;We
seek to gain competitive advantage through fuel cell designs that provide
superior performance, efficiency, durability and cost.&#160;&#160;Some of our
competitors purchase, or are considering the purchase of, PEM fuel cell products
from us for use in some of their products.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Emerging
Technology</font>.&#160;&#160;Advanced battery technology continues to make
modest progress in the back-up power and supplemental power generation
markets.&#160;&#160;However, advanced battery technologies still require lengthy
recharging and, in many cases, cannot meet desired run times without requiring
substantial space.&#160;&#160;These issues are addressed by PEM fuel cell
technology.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Distributed
Generation</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Existing
Technology.</font>&#160;&#160;The distributed generation market is large and
varied.&#160;&#160;As such, depending on the application, advanced batteries,
diesel gen sets or natural gas gen sets would be considered as current
technologies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Fuel
Cells</font>.&#160;&#160;Companies developing PEM fuel cell systems for
distributed generation market applications include Nedstack, Hydrogenics and
Hydrogenics.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Emerging
Technology</font>.&#160;&#160;Hydrogen fuelled IC engines or advanced battery
technologies are emerging as competitive technologies.&#160;&#160;Fuel cell
systems offer significant efficiency and emissions improvements over hydrogen
fuelled IC engines.&#160;&#160;Advanced battery technologies cannot meet desired
run times without requiring </font></div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
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</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 22
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: justify">substantial capital cost and installation
space.&#160;&#160;These issues are addressed by PEM fuel cell technology.

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Material
Products</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Friction
Products</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Existing
Technology.<font style="FONT-STYLE: normal">&#160;&#160;The supply base for
friction materials is highly fragmented with many suppliers each supplying a
limited range of products based on their technological expertise. Ballard
competes in a niche area where the friction characteristics and durability of
carbon fabrics make them desirable for high performance applications in the
automotive industry. Competitors include the SGL Group in Germany, and Toray in
Japan.</font></font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Emerging
Technology.</font>&#160;&#160;Using its unique capabilities to modify the
construction of carbon fabrics and to tailor the components of carbon-containing
composites, Ballard is working with component and system suppliers to the
automotive and other transportation industries to develop advanced carbon
friction materials for more demanding applications which improve fuel economy by
enabling a more efficient powertrain design.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Fuel
Cell Products</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Existing
Technology.</font>&#160;&#160;Ballard supplies carbon fabric and carbon fiber
paper GDL materials to MEA and fuel cell stack producers.&#160;&#160;Competitors
include SGL, Mitsubishi and Toray.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Emerging
Technology.</font>&#160;&#160;To meet the ever-demanding performance
requirements, Ballard&#8217;s efforts have been aimed to maximize the fluid transport
characteristics of these materials by modifying their construction, while at the
same time developing more efficient production processes to drive the cost of
GDLs down.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>SHARE CAPITAL AND MARKET FOR
SECURITIES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
authorized share capital consists of an unlimited number of common shares and an
unlimited number of preferred shares.&#160;&#160;As of March 15, 2010, our
issued share capital consisted of 84,059,291 common shares.&#160;&#160;Our
common shares are listed and trade on the Toronto Stock Exchange ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">TSX</font>") under the symbol "BLD"
and on the National Association of Securities Dealers Automated Quotation Global
Market ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">NASDAQ</font>") under
the symbol "BLDP".</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following table shows the monthly trading activity for our common shares on the
TSX and NASDAQ during 2009:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div id="FTR">
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          </div>
        </div>
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        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
              <td valign="top" width="14%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td colspan="2" valign="top" width="30%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TSX</font></div>
              </td>
              <td colspan="2" valign="top" width="33%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">NASDAQ</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Price
      Range</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(CDN$)</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Average
      Daily<br><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>Volume</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(#)</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Price
      Range</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(U.S.$)</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Average
      Daily<br>Volume</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(#)</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">January</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.27-1.67</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;115,166</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.00-$1.39</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;279,972</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">February</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.39-1.54</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,208</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.10-1.26</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;115,693</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">March</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.10-2.06</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;170,518</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0.90-1.68</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;227,233</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">April</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.82-2.94</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;185,513</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.40-2.45</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;419,033</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">May</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2.04-2.39</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;91,617</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.80-2.09</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;126,866</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">June</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.78-2.36</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;89,375</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.60-2.13</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;188,154</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.92-2.21</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56,940</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.60-2.00</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;107,675</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">August</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.89-2.01</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50,089</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.70-1.90</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;67,275</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">September</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.83-3.25</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;235,097</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.70-3.07</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;739,267</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">October</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2.35-3.34</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;133,220</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2.20-3.25</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;391,873</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2.20-2.51</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;51,476</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2.10-2.39</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;122,060</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="14%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">December</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.85-2.55</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;250,652</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.70-2.45</font></div>
              </td>
              <td valign="top" width="19%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;709,289</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
holders of our common shares are entitled to one vote for each share held on all
matters to be voted on by such shareholders and, subject to the rights and
priorities of the holders of preferred shares, are entitled to receive such
dividends as may be declared by our Board out of funds legally available
therefor and, in the event of liquidation, wind-up or dissolution, to receive
our remaining property, after the satisfaction of all outstanding
liabilities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
preferred shares are issuable in series and our Board is entitled to determine
the designation, preferences, rights, conditions, restrictions, limitations and
prohibitions to be attached to each series of such shares.&#160;&#160;Currently
there are no preferred shares outstanding.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 24
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>DIVIDEND RECORD AND POLICY</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To date,
we have not paid any dividends on our shares and, because it is anticipated that
all available cash will be needed to implement our business plans, we have no
plans to pay dividends in the immediate future.</font><br></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">DIRECTORS
AND OFFICERS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
      of Directors</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following chart provides the following information as of March 15, 2010: the
name and province or state of residence of each of our directors; each
director&#8217;s respective positions and offices held with Ballard, their principal
occupation during the past five years; the period of time each has served as a
director; and the number of shares and deferred share units (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">DSUs</font>") beneficially owned or
controlled by each of them.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
              <td align="left" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      and<br>Province/State<br>of Residence<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
              </td>
              <td align="left" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Principal
      Occupation<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
              </td>
              <td align="left" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director<br>Since</font></div>
              </td>
              <td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares<br>Beneficially<br>Owned
      or<br>Controlled or<br>Directed<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)<br></font>(#/%
      of Class)</font></div>
              </td>
              <td align="left" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred<br>Share
      Units<br>Owned or<br>Controlled<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)<br></font>(#/%
      of Class)</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ian
      A. Bourne</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Alberta,
      Canada</font></div>
              </td>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director and Chair of the Board of Ballard since January
      2007.&#160;&#160;Formerly Executive Vice President and Chief Financial
      Officer of TransAlta Corporation (<font style="DISPLAY: inline; FONT-STYLE: italic">electricity generation and
      marketing</font>) from January 1998 to December 2006, and from January
      1998 to December 2005, respectively.</font></div>
              </td>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2003</font></div>
              </td>
              <td align="left" valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">26,824/0.032%</font></div>
              </td>
              <td align="left" valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">77,707/24.58%</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Edwin
      J. Kilroy</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ontario,
      Canada</font></div>
              </td>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director of Ballard. Chief Executive Officer of Symcor Inc. (<font style="DISPLAY: inline; FONT-STYLE: italic">business process outsourcing
      services</font>) since January 2005. Formerly Chief Executive Officer of
      IBM Canada Ltd. (<font style="DISPLAY: inline; FONT-STYLE: italic">information technology</font>)
      </font></div>
              </td>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2002</font></div>
              </td>
              <td align="left" valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,424/0.003%</font></div>
              </td>
              <td align="left" valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">42,844/13.55%</font></div>
              </td>
            </tr></table>
      </div>
      <div align="left">&#160;</div>
      <div align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 25
- -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
                <td align="left" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      and<br>Province/State<br>of Residence<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
                </td>
                <td align="left" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Principal
      Occupation<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
                </td>
                <td align="left" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director<br>Since</font></div>
                </td>
                <td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares<br>Beneficially<br>Owned
      or<br>Controlled or<br>Directed<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)<br></font>(#/%
      of Class)</font></div>
                </td>
                <td align="left" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred<br>Share
      Units<br>Owned or<br>Controlled<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)<br></font>(#/%
      of Class)</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">from
      April 2001 to January 2005.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dr.
      Chong Sup (C.S.) Park</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">California,
      U.S.A.</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director of Ballard. Formerly Chairman of the Board and Chief Executive
      Officer of Maxtor Corporation (<font style="DISPLAY: inline; FONT-STYLE: italic">storage solutions and hard
      disk drives</font>) from November 2004 to May 2006, and Managing Director,
      Investment Partner and Senior Advisor of H&amp;Q Asia Pacific (<font style="DISPLAY: inline; FONT-STYLE: italic">private equity
      investment</font>) from November 2002 to September 2004.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2007</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">17,091/0.020%</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0/0%</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">John
      W. Sheridan</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director and President and Chief Executive Officer of Ballard since
      October 2005.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2001</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">261,710/</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.311%</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">57,942/18.33%</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dr.
      Geraldine B. Sinclair</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director of Ballard. Executive Director, Center for Digital Media of the
      Great Northern Way Campus since May<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>2006.&#160;&#160;Formerly
      Chair of the Canadian Telecommunications Policy Review Panel, and a
      Strategic Management Consultant from 2005 to 2006, and General Manager,
      MSN of Microsoft Canada (<font style="DISPLAY: inline; FONT-STYLE: italic">internet services</font>) from
      September 2002 to October 2004.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2005</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">176/&lt;0.001%</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25,355/8.02%</font></div>
                </td>
              </tr></table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 26
- -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
                <td align="left" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      and<br>Province/State<br>of Residence<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
                </td>
                <td align="left" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Principal
      Occupation<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
                </td>
                <td align="left" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director<br>Since</font></div>
                </td>
                <td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares<br>Beneficially<br>Owned
      or<br>Controlled or<br>Directed<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)<br></font>(#/%
      of Class)</font></div>
                </td>
                <td align="left" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred<br>Share
      Units<br>Owned or<br>Controlled<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)<br></font>(#/%
      of Class)</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">David
      J. Smith</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director of Ballard. Member, British Columbia Securities Commission since
      July 2006. Counsel with Lawson Lundell LLP (<font style="DISPLAY: inline; FONT-STYLE: italic">law firm</font>) from May 2005
      to April 2006. Partner of Lawson Lundell and predecessor law firms prior
      to that.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2006</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,911/0.009%</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">14,841/4.69%</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">David
      B. Sutcliffe</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director of Ballard. Formerly Chief Executive Officer and Chair of the
      Board of Sierra Wireless, Inc. (<font style="DISPLAY: inline; FONT-STYLE: italic">electrical and electronic
      industrial products</font>) from May 1995 to October 2005 and from May
      2001 to April 2005, respectively.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2005</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,600/0.004%</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">25,528/8.07%</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Mark
      A. Suwyn</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Florida,
      U.S.A.</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director of Ballard. Executive Chairman of the Board of NewPage
      Corporation (<font style="DISPLAY: inline; FONT-STYLE: italic">coated
      paper</font>), a position he has held since March 2009. Previously Acting
      Chief Executive Officer of NewPage Corporation from March 2009 to January
      2010; and Chief Executive Officer and Chairman of the Board from April
      2006 and May 2005, respectively. Formerly President of MARSUW LLC (<font style="DISPLAY: inline; FONT-STYLE: italic">consulting</font>) from
      November 2004 to April 2005, and Chief Executive Officer
    and</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2003</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7,237/0.009%</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">35,019/11.08%</font></div>
                </td>
              </tr></table>
        </div>
        <div align="left">&#160;</div>
        <div align="left">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 27
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
                <td align="left" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      and<br>Province/State<br>of Residence<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
                </td>
                <td align="left" valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Principal
      Occupation<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
                </td>
                <td align="left" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director<br>Since</font></div>
                </td>
                <td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares<br>Beneficially<br>Owned
      or<br>Controlled or<br>Directed<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)<br></font>(#/%
      of Class)</font></div>
                </td>
                <td align="left" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Deferred<br>Share
      Units<br>Owned or<br>Controlled<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)<br></font>(#/%
      of Class)</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chairman
      of the Board of Louisiana-Pacific Corporation (<font style="DISPLAY: inline; FONT-STYLE: italic">building products</font>) from
      January 1996 to October 2004.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td valign="top" width="14%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="15%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Douglas
      W.G. Whitehead British Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Director of Ballard. Chairman of Finning International Inc. (<font style="DISPLAY: inline; FONT-STYLE: italic">heavy equipment
      reseller</font>). Formerly President and Chief Executive Officer of
      Finning International from 1999 to May 2008.</font></div>
                </td>
                <td align="left" valign="top" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1998</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,383/0.005%</font></div>
                </td>
                <td align="left" valign="top" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">36,916/11.68%</font></div>
                </td>
              </tr></table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Notes</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information as to place of residence, principal occupation, business or
      employment of, and shares beneficially owned, or controlled or directed,
      directly or indirectly, by a director is not within the knowledge of our
      management and has been furnished by the director.&#160;&#160;Information
      on shares beneficially owned, or controlled or directed is accurate as at
      March 15, 2010.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rounded
      to the nearest whole number.&#160;&#160;Information is accurate as at
      March 15, 2010.&#160;&#160;In reviewing the status of Ballard&#8217;s share
      incentive plans in connection with the recently completed transaction with
      Superior Plus Income Fund, Ballard determined that a total of 169,276 DSUs
      had been issued to directors in excess of a limitation set out in
      Ballard&#8217;s 2003 Share Distribution Plan.&#160;&#160;Shareholders approved
      the grant of these DSUs at its annual general meeting in
      2009.&#160;&#160;Starting in 2009, all elements of director compensation
      are paid in cash.&#160;&#160;Ballard does not plan in the near future to
      issue further DSUs to directors as
compensation.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Directors
are elected yearly at our annual shareholders&#8217; meeting and serve on the Board
until the following annual shareholders&#8217; meeting, at which time, they either
stand for re-election or resign from the Board.&#160;&#160;If no meeting is
held, each director serves until his or her successor is elected or appointed,
unless the director resigns earlier.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporate
      Governance</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our Board
and senior management consider good corporate governance to be central to our
effective and efficient operation.&#160;&#160;We monitor corporate governance
initiatives as they develop and benchmark industry practices to ensure that we
are in compliance with corporate governance rules and best
practices.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
corporate governance practices are reflected in our "Corporate Governance
Guidelines", which provide for director qualification standards, director
</font></div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 28
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: justify">responsibilities, the form and amount of
director compensation, director orientation and continuing education, management
succession planning and performance evaluation of the Board.&#160;&#160;A copy
of the Corporate Governance Guidelines can be found on our website.</div>
      <div style="TEXT-ALIGN: justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
reviewed our internal control and disclosure procedures, and are satisfied that
they are sufficient to enable our Chief Executive Officer and Chief Financial
Officer to certify our interim and annual reports filed with Canadian securities
authorities, and to certify our annual reports filed with or submitted to the
United States Securities and Exchange Commission ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">SEC</font>").</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160; </font>Board Composition</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All of
our directors are independent except for John Sheridan, our President and Chief
Executive Officer.&#160;&#160;"Independence" is judged in accordance with the
provisions of the United States <font style="DISPLAY: inline; FONT-STYLE: italic">Sarbanes-Oxley Act of 2002</font>
("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Sarbanes-Oxley</font>"), and
as determined by the Canadian securities regulatory authorities ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">CSA</font>") and the
NASDAQ.&#160;&#160;We conduct an annual review of the other corporate boards on
which our directors sit, and have determined that currently one board interlock
exists with respect to our directors.&#160;&#160;Mr. Sheridan is a director of
NewPage Corporation and Mr. Suwyn is the Chairman of the Board of NewPage
Corporation.&#160;&#160;We are not affiliated or related to NewPage Corporation
in any way, do not do any business with NewPage Corporation and we operate in a
different industry than NewPage Corporation.&#160;&#160;The Board has also
established a guideline for the maximum number of corporate boards on which a
director should sit.&#160;&#160;This guideline has been set at five corporate
boards (not including non-profit boards).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
established director resignation guidelines, which set out the circumstances
under which a director would be compelled to offer a resignation or be asked to
resign, including a majority voting policy.&#160;&#160;This policy requires that
any nominee for director who receives a greater number of votes "withheld" than
"for" his or her election shall tender his or her resignation to the Board
following our annual shareholders&#8217; meeting, to take effect immediately upon
acceptance by the Board.&#160;&#160;Upon receipt of such conditional
resignation, the Corporate Governance Committee will consider the matter and, as
soon as possible, make a recommendation to the full Board regarding whether or
not such resignation should be accepted. After considering the recommendation of
the Corporate Governance Committee, the Board will decide whether or not to
accept the tendered resignation and will, not later than 90 days after the
annual shareholders&#8217; meeting, issue a press release which either confirms that
they have accepted the resignation or provides an explanation for why they have
refused to accept the resignation.&#160;&#160;The director tendering his or her
resignation will not participate in any meeting of the Board or the Corporate
Governance Committee, which considers the resignation. Subject to any
restrictions or requirements contained in applicable corporate law or Ballard&#8217;s
constating documents, the Board may: (a) leave a resulting </font></div>
      <div><br></div>
      <div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: justify">vacancy unfilled until the next annual
shareholders&#8217; meeting; (b) appoint a replacement director whom the Board
considers merits the confidence of the shareholders; or (c) call a special
meeting of shareholders to elect a replacement director nominated by management.
