<SUBMISSION>
<ACCESSION-NUMBER>0001047469-05-017370
<TYPE>S-1
<PUBLIC-DOCUMENT-COUNT>13
<FILING-DATE>20050615
<DATE-OF-FILING-DATE-CHANGE>20050615
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>TUCOWS INC /PA/
<CIK>0000909494
<ASSIGNED-SIC>7374
<IRS-NUMBER>232707366
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-1
<ACT>33
<FILE-NUMBER>333-125843
<FILM-NUMBER>05898416
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>96 MOWAT AVENUE
<CITY>TORONTO
<STATE>A6
<ZIP>M6K 3M1
<PHONE>4165350123
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>96 MOWAT AVENUE
<CITY>TORONTO
<STATE>A6
<ZIP>M6K 3M1
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INFONAUTICS INC
<DATE-CHANGED>19960426
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INFONAUTICS CORP
<DATE-CHANGED>19960315
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>a2159670zs-1.htm
<DESCRIPTION>FORM S-1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#05PHI1189_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on June&nbsp;15, 2005  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=1><B> Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P><FONT SIZE=1><B> <hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>UNITED STATES<BR>  </B></FONT><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington, D.C. 20549  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>FORM&nbsp;S-1<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>TUCOWS&nbsp;INC.<BR>  </B></FONT><FONT SIZE=1>(Exact Name of Registrant as Specified in its Charter) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=1><B>Pennsylvania</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=1><B>7374</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=1><B>23-2707366</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=1>(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=1>(Primary Standard Industrial<BR>
Classification Code No.)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=1>(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=1><B>96 Mowat Avenue<BR>
Toronto, Ontario, Canada M6K&nbsp;3M1<BR>
(416)&nbsp;535-0123<BR>  </B></FONT><FONT SIZE=1>(Address, Including Zip Code, and Telephone Number, including<BR>
Area Code, of Registrant's Principal Executive Offices) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1><B>Elliot Noss<BR>
President and Chief Executive Officer<BR>
Tucows&nbsp;Inc.<BR>
96&nbsp;Mowat Avenue<BR>
Toronto, Ontario, Canada M6K&nbsp;3M1<BR>  </B></FONT><FONT SIZE=1>(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><I>Copies to:</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%" ALIGN="CENTER"><FONT SIZE=1>Joanne R. Soslow<BR>
David A. Sirignano<BR>
Morgan, Lewis&nbsp;&amp; Bockius LLP<BR>
1701 Market Street<BR>
Philadelphia, PA 19103<BR>
(215) 963-5000</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="46%" ALIGN="CENTER"><FONT SIZE=1>Cameron A. Mingay<BR>
Cassels Brock&nbsp;&amp; Blackwell LLP<BR>
Suite&nbsp;2100, Scotia Plaza<BR>
40 King Street West<BR>
Toronto, ON M5H 3C2<BR>
(416) 860-6615</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=1><B>Approximate date of commencement of proposed sale to the public:<BR>
As soon as practicable after this Registration Statement is declared effective.</B></FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check the
following box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434, please check the following
box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=5><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="63%" ALIGN="CENTER"><FONT SIZE=1><B>Title Of Each Class of<BR>
Securities To Be Registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate<BR>
Offering Price</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Amount Of<BR>
Registration Fee</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=1>Common stock, no par value</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>$36,000,000(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>$4,238</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Estimated
solely for purposes of calculating the registration fee in accordance with Rule&nbsp;457(o) under the Securities Act of 1933, as amended. </FONT></DD></DL>
<BR>
<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a
further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or
until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></FONT></P>

<P><FONT SIZE=1><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=365885,FOLIO='blank',FILE='DISK124:[05PHI9.05PHI1189]BA1189A.;8',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bc1189_explanatory_note"> </A>
<A NAME="toc_bc1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXPLANATORY NOTE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement contains a prospectus relating to an offering of shares of our common stock in the United States, together with separate prospectus
pages relating to an offering of shares of our common stock in Canada. The U.S. prospectus and the Canadian prospectus will be identical in all material respects. The complete U.S. prospectus is
included herein and is followed by those pages to be used solely in the Canadian prospectus. Each of the alternate pages for the Canadian prospectus included in this registration statement has been
labeled "Alternate Page for Canadian Prospectus." </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=548518,FOLIO='blank',FILE='DISK124:[05PHI9.05PHI1189]BC1189A.;3',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT COLOR="#FF4040" SIZE=2><B>The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any state where the offer or
sale is not permitted.</B></FONT></P>

<P ALIGN="CENTER"><FONT COLOR="#FF4040" SIZE=2><B>(Subject to Completion) Dated June&nbsp;15, 2005</B></FONT></P>

<P><FONT SIZE=2><B><I>PROSPECTUS  </I></B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>
<IMG SRC="g137804.jpg" ALT="LOGO" WIDTH="456" HEIGHT="105">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>TUCOWS&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>Common Stock  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock and
the selling shareholders are offering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock. We will
not receive any proceeds from the sale of shares of common stock by the selling shareholders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of our common stock are currently listed for quotation on the Over-the-Counter Bulletin Board under the symbol "TCOW." We have applied for listing of our
common stock on the American Stock Exchange under the symbol "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;" and on the Toronto Stock Exchange under the symbol "TC." Conditional listing approval has not yet been obtained
from the
Toronto Stock Exchange or the American Stock Exchange and there can be no assurance that our shares of common stock will be listed on the Toronto Stock Exchange, the American Stock Exchange or on any
other exchange. On June&nbsp;13, 2005, the last reported sale price of our common stock on the OTC Bulletin Board was $0.90. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=3><B><I>Investing in our common stock involves risks. See "Risk Factors" beginning on page&nbsp;6.</I></B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B><I>PRICE $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A SHARE</I></B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Price to Public</B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Underwriting<BR>
Discounts and<BR>
Commissions</B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Proceeds to<BR>
Company</B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Proceeds to<BR>
Selling<BR>
Shareholders</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2>Per Share</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have granted the underwriter the right to purchase up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares to cover over-allotments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter expects to deliver the shares to purchasers on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005. </FONT></P>