The policy does not apply in respect of any contested shareholders&#8217; <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">meeting,
which is any meeting of shareholders where the number of nominees for director
is greater than the number of directors to be elected.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Share
Ownership Guidelines</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
minimum share ownership guidelines that apply to our independent
directors.&#160;&#160;The guidelines require each director to hold the lesser
of:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      number of our shares having a value equivalent to five times the
      director&#8217;s annual Board retainer or, in the case of the Chair of the
      Board, a value equivalent to three times the Chair&#8217;s annual retainer, in
      each case with such number of shares calculated using the then-applicable
      share price of our shares, determined on an annual basis;
    and</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      number of our shares having a value equivalent to five times the
      director&#8217;s annual Board retainer or, in the case of the Chair of the
      Board, a value equivalent to three times the Chair&#8217;s annual retainer, in
      each case with such number of shares calculated using the closing price of
      our shares on May 12, 2006.<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#ref.ID0EXSBK">3</a></font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">)</font></font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Directors
that were members of the Board at the time the guidelines were adopted in July
2003 had until July 2008 to comply with this requirement.&#160;&#160;Directors
elected subsequently have five years from the date that they are first elected
to the Board to comply.&#160;&#160;The Chair of the Board has five years from
his original appointment as Chair in February 2006 to satisfy the minimum share
ownership requirements for the Chair.&#160;&#160;Directors may apply the DSUs,
which they receive as payment for all or part of their annual retainer, towards
the minimum share ownership requirements.&#160;&#160;Any director who fails to
comply with the share ownership requirement may not stand for
re-election.&#160;&#160;Currently, all directors have met or are on track to
achieve these guidelines.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Roles
and Responsibilities</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
operates under a formal mandate (a copy of which is attached as Appendix "A" and
is posted on our website), which sets out its duties and responsibilities,
including matters such as corporate strategy, fiscal management and reporting,
selection of management, legal and regulatory compliance, risk management,
external communications and performance evaluation.&#160;&#160;The Board has
also established </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div>
          <hr style="COLOR: black" align="left" noshade size="1" width="10%">
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">)</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Based on the closing price of our
      shares on the TSX in cases where the retainer is paid in Canadian dollars
      (which closing price was C$8.78 on May 12, 2006) or on the NASDAQ in cases
      where the retainer is paid in United States dollars (which closing price
      was $7.98 on May 12,
2006).</font></font></div>
                </td>
              </tr></table>
        </div>
      </div>
      <div><br></div>
      <div>
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          </div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">terms of
reference for individual directors (a copy of which is attached as Appendix "B"
and is posted on our website), which set out the directors&#8217; individual
responsibilities and duties.&#160;&#160;These terms of reference serve as a code
of conduct with which each director is expected to comply, and address matters
such as conflicts of interest, the duties and standard of care of directors, the
level of availability expected of directors, requirements for maximizing the
effectiveness of Board and committee meetings, and considerations that directors
are to keep in mind in order to make effective and informed
decisions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
has also established terms of reference for the committee chairs, our Chief
Executive Officer and our Chair of the Board.&#160;&#160;In addition, we have a
Board-approved "Code of Ethics", which applies to all members of the Board, as
well as our officers and employees.&#160;&#160;A copy of the Code of Ethics and
the terms of reference for the committee chairs, our Chief Executive Officer and
our Chair of the Board can be found on our website.&#160;&#160;All of these
documents are reviewed annually, and are updated or revised as
necessary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Chair
of the Board is responsible for ensuring the appropriate organization, content
and flow of information to the Board and that all concerns of the directors are
addressed.&#160;&#160;The Chair of the Board reviews and sets the agenda for
each Board meeting.&#160;&#160;The Chair of the Board is also responsible for
organizing and setting the frequency of Board meetings and ensuring that Board
meetings are conducted efficiently.&#160;&#160;The Chair of the Board is an
independent director.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
year, the Board identifies a list of improvement priorities for the Board during
the year.&#160;&#160;The Corporate Governance Committee regularly monitors the
Board&#8217;s progress against these improvement priorities throughout the
year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Board
Orientation and Education</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
established a formal director orientation and ongoing education
program.&#160;&#160;Upon joining our Board, each director receives an
orientation regarding our business.&#160;&#160;Such orientation consists of site
visits to all of our manufacturing facilities, presentations regarding our
business, technology and products, and a manual that contains various reference
documents and information.&#160;&#160;Continuing education is offered by way of
ongoing circulation of informative materials aimed at topical subject matters
and management presentations at Board meetings, as well as guest speakers who
are invited to speak to our Board on various topics.&#160;&#160;In the past, we
have invited guest speakers to speak to our Board about the fuel cell industry,
government regulation, corporate governance and risk management, and internal
management representatives to speak about various issues relating to our
technology and business.&#160;&#160;The educational presentations that are made
by internal management provide an opportunity for Board members to meet and
interact with members of our management team.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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</font></div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Shareholder
Feedback and Communication</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
set up an e-mail process for shareholders to communicate with the Board, through
the Chair of the Board.&#160;&#160;Shareholders who wish to send a message to
the Chair of the Board can find the details of this process on our
website.&#160;&#160;&#160;In addition, a summary of shareholder feedback that is
received by us is provided to the Board through a semi-annual
report.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Board
and Director Performance Evaluations</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
directors conduct an annual performance evaluation of the Board, Board
committees, and the Chair of the Board through a process overseen by the
Corporate Governance Committee.&#160;&#160;Evaluation questionnaires are
completed and a summary report is generated for and reviewed by the Corporate
Governance Committee.&#160;&#160;The Corporate Governance Committee works with
management to improve Board processes and to address concerns raised in the
evaluation questionnaires, and reports to the full Board on the evaluation
results and proposed action items. In addition, the directors evaluate each
other every two years and conduct individual self-evaluations in the alternate
years, the results of which are forwarded to the Chair of the Board who then
reviews the results and meets with each director to conduct an individual
director performance evaluation.&#160;&#160;The Board also sets annual
effectiveness goals, and tracks performance against those goals.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;
Compliance in Canada and the United States</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
believe that we comply with all applicable CSA and NASDAQ corporate governance
rules and guidelines.&#160;&#160;The CSA requires that listed corporations
subject to <font style="DISPLAY: inline; FONT-STYLE: italic">National Instrument
58-101 - Disclosure of Corporate Governance Practices</font> ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">NI 58-101</font>") disclose their
policies respecting corporate governance.&#160;&#160;We comply with NI 58-101,
which addresses matters such as the constitution and independence of corporate
boards, the functions to be performed by boards and their committees, and the
effectiveness and education of board members.&#160;&#160;We are exempt from the
NASDAQ corporate governance rule requiring that each NASDAQ quoted company has
in place a minimum quorum requirement for shareholder meetings of 33 1/3% of the
outstanding shares of the company&#8217;s voting common stock.&#160;&#160;Our by-laws
currently provide that a quorum is met if holders of at least five percent of
the votes eligible to be cast at a shareholders&#8217; meeting are present or
represented by proxy at the meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The CSA&#8217;s
<font style="DISPLAY: inline; FONT-STYLE: italic">National Policy 58-201 &#8211;
Corporate Governance Guidelines</font> requires that a board have a majority of
independent directors. If a director is an executive officer, general partner,
managing member, or both a director and an employee of an "affiliated entity",
that director will not be independent.&#160;&#160;In such a case, the board of
directors should, in addition to having a majority of independent directors,
include a number of directors who do not have interests in, or relationships
with, either the company or the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          <div id="FTR">
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</font></div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">affiliated
entity and should be constituted to fairly reflect the investment in the company
by shareholders other than the affiliated entity.&#160;&#160;An "affiliated
entity" of a company is defined as, among other things, an entity that can
"control" the company, directly or indirectly, thereby determining the direction
of management and policies of the company, whether by share ownership or
otherwise.&#160;&#160;As we are not "controlled" by another entity, none of our
directors act as representatives of an affiliated entity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
      Committees</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our Board
has established three standing committees: the Audit Committee; the Management
Development, Nominating &amp; Compensation Committee; and the Corporate
Governance Committee.&#160;&#160;Each of these committees has been delegated
certain responsibilities, performs certain advisory functions, and either makes
certain decisions or makes recommendations to the full Board.&#160;&#160;Each of
the committee chairs reports on the activities of the committee to the Board
following each committee meeting.&#160;&#160;None of the members of these
committees are current or former officers or employees of ours, or any of our
subsidiaries.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In July
2009, in support of the Corporation's cost reduction initiatives, the Board
decided to reduce the size of the standing committees.&#160;&#160;This was
accomplished by providing that committee chairs no longer maintain membership on
multiple committees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Audit
Committee</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Audit
Committee is constituted in accordance with SEC rules, applicable securities
laws and applicable NASDAQ rules, and assists the Board in fulfilling its
responsibilities by reviewing financial information, the systems of corporate
controls and the audit process.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Audit
Committee is responsible for overseeing the audit process and the preparation of
our financial statements, ensuring that our financial statements are fairly
presented in accordance with generally accepted accounting principles, approving
our quarterly financial statements, and reviewing and recommending to the Board
our year-end financial statements and all financial disclosure contained in our
public documents.&#160;&#160;The Audit Committee meets with our financial
officers and our internal and external auditors to review matters affecting
financial reporting, the system of internal accounting and financial disclosure
controls and procedures, and the audit procedures and audit
plans.&#160;&#160;The Audit Committee reviews our significant financial risks
and the appointment of senior financial executives, and annually reviews our
insurance coverage, tax loss carry forwards, pension and health care
liabilities, and off-balance sheet transactions.&#160;&#160;The Audit Committee
has at least one member, Ian A. Bourne, who qualifies as an audit committee
financial expert under applicable securities regulations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          <div id="FTR">
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</font></div>
          </div>
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              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
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            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All of
the members of the Audit Committee are independent directors and are financially
literate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Audit
Committee is responsible for recommending the appointment of our external
auditors (for shareholder approval at our annual general meeting), monitoring
the external auditors&#8217; qualifications and independence, and determining the
appropriate level of remuneration for the external auditors.&#160;&#160;The
external auditors report directly to the Audit Committee.&#160;&#160;The Audit
Committee also approves in advance, on a case-by-case basis, any services to be
provided by the external auditors that are not related to the
audit.&#160;&#160;The following table shows the costs incurred with KPMG in 2009
and 2008 for audit and non-audit related work, all of which were approved by the
Audit Committee:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="40%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
              <td align="left" valign="top" width="26%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Type
      of Audit Fees</font></div>
              </td>
              <td align="left" valign="top" width="23%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2009</font></div>
              </td>
              <td align="left" valign="top" width="23%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2008</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="26%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Audit
      Fees</font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$340,089</font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$415,187<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
              </td>
            </tr><tr>
              <td valign="top" width="26%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Audit-Related
      Fees</font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$9,587</font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$13,995</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="26%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tax
      Fees</font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$6,115<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$37,864<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></div>
              </td>
            </tr><tr>
              <td valign="top" width="26%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">All
      Other Fees</font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Nil</font></div>
              </td>
              <td valign="top" width="23%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Nil</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Notes</font></div>
              </td>
            </tr></table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Audit Fees for 2008 include services as a result of the AFCC Transaction
      and the Superior Plus Transaction.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Tax Fees for 2009 and 2008 related to tax advisory services and the filing
      of our 2008 Canadian and United States corporate tax
    returns.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, the Audit Committee is mandated to review all financial disclosure
contained in prospectuses, annual reports, annual information forms, management
proxy circulars and other similar documents.&#160;&#160;The Audit Committee is
also responsible for ensuring that the internal audit function is being
effectively carried out.&#160;&#160;The Audit Committee reviews and approves, in
advance, related party transactions on a case-by-case basis.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
March 15, 2010, the committee was composed of Ian A. Bourne, Edwin J. Kilroy
(Chair), Mark A. Suwyn and Douglas W.G. Whitehead, all of whom are independent
of management.&#160;&#160;(David B. Sutcliffe also served on the committee in
2009.&#160;&#160;Mr. Sutcliffe ceased to be a member on July 13, 2009,
consistent with the decision that committee chairs no longer maintain membership
on multiple committees.)&#160;&#160;In addition to each committee member&#8217;s
general business experience, the education and experience of each member that is
relevant to the performance of his or her responsibilities as a member of the
Audit Committee is set forth below.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          </div>
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          </div>
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            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Bourne is a Corporate Director and Chair of the Board of Ballard.&#160;&#160;He
was TransAlta Corporation&#8217;s Executive Vice President from January 1998 to
December 2006.&#160;&#160;From January 1998 to December 2005, Mr. Bourne was the
Chief Financial Officer of TransAlta and was responsible for all financial
policy, planning and reporting, as well as tax, treasury and risk management
planning and implementation.&#160;&#160;He sits on the boards of SNC-Lavalin
Group, Canadian Public Accountability Board, Wajax Income Fund, Canada Pension
Plan Investment Board and Canadian Oil Sands Trust.&#160;&#160;Mr. Bourne has
completed the Directors Education Program of the Institute of Corporate
Directors and has received his ICD.D designation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Kilroy has been the Chief Executive Officer of Symcor Inc. since January
2005.&#160;&#160;Prior to that, Mr. Kilroy was the Chief Executive Officer of
IBM Canada Ltd. from April 2001 to January 2005.&#160;&#160;Mr. Kilroy is also a
director of Symcor and The Conference Board of Canada.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Sutcliffe is a Corporate Director.&#160;&#160;He was the Chief Executive Officer
of Sierra Wireless, Inc. from May 1995 to October 2005.&#160;&#160;From May 2001
to April 2005, he was also the Chair of the Board of Sierra Wireless,
Inc.&#160;&#160;Mr. Sutcliffe currently sits on the board of Sierra Wireless,
Inc.&#160;&#160;Mr. Sutcliffe&#8217;s public company chief executive officer
experience includes Canadian and United States reporting.&#160;&#160;Mr.
Sutcliffe has previously served on the audit committee of E-Comm 911 and has
completed the Directors Education Program of the Institute of Corporate
Directors and has received his ICD.D designation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Suwyn
is Executive Chairman of the Board of NewPage Corporation, a position he has
held since March 2009.&#160;&#160;Previously, he was the Acting Chief Executive
Officer of NewPage Corporation from March 2009 to January 2010; and Chairman of
the Board and the Chief Executive Officer of NewPage Corporation since May 2005
and April 2006, respectively.&#160;&#160;Mr. Suwyn was the President of Marsuw
Investment from November 2004 to April 2005.&#160;&#160;From January 1996 to
October 2004, Mr. Suwyn was also the Chairman of the Board and the Chief
Executive Officer of Louisiana-Pacific Corporation.&#160;&#160;He sits on the
boards of NewPage Corporation and BlueLinx Corporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Whitehead is the Chairman of Finning International Inc., and was elected to
Finning International&#8217;s board of directors on April 23, 1999.&#160;&#160;Mr.
Whitehead was President and Chief Executive Officer of Finning International
from 1999 to May 2008.&#160;&#160;Mr. Whitehead is also a director of
International Forest Products Inc., INMET Mining Corporation, Belkorp Industries
Inc. and Vancouver General Hospital/University of British Columbia Hospital
Foundation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Audit
Committee operates under a mandate that is approved by the Board and which
outlines the responsibilities of the Audit Committee.&#160;&#160;A copy of the
Audit Committee&#8217;s mandate is attached as Appendix "C" and is posted on our
website.&#160;&#160;This</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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</font></div>
          </div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">mandate
is reviewed annually and the Audit Committee&#8217;s performance is assessed annually
through a process overseen by the Corporate Governance Committee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Management
Development, Nominating &amp; Compensation Committee</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Management Development, Nominating &amp; Compensation Committee is responsible
for considering and authorizing the terms of employment and compensation of
executive officers and providing advice on compensation structures in the
various jurisdictions in which we operate.&#160;&#160;In addition to approving
the compensation of our executive officers, the committee also regularly reviews
and sets the minimum share ownership requirement for executive
officers.&#160;&#160;The committee also provides advice on our organizational
structure, reviews all distributions under our equity-based compensation plans,
and reviews and approves the design and structure of, and any amendments to,
those plans.&#160;&#160;The committee seeks out and recommends nominees for
election to the Board, annually reviews the Board succession plan and annually
reviews the composition of director talents and skills against Board
requirements to identify any gaps.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
committee ensures appropriate senior management succession planning,
recruitment, development, training and evaluation.&#160;&#160;In particular, the
committee annually reviews the performance objectives of our Chief Executive
Officer and is responsible for conducting his annual performance
evaluation.&#160;&#160;Any compensation consultants engaged by us, at the
direction of the committee, report directly to the committee, and the committee
has the authority to appoint such consultants, determine their level of
remuneration, and oversee and terminate their services.&#160;&#160;In 2009, the
committee directly retained Towers Perrin to provide independent compensation
analysis and advice specifically related to Ballard executive compensation items
and to establish 2009 pay target levels for Ballard executives.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
March 15, 2010, the committee was composed of Ian A. Bourne, Dr. C.S. Park, Dr.
Geraldine B. Sinclair and David B. Sutcliffe (Chair), all of whom are
independent of management.&#160;&#160;(David J. Smith also served on the
committee in 2009.&#160;&#160;Mr. Smith ceased to be a member on July 13, 2009,
consistent with the decision that committee chairs no longer maintain membership
on multiple committees.)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Management Development, Nominating &amp; Compensation Committee&#8217;s mandate is
attached as Appendix "D" and is posted on our website.&#160;&#160;The mandate is
reviewed annually and the committee&#8217;s performance is assessed annually through a
process overseen by the Corporate Governance Committee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Corporate
Governance Committee</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Corporate Governance Committee is responsible for recommending to the Board the
size of the Board, monitoring corporate governance, including the formation
</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      </div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 36
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
membership of committees of the Board, conducting succession planning for the
Chair of the Board and determining director compensation.&#160;&#160;The
committee regularly reviews the level of director compensation and approves the
design and structure of, and any amendments to, our director compensation
plans.&#160;&#160;The committee is responsible for ensuring a formal process
exists to evaluate the performance of the Board, Board committees, individual
directors, and the Chair of the Board, and ensuring that appropriate actions are
taken, based on the results of the evaluation, to improve the effectiveness of
the Board.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Corporate Governance Committee ensures that the Board complies with best
corporate governance practices in Canada and the United States.&#160;&#160;The
committee is also responsible for maintaining an ongoing education program for
Board members.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
March 15, 2010, the committee was composed of Ian A. Bourne, Dr. C.S. Park, Dr.
Geraldine B. Sinclair and David J. Smith (Chair), all of whom are independent of
management.&#160;&#160;(Edwin J. Kilroy also served on the committee in
2009.&#160;&#160;Mr. Kilroy ceased to be a member on July 13, 2009, consistent
with the decision that committee chairs no longer maintain membership on
multiple committees.&#160;&#160;In order to maintain an adequate quorum
following the departure of Mr. Kilroy, Dr. Park joined the Corporate Governance
Committee at that time.)&#160;&#160;Mr. Smith has completed the Directors
Education Program of the Institute of Corporate Directors and has received the
ICD.D designation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Corporate Governance Committee&#8217;s mandate is attached as Appendix "E" and is
posted on our website.&#160;&#160;The mandate is reviewed annually and the
committee&#8217;s performance is assessed annually through a process overseen by the
Board.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Officers</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
March 15, 2010, we had six executive officers.&#160;&#160;The name and province
or state of residence of each executive officer, the offices held by each
officer and each officer&#8217;s principal occupation during the last five years are
as follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
              <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      and Province/State of Residence</font></div>
              </td>
              <td align="left" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Position</font></div>
              </td>
              <td align="left" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Principal
      Occupation</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">John
      W. Sheridan</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President
      and Chief Executive Officer</font></div>
              </td>
              <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      of Ballard.</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Bruce
      Cousins</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
              </td>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President and Chief Financial Officer</font></div>
              </td>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      of Ballard.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Formerly
      Vice President Finance and Chief Financial Officer for Xantrex Technology
      Inc. (2008) and Executive Vice President and Chief Financial Officer
      for</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 37
- -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="50%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
                <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      and Province/State of Residence</font></div>
                </td>
                <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Position</font></div>
                </td>
                <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Principal
      Occupation</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td valign="top" width="26%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Aspreva
      Pharmaceuticals Corporation (2004 to 2008).</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">William
      T. Foulds</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Massachusetts,
      U.S.A.</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President,
      Ballard Material Products Inc.</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      of Ballard.</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paul
      Cass</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President, Operations</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      of Ballard. Formerly Director, Operations of Ballard.</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Michael
      Goldstein</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President and Chief Commercial Officer</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      of Ballard. Formerly President and Chief Executive Officer of Actuality
      Systems (2006 to 2009) and Independent Investment Banker and Consultant
      for MGA Partners (2003 to 2005).</font></div>
                </td>
              </tr><tr>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr><tr>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Christopher
      J. Guzy</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">British
      Columbia, Canada</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President and Chief Technical Officer</font></div>
                </td>
                <td align="left" valign="top" width="26%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      of Ballard. Formerly General Manager of Global Product Company, GE
      Healthcare&#8217;s product development and supply chain operations in Hungary
      (2001 to 2005).</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shareholdings
      of Directors and Senior Officers</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
March 15, 2010, our directors and executive officers, as a group, beneficially
owned, or controlled or directed, directly or indirectly, 469,049 of our common
shares, being 0.56% of our issued and outstanding common shares, and 316,152
DSUs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>TRANSFER AGENT AND
REGISTRAR</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
transfer agent and registrar is Computershare Trust Company of Canada, 100
University Avenue, 9<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font>
Floor, Toronto, Ontario, M5J 2Y1.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">MATERIAL
CONTRACTS</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Particulars
of every contract that is material to Ballard, other than a contract entered
into in the ordinary course of business that is not required to be disclosed
under the CSA&#8217;s<font style="DISPLAY: inline; FONT-STYLE: italic"> National
Instrument 51-102 &#8211; Continuous Disclosure Obligations</font>, and that was
</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      </div>
      <div>
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          <div id="FTR">
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</font></div>
          </div>
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            </div>
          </div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">entered
into within the most recently completed financial year, or before the most
recently completed financial year but is still in effect, are listed
below.&#160;&#160;As all of these material contracts have been entered into in
connection with either the AFCC Transaction or the Superior Plus Transaction,
they are described below in conjunction with the more detailed description of
the transaction to which they relate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Detailed
      Description of the AFCC Transaction and Associated Material
      Contracts</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The AFCC
Transaction generally provided for the transfer of certain of our automotive
fuel cell research and development assets (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transferred Automotive R&amp;D
Assets</font>") to Daimler and Ford.&#160;&#160;The AFCC Transaction was
implemented through: (a)&#160;our transfer to AFCC of the Transferred Automotive
R&amp;D Assets and the assumption by AFCC of our automotive fuel cell warranty
liabilities to Daimler, Ford and their affiliates in return for a 100% equity
interest in AFCC; (b)&#160;our transfer to Daimler of 50.1% of our equity
interest in AFCC, an interest in and a licence to use certain of our
intellectual property rights, and $36.2 million; (c)&#160;our transfer to Ford
of 30.0% of our equity interest in AFCC, an interest in and a licence to use
certain of our intellectual property rights,&#160;&#160;and $21.8 million; and
(d)&#160;the transfer by Daimler and Ford of their entire direct and indirect
shareholdings in Ballard to us for cancellation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We valued
the shares being returned to us by Daimler and Ford at $173.9 million. The AFCC
Transaction is described more fully in the remainder of this
section.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Transfer
of Automotive Fuel Cell Research and Development Assets</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AFCC,
which is controlled by Daimler and Ford, was created to carry on the business
involving the Transferred Automotive R&amp;D Assets.&#160;&#160;As an initial
step, we transferred to AFCC our automotive fuel cell test equipment, automotive
fuel cell inventory, office equipment, $2 million in cash and all automotive
fuel cell development contracts between Ballard, Daimler and Ford.&#160;&#160;In
exchange, AFCC assumed our automotive fuel cell warranty liabilities to Daimler,
Ford and their affiliates, and issued to Ballard a 100% equity interest in
AFCC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ballard
then transferred: (a)&#160;to Daimler, a 50.1% equity interest in the
outstanding shares of AFCC, an undivided half interest in our intellectual
property rights principally used for propulsion systems in cars, vans, trucks
and buses ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Automotive
Propulsion Applications</font>") (such intellectual property rights being
referred to as "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Automotive
Intellectual Property Rights</font>"), and $36.2 million, as well as providing
Daimler with a licence to use certain of its intellectual property rights; and
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;to
Ford, a 30.0% equity interest in the outstanding shares of AFCC, the remaining
undivided half interest in our Automotive Intellectual Property Rights, and
$21.8 million, as well as providing Ford with a licence to use certain of its
intellectual property rights.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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          </div>
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            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result of the foregoing, we hold a 19.9% equity interest in AFCC. In addition,
under the AFCC Transaction, we retained the right to continue to develop fuel
cell modules for large buses (other than Daimler and Ford branded large buses),
as well as shuttle buses in Canada for use by transit authorities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
exchange, Daimler transferred to us 21,392,598 common shares and 50 Class A
shares in the capital of DBF Pref Shareholdings Inc. ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">DBF</font>", an entity jointly owned
by Ballard, Daimler and Ford) (collectively representing Daimler&#8217;s entire direct
and indirect equity interest in Ballard), and Ford transferred to us 12,868,700
common shares and 50 Class C shares in the capital of DBF (collectively
representing Ford&#8217;s entire direct and indirect equity interest in Ballard). We
valued the shares being returned by Daimler and Ford to us at $173.9
million.&#160;&#160;In addition, Daimler and Ford provided initial funding to
AFCC of $118 million for engineering, development and testing work.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Employee
Transfers</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
transferred to AFCC 112 personnel primarily involved in our automotive fuel cell
business (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transferred
Employees</font>"), representing approximately 20% of our
personnel.&#160;&#160;In order to make the transfer of the Transferred Employees
from Ballard to AFCC as seamless as possible, we continue to honour all
equity-based, long-term compensation previously issued to such Employees by us,
for so long as the Transferred Employee remains an employee of
AFCC.&#160;&#160;In order to honour such equity-based, long-term compensation,
Ballard&#8217;s share option plans, share distribution plans and restricted share unit
plan were amended by resolution of the Board.&#160;&#160;In the future, however,
we will not issue further options or restricted share units (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">RSUs</font>") to the Transferred
Employees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Termination
of Automotive Alliance</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
the AFCC Transaction, we are no longer directly involved in automotive fuel cell
research and development. As a result, we entered into a termination agreement
with Daimler and Ford dated January 31, 2008 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Termination Agreement</font>") under
which we terminated the Amended and Restated Fourth Alliance Agreement between
Ballard, Daimler, Ford and DBF dated February 15, 2007 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fourth Alliance
Agreement</font>").&#160;&#160;Under the Termination Agreement, the only aspects
of the Fourth Alliance Agreement that survived the termination are:
(a)&#160;Ballard&#8217;s non-competition obligations in favour of NuCellSys, which
continue on substantially the same terms as previously under a new agreement
between Ballard, Daimler, Ford and NuCellSys dated January 31, 2008, since
Ballard received the <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">consideration
for this non-competition obligation from Daimler and Ford in 2005; and
(b)&#160;Ballard&#8217;s right to acquire fuel cell intellectual property rights
developed by Daimler or Ford prior to the termination of the Fourth Alliance
Agreement, which continues under the shareholders&#8217; agreement entered into by
Ballard, Daimler, Ford and AFCC dated January 31, 2008.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
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</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Amendment
of Articles</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with the termination of the Fourth Alliance Agreement and the return
by Daimler and Ford to Ballard of their entire equity interest in Ballard,
Daimler and Ford lost their right to appoint nominees to the Ballard&#8217;s Board and
the right of those nominees to exercise certain special approval rights in
respect of certain fundamental matters, such as: (a)&#160;our annual business
plan; (b)&#160;any significant proposed acquisition, disposition or borrowing
not set out in our annual business plan; and (c)&#160;fundamental corporate
changes such as an amalgamation, arrangement or reorganization. In order to
terminate such rights, we amended our articles to eliminate the Class A common
shares and Class B common shares from our authorized
capital.&#160;&#160;Ballard&#8217;s shareholders approved this change by special
resolution on January 25, 2008.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Arrangements
with respect to AFCC</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The 19.9%
equity interest we retained in AFCC is subject to a purchase agreement with
Ford, Daimler and AFCC dated January 31, 2008 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Share Purchase Agreement</font>")
under which Ballard may require Ford to purchase its equity interest in AFCC on
or after January 31, 2013 for $65 million (plus interest accruing at LIBOR
rates), provided that: (a)&#160;at our request, such purchase will occur on an
earlier date specified by us in the event of: (i)&#160;a change of control of
Daimler, Ford or AFCC; (ii)&#160;Daimler, Ford or AFCC being subject to
insolvency or bankruptcy proceedings; or (iii)&#160;AFCC being the subject of a
significant reorganization; or (b)&#160;at Ford&#8217;s request, such purchase will
occur on an earlier date specified by Ford in the event of: (i)&#160;a change of
control of Ballard; or (ii)&#160;Ballard being subject to insolvency or
bankruptcy proceedings.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While we
can accelerate Ford&#8217;s obligation to purchase our interest in AFCC in
circumstances in which Ford becomes insolvent or bankrupt, in such circumstances
our ability to enforce this obligation would be subject to the limitations on
creditor&#8217;s rights under applicable bankruptcy and insolvency legislation and
Ford&#8217;s remaining resources, the combination of which could result our being
unable to make any recovery.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, Ford has the right, subject to the consent of Daimler, to purchase our
equity interest in AFCC at any time to prevent another automotive manufacturer
from obtaining an ownership interest in AFCC.&#160;&#160;Under such
circumstances, the price paid by Ford to Ballard will be the greater of the base
price set out above and a proportionate share of any higher price to be paid by
such automotive manufacturer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">On December 21, 2009,&#160;we closed an agreement with a financial
institution to monetize our rights under the Share Purchase Agreement with Ford
relating to our 19.9% equity interest in AFCC.&#160;&#160;We received total
gross proceeds of approximately $44.5 million: $37 million was paid on closing
and a further contingent payment of $7.5 million is due on or before January 31,
2013.&#160;&#160;Ballard's receipt of the contingent payment </div>
      <div><br>&#160;</div>
      <div>
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</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">is
subject to the financial institution's rights in the transaction remaining
unsubordinated. As part of the monetization agreement, Ballard pledged its
shares in AFCC and assigned its right to "put" or sell those shares to Ford for
$65 million plus interest after January 31, 2013.&#160;&#160;The value of the
monetization of the agreement with a financial institution was determined based
on a number of variables, including Ford's cost of borrowing, expected LIBOR,
time remaining to the Share Purchase Agreement's maturity date and general
market and other conditions.&#160;&#160;All required approvals from Daimler,
Ford and AFCC were received prior to the closing of the
transaction.&#160;&#160;Ballard's intellectual property rights, as described
below, are unaffected by this transaction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pending
completion of the purchase of our interest in AFCC under the Share Purchase
Agreement, our rights and obligations with respect to AFCC are set out in a
shareholders agreement with Daimler, Ford and AFCC dated January 31, 2008 (the
"<font style="DISPLAY: inline; FONT-WEIGHT: bold">AFCC Shareholders&#8217;
Agreement</font>").&#160;&#160;Under the AFCC Shareholders&#8217; Agreement, while we
remain a shareholder of AFCC: (a)&#160;we have no obligation to fund any of
AFCC&#8217;s operating expenses; (b)&#160;we are entitled to appoint one director to
AFCC&#8217;s board of directors (provided that we hold more than 7.5% of the issued
and outstanding shares in AFCC); (c)&#160;we will not compete with Daimler, Ford
or AFCC in fuel cells or fuel cell systems for Automotive Propulsion
Applications, except for shuttle buses in Canada and large bus applications
world-wide (other than Daimler and Ford branded buses); (d)&#160;Daimler, Ford
and AFCC will not compete with us in fuel cells or fuel cell systems for
non-Automotive Propulsion Applications ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Non-Automotive Applications</font>"),
except for auxiliary power units for use in automobiles and European Aeronautic
Defence and Space Company aircraft;<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>(e)&#160;we will not
solicit the employees of Daimler, Ford or AFCC; and (f)&#160;Daimler, Ford and
AFCC will not solicit our employees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For a
period of 18 months starting from January 31, 2008, we will not hire employees
of AFCC and AFCC will not hire employees of Ballard.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Treatment
of Intellectual Property</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition to the transfer of our Automotive Intellectual Property Rights to
Daimler and Ford, we entered into a number of arrangements relating to
intellectual property in connection with the AFCC Transaction:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NuCellSys
      transferred to us the intellectual property, which is fundamental to both
      Automotive Propulsion Applications and Non-Automotive Applications (such
      intellectual property rights being referred to as "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fundamental Intellectual
      Property Rights</font>") and the intellectual property used in
      Non-Automotive Applications ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Non-Automotive Intellectual
      Property Rights</font>") that was jointly owned by us.&#160;&#160;Pursuant
      to a licence agreement with NuCellSys dated January 31, 2008, (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">NuCellSys Licence
      Agreement</font>") NuCellSys granted to us a
  non-</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">exclusive,
      worldwide, royalty-free, sublicensable licence to use all of its existing
      intellectual property for Non-Automotive
  Applications.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      the terms of a "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Master
      Licence Agreement</font>" and a "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fundamental Master Licence
      Agreement</font>" each between Ballard, Daimler and Ford and dated January
      31, 2008, Ballard granted to each of Daimler and Ford a non-exclusive,
      world-wide, royalty-free licence to use Ballard&#8217;s Fundamental Intellectual
      Property Rights and its Non-Automotive Intellectual Property Rights for
      Automotive Propulsion Applications and each of Daimler and Ford granted
      Ballard a non-exclusive, world-wide, royalty-free licence to use their
      Automotive Intellectual Property Rights for Non-Automotive
      Applications.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      the terms of an "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Improvements Licence
      Agreement</font>" and a "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fundamental Improvement Licence
      Agreement</font>" each between Ballard, Daimler and Ford and dated January
      31, 2008, Ballard granted to each of Daimler and Ford a non-exclusive,
      world-wide, royalty-free licence to use all of the intellectual property
      relating to fuel cells developed by Ballard while it is a shareholder of
      AFCC for use in Automotive Propulsion Applications and each of Daimler and
      Ford granted Ballard a non-exclusive, world-wide, royalty-free licence to
      use all of the intellectual property relating to fuel cells developed,
      directly or indirectly, by either of them while Ballard is a shareholder
      of AFCC for use in Non-Automotive
Applications.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the
event the bankruptcy of an owner or licensor of intellectual property rights,
there is some uncertainty as to the survival of licence rights under Canadian
bankruptcy law.&#160;&#160;Therefore, in order to protect the licence rights of
Daimler and Ford in respect of the Fundamental Intellectual Property Rights in
the limited event of our bankruptcy or insolvency, we transferred substantially
all of our Fundamental Intellectual Property Rights, and agreed to transfer all
improvements thereto made while we are a shareholder of AFCC, to a new corporate
entity, IP Holdings.&#160;&#160;We then entered into a licence agreement with IP
Holdings dated January 31, 2008 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Fundamental Licence
Agreement</font>") evidencing our exclusive right to use such Fundamental
Intellectual Property Rights and improvements thereto for Non-Automotive
Applications. In addition, we covenanted not to enter into any joint development
arrangements with third parties, unless our interest in any improvements to the
Fundamental Intellectual Property Rights arising out of such arrangements are
either transferred to IP Holdings or, at a minimum, are licensed to IP Holdings
(with a right to sublicence to Daimler and Ford).&#160;&#160;We provided Daimler
and Ford each with a 33% voting, non-participating interest in IP Holdings,
retained a 34% voting interest and a 100% participating interest in IP Holdings,
and entered into an unanimous shareholders&#8217; agreement with IP Holdings dated
January 31, 2008 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">IP
Holdings Shareholders&#8217; Agreement</font>") to ensure that IP Holdings will not
take any action that </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">would
place the licence rights of any of the parties at risk. Under the IP Holdings
Shareholders&#8217; Agreement, IP Holdings may not take any decision or action without
the unanimous approval of its shareholders, other than holding the Fundamental
Intellectual Property Rights and any improvements thereto.&#160;&#160;Ballard
has the sole right to protect and enforce the Fundamental Intellectual Property
Rights transferred to IP Holdings.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Service
Arrangements with AFCC</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
entered into a number of arrangements with AFCC in order to enable it to carry
on business: (a)&#160;we lease or license to AFCC, on a cost-recovery basis,
40,000 square feet of space in our facilities in Burnaby, British Columbia for
use by the Transferred Employees; (b)&#160;we provide AFCC with key testing and
engineering services on a profitable basis; (c)&#160;we sell products to AFCC at
prices intended to produce a positive margin; and (d)&#160;we provide AFCC with
certain administrative services on a profitable basis.&#160;&#160;Our service
agreements may be terminated by AFCC with six-months notice.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Detailed
Description of the Superior Plus Transaction and Associated Material
Contracts</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
entered into an arrangement agreement dated October 30, 2008 with Superior Plus
(the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Arrangement
Agreement</font>"), which specified the parties&#8217; respective obligations with
respect to the Superior Plus Transaction.&#160;&#160;That transaction was
implemented by way of a statutory plan of arrangement under section 192 of the
<font style="DISPLAY: inline; FONT-STYLE: italic">Canada Business Corporations
Act</font>, whereby Ballard caused its entire business and operations, including
all assets and liabilities, to be transferred to a new corporate entity, such
that the new corporate entity now has all of the same assets, liabilities,
directors, management and employees as Ballard formerly had under its old
corporate entity, except for its tax attributes.&#160;&#160;Under the
arrangement, Ballard shareholders exchanged their common shares in the capital
of the old corporate entity for common shares in the capital of the new
corporate entity on a one-for-one basis, and Superior Plus obtained 100% of the
common shares in the capital of Ballard&#8217;s old corporate
entity.&#160;&#160;Ballard received a cash payment of approximately C$46.3
million (C$41 million net of expenses) in consideration for allowing Superior
Plus to use its old corporate entity as the vehicle to complete its conversion
from an income trust to a corporation.&#160;&#160;Following completion of the
Superior Plus Transaction, Ballard continued to carry on its business operations
as a public entity, and retained all the rights it previously held to related
intellectual property.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">The Superior Plus Transaction was completed through: (a)&#160;the
cancellation of all existing DSUs and RSUs without payment for consideration;
(b)&#160;Superior Plus&#8217; loan of C$46,319,148 to Ballard on a demand interest
bearing basis; (c)&#160;the transfer of all of Ballard&#8217;s assets to a
wholly-owned subsidiary company ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Subco</font>") in consideration for
</div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subco
issuing to Ballard 100,000,000 common shares in the capital of Subco and the
assumption of all of Ballard&#8217;s liabilities, except for the repayment of the
C$46.3 million loan from Superior Plus; (d)&#160;the exchange of all common
shares in the capital of Ballard&#8217;s old corporate entity for common shares in the
capital of Ballard&#8217;s new corporate entity; (e)&#160;the adoption by Ballard&#8217;s
new corporate entity of Share Incentive Plans substantially similar to the share
incentive plans of Ballard&#8217;s old corporate entity that existed prior to the
Superior Plus Transaction; (f)&#160;the grant of new DSUs and RSUs by Ballard&#8217;s
new corporate entity to those securityholders whose previous DSUs and RSUs were
cancelled in connection with the Superior Plus Transaction; (g)&#160;the
exchange of options to purchase common shares in the capital of Ballard&#8217;s old
corporate entity for substantially similar options to purchase common shares in
the capital of Ballard&#8217;s new corporate entity;&#160;&#160;(h)&#160;the
alteration of the authorized capital of Ballard&#8217;s old corporate entity to amend
the rights attached to its common shares such that the shares are redeemable at
the option of Ballard for shares in Subco on a one-for-one basis, and to create
a new class of ordinary common shares (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">New Superior Shares</font>");
(i)&#160;the transfer by Superior Plus of all of its assets, including the right
to receive repayment of the C$46.3 million loan, to Ballard&#8217;s old corporate
entity in exchange for the assumption of Superior Plus&#8217; liabilities and
88,378,194 New Superior Shares; (j)&#160;the redemption of all of Superior Plus&#8217;
outstanding trust units; (k)&#160;the redemption of all of the outstanding
shares in the capital of Ballard&#8217;s old corporate entity, with the redemption
price paid to the sole shareholder, Ballard&#8217;s new corporate entity, by the
distribution of common shares in the capital of Subco on a one-for-one basis;
(l)&#160;the cancellation of any shares in the capital of Ballard&#8217;s new
corporate entity held by dissenting shareholders; (m)&#160;the liquidation of
Subco and the distribution of all of its assets, including the proceeds of the
C$46.3 million loan to, and the assumption of all of its liabilities by
Ballard&#8217;s new corporate entity; (n)&#160;the name change of Ballard&#8217;s old
corporate entity from "Ballard Power Systems Inc." to "Superior Plus Corp.",
which will carry on business as a successor to Superior Plus; and (o)&#160;the
name change of Ballard&#8217;s new corporate entity from "7076991 Canada Inc." to
"Ballard Power Systems Inc.", which will carry on business as a successor to
Ballard.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
purpose of the Superior Plus Transaction was to obtain non-dilutive financing
for Ballard.&#160;&#160;In addition to the increase in both Ballard&#8217;s cash
reserves and shareholders&#8217; equity of approximately C$41 million, the Superior
Plus Transaction allowed Ballard to step up the Canadian tax basis in its
assets, which may be applied towards sheltering future taxable
income.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Stock
Exchange Listings</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
the completion of the Superior Plus Transaction, and the satisfaction of certain
requirements of the TSX and NASDAQ, Ballard&#8217;s common shares continue to be
listed and trade on the TSX under the symbol "BLD" and on the NASDAQ under the
symbol "BLDP".</font></div>
      </div>
      <div><br></div>
      <div>
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          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Security
Certificates</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
the completion of the Superior Plus Transaction, the existing certificates
representing common shares in the capital of Ballard&#8217;s old corporate entity,
options to purchase common shares in the capital of Ballard&#8217;s old corporate
entity, and DSUs and RSUs issued under the share incentive plans of Ballard&#8217;s
old corporate entity, continue to represent common shares in the capital of
Ballard&#8217;s new corporate entity, options to purchase common shares in the capital
of Ballard&#8217;s new corporate entity, and DSUs and RSUs issued under the Share
Incentive Plans of Ballard&#8217;s new corporate entity,
respectively.&#160;&#160;Therefore, Ballard securityholders do not need to take
any action to replace their certificates for Ballard&#8217;s common shares, options to