<P><FONT SIZE=2><B><I>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</I></B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>DESJARDINS SECURITIES INTERNATIONAL&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005 </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=256397,FOLIO='blank',FILE='DISK124:[05PHI9.05PHI1189]BE1189A.;8',USER='MBARTAS',CD='14-JUN-2005;18:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1189_table_of_contents"> </A>
<A NAME="toc_bg1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>PROSPECTUS SUMMARY</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>RISK FACTORS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>USE OF PROCEEDS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>MARKET PRICE AND DIVIDEND POLICY</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>CONSOLIDATED CAPITALIZATION</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>25</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>SELECTED CONSOLIDATED FINANCIAL DATA</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>BUSINESS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>MANAGEMENT</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>72</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>OPTIONS TO PURCHASE SECURITIES</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>76</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>PRINCIPAL AND SELLING SHAREHOLDERS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>83</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO NON-UNITED STATES HOLDERS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>86</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>DESCRIPTION OF CAPITAL STOCK</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>89</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>SHARES ELIGIBLE FOR FUTURE SALE</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>93</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>94</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>LEGAL MATTERS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>97</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>EXPERTS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>97</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>97</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>GLOSSARY OF TECHNICAL TERMS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>98</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="94%" VALIGN="TOP"><FONT SIZE=2>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>F-1</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with information different from the information contained in this
prospectus. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of when this prospectus is delivered or when any sale of our common stock
occurs. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated, all currency amounts in this prospectus are stated in U.S. dollars. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=654154,FOLIO='blank',FILE='DISK124:[05PHI9.05PHI1189]BG1189A.;17',USER='MBARTAS',CD='14-JUN-2005;20:51' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ca1189_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1189_prospectus_summary"> </A>
<A NAME="toc_ca1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROSPECTUS SUMMARY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary does not contain all of the information you should consider before buying shares of our common stock. You should read the
entire prospectus carefully, especially the "Risk Factors" section and our consolidated financial statements and the related notes appearing at the end of this prospectus, before deciding to invest in
shares of our common stock.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>The Company  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide Internet services and downloadable software through a global distribution network of more than 6,000 customers, or Service Providers, in more than 100
countries. We are an accredited registrar with the Internet Corporation for Assigned Names and Numbers, or ICANN, and we generate revenue primarily through the provision of domain registration and
other Internet services to Service Providers who offer such services to their own customers in a process known as wholesale distribution. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
distribution network of Service Providers is comprised primarily of web hosting companies, Internet Service Providers, or ISPs, and providers of other services over the Internet.
These Service Providers typically provide their customers, the end-users of the Internet, with a critical component to enable their use of the Internet. End-users typically
consist of individuals and businesses ranging from small businesses to large corporations. When a Service Provider has secured an end-user as a customer in one area of specialty, it has an
opportunity to provide this customer with additional services. We believe that end-users will first contact their current Service Providers when they seek to purchase additional services. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that one of our key competitive advantages is our relationship and reputation with our Service Providers. We believe we have an excellent understanding of the businesses of
Service Providers and, as a result, have earned their trust. This trust and understanding has contributed to our success in establishing and maintaining our network of Service Providers. We believe
that our accumulated goodwill is not easily replicated and will continue to give us a strong competitive advantage over the long term. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have continued to expand our network of Service Providers and the Internet services we provide them to offer to their customers. These services currently include domain registration
in nineteen
different top level domains, or TLDs, digital certificates, billing, provisioning and customer care software solutions, email and anti-spam services, blogware and website building tools.
We primarily distribute our services to Service Providers using our open shared reseller system, or OpenSRS platform. OpenSRS provides a back-end infrastructure, complete with interfaces
that Service Providers use to provision our services either for their own use or for other end-users while acting as a wholesale distributor. We also provide an open hosted registrar
system, or OpenHRS platform, for accredited registrars who do not want to incur the costs and complexities of building and maintaining their own domain name registration and management system. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that sourcing Internet services from us as their wholesale distributor enables Service Providers to focus on customer acquisition and retention, while enhancing their per
customer revenue by offering other Internet services along with their core services. We provide solutions that help Service Providers manage technical and administrative complexities including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>tracking
of administration, billing and usage;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>integrating
information and functionality from multiple sources;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>delivering
content, applications and services in a robust, scalable and efficient manner;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>managing
the life-cycle of the subscriber and the service from provisioning through renewal and transfer; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=489383,FOLIO='1',FILE='DISK124:[05PHI9.05PHI1189]CA1189A.;3',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_ca1189_1_2"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>ensuring
system reliability and redundancy; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providing
cost savings over in-house solutions by relieving Service Providers of the expense of acquiring and maintaining hardware and software and the
associated administrative burden. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to generating revenue through domain registration and other Internet services, we generate advertising and other revenue through our website, www.tucows.com, which has the
primary function of providing software for download. Advertising revenue is generated from third-party advertisers and from software developers who rely on us as an important source of distribution
for their shareware, freeware and online services. Software developers use our Author Resource Center, or ARC, to submit their products for inclusion in our libraries and to purchase promotional
placement of their software in the library. The libraries are available to end users around the world via our Internet facilities and via a global network of Internet service companies who mirror our
libraries locally. We also generate revenue from companies who contract with us to provide them with co-branded content. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the Internet continues to grow and the number of available applications and services and the complexity of these services continues to increase, we anticipate that the value of our
role as distributor will increase. We believe Service Providers will focus primarily on customer acquisition and retention and will find it difficult to continue to identify new profitable services,
negotiate supply arrangements and integrate new services into their businesses while maintaining existing business processes and services. We therefore believe that our role in the industry will grow
in importance as Service Providers seek to outsource these tasks. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
goal is to strengthen our position as a supplier of Internet services to Service Providers. We believe that the market for Internet services will continue to grow and that our
existing relationships provide us with an opportunity to expand our platform. We intend to expand the services we offer and increase our Service Provider relationships. Our goal is to implement this
strategy while maintaining our high level of customer service and support. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
were incorporated under the laws of the Commonwealth of Pennsylvania in November&nbsp;1992. Our principal executive offices are located at 96&nbsp;Mowat Avenue, Toronto, Ontario,
Canada M6K&nbsp;3M1. Our telephone number is (416)&nbsp;535-0123. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=377035,FOLIO='2',FILE='DISK124:[05PHI9.05PHI1189]CA1189A.;3',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cc1189_1_3"> </A> </FONT> <FONT SIZE=2><B>Summary Financial Data  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes our financial data. You should read the following selected financial data together with our consolidated financial statements and
the related notes appearing at the end of this prospectus and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and other financial data included in