purchase common shares, DSUs or RSUs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Indemnification
Arrangements</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
entered into an indemnification agreement with Superior Plus dated December 31,
2008 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Indemnity
Agreement</font>"), which specifies the parties&#8217; respective continuing
indemnification obligations to the other.&#160;&#160;The Indemnity Agreement
provides that we are liable to Superior Plus for all Losses (as defined in the
Indemnity Agreement) which it may suffer, sustain, pay or incur, and we will
indemnify and hold Superior Plus harmless from and against all Losses which may
be brought against or suffered by Superior Plus or which Superior Plus may
suffer, sustain, pay or incur arising out of, resulting from, attributable to or
connected with:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      debts, liabilities, commitments or obligations of any nature (whether
      matured or unmatured, accrued, fixed, contingent or otherwise) of any kind
      whatsoever resulting from any matters, actions, events, facts or
      circumstances related to the activities, affairs or business of Ballard
      which occurred prior to the Effective Time (as defined in the Indemnity
      Agreement);</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      debts, liabilities, commitments or obligations of any nature (whether
      matured or unmatured, accrued, fixed, contingent or otherwise) of any kind
      whatsoever resulting from any matters, actions, events, facts or
      circumstances related to the activities, affairs or business of Ballard
      which occur on or after the date of the Indemnity Agreement;
      and</font></div>
              </td>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      breach (including any failure or inaccuracy) of any of the representations
      and warranties of Ballard under the Arrangement Agreement, or any failure
      of Ballard to perform or observe any covenant or agreement to be performed
      by it under the Arrangement Agreement, excluding any Losses which Superior
      Plus may suffer, sustain, pay or incur, relating to or based upon the
      existence or availability of
Superior</font></div>
              </td>
            </tr></table><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 46
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
              <td align="right" style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Plus&#8217;
      Tax Pools (as defined in the Indemnity Agreement), other than as a result
      of fraud or wilful
misrepresentation.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Indemnity Agreement also provides that Superior Plus will be liable to the
Corporation for all Losses which the Corporation may suffer, sustain, pay or
incur and will indemnify and hold the Corporation harmless from and against all
Losses which may be brought against or suffered by the Corporation or which the
Corporation may suffer, sustain, pay or incur arising out of, resulting from,
attributable to or connected with any breach (including any failure or
inaccuracy) of any of the representations and warranties of Superior Plus under
the Arrangement Agreement, or any failure of Superior Plus to perform or observe
any covenant or agreement to be performed by it under the Arrangement
Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Indemnity Agreement does not contain any limit on the amount of the claims that
can be indemnified nor is there any threshold before indemnification is
provided. In addition, the Indemnity Agreement specifically extends the
limitation period within which a party is entitled to make a claim under the
Indemnity Agreement to two years after the notice of claim with respect to such
obligation was given.&#160;&#160;However, with the exception of certain limited
adjustments to address differences in the amount of specific Tax Pools of
Ballard, which is described below, the indemnification provisions of the
Indemnity Agreement do not provide indemnification to Superior Plus in respect
of the amount or the availability of the Tax Pools.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Indemnity Agreement also provides for certain compensation payments to be made
by Ballard and Superior Plus depending on the final determination of the amount
of certain Tax Losses (as defined in the Indemnity Agreement) of Ballard to the
extent that such amounts are more or less than the amounts estimated at the time
the Arrangement Agreement was executed or to the extent that such Tax Pools are
used to reduce Ballard&#8217;s income, taxable income, or income taxes for any period
ending at any time at or before the completion of the
Arrangement.&#160;&#160;Ballard&#8217;s obligations under the Indemnity Agreement
relating to NCL Obligations (as defined in the Indemnity Agreement) are limited
to an aggregate of C$7,350,000 with a threshold amount of C$500,000 before there
is an obligation to make a compensation payment.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Indemnity Agreement provides detailed procedures for claims under the Indemnity
Agreement, which, provided Ballard acknowledges liability under the Indemnity
Agreement with respect to such matter, gives Ballard the right to elect to take
carriage and control of the dispute process relating to such
claims.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>RISK FACTORS</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
investment in our common shares involves risk.&#160;&#160;Investors should
carefully consider the risks described below and the other information contained
in, and incorporated into, this Annual Information Form, including "Management&#8217;s
Discussion </font><br></div>
      </div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
Analysis" and our financial statements for the year ended December 31,
2009.&#160;&#160;The risks and uncertainties described below are not the only
ones we face.&#160;&#160;Additional risks and uncertainties, including those
that we do not know about now or that we currently deem immaterial, may also
adversely affect our business.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
may not be able to achieve commercialization of our products on the timetable we
anticipate, or at all.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We cannot
guarantee that we will be able to develop commercially viable fuel cell products
on the timetable we anticipate, or at all. The commercialization of our fuel
cell products requires substantial technological advances to improve the
durability, reliability, cost and performance of these products, and to develop
commercial volume manufacturing processes for these products. We cannot
guarantee that we will be able to internally develop the technology necessary
for commercialization of our fuel cell products or that we will be able to
acquire or license the required technology from third parties.&#160;&#160;In
addition, before we release any product to market, we subject it to numerous
field tests. These field tests may encounter problems and delays for a number of
reasons, many of which are beyond our control.&#160;&#160;If these field tests
reveal technical defects or reveal that our products do not meet performance
goals, including useful life, reliability and durability, our commercialization
schedule could be delayed, and potential purchasers may decline to purchase our
products.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may
become subject to product liability lawsuits, which could result in significant
expense to us, adversely affecting our resources and the development of sales of
our products, and thereby delaying the commercialization of our
products.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
commercialization of our fuel cell products also depends upon our ability to
significantly reduce the costs of these products, since they are currently more
expensive than products based on existing technologies, such as ICEs and
batteries.&#160;&#160;We may not be able to sufficiently reduce the cost of
these products without reducing their performance, reliability and durability,
which would adversely affect the willingness of consumers to buy our
products.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
expect our cash reserves will be reduced due to future operating losses, and we
cannot provide certainty as to how long our cash reserves will last or that we
will be able to access additional capital when necessary.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We expect
to incur continued losses over the next several years.&#160;&#160;If we are
unable to successfully implement our business plan, our cash requirements may
increase and we may find it difficult to raise additional funding.&#160;&#160;We
expect our cash reserves will be reduced due to future operating losses, and we
cannot provide certainty as to how long our cash reserves will last or that we
will be able to access additional capital when necessary.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
may not be able to successfully execute our business plan.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
execution of our business plan poses many challenges and is based on a number of
assumptions.&#160;&#160;We may not be able to successfully execute our business
plan.&#160;&#160;In addition, we cannot guarantee that we will be able to
leverage our relationships with suppliers for the development of our
technology.&#160;&#160;If we experience significant cost overruns on our
programs, or if our business plan is more costly than we anticipate, certain
research and development activities may be delayed or eliminated, resulting in
changes or delays to our commercialization plans, or we may be compelled to
secure additional funding (which may or may not be available) to execute our
business plan.&#160;&#160;We cannot predict with certainty our future revenues
or results from our operations.&#160;&#160;If the assumptions on which our
revenue or expenditure forecasts are based change, the benefits of our business
plan may change as well.&#160;&#160;In addition, we may consider expanding our
business beyond what is currently contemplated in our business
plan.&#160;&#160;Depending on the financing requirements of a potential
acquisition or new product opportunity, we may be required to raise additional
capital through the issuance of equity or debt.&#160;&#160;If we are unable to
raise additional capital on acceptable terms, we may be unable to pursue a
potential acquisition or new product opportunity.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Potential
fluctuations in our financial and business results make forecasting difficult
and may restrict our access to funding for our commercialization
plan.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We expect
our revenues and operating results to vary significantly from quarter to
quarter.&#160;&#160;As a result, quarter-to-quarter comparisons of our revenues
and operating results may not be meaningful.&#160;&#160;Due to the stage of
development of our business, it is difficult to predict our future revenues or
results of operations accurately.&#160;&#160;We are also subject to normal
operating risks such as credit risks, foreign currency risks and fluctuations in
commodity prices.&#160;&#160;As a result, it is possible that in one or more
future quarters, our operating results may fall below the expectations of
investors and securities analysts.&#160;&#160;Not meeting investor and security
analyst expectations may materially and adversely impact the trading price of
our common shares, and restrict our ability to secure required funding to pursue
our commercialization plans.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exchange
rate fluctuations are beyond our control and may have a material adverse effect
on our business, operating results, financial condition and
profitability.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
revenues are affected by fluctuations in the exchange rate between the Canadian
dollar and the United States dollar.&#160;&#160;We generate approximately 90% of
our revenues in United States dollars while approximately 60% of our operating
expenses, cost of revenues and capital expenditures are in Canadian
dollars.&#160;&#160;As a result, any decrease in the value of the United States
dollar relative to the Canadian dollar reduces the amount of Canadian dollar
revenues we realize on sales, without a corresponding decrease in
expenses.&#160;&#160;Exchange rate fluctuations are beyond our control, and the
United States dollar may depreciate against the Canadian dollar in the future,
which </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
          <div id="HDR" style="TEXT-ALIGN: justify">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">would
result in lower revenues and margins.&#160;&#160;In order to reduce the
potential negative effect of a weakening United States dollar, we have entered
into various hedging programs.&#160;&#160;However, if the Canadian dollar
increases in value, it will negatively affect our financial results and our
competitive position compared to other fuel cell product manufacturers in
jurisdictions where operating costs are lower.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commodity
price fluctuations are beyond our control and may have a material adverse effect
on our business, operating results, financial condition and
profitability.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commodity
prices, in particular the price of platinum, affect our
costs.&#160;&#160;Platinum is a key component of our fuel cell
products.&#160;&#160;Platinum is a scarce natural resource and we are dependent
upon a sufficient supply of this commodity.&#160;&#160;While we do not
anticipate significant near or long-term shortages in the supply of platinum,
such shortages could adversely affect our ability to produce commercially viable
fuel cell products or significantly raise our cost of producing such
products.&#160;&#160;In order to reduce the impact of platinum price
fluctuations, we have entered into various hedging programs.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
mass market for our products may never develop or may take longer to develop
than we anticipate.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our fuel
cell products represent emerging markets, and we do not know whether end-users
will want to use them in commercial volumes.&#160;&#160;The development of a
mass market for our fuel cell products may be affected by many factors, some of
which are beyond our control, including the emergence of newer, more competitive
technologies and products, the cost of fuels used by our products, regulatory
requirements, consumer perceptions of the safety of our products and related
fuels, and end-user reluctance to buy a new product.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If a mass
market fails to develop, or develops more slowly than we anticipate, we may
never achieve profitability.&#160;&#160;In addition, we cannot guarantee that we
will continue to develop, manufacture or market our products if sales levels do
not support the continuation of the product.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
have limited experience manufacturing fuel cell products on a commercial
basis.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To date,
we have focused primarily on research and development, and have limited
experience manufacturing fuel cell products on a commercial basis.&#160;&#160;To
meet the quality, price, engineering, design and production standards or
production volumes required to successfully mass market our products, we will
have to produce our fuel cell products through high volume automated
processes.&#160;&#160;These large-scale, automated processes will require
significant advances in manufacturing technology.&#160;&#160;We do not know
whether or when we will be able to develop the manufacturing technology
necessary to achieve efficient, high-volume, low-cost manufacturing capability
and </font></div>
        </div>
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        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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            </div>
          </div>
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            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">processes.&#160;&#160;Moreover,
developing these processes will require substantial capital, and we do not know
whether we will be able to secure sufficient funding on terms acceptable to
us.&#160;&#160;Our failure to develop such manufacturing processes and
capabilities could have a material adverse effect on our business and financial
results.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
are dependent on third party suppliers for the supply of key materials and
components for our products.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
established relationships with third party suppliers, on whom we rely to provide
materials and components for our products.&#160;&#160;A supplier&#8217;s failure to
supply materials or components in a timely manner, or to supply materials and
components that meet our quality, quantity or cost requirements, or our
inability to obtain substitute sources for these materials and components in a
timely manner or on terms acceptable to us, could harm our ability to
manufacture our products.&#160;&#160;To the extent that the processes that our
suppliers use to manufacture the materials and components are proprietary, we
may be unable to obtain comparable materials or components from alternative
suppliers, which could adversely affect our ability to produce viable fuel cell
products or significantly raise our cost of producing such
products.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
are dependent upon Original Equipment Manufacturers and Systems Integrators to
purchase certain of our products.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To be
commercially useful, our fuel cell products must be integrated into products
manufactured by Systems Integrators and OEMs.&#160;&#160;We can offer no
guarantee that Systems Integrators or OEMs will manufacture appropriate products
or, if they do manufacture such products, that they will choose to use our fuel
cell products.&#160;&#160;Any integration, design, manufacturing or marketing
problems encountered by Systems Integrators or OEMs could adversely affect the
market for our fuel cell products and our financial results.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Global
economic conditions are beyond our control and may have an adverse impact on our
business or our key suppliers and/or customers.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
global economic conditions may adversely affect the development of sales of our
products, and thereby delay the commercialization of our
products.&#160;&#160;Customers and/or suppliers may not be able to successfully
execute their business plans; product development activities may be delayed or
eliminated; new product introduction may be delayed or eliminated; end-user
demand may decrease; and some companies may not continue to be commercially
viable.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Public
policy and regulatory changes could hurt the market for our
products.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
in existing government regulations and the emergence of new regulations with
respect to fuel cell products may hurt the market for our
products.&#160;&#160;Environmental laws and regulations in the United States and
other countries have </font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            </div>
          </div>
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          </div>
          <div id="HDR" style="TEXT-ALIGN: justify">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">driven
interest in fuel cells.&#160;&#160;The deregulation of the electric utility
industry in Japan and elsewhere has created market opportunities for our fuel
cell products in the power generation market.&#160;&#160;We cannot guarantee
that these laws and policies will not change.&#160;&#160;Changes in these laws
and other laws and policies, or the failure of these laws and policies to become
more widespread, could result in manufacturers abandoning their interest in fuel
cell products or favouring alternative technologies.&#160;&#160;In addition, as
fuel cell products are introduced into our target markets, the United States
government and other governments may impose burdensome requirements and
restrictions on the use of fuel cell products that could reduce or eliminate
demand for some or all of our products.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
depend on our intellectual property, and our failure to protect that
intellectual property could adversely affect our future growth and
success.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Failure
to protect our existing intellectual property could seriously harm our business
and prospects because we believe that developing new products that are unique to
us is critical to our success.&#160;&#160;We rely on patent, trade secret,
trademark and copyright laws to protect our intellectual
property.&#160;&#160;However, some of our intellectual property is not covered
by any patent or patent application, and the patents to which we currently have
rights expire between 2010 and 2026.&#160;&#160;Our present or future-issued
patents may not protect our technological leadership, and our patent portfolio
may not continue to grow at the same rate as it has in the
past.&#160;&#160;Moreover, our patent position is subject to complex factual and
legal issues that may give rise to uncertainty as to the validity, scope and
enforceability of a particular patent.&#160;&#160;Accordingly, there is no
assurance that: (a) any of the patents owned by us or other patents that third
parties license to us will not be invalidated, circumvented, challenged,
rendered unenforceable or licensed to others; or (b) any of our pending or
future patent applications will be issued with the breadth of claim coverage
sought by us, if issued at all. In addition, effective patent, trade secret,
trademark and copyright protection may be unavailable, limited or not applied
for in certain countries. </font>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
seek to protect our proprietary intellectual property, including intellectual
property that may not be patented or patentable, in part by confidentiality
agreements and, if applicable, inventors&#8217; rights agreements with our strategic
partners and employees.&#160;&#160;We can provide no assurance that these
agreements will not be breached, that we will have adequate remedies for any
breach, or that such persons or institutions will not assert rights to
intellectual property arising out of these relationships.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
of our intellectual property have been licensed to us on a non-exclusive basis
from third parties who may also license such intellectual property to others,
including our competitors.&#160;&#160;If necessary or desirable, we may seek
further licences under the patents or other intellectual property rights of
others.&#160;&#160;However, we may not be able to obtain such licences or the
terms of any offered licences may not be </font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
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          </div>
          <div id="HDR" style="TEXT-ALIGN: justify">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">acceptable
to us.&#160;&#160;The failure to obtain a licence from a third party for
intellectual property we use could cause us to incur substantial liabilities and
to suspend the manufacture or shipment of products or our use of processes
requiring the use of such intellectual property.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
may be involved in intellectual property litigation that causes us to incur
significant expenses or prevents us from selling our products.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may
become subject to lawsuits in which it is alleged that we have infringed the
intellectual property rights of others or commence lawsuits against others who
we believe are infringing upon our rights.&#160;&#160;Our involvement in
intellectual property litigation could result in significant expense to us,
adversely affecting the development of sales of the challenged product or
intellectual property and diverting the efforts of our technical and management
personnel, whether or not such litigation is resolved in our
favour.&#160;&#160;In the event of an adverse outcome as a defendant in any such
litigation, we may, among other things, be required to: (a)&#160;pay substantial
damages; cease the development, manufacture, use, sale or importation of
products that infringe upon other patented intellectual property;
(b)&#160;expend significant resources to develop or acquire non-infringing
intellectual property; (c)&#160;discontinue processes incorporating infringing
technology; or (d)&#160;obtain licences to the infringing intellectual
property.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may
not be successful in such development or acquisition or that such licences would
be available on reasonable terms.&#160;&#160;Any such development, acquisition
or licence could require the expenditure of substantial time and other
resources, and could have a material adverse effect on our business and
financial results. </font>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
currently face and will continue to face significant competition.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As fuel
cell products have the potential to replace existing power products, competition
for our products will come from current power technologies, from improvements to
current power technologies, and from new alternative energy technologies,
including other types of fuel cells.&#160;&#160;Each of our target markets is
currently serviced by existing manufacturers with existing customers and
suppliers.&#160;&#160;These manufacturers use proven and widely accepted
technologies such as ICEs and batteries as well as coal, oil and nuclear powered
generators.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
there are competitors working on developing technologies other than PEM fuel
cells (such as other types of fuel cells and advanced batteries) in each of our
targeted markets.&#160;&#160;Some of these technologies are as capable of
fulfilling existing and proposed regulatory requirements as the PEM fuel
cell.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Within
the PEM fuel cell market, we also have a large number of
competitors.&#160;&#160;Across the world, corporations, national laboratories
and universities are actively engaged in the development and manufacture of PEM
fuel cell products and </font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
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          </div>
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            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">components.&#160;&#160;Each
of these competitors has the potential to capture market share in each of our
target markets.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Many of
our competitors have substantial financial resources, customer bases,
manufacturing, marketing and sales capabilities, and businesses or other
resources, which give them significant competitive advantages over
us.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
could lose or fail to attract the personnel necessary to run our
business.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
success depends in large part on our ability to attract and retain key
management, engineering, scientific, marketing, manufacturing and operating
personnel.&#160;&#160;As we develop additional manufacturing capabilities and
expand the scope of our operations, we will require more skilled
personnel.&#160;&#160;Recruiting personnel for the fuel cell industry is highly
competitive.&#160;&#160;We may not be able to continue to attract and retain
qualified executive, managerial and technical personnel needed for our
business.&#160;&#160;Our failure to attract or retain qualified personnel could
have a material adverse effect on our business.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
could be liable for environmental damages resulting from our research,
development or manufacturing operations.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
business exposes us to the risk of harmful substances escaping into the
environment, resulting in personal injury or loss of life, damage to or
destruction of property, and natural resource damage.&#160;&#160;Depending on
the nature of the claim, our current insurance policies may not adequately
reimburse us for costs incurred in settling environmental damage claims, and in
some instances, we may not be reimbursed at all.&#160;&#160;Our business is
subject to numerous laws and regulations that govern environmental protection
and human health and safety.&#160;&#160;These laws and regulations have changed
frequently in the past and it is reasonable to expect additional and more
stringent changes in the future.&#160;&#160;Our operations may not comply with
future laws and regulations, and we may be required to make significant
unanticipated capital and operating expenditures.&#160;&#160;If we fail to
comply with applicable environmental laws and regulations, governmental
authorities may seek to impose fines and penalties on us, or to revoke or deny
the issuance or renewal of operating permits, and private parties may seek
damages from us.&#160;&#160;Under those circumstances, we might be required to
curtail or cease operations, conduct site remediation or other corrective
action, or pay substantial damage claims.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
products use flammable fuels, which could subject our business to product
liability claims.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
business exposes us to potential product liability claims that are inherent in
hydrogen and products that use hydrogen.&#160;&#160;Hydrogen is a flammable gas
and therefore a potentially dangerous product.&#160;&#160;Any accidents
involving our products or other </font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 54
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">hydrogen-based
products could materially impede widespread market acceptance and demand for our
fuel cell products.&#160;&#160;In addition, we may be held responsible for
damages beyond the scope of our insurance coverage.&#160;&#160;We also cannot
predict whether we will be able to maintain our insurance coverage on acceptable
terms.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>ADDITIONAL INFORMATION</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
information regarding Ballard may be found on SEDAR at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.sedar.com</font>.&#160;&#160;In
particular, additional information regarding directors&#8217; and officers&#8217;
remuneration and indebtedness, principal holders of our securities and
securities authorized for issuance under security compensation plans is
contained in our information circular for our most recent annual meeting of
securityholders that involved the election of directors.&#160;&#160;Additional
financial information is provided in our financial statements and Management&#8217;s
Discussion and Analysis for the most recently completed financial
year.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copies of
this Annual Information Form and the documents incorporated by reference herein,
our comparative financial statements (including the auditors&#8217; report) for the
year ended December 31, 2009, each interim financial statement issued after
December 31, 2009, our management proxy circular and our Annual Report may be
obtained upon request from our Corporate Secretary, 9000 Glenlyon Parkway,
Burnaby, British Columbia, V5J 5J8, or on our website at
www.ballard.com.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 55
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">APPENDIX
"A"<br></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BOARD
OF DIRECTORS MANDATE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purpose</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The board
of directors (the "Board") is responsible for the overall corporate governance
of the Corporation.&#160;&#160;It oversees and directs the management of the
Corporation&#8217;s business and affairs.&#160;&#160;In doing so, it must act
honestly, in good faith, and in the best interests of the
Corporation.&#160;&#160;The Board guides the Corporation&#8217;s strategic direction,
evaluates the performance of the Corporation&#8217;s executive officers, monitors the
Corporation&#8217;s financial results, and is ultimately accountable to the
Corporation&#8217;s shareholders, employees, customers, suppliers, and regulators.