this prospectus. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>(audited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER"><FONT SIZE=1><B>(in thousands of U.S. Dollars, except per share data)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Net revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>11,802</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>10,175</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>44,717</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>37,195</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>37,046</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>31,590</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>14,440</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Cost of revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>7,221</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6,446</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>27,566</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>22,990</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>23,108</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>21,106</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>7,785</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Gross profit</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,581</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,729</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>17,151</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>14,205</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>13,938</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>10,484</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6,655</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Operating expenses</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,367</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,618</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>15,002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>13,273</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>14,918</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>23,761</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>44,600</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Income (loss) from operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>214</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>111</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,149</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>932</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(980</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(13,277</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(37,945</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Other income (expenses)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>77</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>38</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>201</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,131</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,847</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(136</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>215</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Income (loss) before provision for income taxes</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>291</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>149</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,350</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,063</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,867</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(13,413</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(37,730</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Provision for (recovery of) income taxes</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(152</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3,150</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Net income (loss) for the period</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>443</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>149</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,063</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,867</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(13,413</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(37,730</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Basic and diluted income (loss) per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.01</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.08</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.03</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.03</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.24</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(8.79</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Shares used in computing basic income (loss) per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>66,883,487</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,690,887</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>66,079,104</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>56,152,735</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,291,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="22%"><FONT SIZE=1>Shares used in computing diluted income (loss) per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>71,604,368</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>66,989,744</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>68,051,579</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,725,929</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>56,152,735</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,291,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="LEFT"><FONT SIZE=1><BR>
&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1><BR>
&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH COLSPAN=14 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B><BR>
As at December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>As at March&nbsp;31,<BR>
2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>(audited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=17 ALIGN="CENTER"><FONT SIZE=1><B>(in thousands of U.S. Dollars)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1><B>Consolidated Balance Sheet Data</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1>Cash and cash equivalents (including restricted cash)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=1>15,007</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>14,375</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>13,045</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>9,782</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,814</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2,170</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1>Working capital (deficit)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=1>4,903</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,033</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2,202</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1,066</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(6,947</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(9,730</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=1>49,558</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>47,304</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>35,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>28,853</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>25,589</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>22,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1>Deferred revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=1>35,756</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>33,251</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>28,589</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>24,361</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>22,714</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>15,808</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1>Long-term obligations, net of current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>52</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1>Stockholders' equity (deficiency)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=1>8,081</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>7,457</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1,360</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(3,390</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1,697</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="33%"><FONT SIZE=1>Total liabilities and stockholders' equity (deficiency)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=1>49,558</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>47,304</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>35,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>28,853</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>25,589</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>22,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=7,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=425308,FOLIO='3',FILE='DISK124:[05PHI9.05PHI1189]CC1189A.;13',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ce1189_1_4"> </A> </FONT> <FONT SIZE=2><B>The Offering  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><B>Common stock offered by us:</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><B><BR>
Common stock offered by the selling shareholders:</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><B><BR>
Shares of common stock to be outstanding after this offering:</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><B><BR>
Over-allotment option:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
We have granted an over-allotment option to the underwriter. Under this option, the underwriter may, on the same terms and conditions set forth above, elect to purchase a maximum
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional shares from us within 30&nbsp;days following the date of this prospectus to cover over-allotments. See "Plan of Distribution."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><B><BR>
Use of Proceeds:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
We expect to use the net proceeds from this offering to finance future acquisitions, investments or licensing arrangements in businesses or services that will expand the functionality of our service offerings or broaden our relationships with Service
Providers. At this time, we do not have any commitments or agreements with respect to any specific transaction. In addition, we will use the proceeds from this offering for general corporate purposes, including working capital needs, expanding
international sales and marketing initiatives and to advance new and existing service offerings. We will not receive any proceeds from the sale of shares by the selling shareholders. See "Use of Proceeds."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><B><BR>
Risk Factors:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
You should read the "Risk Factors" section of this prospectus before deciding to invest in shares of our common stock.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><B><BR>
OTC Bulleting Board symbol:</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2><BR>
TCOW</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><B><BR>
Proposed American Stock Exchange symbol:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Conditional listing approval has not yet been obtained from the American Stock Exchange and there can be no assurance that our shares of common stock will be listed on the
American Stock Exchange or on any other exchange.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2><B><BR>
Proposed Toronto Stock Exchange symbol:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="63%" VALIGN="BOTTOM"><FONT SIZE=2><BR>
TC. Conditional listing approval has not yet been obtained from the Toronto Stock Exchange and there can be no assurance that our shares of common stock will be listed on the Toronto Stock Exchange or on any other exchange.</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares of our common stock that will be outstanding immediately after this offering includes 68,092,665 shares of common stock outstanding as of June&nbsp;13, 2005. This
calculation excludes: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>6,916,428
shares of common stock issuable upon exercise of options outstanding as of June&nbsp;13, 2005 at a weighted average exercise price of $0.51 per share, of which,
options to purchase 5,062,415 shares were exercisable;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>728,590
shares of common stock available for future grant under our Amended and Restated 1996 Equity Compensation Plan as of June&nbsp;13, 2005; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=8,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=425258,FOLIO='4',FILE='DISK124:[05PHI9.05PHI1189]CE1189A.;7',USER='MBARTAS',CD='14-JUN-2005;18:31' -->
<A NAME="page_ce1189_1_5"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>shares
 of common stock issuable upon the exercise of warrants issued to the underwriter at an exercise price of $&nbsp;&nbsp;&nbsp;&nbsp;per share, which expire
24&nbsp;months after the date of this prospectus; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>288,807
shares of common stock being held in escrow in connection with our acquisition of the outstanding capital stock of Boardtown Corporation. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated, all information in this prospectus assumes no exercise by the underwriter of its over-allotment option. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=9,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=712913,FOLIO='5',FILE='DISK124:[05PHI9.05PHI1189]CE1189A.;7',USER='MBARTAS',CD='14-JUN-2005;18:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1189_1_6"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1189_risk_factors"> </A>
<A NAME="toc_de1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>An investment in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described
below and all other information contained in this prospectus before you decide whether to purchase our common stock.</I></FONT></P>