Board members are kept informed of the Corporation&#8217;s operations at meetings of
the Board and its committees, and through reports and analyses by, and
discussions with, management.&#160;&#160;The Board manages the delegation of
decision-making authority to management through Board resolutions under which
management is given authority to transact business, but only within specific
limits and restrictions.&#160;&#160;In this Mandate, the "Corporation" means
Ballard Power Systems Inc. and a "director" means a Board member.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMPOSITION</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      stated in the Articles of the Corporation, the Board will be composed of
      no fewer than five and no more than fifteen
  directors.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board will have a majority of independent
  directors.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board will appoint its own Chair.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MEETINGS</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings
      of the Board will be held as required, but at least four times a
      year.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board will appoint its own Secretary, who need not be a
      director.&#160;&#160;The Secretary, in conjunction with the Chair of the
      Board, will draw up an agenda, which will be circulated in advance to the
      members of the Board along with the materials for the
      meeting.&#160;&#160;The Secretary will be responsible for taking and
      keeping the Board&#8217;s meeting
minutes.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      set out in the By-laws of the Corporation, meetings will be chaired by the
      Chair of the Board, or if the Chair is absent, by a member chosen by the
      Board from among themselves.</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 56
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      all directors consent, and proper notice has been given or waived, a
      director or directors may participate in a meeting of the Board by means
      of such telephonic, electronic or other communication facilities as permit
      all persons participating in the meeting to communicate adequately with
      each other, and a director participating in such a meeting by any such
      means is deemed to be present at that
meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board will conduct an in-camera session excluding management at the end of
      each Board meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      majority of directors constitute a
quorum.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">J)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      decisions made by the Board may be made at a Board meeting or evidenced in
      writing and signed by all Board members, which will be fully effective as
      if it had been made or passed at a Board
  meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DUTIES
AND RESPONSIBILITIES</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">K)</font>&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selection
      of Management</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
is responsible for appointing the Chief Executive Officer ("CEO"), for
monitoring and evaluating the CEO&#8217;s performance, and approving the CEO&#8217;s
compensation.&#160;&#160;Upon recommendation of the CEO and the Management
Development, Nominating &amp; Compensation Committee, the Board is also
responsible for appointing&#160;&#160;all officers.&#160;&#160;&#160;The Board
also ensures that adequate plans are in place for management development and
succession and conducts an annual review of such plans.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">L)</font>&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate
      Strategy</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
is responsible for reviewing and approving the Corporation&#8217;s corporate mission
statement and corporate strategy on a yearly basis, as well as determining the
goals and objectives to achieve and implement the corporate strategy, while
taking into account, among other things, the opportunities and risks of the
business.&#160;&#160;Each year, the Board meets for a strategic planning session
to set the plans for the upcoming year.&#160;&#160;In addition to the general
management of the business, the Board expects management to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">achieve
the corporate goals set by the Board, and the Board monitors throughout the year
the progress made against these goals.</font></font>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, the Board approves key transactions, which have strategic impact to
the Corporation, such as acquisitions, key collaborations, key supply
arrangements, and strategic alliances. Through the delegation of signing
authorities, the Board is responsible for setting out the types of transactions
that require approval of the Board before completion.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 57
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">M)&#160;</font></font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fiscal
      Management and Reporting</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
monitors the financial performance of the Corporation and must ensure that the
financial results are reported: (a) to shareholders and regulators on a timely
and regular basis; and (b) fairly and in accordance with generally accepted
accounting principles.&#160;&#160;The Board must also ensure that all material
developments of the Corporation are disclosed to the public on a timely basis in
accordance with applicable securities regulations.&#160;&#160;In the spring of
each year, the Board reviews and approves the Annual Report, which is sent to
shareholders of the Corporation and describes the achievements and performance
of the Corporation for the preceding year.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">N)&#160;</font></font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Legal
      Compliance</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
is responsible for overseeing compliance with all relevant policies and
procedures by which the Corporation operates and ensuring that the Corporation
operates at all times in compliance with all applicable laws and regulations,
and to the highest ethical and moral standards.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">O)&#160;</font></font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statutory
      Requirements</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
is responsible for approving all matters, which require Board approval as
prescribed by applicable statutes and regulations, such as payment of dividends
and issuances of shares.&#160;&#160;Management ensures that such matters are
brought to the attention of the Board as they arise.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">P)</font>&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Formal
      Board Evaluation</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Board, through a process led by the Corporate Governance Committee, conducts an
annual evaluation and review of the performance of the Board, Board committees,
and the Chair of the Board.&#160;&#160;The Corporate Governance Committee
reviews the results of such evaluation and together with the Chair of the Board,
discusses potential ways to improve Board effectiveness.&#160;&#160;The
Corporate Governance Committee discusses the results of the evaluation and the
recommended improvements with the full Board.&#160;&#160;The <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Board
also sets annual effectiveness goals and tracks performance against those
goals.&#160;&#160;In addition, each individual director&#8217;s performance is
evaluated and reviewed regularly.</font></font>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">Q)</font>&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Risk
      Management</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
is responsible for identifying the Corporation&#8217;s principal risks and ensuring
the implementation of appropriate systems to manage these risks.&#160;&#160;The
Board is also responsible for the integrity of the Corporation&#8217;s internal
controls and management information systems.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 58
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal">R)&#160;</font></font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">External
      Communications</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
is responsible for overseeing the establishment, maintenance and annual review
of the Corporation&#8217;s external communications policies which address how the
Corporation interacts with analysts and the public and which also contain
measures for the Corporation to avoid selective disclosure.&#160;&#160;The Board
is responsible for establishing a process for receiving shareholder
feedback.&#160;&#160;This is achieved through a semi-annual presentation of an
investor relations report, which contains a summary of the feedback and common
enquiries received from shareholders, as well as a Board e-mail address, which
has been set up for the public to submit messages to the Board.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 59
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">APPENDIX
"B"</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DIRECTOR
TERMS OF REFERENCE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MANDATE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
carrying out his or her responsibilities as a member of the board of directors,
each director owes a fiduciary duty to Ballard and must ensure that he or
she:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">acts
      honestly and in good faith with a view to the best interests of Ballard;
      and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">exercises
      the care, diligence and skill that a reasonably prudent person would
      exercise in comparable
circumstances.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DUTIES
AND RESPONSIBILITIES</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
carrying out his or her mandate as a director, each director must:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">maintain
      confidentiality of all information which is learned in his or her capacity
      as a director;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">exercise
      good judgment and act with
integrity;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">avoid
      conflicts of interest;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">disclose
      contracts or arrangements in which the director has an
      interest;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">be
      an available resource to management and the rest of the
    board;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ensure
      that Ballard operates according to best
  practices;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">support
      and encourage legal, ethical and credible business
    practices;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">act
      and function independently of management;
and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">be
      available for communications with the Chairman and/or CEO between
      meetings.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
promote the effectiveness of Board and committee meetings, each director
must:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">prepare
      for such meetings by reviewing the materials sent out in advance of the
      meeting;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">attend
      each meeting, whenever
possible;</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 60
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">be
      in attendance for the full duration of the meeting, whenever
      possible;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">have
      acquired adequate information necessary for decision
    making;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">participate
      fully and frankly in deliberations and discussions during the
      meeting;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">encourage
      free and open discussion of the affairs of Ballard by the board members;
      and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">question
      senior management appropriately regarding strategy, operations and
      results.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
order to be able to make well-informed decisions, each director
must:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">remain
      knowledgeable about Ballard&#8217;s products and
  industry;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">develop
      a thorough understanding of Ballard&#8217;s role in the industry and the
      community;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">maintain
      an understanding of the regulatory, business, social and political
      environments in which Ballard
operates;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">maintain
      an understanding of current professional development matters affecting
      public company boards and the role of corporate
      directors&#160;&#160;generally; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">remain
      knowledgeable about Ballard&#8217;s facilities and visit them when
      appropriate.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 61
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">APPENDIX
"C" <br></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AUDIT
COMMITTEE MANDATE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purpose</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
purpose of the Audit Committee (the "Committee") is to assist the board of
directors in fulfilling its oversight responsibilities by reviewing the
financial information which will be provided to the shareholders and the public,
the systems of corporate controls which management and the board of directors
have established, and overseeing the audit process.&#160;&#160;The Committee
also is mandated to review and approve all related party transactions, as
further described below under "Duties and Responsibilities", other than those
related party transactions in respect of which the board has delegated review to
a special committee of independent directors.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In this
Mandate, the "Corporation" means Ballard Power Systems Inc. and a "director"
means a board member.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">More
specifically the purpose of the Committee is to satisfy itself
that:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Corporation&#8217;s annual financial statements are fairly presented in
      accordance with generally accepted accounting principles and to recommend
      approval of the annual financial statements to the
  board;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      financial information contained in the Corporation&#8217;s quarterly financial
      statements, Annual Report to Shareholders and other financial publications
      such as Management&#8217;s Discussion and Analysis, the Annual Information Form,
      Management Proxy Circular and information contained in any prospectus is
      complete and accurate in all material respects and to recommend to the
      board approval of these materials other than the quarterly financial
      statements for which approval authority has been delegated to the
      Committee hereunder;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Corporation has appropriate systems of internal control over the
      safeguarding of assets and financial reporting to ensure compliance with
      legal and regulatory requirements and to manage financial and asset
      related risks;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      external audit function has been effectively carried out and that any
      matter which the external auditors wish to bring to the attention of the
      Committee or board of directors has been addressed. The Committee is also
      responsible for recommending the appointment (for approval by the
      shareholders at the Corporation&#8217;s annual meeting of shareholders) of, and
      overseeing the external auditors, monitoring the external auditors&#8217;
      qualifications and independence, pre-approving all substantive audit
      services and non-audit services performed by the external auditors, and
      determining the appropriate level of remuneration for the external
      auditors. The external auditors will report directly to the Audit
      Committee;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 62
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">management
      has established and is maintaining processes to assure compliance by the
      Corporation with all applicable laws, regulations and corporate
      policies;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      internal audit function is being effectively carried out, that the
      Committee is meeting with the internal auditor (or persons responsible for
      the function) as necessary, and that any matter which the internal auditor
      wishes to bring to the attention of the Committee or board of directors
      has been addressed;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      related party transactions being reviewed by the Committee are in the best
      interests of the Corporation; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">it
      has engaged any necessary independent counsel or other advisors in
      fulfilling its duties and responsibilities, as set forth in this
      Mandate.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Composition
and Eligibility</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
      each annual meeting of shareholders of the Corporation, the board will
      appoint from its members not less than three directors to serve on the
      Committee.&#160;&#160;Each member of the Committee must meet the
      independence and expertise requirements for audit committees imposed by
      any listing standards of NASDAQ or requirements of the Canadian securities
      regulatory authorities under National Instrument 52-110, any applicable
      statutes, or applicable rules or regulations of the U.S. Securities
      Exchange Commission.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      member may be removed or replaced at any time by the board and will cease
      to be a member upon ceasing to be a director of the
      Corporation.&#160;&#160;Each member will hold office until the close of
      the next annual meeting of shareholders of the Corporation or until the
      member resigns or is replaced whichever occurs
  first.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will appoint the Committee
Chair.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      members of the Committee must have working familiarity with basic finance
      and accounting practices, and be able to read and understand fundamental
      financial statements, including a balance sheet, income statement and cash
      flow statement at the time of their
appointment.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      least one member of the Committee must be an audit committee "financial
      expert" as defined by the applicable rules set out by the U.S. Securities
      and Exchange Commission (the "SEC") or any other regulatory
      authority.&#160;&#160;The financial expert must have all of the following
      five attributes:</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 63
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
      understanding of Generally Accepted Accounting Principles ("GAAP") or the
      generally accepted accounting principles used by the issuer in preparing
      its primary financial statements filed with the
  SEC;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      ability to assess the general application of such principles in connection
      with the accounting for estimates, accruals and
  reserves;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">experience
      preparing, auditing, analyzing or evaluating financial statements that
      present a breadth and level of complexity of accounting issues that are
      generally comparable to the breadth and complexity of issues that can
      reasonably be expected to be raised by the Corporation&#8217;s financial
      statements, or experience actively supervising one or more person engaged
      in such activities;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
      understanding of internal controls and procedures for financial reporting;
      and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;&#160;&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
      understanding of audit committee
functions.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
financial expert must have acquired the requisite attributes through any one or
more of the following methods:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">education
      and experience as a principal financial officer, principal accounting
      officer, controller, public accountant or auditor or experience in one or
      more positions that involve the performance of similar
      functions;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">experience
      actively supervising a principal financial officer, principal accounting
      officer, controller, public accountant, auditor or person performing
      similar functions;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">experience
      overseeing or assessing the performance of companies or public accountants
      with respect to the preparation, auditing or evaluation of financial
      statements; or</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(iv)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">other
      relevant experience, based on the determination by the board of directors
      as to the specific experience, which satisfies this
      requirement.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      member of the Committee who serves on more than three public company audit
      committees must inform the Chair of the Board, so that the board may
      consider and discuss with such member any issues related to his or her
      effectiveness and time commitment.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 64
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will meet at least quarterly.&#160;&#160;The meetings will be
      scheduled to permit timely review of the interim and annual financial
      statements, as well as the Corporation&#8217;s other financial disclosures and
      related party transactions.&#160;&#160;The Chair, CEO, CFO, Controller,
      internal and external auditors or any member of the Committee may request
      additional meetings.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will appoint its own Secretary, who need not be a
      director.&#160;&#160;The Secretary in conjunction with the Chair of the
      Committee will draw up an agenda, which will be circulated, in advance to
      the members of the Committee with the materials for the
      meeting.&#160;&#160;The Secretary will be responsible for taking and
      keeping the Committee&#8217;s meeting
minutes.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings
      will be chaired by the Chair of the Committee, or if the Chair is absent,
      by a member chosen by the Committee from among
  themselves.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      all members consent, and proper notice has been given or waived, a member
      or members of the Committee may participate in a meeting of the Committee
      by means of such telephonic, electronic or other communication facilities
      as permit all persons participating in the meeting to communicate
      adequately with each other, and a member participating in such a meeting
      by any such means is deemed to be present at that
  meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      directors who are not Committee members will be given notice of every
      meeting of the Committee and will be allowed to attend as observers,
      unless deemed inappropriate by the Committee in cases where a potential
      conflict of interest may exist, such as discussions concerning related
      party transactions.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      CEO, CFO, Controller and internal auditor shall have direct access to the
      Committee and shall receive notice of and attend all meetings of the
      Committee, except the in-camera
sessions.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      external auditors will be given notice of, and have the right to appear
      before and to be heard at, every meeting of the Committee and will appear
      before the Committee when requested to do so by the
    Committee.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee is authorized to request the presence, at any meeting, of senior
      management, legal counsel or anyone else who could contribute
      substantively to the subject of the
meeting.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee members will receive minutes of all meetings of the
      Corporation&#8217;s internal Disclosure
Committee.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">J)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      majority of Committee members constitute a
  quorum.</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 65
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">K)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      decisions made by the Committee may be made at a Committee meeting or
      evidenced in writing and signed by all Committee members, which will be
      fully effective as if it had been made or passed at a Committee
      meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">L)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      minutes of all meetings of the Committee will be provided to the board of
      directors.&#160;&#160;The Chair of the Committee will provide an oral
      report on the Committee&#8217;s activities to the board of directors at the next
      regularly scheduled meeting of the board following each Committee
      meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">M)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Supporting
      schedules and information reviewed by the Committee will be available for
      examination by any director upon request to the Secretary of the
      Committee.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee may form and delegate authority to subcommittees.&#160;&#160;In
      particular, the Committee may delegate to one or more of its members the
      authority to pre-approve audit or permissible non-audit services, provided
      that the decisions of any member(s) to whom pre-approval authority is
      delegated will be presented to the Committee at the next Committee
      meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Duties
and Responsibilities</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investigations</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee is empowered to investigate any activity of the Corporation and all
employees are to co-operate as requested by the Committee.&#160;&#160;The
Committee may retain outside advisors having special expertise to assist it in
fulfilling its responsibilities, and determine the appropriate level of
remuneration for such outside advisors.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
      Reporting Control Systems</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will:</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;
      &#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      with management any significant changes in financial risks facing the
      Corporation;</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;
      &#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      with management procedures followed with respect to disclosure controls
      and procedures;</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the management letter from the external auditors and the Corporation&#8217;s
      responses to suggestions made;</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annually
      review specific matters affecting financial reporting, including but not
      limited to, the Corporation&#8217;s insurance coverage, the status of
      the</font></div>
                  </td>
                </tr></table>
          </div>
          <div>&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 66
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporation&#8217;s
      tax loss carry-forwards, pension and health care liabilities, and off
      balance sheet transactions;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the appointment of the financial senior executives of the Corporation,
      prior to recommendation by the Management Development, Nominating &amp;
      Compensation Committee ("MDNCC") to the
board;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">establish
      and maintain a set of procedures for the receipt, retention and treatment
      of complaints received by the Corporation concerning accounting, internal
      accounting controls or auditing matters and the confidential anonymous
      submission by employees of concerns regarding questionable accounting or
      auditing matters;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)&#160;
      </font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">discuss
      and consider policies with respect to risk assessment and risk management,
      including:</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      and periodic approval of management&#8217;s risk philosophy and risk management
      policies;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      with management, at least annually, of reports demonstrating compliance
      with risk management policies; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">discussing
      with management, at least annually, the Corporation&#8217;s major financial risk
      exposures and the steps management has taken to monitor and control such
      expenses including the Corporation&#8217;s risk assessment and risk management
      policies.</font></div>
                </td>
              </tr></table>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 45pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">meet
      separately and periodically, no less than annually, with management, with
      internal auditors (or the persons responsible for the internal audit
      function) and with external
auditors.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interim
      Financial Statements</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will, prior to their release, review and approve the interim
(quarterly) financial statements and Management&#8217;s Discussion and Analysis with
the Corporation&#8217;s officers and external auditors.&#160;&#160;This will include
significant transactions, which have occurred in the quarter.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annual
      Financial Statements and Other Financial
  Information</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will:</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;
      &#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      any changes in accounting policies or financial reporting requirements
      that may affect the current year&#8217;s financial
  statements;</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">&#160;</div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 67
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">obtain
      summaries of significant transactions, and other complex matters whose
      treatment in the annual financial statements merits advance
      consideration;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">obtain
      draft annual financial statements in advance of the Committee meeting and
      assess, on a preliminary basis, the reasonableness of the financial
      statements in light of the analyses provided by the Corporation&#8217;s
      officers;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      a summary provided by the Corporation&#8217;s legal counsel of the status of any
      material pending or threatened litigation, claims and
      assessments;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;&#160;&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      and approve the annual financial statements, Management&#8217;s Discussion and
      Analysis and the auditors&#8217; report thereon, and discuss them in detail with
      the Corporation&#8217;s officers and the external