<P><FONT SIZE=2><B>Risks Related to Our Business and Industry  </B></FONT></P>

<P><FONT SIZE=2><B><I>We may not be able to maintain or improve our competitive position, and may be forced to reduce our prices, because of strong competition from other
competitive registrars.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before the introduction of competition into the domain registration industry in 1999, Network Solutions LLC, or Network Solutions, was the only entity authorized
by the U.S. government to serve as the registrar for domains in the .com, .net and .org domains. This position allowed Network Solutions to develop a substantial customer base, which gives it
advantages in securing customer renewals and in developing and marketing ancillary products and services. In addition to Network Solutions, we face significant competition from other existing
registrars and the continued introduction of new registrars in the domain registration industry. As of May&nbsp;23, 2005, ICANN had accredited 472 competitive registrars, including our company, to
register domains in one or more of the generic top level domains, or gTLD's, though not all of these accredited registrars are operational. The continued introduction of competitive registrars and
Service Providers into the domain registration industry and the rapid growth of some competitive registrars and Service Providers who have already entered the industry may make it difficult for us to
maintain our current market share. Some of these registrars may have longer operating histories, greater name recognition, particularly in international markets, or greater resources than us. We
expect that competition will increase in the near term and that our primary long-term competitors may not yet have entered the market. As a result, we may not be able to compete
effectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market for domain registrations continues to be extremely competitive as participants strive to protect their current market share and improve their competitive position. VeriSign
Global Registry
Services, or VeriSign, currently charges registrars who use its shared registration system $6 for each registration, which most registrars, including our company, pass on to their customers. Some of
our competitors offer registration services at a price level minimally above the registry and the ICANN fees for each domain registered in the.com and.net registry. Other competitors have reduced and
may continue to reduce their pricing for domain registrations both for short-term promotions and on a permanent basis. Our competitors have also offered domain registrations free in a
bundle of other products, deriving their revenues from other products and services. In addition, some of these competitors have experienced a significant increase in their registrations, suggesting
that customers are becoming more price sensitive. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
our business model is premised upon selling multiple services through our Service Providers, we have competed aggressively to attract new clients and retain existing customers. As a
result of these actions, our average selling prices have fallen and we may be required, by marketplace factors or otherwise, to reduce, perhaps significantly, the prices we charge for our core domain
registration and related products and services. The likelihood of this will increase if our competitors who charge these reduced fees are able to maintain customer service comparable to ours. Given
the volatile nature of this marketplace, it is difficult to predict whether our average selling prices will continue to decline. If we continue to reduce our prices in order to remain competitive,
this could materially adversely affect our business, financial position and results of operations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=1002454,FOLIO='6',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_7"> </A>
<BR>

<P><FONT SIZE=2><B><I>Each registry and the ICANN regulatory body impose a charge upon the registrar for the administration of each domain registration. If these fees
increase, this may have an impact upon our profits.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each registry typically imposes a fee in association with the registration of each domain. For example, at present, the VeriSign registry charges a $6 fee. ICANN
has recently imposed a $0.25 charge for each domain name registered in the TLDs that fall within its purview. We have no control over these agencies and cannot predict when they may increase their
respective fees. Any increase in these fees must either be included in the prices we charge to our Service Providers or it must be imposed as a surcharge. If we absorb such cost increases or if
surcharges act as a deterrent to registration, we may find that our profits are adversely impacted by these third-party fees. </FONT></P>

<P><FONT SIZE=2><B><I>If the growth rate of the market for new domain names becomes flat or declines, our net revenue from registrations may fall below anticipated levels.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand for renewals and new registrations under .com, .net, .org and other TLDs increased in the first quarter of 2005. According to VeriSign, the total number of
registrations under .com and .net grew by 3&nbsp;million in the first quarter of 2005. Notwithstanding the recent increase in registrations, we expect the
market to continue to grow but do not expect demand for new domain registrations to consistently return to the high levels experienced in 2000 and 2001. If the market for new domain registrations
becomes flat or declines, it would restrict the growth of our domain registration business and our revenues may decline. </FONT></P>

<P><FONT SIZE=2><B><I>If we are unable to protect our market share or improve our competitive position by maintaining or increasing the renewal of domain registrations, our
business, financial condition and results of operations could be materially adversely affected.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We compete aggressively to attract new clients and retain existing customers to protect our current market share and improve our competitive position. These
actions have resulted in our average selling price declining, which has partially offset the impact of the increased transaction volume on our revenue and profitability. We may face continued pricing
pressure in order to remain competitive, which would adversely impact our revenues and profitability. While we anticipate that the number of new, renewed and transferred-in domain
registrations will incrementally increase, volatility in the market could result in our customers turning to other registrars, thereby impairing growth in the number of domains under our management
and our ability to sell multiple services to such customers. Since our strategy is to expand the services we provide our customers, if we are unable to maintain our domain registrations, our ability
to expand our business may be adversely effected. </FONT></P>

<P><FONT SIZE=2><B><I>If we are unable to improve our sales of existing gTLDs, improve our renewal rate or generate alternate revenue streams, our business, financial
condition and results of operations could be materially adversely affected.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the overall number of registrations in each new gTLD that has been launched has been significantly lower than the number of.com registrations, the
introduction of new gTLDs has contributed to our revenues. We do not currently anticipate the introduction of any additional commercial gTLDs in the near future that would materially affect our
revenues. As a result, in order to grow our revenues, we need to increase sales of existing gTLDs, renewals, transfers or other products and services in lieu of the opportunities that were presented
by the new gTLDs in 2001 and early 2002. Our business and results of operations could be materially adversely affected if the market for existing gTLDs does not develop, additional new top level
domains are not introduced or if substantial numbers of our customers turn to other registrars for their registration needs. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=11,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=1021814,FOLIO='7',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_8"> </A>
<BR>

<P><FONT SIZE=2><B><I>We rely on our network of Service Providers to renew their domain registrations through us and to distribute our applications and services, and if we
are unable to maintain these relationships or establish new relationships, our revenues will decline.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The growth of our business depends on, among other things, our Service Providers' renewal of their customers' domain registrations through us. Service Providers
may choose to renew their domains with other registrars or their registrants may choose not to renew and pay for renewal of their domains. If Service Providers decide, for any reason, not to renew
their registrations through us, our revenues from domain registrations will decrease. </FONT></P>

<P><FONT SIZE=2><B><I>If we are unable to maintain our relationships with our Service Providers, our revenue may decline.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We obtain revenues by distributing applications and services through our network of Service Providers. We also rely on our Service Providers to market, promote
and sell our services. Our ability to increase revenues in the future will depend significantly on our ability to maintain our customer network, to sell more services through existing Service
Providers and to develop our relationships with existing Service Providers by providing customer and sales support and additional products. Service Providers have no obligations to distribute our
applications and services and may stop doing so at any time. If we are not able to maintain our relationships with Service Providers, our ability to distribute our applications and services will be
harmed, and our revenue may decline. </FONT></P>

<P><FONT SIZE=2><B><I>We believe that part of our growth will be derived from Service Providers in international markets and may suffer if Internet usage does not continue to
grow globally.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that a major source of growth for Internet-based companies will come from individuals and businesses outside the United States where Internet access
and use is less prevalent. A substantial number of our Service Providers are currently based outside the United States and we plan to grow our business in other countries. If Internet use in these
jurisdictions does not increase as anticipated, our revenues may not grow as anticipated. </FONT></P>

<P><FONT SIZE=2><B><I>Our business depends on a strong brand. If we are not able to maintain and enhance our brand, our ability to expand our customer base will be impaired
and our business and operating results will be harmed.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the brand identity we have developed has significantly contributed to the success of our business. We also believe that maintaining and enhancing
the "Tucows" brand is critical to expanding our customer base. Maintaining and enhancing our brand may require us to make substantial
investments and these investments may not be successful. We anticipate that, as our market becomes increasingly competitive, maintaining and enhancing our brand may become increasingly difficult and
expensive. Maintaining and enhancing our brand will depend largely on our ability to be a technology leader providing high quality products and services, which we may not do successfully. To date, we
have engaged in relatively little direct brand promotion activities. This enhances the risk that we may not successfully implement brand enhancement efforts in the future. </FONT></P>

<P><FONT SIZE=2><B><I>Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity and
teamwork fostered by our culture, and our business may be harmed.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that a critical contributor to our success has been our corporate culture, which we believe fosters innovation, creativity and teamwork. As our
organization grows and we are required to implement more complex organizational management structures, we may find it increasingly difficult to maintain the beneficial aspects of our corporate
culture. This could negatively impact our future success. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=221935,FOLIO='8',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_9"> </A>
<BR>

<P><FONT SIZE=2><B><I>We believe that companies operating on the Internet are facing a period of consolidation. In addition, some of our Service Providers may decide to seek
ICANN accreditation. Both of these situations could reduce the number of our active Service Providers, in which case our revenues may suffer.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of our competitors merge with one another, they will present a stronger combined force in the market and may attract the business of both existing and
prospective Service Providers. Service Providers may opt to build their own technical systems and seek ICANN accreditation in order that they may process domain applications themselves. If a number of
our customers decide to pursue this option, our sales will decrease. </FONT></P>

<P><FONT SIZE=2><B><I>Our failure to secure agreements with country code registries or our subsequent failure to comply with the regulations of the country code registries
could cause customers to seek a registrar that offers these services.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The country code top-level domain, or ccTLD, registries require registrars to comply with specific regulations. Many of these regulations vary from
ccTLD to ccTLD. If we fail to comply with the regulations imposed by ccTLD registries, these registries will likely prohibit us from registering or continuing to register domains in their ccTLD. Any
failure on our part to offer domain registrations in a significant number of ccTLDs or in a popular ccTLD would cause us to lose a competitive
advantage and could cause Service Providers to elect to take their business to a registrar that does offer these services. </FONT></P>

<P><FONT SIZE=2><B><I>Our standard domain registration agreement may not be enforceable, which could subject us to liability.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate on a global basis and all of our Service Providers must execute our standard domain registration agreement as part of the process of registering a
domain. This agreement contains provisions intended to limit our potential liability arising from our registration of domains on behalf of our Service Providers and their customers, including
liability resulting from our failure to register or maintain domains. If a domestic, foreign or international court were to find that the registration agreement is unenforceable, we could be subject
to liability. </FONT></P>