  auditors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;
      &#160; </font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      and recommend to the board of directors approval of all financial
      disclosure contained in prospectuses, annual information forms, management
      proxy circulars and other similar
documents;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">before
      the release of each quarterly report and the annual financial statements,
      discuss with the external auditors all matters required by SAS 61
      (including the auditors&#8217; responsibility under GAAP, the selection of and
      changes in significant accounting policies or their application,
      management judgments and accounting estimates, significant audit
      adjustments, the external auditors&#8217; responsibility for information other
      than financial statements, disagreements with management, consultation
      with other accountants, and difficulties encountered in performing the
      audit) and CICA Handbook section 5751 (which governs the communications
      between the external auditors and the
  Committee);</font></div>
                </td>
              </tr></table>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 45pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">provide
      the board of directors with a recommendation for approval of the annual
      financial statements; and</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 45pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)&#160;
      &#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">discuss
      earnings press releases and earnings guidance, as well as the release of
      significant new financial
information.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Relationship
      with External Auditors</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
The Committee will:</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 27pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">recommend
      the appointment of the external auditors (for approval by the shareholders
      at the Corporation&#8217;s annual meeting of shareholders); if there is a plan
      to change auditors, review all issues related to the change
    </font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">&#160;</div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 68
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div>&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      the steps planned for an orderly transition.&#160;&#160;The external
      auditors will report directly to the Committee.&#160;&#160;The Committee
      will not recommend the appointment of an external auditor who has
      previously employed the Corporation&#8217;s CEO, CFO, Controller or chief
      accounting officer and where such person participated in any capacity in
      the audit of the Corporation within the past
  year;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annually
      review and approve the terms of engagement and determine the remuneration
      of the external auditors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the quarterly and annual representation letters given by management to the
      external auditors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">monitor
      the external auditors&#8217; qualifications and independence through the
      activities listed in section (G) below, "Independence of External
      Auditors";</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the audit plan with the external auditors and approve all substantive
      audit services in advance;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">approve
      in advance any services to be provided by the external auditors which are
      not related to the audit, including the fees and terms of engagement
      relating to such non-audit services for the Corporation and its
      subsidiaries.&#160;&#160;Specifically, the Committee must not allow the
      external auditors to provide the following
  services:</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">bookkeeping
      services;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">financial
      information systems design and
implementation;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">appraisal
      or valuation services, fairness opinions or contribution-in-kind
      reports;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">actuarial
      services;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">internal
      audit services which relate to the Corporation&#8217;s internal accounting
      controls, financial systems or financial
  statements;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">f)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">investment
      banking, broker, dealer or investment advisor
  services;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">g)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">management
      and human resources services;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">h)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">legal
      services and expert services unrelated to the audit (however the external
      auditors may provide tax services);
and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 69
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 54pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">i)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      other services that the Public Company Accounting Oversight Board or the
      Canadian Public Accountability Board determines by regulation, or the
      Corporation&#8217;s board of directors determines, to be
      impermissible.</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 45pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)
      &#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      quarterly all fees paid to external
auditors;</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 45pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      performance against audit proposal
plan;</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 45pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)&#160;
      &#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">discuss
      in private with the external auditors matters affecting the conduct of
      their audit and other corporate
matters;</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 45pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)&#160;&#160;&#160;
      &#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">receive
      from the external auditors a report with respect
  to:</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 54pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
      critical accounting policies and
practices;</font></div>
                    </td>
                  </tr></table>
            </div>
            <div>&#160;</div>
          </div>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
      alternative treatments of financial information within GAAP that have been
      discussed with management, implications of their use and the external
      auditors&#8217; "preferred treatment";</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      other material written communications between the external auditors and
      management;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      internal quality-control procedures of the external
    auditors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      material issues raised by the most recent internal quality-control review
      of the external auditors&#8217; firm, or by an inquiry or investigation by
      governmental or professional authorities, within the preceding five years,
      respecting one or more independent audits carried out by the external
      auditors&#8217; firm, and any steps taken to deal with any such issues;
      and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 54pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">f)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
      relationships between the external auditors and the Corporation as
      detailed in &#167;(i) under Section (G) below &#8220;Independence of External
      Auditors&#8221;;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xi)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">resolve
      all disagreements between management and the external auditors regarding
      financial reporting; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 45pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ensure
      that the audit partners representing the external auditors meet the
      rotation requirements set out by the U.S. Securities and Exchange
      Commission and by any other applicable Canadian or U.S. securities
      regulatory authority or stock
exchange.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 70
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 9pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasury</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
Committee will:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      and approve the Treasury Policy;</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the quarterly Treasury Report;</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      and approve the Foreign Exchange Policy;
and</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      and approve&#160;&#160;any&#160;&#160;commodities hedging
      policy.</font></div>
                    </td>
                  </tr></table>
            </div>
            <div>&#160;</div>
          </div>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Independence
      of External Auditors</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
Committee will oversee the independence of the Corporation&#8217;s external auditors
by:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">receiving
      from the external auditors, on a periodic basis, a formal written
      statement delineating all relationships between the external auditors and
      the Corporation consistent with ISBS No. 1 and CICA Handbook Section
      5751;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">reviewing
      and actively discussing with the board of directors, if necessary, and the
      external auditors, on a periodic basis, any relationships or services
      between the external auditors and the Corporation or any other
      relationships or services that may impact the objectivity and independence
      of the external auditors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">recommending,
      if necessary, that the board of directors take action to satisfy itself,
      of the external auditors&#8217; independence;
and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ensuring
      that the Corporation does not hire as the Corporation&#8217;s CEO, CFO,
      Controller or chief accounting officer any person who was employed by the
      Corporation&#8217;s external auditors and who participated in any capacity in
      the audit of the Corporation during the one-year period preceding the
      initiation of the current audit.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Internal
      Audit and Controls</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will ensure that the Corporation has appropriate systems of
      internal control over the safeguarding of assets and financial reporting
      to ensure compliance with legal and regulatory requirements and to manage
      financial and asset related risks.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will review quarterly the internal auditors&#8217; report on the
      adequacy of the Corporation&#8217;s internal controls, policies and
      procedures.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 71
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will annually review and approve the internal audit
      plan.</font></div>
                    </td>
                  </tr></table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 27pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will regularly review progress against the approved internal
      audit plan, and adjust the plan to deal with emerging issues as
      required.</font></div>
                    </td>
                  </tr></table>
            </div>
            <div>&#160;</div>
          </div>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Related
      Party Transactions</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will review and approve all related party transactions, other than
those related party transactions in respect of which the board has delegated
review to a special committee or independent directors or those related party
transactions which are previously approved under the mandate of the MDNCC,
including, but not limited to, executive employment agreements and compensation
matters.&#160;&#160;A related party transaction is defined as a transaction in
which the Corporation or any of its subsidiaries is to be a party, which
involves an amount exceeding U.S. $60,000 and in which any of the following
persons have a direct or indirect material interest:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;
      &#160; &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      director or executive officer of the
  Corporation;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      nominee for election as a director of the
  Corporation;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      security holder of the Corporation known by the Corporation to own (of
      record or beneficially) more than 5% of any class of the Corporation&#8217;s
      voting securities; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      member of the immediate family of any of the foregoing
      persons.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
carrying out its responsibilities in reviewing and approving related party
transactions, the Committee will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">receive
      details of all related party transactions proposed by the Corporation,
      other than those related party transactions which the board has delegated
      review of to a special committee of independent
  directors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">discuss
      such related party transactions with the representatives of the relevant
      parties (the "Representatives") and with the Corporation&#8217;s executive
      officers;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the terms and conditions of each related party
  transaction;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
      respect to the holders of common shares, consider the effect of the
      related party transaction on, and the fairness of the related party
      transaction to, such shareholders;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 72
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 36pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)&#160;
      &#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">recommend
      any revisions to the structure of the related party transaction that the
      Committee considers to be necessary or
  advisable;</font></div>
                    </td>
                  </tr></table>
            </div>
            <div>&#160;</div>
          </div>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">if
      a valuation or fairness opinion is required by any applicable statutes or
      regulations, supervise the preparation of such valuation or fairness
      opinion;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xi)&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">if
      approval of the board of directors is necessary, provide a recommendation
      to the board of directors with respect to the related party transaction;
      and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      a summary of completed related party transactions to ensure that such
      transactions are consistent with the terms and conditions previously
      approved by the committee.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As part
of its review of all related party transactions, the Committee will review all
modifications to existing loans and advances to the Corporation&#8217;s executive
officers or directors.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">J)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
Committee will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">perform
      an annual review of management&#8217;s compliance with the Corporation&#8217;s code of
      ethics and workplace guidelines
policy;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">perform
      an annual review of the succession plans for the Corporation&#8217;s CFO and
      Controller;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">perform
      an annual review of this Committee mandate, with any recommended changes
      being forwarded to the Corporate Governance Committee and ultimately the
      board for approval; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 27pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annually
      review the audit of the expense reports of the Chair of the Board of
      Directors and the CEO.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Performance
Evaluation</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">K)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will perform an annual evaluation of its performance, having
      regard to the issues reviewed during the
year.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 73
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;COMMITTEE
TIMETABLE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
timetable below generally outlines the Committee&#8217;s anticipated schedule of
activities during the year.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <div id="HDR" align="left">
            </div>
            <div align="left">
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                      <td colspan="2" valign="top" width="59%" style="BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Committee
      Timetable</font></font></td>
                      <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr><tr>
                      <td colspan="2" valign="top" width="59%" style="BORDER-TOP: medium none; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Agenda
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                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-WEIGHT: bold">J</font></font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;F</font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;M</font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;J</font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;A</font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;S</font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">O</font></td>
                      <td valign="top" width="3%" style="BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;N</font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;D</font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font>

                        <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">A)</font></font></div>
                      </td>
                      <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">Financial Reporting Control
      Systems</font></font></font></div>
                        <div>&#160;</div>
                      </td>
                      <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(i)</div>
                      </td>
                      <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Review with management any significant changes in financial
      risks facing the Corporation.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;
    </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(ii)</div>
                      </td>
                      <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Review with management procedures followed with respect to
      disclosure controls and procedures.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(iii)</div>
                      </td>
                      <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Review the management letter from the external auditor and
      corporation&#8217;s responses to suggestions made.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(iv)</div>
                      </td>
                      <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Annually review the Committee mandate.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(v)</div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">Review
      specific matters as required affecting financial reporting such as
      insurance coverage, the status of the Corporation&#8217;s tax loss
      carry-forwards, pension and health care liabilities, and off balance sheet
      transactions.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(vi)</div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Review the appointment of the financial senior executives of
      the Corporation.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(vii)</div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Establish and maintain a set of procedures for the receipt,
      retention and treatment of complaints received by the Corporation
      concerning accounting, internal accounting controls or auditing matters
      and the confidential anonymous submission by employees of concerns
      regarding questionable accounting or auditing matters, and review
      submissions as received.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(viii)</div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Discuss and consider policies with respect to risk
      assessment and risk management.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(ix)</div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Meet separately and periodically, no less than annually,
      with management, with internal auditors (or persons responsible for the
      internal audit function) and with independent auditors.</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;
    </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;
    </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">B)</font></div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">Interim Financial
      Statements</font></font></div>
                        <div>&#160;</div>
                      </td>
                      <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                      </td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div>(i)</div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      and approval of interim financial statements and MD&amp;A.</font></div>
                        <div style="TEXT-ALIGN: justify">&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">C)</font></div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                        <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-STYLE: italic">Annual Financial Statements
      and Other Financial Information</font></font></div>
                        <div>&#160;</div>
                      </td>
                      <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">&#160;</td>
                    </tr><tr>
                      <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(i)</font></div>
                      </td>
                      <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Review
      any changes in accounting policies or financial</font></div>
                        <div>&#160;</div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">

                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
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                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              </div>&#160;</div>
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        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 74
- -</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div id="HDR" align="left">
          </div>
          <div align="left">
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<tr>
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                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: medium none; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;D</font></td>
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                  <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">reporting
      requirements that may affect the current year's financial
      statements.</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ii)</div>
                  </td>
                  <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Obtain
      summaries of significant transactions, and other complex matters whose
      treatment in the annual financial statements merits advance
      consideration.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iii)</div>
                  </td>
                  <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Obtain
      draft annual financial statements in advance of the Committee meeting and
      assess, on a preliminary basis, the reasonableness of the financial
      statements in light of the analyses provided by the Corporation&#8217;s
      officers.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iv)</div>
                  </td>
                  <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      summary provided by the Corporation&#8217;s legal counsel of the status of any
      material pending or threatened litigation, claims and
      assessments.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(v)</div>
                  </td>
                  <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Discuss
      the annual financial statements, MD&amp;A and the auditors&#8217; report thereon
      in detail with the Corporation&#8217;s officers and the external
      auditors.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(vi)</div>
                  </td>
                  <td valign="top" width="54%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      and recommend to the board of directors approval of all financial
      disclosure contained in prospectuses, annual information forms, management
      proxy circulars and other similar documents.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(vii)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Before
      the release of each quarterly report and annual financial statements,
      discuss with the external auditors all matters required by SAS 61 and CICA
      Handbook section 5751.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(viii)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Provide
      the board with a recommendation for approval of the annual financial
      statements.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ix)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Discuss
      earnings press releases and earnings guidance as well as the release of
      significant new financial information.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">D)</font></div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Relationship
      with External Auditors</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(i)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Annually
      appoint (subject to shareholder approval) external auditor.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ii)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Annually
      review and approve terms of engagement and determine remuneration of
      external auditor.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iii)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      representation letters given by management to external
      auditor.</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iv)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Monitor
      the external auditor&#8217;s qualifications and independence through the
      activities listed in Section G.</font></font></div>
                    <div style="TEXT-ALIGN: justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="5%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(v)</div>
                  </td>
                  <td valign="top" width="54%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      the audit plan with the external auditors and approve all substantive
      audit services in advance.</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr></table>
          </div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 75
- -</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div>&#160;</div>
          <div>
          </div>
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                  <td colspan="14" valign="top" width="4%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Committee
      Timetable</font></font></td>
                </tr><tr>
                  <td colspan="2" valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Agenda
      Items</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;J</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;F</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">&#160;M</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">&#160;S</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">&#160;O</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">&#160;N</font></font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">&#160;D</font></font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(vi)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Approve
      permissible non-audit services in advance.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(vii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      all fees paid to external auditors.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(viii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      performance against audit proposal plan.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ix)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Discuss
      in private with the external auditors matters affecting the conduct of
      their audit and other corporate matters.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(x)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Receive
      a report from the external auditor with respect to:</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="46%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(a)&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">all
      critical accounting policies and practices;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="46%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(b)&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">all
      alternative treatments of financial information within GAAP that have been
      discussed with management, implications of their use and the external
      auditors&#8217; "preferred treatment";</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="46%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(c)&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any
      other material written communications between the auditor and
      management;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="46%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(d)&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the
      internal quality-control procedures of the external auditors;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="46%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(e)&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">any
      material issues raised by the most recent internal quality-control review
      of the external auditors&#8217; firm, or by an inquiry or investigation by
      governmental or professional authorities, within the preceding five years,
      respecting one or more independent audits carried out by such firm, and
      any steps taken to deal with any such issues; and</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="46%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(f)&#160;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">all
      relationships between the external auditors and the Corporation, as
      detailed in &#167;(i) under Section G&#8211; Independence of External
      Auditors.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(xi)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Resolve
      all disagreements between management and the external auditors regarding
      financial reporting.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(xii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font>

                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ensure
      that the audit partners representing the external auditors meet the
      rotation requirements set out by the U.S. Securities and Exchange