<P><FONT SIZE=2><B><I>If we cannot obtain or develop additional applications and services that are appealing to our customers, we may remain dependent on domain registrations
as a primary source of revenue and our net revenues may fall below anticipated levels.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A key part of our long-term strategy is to diversify our revenue base by offering our Service Providers additional value-added products and services
that address their evolving business needs. Although we have recently experienced increased sales for new products and services such as email and web certificates, our efforts to date have not
resulted in substantial diversification. We cannot be sure that we will be able to license new applications and services at a commercially viable cost or at all, or that we will be able to
cost-effectively develop the applications in-house. If we cannot obtain or develop these applications on a cost-effective basis and cannot expand the range of our
service offerings, sales of our services may suffer as Service Providers turn to alternate providers that are able to more fully supply their business needs. </FONT></P>

<P><FONT SIZE=2><B><I>We depend on third parties for free and low cost web-based content.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We access and provide web-based content for certain of our content notification and other sites. We access this content mainly by searching selected
websites and then providing links to relevant content from the individual sites. Typically, we pay no fee, or a nominal fee, for accessing web</FONT><FONT SIZE=2><B>-</B></FONT><FONT SIZE=2>based
content in this manner. Our ability to continue to use web-based content in this manner without cost, or for nominal fees, is fundamental to our goal of providing free, or low cost,
content notification sites. If the market changes and owners begin to charge more significant fees for accessing material from </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=13,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=625077,FOLIO='9',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_10"> </A>
<BR>

<P><FONT SIZE=2>their
websites, we will incur additional expenses to provide the service or we may decide to no longer provide the service. </FONT></P>


<P><FONT SIZE=2><B><I>Our advertising revenues may be subject to fluctuations.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that Internet advertising spending, as in traditional media, fluctuates significantly with economic cycles and during any calendar year, with spending
being weighted towards the end of the year to reflect trends in the retail industry. Our advertisers can generally terminate their contracts with us at any time. Advertising spending is particularly
sensitive to changes in general economic conditions and typically decreases when economic conditions are not favorable. A decrease in demand for Internet advertising could have a material adverse
affect on our business, financial condition and results of operations. </FONT></P>

<P><FONT SIZE=2><B><I>If we fail to protect our proprietary rights, the value of those rights could be diminished.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rely upon copyright, trade secret and trademark law, confidentiality and nondisclosure agreements, invention assignment agreements and
work-for-hire agreements to protect our proprietary technology. We cannot ensure that our efforts to protect our proprietary information will be adequate to protect against
infringement and misappropriation by third parties, particularly in foreign countries where laws or law enforcement practices may not protect proprietary rights as fully as in the United States and
Canada. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have licensed, and may in the future license, some of our trademarks and other proprietary rights to others. Third parties may also reproduce or use our intellectual property rights
without seeking a license and thus benefit from our technology without paying for it. Third parties could also
independently develop technology, processes or other intellectual property that are similar to or superior to those used by us. Actions by licensees, misappropriation of the intellectual property
rights or independent development by others of similar or superior technology might diminish the value of our proprietary rights or damage our reputation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unauthorized reproduction or other misappropriation of our intellectual property rights, including copying the look, feel and functionality of our website could enable third parties
to benefit from our technology without us receiving any compensation. </FONT></P>

<P><FONT SIZE=2><B><I>The law relating to the use of and ownership in intellectual property on the Internet is currently unsettled and may expose us to unforeseen
liabilities.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been ongoing legislative developments and judicial decisions concerning trademark infringement claims, unfair competition claims, and dispute
resolution policies relating to the registration of domains. To help protect ourselves from liability in the face of these ongoing legal developments, we have taken the following precautions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
standard registration agreement requires that each registrant indemnify, defend and hold us harmless for any dispute arising from the registration or use of a domain
registered in that person's name; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Since
December&nbsp;1, 1999, we have required our Service Providers to ensure that all registrants are bound to the Uniform Domain Name Dispute Resolution Policy as
approved by ICANN. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite
these precautions, we cannot assure you that our indemnity and dispute resolution policies will be sufficient to protect us against claims asserted by various third parties,
including claims of trademark infringement and unfair competition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
laws or regulations concerning domains and registrars may be adopted at any time. Our responses to uncertainty in the industry or new regulations could increase our costs or prevent
us from </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=14,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=295959,FOLIO='10',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_11"> </A>
<BR>

<P><FONT SIZE=2>delivering
our domain registration services over the Internet, which could delay growth in demand for our services and limit the growth of our revenues. New and existing laws may cover issues such as: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>pricing
controls;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
creation of additional generic top level domains and country code domains;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>consumer
protection;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>cross-border
domain registrations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>trademark,
copyright and patent infringement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>domain
dispute resolution; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
nature or content of domains and domain registration. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
example of legislation passed in response to novel intellectual property concerns created by the Internet is the ACPA enacted by the United States government in November&nbsp;1999.
This law seeks to curtail a practice commonly known in the domain registration industry as cybersquatting. A cybersquatter is generally defined in the ACPA as one who registers a domain that is
identical or similar to another party's trademark, or the name of another living person, with the bad faith intent to profit from use of the domain. The ACPA states that registrars may not be held
liable for registration
or maintenance of a domain for another person absent a showing of the registrar's bad faith intent to profit from the use of the domain. Registrars may be held liable, however, if they do not comply
promptly with procedural provisions of the ACPA. For example, if there is litigation involving a domain, the registrar is required to deposit a certificate representing the domain registration with
the court. If we are held liable under the ACPA, any liability could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P><FONT SIZE=2><B><I>Once any infringement is detected, disputes concerning the ownership or rights to use intellectual property could be costly and
time-consuming to litigate, may distract management from operating the business, and may result in us losing significant rights and our ability to operate all or a portion of our business.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims of infringement of intellectual property or other rights of third parties against us could result in substantial costs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third
parties may assert claims of infringement of patents or other intellectual property rights against us concerning past, current or future technologies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Content
obtained from third parties and distributed over the Internet by us may result in liability for defamation, negligence, intellectual property infringement, product or service
liability and dissemination of computer viruses or other disruptive problems. We may also be subject to claims from third parties asserting trademark infringement, unfair competition and violation of
publicity and privacy rights relating specifically to domains. These claims may include claims under the </FONT><FONT SIZE=2><I>Anti-cybersquatting Consumer Protection
Act</I></FONT><FONT SIZE=2>, or ACPA, which was enacted in the United States to curtail the registration of a domain that is identical or similar to another party's trademark or the name of a living
person with the bad faith intent to profit from use of the domain. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
claims and any related litigation could result in significant costs of defense, liability for damages and diversion of management's time and attention. Any claims from third
parties may also result in limitations on our ability to use the intellectual property subject to these claims unless we are able to enter into agreements with the third parties making these claims.
If a successful claim of infringement is brought against us and we fail to develop non-infringing technology or to license the infringed or similar technology on a timely basis, we may
have to limit or discontinue the business operations which used the infringing technology. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=15,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=358577,FOLIO='11',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_12"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
rely on technologies licensed from other parties. These third-party technology licenses may infringe on the proprietary rights of others and may not continue to be available on
commercially reasonable terms, if at all. The loss of this technology could require us to obtain substitute technology of lower quality or performance standards or at greater cost, which could
increase our costs and make our products and services less attractive to customers. </FONT></P>

<P><FONT SIZE=2><B><I>The law relating to the liability of online services companies for data and content carried on or disseminated through their networks is currently
unsettled and could expose us to unforeseen liabilities.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is possible that claims could be made against online services companies under U.S., Canadian or foreign law for defamation, negligence, copyright or trademark
infringement, or other theories based on data or content disseminated through their networks, even if a user independently originated this data or content. Several private lawsuits seeking to impose
liability upon Internet service companies have been filed in U.S. and foreign courts. While the United States has passed laws protecting ISPs from liability for actions by independent users in limited
circumstances, this protection may not apply in any particular case at issue. Our ability to monitor, censor or otherwise restrict the types of data or content distributed through our network is
limited. Failure to comply with any applicable laws or regulations in particular jurisdictions could result in fines, penalties or the suspension or termination of our services in these jurisdictions.
Our insurance may not be adequate to compensate or may not cover us at all in the event we incur liability for damages due to data and content carried on or disseminated through our network. Any costs
not covered by insurance that are incurred as a result of this liability or alleged liability, including any damages awarded and costs of litigation, could harm our business and prospects. </FONT></P>

<P><FONT SIZE=2><B><I>Currency fluctuations may adversely affect us.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our revenue is primarily realized in U.S. dollars and a significant portion of our operating expenses is paid in Canadian dollars. Fluctuations in the exchange
rate between the U.S. dollar and the Canadian dollar may have a material effect on our business, financial condition and results from operations. In particular, we may be adversely affected by a
significant weakening of the U.S. dollar against the Canadian dollar on a quarterly and an annual basis. Our policy with respect to foreign currency exposure is to manage financial exposure to certain
foreign exchange fluctuations with the objective of neutralizing some of the impact of foreign currency exchange movements by entering into foreign exchange forward contracts to mitigate the exchange
risk on a portion of our Canadian dollar exposure. We may not always enter into such forward contracts and such contracts may not always be available and economical for us. We do not account for these
instruments as hedges in our consolidated financial statements. </FONT></P>

<P><FONT SIZE=2><B><I>If we do not maintain a low rate of credit card chargebacks, we will face the prospect of financial penalties and could lose our ability to accept
credit card payments from customers, which would have a material adverse affect on our business, financial condition and results of operations.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A substantial majority of our revenues originates from online credit card transactions. Under current credit card industry practices, we are liable for fraudulent
and disputed credit card transactions because we do not obtain the cardholder's signature at the time of the transaction, even though the financial institution issuing the credit card may have
authorized the transaction. Under credit card association rules, penalties may be imposed at the discretion of the association. Any such potential penalties would be imposed on our credit card
processor by the association. Under our contract with our processor, we are required to reimburse our processor for such penalties. Our current level of fraud protection, based on our fraudulent and
disputed credit card transaction history, is within the guidelines established by the credit card associations. However, we face the risk that one or more credit card associations may, at any time,
assess penalties against us or terminate our ability to accept credit </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=16,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=412,FOLIO='12',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_13"> </A>
<BR>

<P><FONT SIZE=2>card
payments from customers, which would have a material adverse affect on our business, financial condition and results of operations. </FONT></P>

<P><FONT SIZE=2><B><I>Forecasting our tax rate is complex and subject to uncertainty.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to income and other taxes in a number of jurisdictions and our tax structure is subject to review by both domestic and foreign tax authorities. We
must make significant assumptions, judgments and estimates to determine our current provision for income taxes, deferred tax assets and liabilities and any valuation allowance that may be recorded
against our deferred tax assets. Although we believe that our estimates are reasonable, the ultimate tax outcome may differ from the amounts recorded in our financial statements and may materially
affect our financial results in the period or periods for which such determination is made. Our current and future tax liabilities could be adversely affected by the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>international
income tax authorities, including the Canada Revenue Agency and the U.S. Internal Revenue Service, could challenge the validity of our arm's-length related
party transfer pricing policies or the validity of our contemporaneous documentation. Currently, we are undergoing a transfer pricing audit by the Canada Revenue Agency with respect to our 2000 and
2001 taxation years;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in the valuation of our deferred tax assets; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in tax laws or the interpretations of such laws. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B><I>While we believe we have adequate internal control over financial reporting, we are required to evaluate our internal controls under Section&nbsp;404
of the Sarbanes-Oxley Act of 2002. Any adverse results from such evaluation could result in a loss of investor confidence in our financial reports and have an adverse effect on the price of our shares
of common stock.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, we expect that beginning with our annual report on Form&nbsp;10-K for the fiscal
year ended December&nbsp;31, 2006, we will be required to furnish a report by management on our internal control over financial reporting. Such report will contain among other matters, an assessment
of the effectiveness of our internal control over financial reporting, including a statement as to whether or not our internal control over financial reporting is effective. This assessment must
include disclosure of any material weaknesses in our internal control over financial reporting identified by our management. Such report must also contain a statement that our auditors have issued an
attestation report on our management's assessment of such internal controls. Public Company Accounting Oversight Board Auditing Standard No.&nbsp;2 provides the professional standards and related
performance guidance for auditors to attest to, and report on, our management's assessment of the effectiveness of internal control over financial reporting under Section&nbsp;404. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we believe our internal control over financial reporting is effective, we are still compiling the system and processing documentation and performing the evaluation needed to comply
with Section&nbsp;404, which is both costly and challenging. We cannot be certain that we will be able to complete our evaluation, testing and any required remediation in a timely fashion. During
the evaluation and testing process, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that such internal control is
effective. If we are unable to assert that our internal control over financial reporting is effective as of December&nbsp;31, 2006 (or if our auditors are unable to attest that our management's
report is fairly stated or they are unable to express an opinion on the effectiveness of our internal controls), we could lose investor confidence in the accuracy and completeness of our financial
reports, which would have a material adverse effect on our stock price. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=17,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=649222,FOLIO='13',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_14"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to comply with the new rules may make it more difficult for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to
accept reduced policy limits and coverage and/or incur substantially higher costs to obtain the same or similar coverage. The impact of these events could also make it more difficult for us to attract
and retain qualified
persons to serve on our board of directors, on committees of our board of directors, or as executive officers. </FONT></P>