      Commission and by any other applicable Canadian or U.S. securities
      regulatory authority or stock exchange.</font></div>
                    <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">E)</font></div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Treasury</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(i)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      and approve the Treasury Policy.</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      the Quarterly Treasury Report.</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      and approve the Foreign Exchange Policy.</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          </div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 76
- -</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
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          </div>
          <div>&#160;</div>
          <div>
          </div>
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
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      Timetable</font></font></td>
                </tr><tr>
                  <td colspan="2" valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Agenda
      Items</font></font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold">F</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">S</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">O</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">D</font></div>
                  </td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">F)</font></div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Independence
      of External Auditors</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(i)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Receive
      from the external auditors, on a periodic basis, a formal written
      statement delineating all relationships between the external auditors and
      the Corporation consistent with ISB No. 1.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      and actively discuss with the Board of Directors, if necessary, and the
      external auditors, on a periodic basis, any disclosed relationships or
      services between the external auditors and the Corporation or any other
      disclosed relationships or services that may impact the objectivity and
      independence of the external auditors.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Recommend,
      if necessary, that the Board take action to satisfy itself, of the
      external auditors&#8217; independence.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iv)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ensure
      that the Corporation does not hire as the Corporation&#8217;s CEO, CFO,
      Controller or chief accounting officer any person who was employed by the
      Corporation&#8217;s external auditors and who participated in any capacity in
      the audit of the Corporation during the one-year period preceding the
      initiation of the current audit.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">G)</font></div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Internal
      Audit and Controls</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(i)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ensure
      that the Corporation has appropriate systems of internal
      control.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      quarterly the internal auditors&#8217; report on the adequacy of the internal
      controls, policies and procedures.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Annually
      review and approve internal audit plan.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">H)</font></div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Related
      Party Transactions</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(i)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      and approve the Corporation&#8217;s related party transactions
      over</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;US$60,000.</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>&#160;</td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(ii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      a summary of the Corporation&#8217;s related party transactions to ensure that
      such transactions are consistent with the terms and conditions previously
      approved by the Committee.</font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <div>&#160;</div>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
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                    <div>(ii)</div>
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                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
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      review the succession plans for the </font></font></div>
                    <div>&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                </tr></table>
          </div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 77
- -</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div>&#160;</div>
          <div>
          </div>
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
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      Timetable</font></font></td>
                </tr><tr>
                  <td colspan="2" valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Agenda Items</font></font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">F</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">M</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">M</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">J</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">J</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">A</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">S</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">O</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">N</font></font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">D</font></font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></td>
                  <td valign="top" width="46%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Corporation&#8217;s
      CFO and Controller.</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(iii)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
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      Directors and the CEO.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">J)</font></div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Performance
      Evaluation</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    <div>(i)</div>
                  </td>
                  <td valign="top" width="46%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify">&#160;</div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      annual evaluation of the Committee&#8217;s performance.</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 78
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>APPENDIX "D"<br></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MANAGEMENT
DEVELOPMENT, NOMINATING &amp; COMPENSATION<br>COMMITTEE MANDATE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURPOSE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
purpose of the Management Development, Nominating &amp; Compensation Committee
(the "Committee") is to review and approve the Corporation&#8217;s employee and
management compensation policies and practices, incentive compensation plans
(cash and equity-based short and long term incentive plans), the amount and form
of compensation of the executive officers of the Corporation, all appointments
of employees as executive officers, all director nominations to the board and
succession plans for directors and executive officers of the
Corporation.&#160;&#160;In this Mandate, the "Corporation" means Ballard Power
Systems Inc. and a "director" means a board member.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMPOSITION</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      will be at least three members of the
Committee.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      of the members of the Committee must be independent
    directors.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      member may be removed or replaced at any time by the board and will cease
      to be a member upon ceasing to be a director of the
      Corporation.&#160;&#160;Each member will hold office until the close of
      the next annual meeting of shareholders of the Corporation or until the
      member resigns or is replaced whichever occurs
  first.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee Chair will be appointed by the
  Committee.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MEETINGS</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will meet at least four times per
  year.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will appoint its own Secretary, who need not be a
      director.&#160;&#160;The Secretary in conjunction with the Chair of the
      Committee will draw up an agenda, which will be circulated, in advance to
      the members of the Committee with the materials for the
      meeting.&#160;&#160;The Secretary will be responsible for taking and
      keeping the Committee&#8217;s meeting
minutes.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings
      will be chaired by the Chair of the Committee, or if the Chair is absent,
      by a member chosen by the Committee from among
  themselves.</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 79
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      all members consent, and proper notice has been given or waived, a member
      or members of the Committee may participate in a meeting of the Committee
      by means of such telephonic, electronic or other communication facilities
      as permit all persons participating in the meeting to communicate
      adequately with each other, and a member participating in such a meeting
      by any such means is deemed to be present at that
  meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will conduct an in-camera session at the end of each Committee
      meeting without management present.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      directors who are not members of the Committee will be given notice of
      every meeting of the Committee and will be allowed to attend as
      observers.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      President and CEO will be given notice of all meetings and will normally
      be requested to attend, other than in cases where the Committee wishes to
      meet in-camera.&#160;&#160;Other executives or employees of the
      Corporation will attend at the request of the
  Committee.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      majority of Committee members constitute a
  quorum.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      decisions made by the Committee may be made at a Committee meeting or
      evidenced in writing and signed by all Committee members, which will be
      fully effective as if it had been made or passed at a Committee
      meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">J)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      minutes of all meetings of the Committee will be provided to the board of
      directors.&#160;&#160;The Chair of the Committee will provide an oral
      report on the Committee&#8217;s activities to the board of directors at the next
      regularly scheduled meeting of the board following each Committee
      meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DUTIES
AND RESPONSIBILITIES</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Determine
      remuneration and other benefits of the Corporation&#8217;s executive officers
      and consultants and performance bonuses and long term incentives for the
      Corporation&#8217;s employees.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
fulfilling this responsibility, the Committee will</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;&#160;
      &#160; </font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annually
      approve and recommend to the board of directors of the Corporation the
      corporate multiplier reflecting the Corporation's prior year
      performance,</font></div>
                </td>
              </tr></table>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;
      &#160;&#160;</font></div>
                  </td>
                  <td width="1213">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      Annually review the Corporation&#8217;s performance bonus plan, approve
      performance bonus awards to the Corporation&#8217;s non-executive
      employees,</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 80
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div>&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td width="1177">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      recommend to the board of directors of the Corporation any issuances of
      common shares of the Corporation in payment of such performance
      bonuses,</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annually
      approve long term incentive awards to the Corporation&#8217;s non-executive
      employees, and recommend to the board of directors of the Corporation any
      issuances of equity based
incentives,</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annually
      approve the CEO&#8217;s personal performance
goals,</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">determine
      the remuneration, benefits and terms and conditions of employment of the
      CEO in light of the Corporation&#8217;s financial and non-financial performance,
      and recommend to the board of directors of the Corporation any issuances
      of equity based compensation. Where the CEO is also the Chair of the
      Board, the Committee will also receive input from the Corporate Governance
      Committee on the evaluation and performance of the Chair of the
      Board,</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">approve
      the remuneration of the other executive officers of the Corporation, and
      recommend to the board of directors of the Corporation any issuances of
      equity based compensation,</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">have
      the authority to appoint, determine the level of remuneration for, oversee
      and terminate services provided by, consultants.&#160;&#160;Any
      consultants engaged by the Corporation at the direction of the Committee
      will report directly to the Committee and the Chair of the Committee is
      authorized to execute and deliver on behalf of the Corporation any
      agreements or other documents relating to the terms of such appointments,
      and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">set
      and review executive share ownership guidelines and monitor
      compliance.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Recommend
      Board Nominees</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
Committee will seek out and recommend to the board of directors the nominees for
appointment, election or re-election to the board.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Review
      and approve the Corporation&#8217;s equity-based incentive plans and recommend
      to the board of directors of the Corporation distributions under such
      plans</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;
In fulfilling this responsibility the Committee will</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;
      (i)&#160;&#160; &#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      eligibility criteria and award
guidelines,</font></div>
                  </td>
                </tr></table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 81
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the proposals of the CEO and approve and make determinations on
      equity-based incentive plans such as share option and share distribution
      plans, including any amendments thereto,
and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the proposals of the CEO and approve option, share and share equivalent
      allocations, and make recommendations to the board regarding the issuance
      of such options, shares and share
equivalents.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Succession
      Planning</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
required, the Committee will review and approve succession plans for directors,
executive officers of the Corporation, and as deemed necessary by the Committee,
any other officers or employees of the Corporation.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
fulfilling this responsibility for succession plans for directors, the Committee
will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">develop
      and regularly review director qualification
  standards,</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">develop
      a procedure for director selection to ensure that a broad number of skills
      are present on the board, and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      the extent required by applicable laws or regulations, ensure that there
      is a procedure to allow individual shareholders to recommend director
      nominees to the Committee for
consideration.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
fulfilling this responsibility for succession plans for executive officers, the
Committee will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the functions of officers of the
Corporation,</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      and discuss qualifications of proposed candidates named in succession
      plans, and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">provide
      guidance to management with respect to the succession
    plans.</font></div>
                </td>
              </tr></table>
        </div>
        <div>
          <div>&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Review
      and approve regulatory filings</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
The Committee will review and approve the disclosure to be made of director and
executive remuneration in the Management Proxy Circular.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Seek
      information from the Corporation or independent
  advisors</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
The Committee will have the authority to seek any information that it requires
from any officer or employee of the Corporation.&#160;&#160;The Committee is
authorized to obtain such independent advice as it considers
necessary.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 82
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">perform
      an annual review of this Committee mandate, with any recommended changes
      being forwarded to the Corporate Governance Committee and ultimately the
      board for approval;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">perform
      an annual evaluation of its performance, having regard to the issues
      reviewed during the year; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      the results arising from the Corporation&#8217;s annual employee survey, in
      years in which one is conducted.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
timetable set out below generally outlines the Committee&#8217;s anticipated schedule
of activities during the year.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="65%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
                  <td colspan="14" valign="top" width="87%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Committee
      Timetable</font></td>
                </tr><tr bgcolor="lightgrey">
                  <td align="left" colspan="2" valign="top" width="51%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Agenda
      Items</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">F</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">S</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">O</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
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                </tr><tr>
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                  <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
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                  </td>
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                </tr><tr>
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                  <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Board
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                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
                  <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      upcoming year&#8217;s board nominees.</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iii)</font></td>
                  <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Approval
      of nominees for board to be included in management proxy
      circular(3)</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;B)</font></td>
                  <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">&#160;Executive
      Nominees</font></div>
                  </td>
                  <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(i)</font></td>
                  <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Approve
      succession plans for executive officers</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
                  <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Approve
      compensation of new executive officers (as required)</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iii)</font></td>
                  <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Confirmation
      of executive officers<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(3)</font></font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iv)</font></td>
                  <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Set
      and review executive share ownership guidelines and monitor
      compliance</font></div>
                  </td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center">
                    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></div>
                  </td>
                </tr><tr>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <div style="TEXT-ALIGN: center"><font size="1">(2)</font></div>
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                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iii)</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">D)</font></font></td>
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                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(i)</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;&#252;</font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iii)</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                </tr><tr>
                  <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">E.</font></font></td>
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                </tr><tr>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
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          </div>
          <div>&#160;</div>
          <div><br>&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 83
- -</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="65%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
                      <td colspan="14" valign="top" width="75%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Committee
      Timetable</font></td>
                    </tr><tr bgcolor="lightgrey">
                      <td align="left" colspan="2" valign="top" width="39%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Agenda
      Items</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">F</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">S</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">O</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N</font></div>
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                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
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                      <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="top" width="35%" style="BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">competitive
      pay position relative to market</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font size="1">(2)</font></font></td>
                    </tr><tr>
                      <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    </tr><tr>
                      <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font size="3" style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">&#160;(iii)</font></td>
                      <td valign="top" width="35%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font size="3" style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">Review of executive and employee annual compensation adjustment
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                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                    </tr><tr>
                      <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iv)</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
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                        </div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
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                      <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(v)</font></td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(vi)</font></td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(i)</font></td>
                      <td valign="top" width="35%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Approval
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    </tr><tr>
                      <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
                      <td valign="top" width="35%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                        <div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Annually
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                        </div>
                      </td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    </tr><tr>
                      <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iii)</font></td>
                      <td align="left" valign="top" width="35%" style="BORDER-BOTTOM: black 0.5pt solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Annually
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                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
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              </div>
              <div align="left">&#160;</div>
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          </div>
          <div align="left">
          </div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________________________</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Review</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Approve</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Approve
and recommend for board approval</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
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</font></div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 84
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          </div>
        </div><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>APPENDIX "E"<br></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CORPORATE
GOVERNANCE COMMITTEE MANDATE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURPOSE</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
purpose of the Corporate Governance Committee (the "Committee") is to monitor
the governance of the board of directors (including the size of the board and
the profiles of the board members) and board committees, and to monitor director
compensation matters.&#160;&#160;In this Mandate, the "Corporation" means
Ballard Power Systems Inc. and a "director" means a board member.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMPOSITION</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will be composed of no fewer than three
    directors.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will have a majority of independent
  directors.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      member may be removed or replaced at any time by the board and will cease
      to be a member upon ceasing to be a director of the
      Corporation.&#160;&#160;Each member will hold office until the close of
      the next annual meeting of shareholders of the Corporation or until the
      member resigns or is replaced whichever occurs
  first.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will appoint its own
Chair.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MEETINGS</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings
      of the Committee will be held as required, but at least four times a
      year.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will appoint its own Secretary, who need not be a
      director.&#160;&#160;The Secretary, in conjunction with the Chair of the
      Committee, will draw up an agenda, which will be circulated, in advance to
      the members of the Committee along with the materials for the
      meeting.&#160;&#160;The Secretary will be responsible for taking and
      keeping the Committee&#8217;s meeting
minutes.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings
      will be chaired by the Chair of the Committee, or in his absence by a
      member chosen by the Committee from among
  themselves.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                    <td align="right" style="WIDTH: 9pt">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                    </td>
                    <td>
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      all members consent, and proper notice has been given or waived, a member
      or members of the Committee may participate in a meeting of the Committee
      by means of such telephonic, electronic or other communication facilities
      as permit all persons participating in the meeting to communicate
      adequately with each.</font></div>
                    </td>
                  </tr></table>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 85
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">
              <div>
                <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                      <td align="right" style="WIDTH: 17px">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                      </td>
                      <td width="1220">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">other,
      and a member participating in such a meeting by any such means is deemed
      to be present at that meeting.</font></div>
                      </td>
                    </tr></table>
              </div>
              <div>&#160;</div>
            </div>
          </div>
        </div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Committee will conduct an in-camera session at the end of each Committee
      meeting without management present.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      directors who are not Committee members will be given notice of every
      meeting of the Committee and will be allowed to attend as observers, other
      than in cases where the Committee wishes to meet
  in-camera.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      President and CEO and Chair of the Board will be given notice of all
      meetings and will normally be requested to attend, other than in cases
      where the Committee wishes to meet in-camera.&#160;&#160;Other executive
      officers or employees of the Corporation will attend at the request of the
      Committee.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      majority of Committee members constitute a
  quorum.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      decisions made by the Committee may be made at a Committee meeting or
      evidenced in writing and signed by all Committee members, which will be
      fully effective as if it had been made or passed at a Committee
      meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">J)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      minutes of all meetings of the Committee will be provided to the board of
      directors.&#160;&#160;The Chair of the Committee will provide an oral
      report on the Committee&#8217;s activities to the board of directors at the next
      regularly scheduled meeting of the board following each Committee
      meeting.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DUTIES
AND RESPONSIBILITIES</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Monitor
      corporate governance issues.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
fulfilling this responsibility, the Committee will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">advise
      the Chair of the Board and the board of directors on matters of corporate
      governance;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">advise
      the board on issues of conflict of interest for individual
      directors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      &#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">conduct,
      on an annual basis, an assessment of the effectiveness of the board, the
      committees of the board, and the individual directors, and report on such
      assessments to the full board;</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      &#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annually
      review the mandates for the board, each board committee and board
      committee chair, and terms of reference for individual
      directors;</font></div>
                  </td>
                </tr></table>
          </div>
          <div>&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 86
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">recommend
      to the board the approval of any required or appropriate change to any
      document referenced in (A)(iv);</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;
      &#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">set
      and monitor minimum attendance guidelines for board of directors and
      committee meetings;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">set
      and periodically review director minimum share ownership
      requirements;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">develop,
      in conjunction with the Chair of the Board and the President &amp; CEO,
      and review, annual board goals or improvement
  priorities;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">consider
      and approve, where appropriate, requests by individual directors to engage
      the services of outside experts and advisors at the expense of the
      Corporation, so long as the CEO is given full knowledge of such
      engagement, unless the provision of such knowledge would be inappropriate
      in the circumstances;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)&#160;&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">at
      the request of the board, consider any other matters which will assist the
      board to meet its responsibilities regarding corporate governance matters,
      including adherence to any governance guidelines or rules established by
      applicable regulatory authorities;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xi)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">develop
      guidelines for the required resignation of
  directors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xii)
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annually
      review the corporate governance disclosure contained in the Corporation&#8217;s
      management proxy circular and annual information form;
  and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xiii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">have
      the authority to appoint, determine the level of remuneration for, oversee
      and terminate the services provided by consultants.&#160;&#160;Any
      consultants engaged by the Corporation at the direction of the Committee
      will report directly to the Committee and the Chair of the Committee is
      authorized to execute and deliver on behalf of the Corporation any
      agreements or other documents relating to the terms of such
      appointments.</font></div>
                </td>
              </tr></table>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Recommend
      to the board of directors the size of the board and the membership of all
      board committees.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will make a recommendation to the board annually on the size of the
board.&#160;&#160;The Committee will also recommend to the board annually the
directors for appointment to the board committees.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 87
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Organize,
      review and recommend continuing education programs and policies relating
      to directors</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
required, the Committee will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;
      &#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
      the assistance of management, organize and provide an appropriate
      orientation and education program for new directors, provide continuing
      education materials to directors;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">organize
      and recommend educational presentations to be made to the board where
      appropriate; and</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">review
      from time to time any policies with respect to term limits for length of
      service by, and mandatory retirement age of,
  directors.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Determine
      the compensation of the directors.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will review the adequacy and form of compensation for directors and
ensure that such compensation realistically reflects the responsibilities and
risks involved.&#160;&#160;The Committee will also review and approve any equity
compensation plans, including any amendments thereto, relating to the issuance
of equity compensation to directors.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 9pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E)&#160;&#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluate
      the performance of the Chair of the
Board.</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will evaluate the performance of the Chair of the Board.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
fulfilling this responsibility, the Committee will:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;
      &#160;</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">establish
      formal performance objectives;</font></div>
                </td>
              </tr></table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                <td align="right" style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;&#160;&#160;
      </font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">monitor
      the performance of the Chair of the Board;
and</font></div>
                </td>
              </tr></table>
        </div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      &#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">provide
      formal and informal feedback on
performance.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
                  <td align="right" style="WIDTH: 9pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Develop
      and implement succession planning strategies for the Chair of the
      Board.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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<tr valign="top">
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                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">G)&#160;&#160;</font></div>
                  </td>
                  <td>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assess
      responsibilities of management.</font></div>
                  </td>
                </tr></table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Committee will assess the relationship between the board and executive officers
and recommend, as necessary, limits on the authority of management where board
input is required.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
timetable below generally outlines the Committee&#8217;s anticipated schedule of
activities during the year.</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 88
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr bgcolor="lightgrey">
                    <td colspan="14" valign="top" width="87%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Committee
      Timetable</font></td>
                  </tr><tr bgcolor="lightgrey">
                    <td align="left" colspan="2" valign="top" width="51%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font>
      <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Agenda
      Items</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">F</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">M</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">J</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">A</font></div>
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                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">S</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">O</font></div>
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                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">N</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">D</font></div>
                    </td>
                  </tr><tr>
                    <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">A)</font></font></td>
                    <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Corporate
      Governance</font></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
                    </td>
                    <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  </tr><tr>
                    <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(i)</font></td>
                    <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Determine
      process for board evaluation</font></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                  </tr><tr>
                    <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font size="3" style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
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                      <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">&#160;</div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      <font style="FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr><tr>
                    <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iii)</font></td>
                    <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      the mandates for the board, each board committee and board committee
      chair, and terms of reference for individual directors</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                      </div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr><tr>
                    <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(iv)</font></td>
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                      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      director minimum share ownership requirements</font></div>
                      <div>&#160;</div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr><tr>
                    <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font size="3" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(v)</font></td>
                    <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 1px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="left">
                        <div><font size="3" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review annual board goals or improvement priorities</font></div>
                        <div>&#160;</div>
                      </div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;
      <font style="FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  </tr><tr>
                    <td align="left" valign="top" width="4%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(vi)</font></td>
                    <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">Review
      and approve the corporate governance disclosure </font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">contained
      in the Corporation&#8217;s management proxy circular</font></font></div>
                      <div>&#160;</div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr><tr>
                    <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(vii)</font></td>
                    <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Receive
      report from management regarding submissions to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the
      Office of the Chair e-mail address</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;
      &#252;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                  </tr><tr>
                    <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(viii)</font></td>
                    <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                      <div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Review
      policies/guidelines relating to directors including&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">provisions
      for resignations and term limits</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                      </div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#252;</font></td>
                  </tr><tr>
                    <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic">B.</font></font></td>
                    <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Size
      of Board and Board Committees</font></font></div>
                      <div>&#160;</div>
                    </td>
                    <td colspan="12" valign="top" width="36%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr><tr>
                    <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(i)</font></td>
                    <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Recommend
      to the board the size of the board</font></div>
                      <div>&#160;</div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;&#252;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="3%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">&#160;</font></td>
                  </tr><tr>
                    <td valign="top" width="4%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.5pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;(ii)</font></td>
                    <td valign="top" width="47%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Recommend
      to the board the directors for appointment to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">the
      board committees</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">&#160;</div>
                    </td>
                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="top" width="3%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div>&#160;</div>
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                      <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ex99_4.htm
<DESCRIPTION>CERT
<TEXT>
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    <title>ex99_4.htm</title>
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    <div align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">EXHIBIT 99.4</font></font></div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">Certification Pursuant
to Section 302</font></font></div>
    <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">of the Sarbanes-Oxley
Act of 2002</font></font></div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">I,</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">John W. Sheridan,</font></font> <font size="2">certify that:</font></div>
    <div>&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="624" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">1.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">&#160;&#160;&#160;&#160;&#160;</font></div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">I have reviewed this annual report on Form 40-F of Ballard Power
      Systems Inc.;</font></div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">2.</font></div>
              <div>&#160;</div>
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            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
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      financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
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              <div>&#160;</div>
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            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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      establishing and maintaining disclosure controls and procedures (as
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      control over financial reporting (as defined in Exchange Act Rules
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              <div>&#160;</div>
            </td>
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            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
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            </td>
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            </td>
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      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></div>
              <div>&#160;</div>
            </td>
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            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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      such internal control over financial reporting to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
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      principles;</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
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      procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of
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              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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      control over financial reporting that occurred during the period covered
      by the annual report that has materially affected, or is reasonably likely
      to materially affect the issuer&#8217;s internal control over financial
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              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">5.</font></div>
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            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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              <div>&#160;</div>
            </td>
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            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">a)</font></div>
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            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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      or operation of internal control over financial reporting which are
      reasonably likely to adversely affect the issuer&#8217;s ability to record,
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              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="11">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">b)</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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      other employees who have a significant role in the issuer&#8217;s internal
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              <div>&#160;</div>
            </td>
          </tr></table>
    </div>
    <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&#160;</div>
    <div>&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="624" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
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              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Date: March 19, 2010</font></div>
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            </td>
          </tr><tr>
            <td nowrap valign="bottom" width="19">
              <div style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td colspan="2" nowrap valign="bottom">
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      W.
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8.25pt; TEXT-INDENT: -8.25pt; TEXT-ALIGN: left">President
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              <div>&#160;</div>
            </td>
          </tr></table>
    </div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">A signed original of this written statement required by Section 302 has
been provided to Ballard Power Systems Inc. and will be retained by Ballard
Power Systems Inc. and furnished to the Securities and Exchange Commission or
its staff upon request.</font></div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
    </div>
    <div>&#160;</div>
    <div style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
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    </div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">Certification Pursuant to Section 302<br></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">of the Sarbanes-Oxley
Act of 2002 </font></font></div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">I, </font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">Bruce Cousins,</font></font> <font size="2">certify that:</font></div>
    <div>&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="624" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">1.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">&#160;&#160;&#160;&#160;&#160; </font></div>
              <div>&#160;</div>
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            <td colspan="3">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">I have reviewed this annual report on Form 40-F of Ballard Power
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              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">2.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this report;</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">3.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Based on my knowledge, the financial statements, and other
      financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
      report;</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap valign="top" width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">4.</font></div>
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            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
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            </td>
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      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
      control over financial reporting (as defined in Exchange Act Rules
      13a-15(f) and 15d-15(f)) for the issuer and have:</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">a.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">&#160;&#160;&#160;&#160;&#160; </font></div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Designed such disclosure controls and procedures, or caused such
      disclosure controls and procedures to be designed under our supervision,
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      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">b.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td width="564">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Designed such internal control over financial reporting, or caused
      such internal control over financial reporting to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with generally accepted accounting
      principles;</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">c.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td width="564">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Evaluated the effectiveness of the issuer&#8217;s disclosure controls and
      procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of
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      and</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap width="10">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">d.</font></div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Disclosed in this report any change in the issuer&#8217;s internal
      control over financial reporting that occurred during the period covered
      by the annual report that has materially affected, or is reasonably likely
      to materially affect the issuer&#8217;s internal control over financial
      reporting; and</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">5.</font></div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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      on our most recent evaluation of internal control over financial
      reporting, to the issuer&#8217;s auditors and the audit committee of the
      issuer&#8217;s board of directors (or persons performing the equivalent
      functions):</font></div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">a.</font></div>
              <div>&#160;</div>
            </td>
            <td nowrap valign="top" width="20">
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">All significant deficiencies and material weaknesses in the design
      or operation of internal control over financial reporting which are
      reasonably likely to adversely affect the issuer&#8217;s ability to record,
      process, summarize and report financial information; and</font></div>
              <div>&#160;</div>
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<tr>
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            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">b.</font></div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Any fraud, whether or not material, that involves management or
      other employees who have a significant role in the issuer&#8217;s internal
      control over financial reporting.</font></div>
              <div>&#160;</div>
            </td>
          </tr></table>
    </div>
    <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&#160;</div>
    <div>&#160;</div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" width="624" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">&#160;&#160;&#160;</font></div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Date: March 19, 2010&#160;</font></div>
              <div>&#160;</div>
            </td>
          </tr><tr>
            <td nowrap valign="bottom" width="19">
              <div style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&#160;</div>
              <div>&#160;</div>
            </td>
            <td colspan="2" nowrap valign="bottom">
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      Cousins&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>
      </font></div>
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75pt; TEXT-INDENT: -0.75pt; TEXT-ALIGN: left">Vice
      President and Chief Financial Officer</div>
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          </tr></table>
    </div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">A signed original of this written statement required by Section 302 has
been provided to Ballard Power Systems Inc. and will be retained by Ballard
Power Systems Inc. and furnished to the Securities and Exchange Commission or
its staff upon request. </font></div>
    <div>&#160;</div>
    <div>&#160;</div>
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    <div>&#160;</div>
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    <div align="left">&#160;</div>
    <div>&#160;</div>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>ex99_5.htm
<DESCRIPTION>CERT
<TEXT>
<html>
<head>
    <title>ex99_5.htm</title>
<!-- Licensed to: Dorsey & Whitney LLP-->
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</head>
<body bgcolor="#ffffff" link="#0000ff" vlink="#800000" text="#000000" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">EXHIBIT 99.5</font></font></div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">Section 906
Certification</font></font></div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font size="2">Certification Pursuant to</font></div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font size="2">18 U.S.C. Section 1350 </font></div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><font size="2">As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
</font></div>
    <div>&#160;</div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.21in; TEXT-ALIGN: left"><font size="2">In connection with the Annual Report on Form 40-F of Ballard Power
Systems Inc., a corporation organized under the laws of Canada (the &#8220;Company&#8221;),
for the period ending December 31, 2009 as filed with the Securities and
Exchange Commission on the date hereof (the &#8220;Report&#8221;), each of the undersigned
officers of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002: </font></div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.19in; TEXT-INDENT: -0.19in; TEXT-ALIGN: left"><font size="2">1. The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
</font></div>
    <div style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.19in; TEXT-INDENT: -0.19in; TEXT-ALIGN: left"><font size="2">2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company. </font></div>
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              <div style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Dated: March 19, 2010&#160; </font></div>
              <div>&#160;</div>
            </td>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ John
      W. Sheridan&#160;</font> </font></div>
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">John
      W. Sheridan</div>
              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">President and Chief Executive Officer (principal executive officer)
      </font></div>
              </div>
              <div>&#160;</div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">&#160;&#160; </font></div>
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          </tr><tr>
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              <div style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Dated: March 19, 2010</font></div>
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              <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Bruce
      Cousins</font></font></div>
              <div>Bruce Cousins</div>
              <div>
                <div style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.75in; TEXT-ALIGN: left"><font size="2">Vice President and Chief Financial Officer (principal financial
      officer)&#160; </font></div>
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          </tr></table>
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    <div align="left">&#160;</div>
    <div>&#160;</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>ex99_6.htm
<DESCRIPTION>KPMG CONSENT
<TEXT>
<html>
<head>
    <title>ex99_6.htm</title>
<!-- Licensed to: Dorsey & Whitney LLP-->
<!-- Document Created using EDGARizer 5.1.4.0 -->
<!-- Copyright 1995 - 2009 Thomson Reuters. All rights reserved. -->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT
99.6</font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><img src="kpmg_logo.jpg" alt=""></div>
    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONSENT
OF INDEPENDENT REGISTERED</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PUBLIC
ACCOUNTING FIRM</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To the
Board of Directors of</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ballard
Power Systems Inc.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
consent to the inclusion in this annual report on Form 40-F of:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
      auditors' report dated March 9, 2010 on the consolidated balance sheets of
      Ballard Power Systems Inc. (the &#8220;Company&#8221;) as at December 31, 2009 and
      2008, and the consolidated statements of operations and comprehensive
      income (loss), shareholders&#8217; equity and cash flows for each of the years
      in the two-year period ended December 31, 2009,
  and</font></div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
      Report of Independent Registered Public Accounting Firm dated March 9,
      2010 on the effectiveness of internal control over financial reporting as
      of December 31, 2009,</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">each of
which is included in this annual report on Form 40-F of the Company for the
fiscal year ended December 31, 2009.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
consent to the incorporation by reference of such report in the Registration
Statements (No. 333-156553 and 333-161807) on Form S-8 of Ballard Power Systems
Inc.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Accountants</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vancouver,
Canada</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March 18,
2010</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><img src="kpmg_footer.jpg" alt=""><br>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