<P><FONT SIZE=2><B><I>New accounting pronouncements may require us to change the way in which we account for our operational or business activities.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Financial Accounting Standards Board, FASB, and other bodies that have jurisdiction over the form and content of our accounts are constantly discussing
proposals designed to ensure that companies best display relevant and transparent information relating to their respective businesses. The effect of the pronouncements of FASB and other bodies may
have the effect of requiring us to account for revenues and/or expenses in a different manner than at present. In particular, in fiscal 2006, FASB will require us to expense the fair value of stock
options, resulting in increased expenses in our income statement and a reduction of our net income and earnings per share. The impact of applying a fair value method of accounting for stock options on
a pro-forma basis in accordance with SFAS No.&nbsp;123 is disclosed in Note&nbsp;2 to the audited consolidated financial statements. </FONT></P>

<P><FONT SIZE=2><B><I>We could suffer uninsured losses.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we maintain general liability insurance, claims could exceed the coverage obtained or might not be covered by our insurance. While we typically obtain
representations from our technology and content providers and contractual partners concerning the ownership of licensed technology and informational content and obtain indemnification to cover any
breach of these representations, we still may not receive accurate representations or adequate compensation for any breach of these representations. We may have to pay a substantial amount of money
for claims that are not covered by insurance or indemnification or for claims where the existing scope or adequacy of insurance or indemnification is disputed or insufficient. </FONT></P>

<P><FONT SIZE=2><B><I>Current world events and economic trends may have a negative impact on our sales.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our sales are subject to risks arising from adverse changes in domestic and global economic conditions and fluctuations in consumer confidence and spending. As a
result, our sales may decline as a result of factors beyond our control, such as war and terrorism. These events include ongoing armed conflicts and retaliatory terrorist attacks. Any of these events
could cause consumer confidence and spending to decrease or result in increased volatility in the global markets and economy. If any of the foregoing events occur, our sales may decline and our
business may be adversely affected. </FONT></P>

<P><FONT SIZE=2><B><I>Our quarterly and annual operating results may fluctuate and our future revenues and profitability are uncertain.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our quarterly operating results may fluctuate significantly in the future as a result of a variety of factors, many of which are outside of our control. Our
quarterly and annual operating results may be adversely affected by a wide variety of factors, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to maintain revenue growth at current levels or anticipate a decline in revenue from any of our services;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to identify and develop new technologies or services and to commercialize those technologies into new services in a timely manner;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
mix of our services sold during the quarter or year; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=18,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=839194,FOLIO='14',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_de1189_1_15"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to make appropriate decisions which will position us to achieve further growth;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in our pricing policies or those of our competitors and other competitive pressures on selling prices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to identify, hire, train, motivate and retain highly qualified personnel, and to achieve targeted productivity levels;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>market
acceptance of Internet services generally and of new and enhanced versions of our services in particular;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to establish and maintain a competitive advantage;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
continued development of our global distribution channel and our ability to compete in multiple countries successfully as part of our sales and marketing strategy;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number and significance of service enhancements and new service and technology announcements by our competitors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to identify, develop, deliver, and introduce in a timely manner new and enhanced versions of our current service offerings that anticipate market demand and
address customer needs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in foreign currency exchange rates and issues relating to the conversion to the Canadian dollar;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>foreign,
federal or state regulation affecting our business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to continue to attract users to our website;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to attract software developers to participate in our Author Resource Center;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to continue to attract advertisers to place content on our website
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>interruptions
in our services;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>seasonality
of the markets and businesses of our customers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>news
relating to our industry as a whole;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to enforce our intellectual property rights;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to manage internet fraud and information theft; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in methods used for the accounting of stock options. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operating expenses may increase. We base our operating expense budgets on expected revenue trends that are more difficult to predict in periods of economic uncertainty. We intend to
continue our efforts to control discretionary spending; however, we will continue to selectively incur expenditures in areas that we believe will strengthen our position in the marketplace. If we do
not meet revenue goals, we may not be able to meet reduced operating expense levels and our operating results will suffer. It is possible that in one or more future quarters, our operating results may
be below our expectations and the expectations of public market analysts and investors. In that event, the price of our shares of common stock may fall. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=19,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=60608,FOLIO='15',FILE='DISK124:[05PHI9.05PHI1189]DE1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_df1189_1_16"> </A> </FONT> <FONT SIZE=2><B>Risks Related To the Internet and Our Technology  </B></FONT></P>

<P><FONT SIZE=2><B><I>Our business could be materially harmed if the administration and operation of the Internet no longer rely upon the existing domain system.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The domain registration industry continues to develop and adapt to changing technology. This development may include changes in the administration or operation of
the Internet, including the creation and institution of alternate systems for directing Internet traffic without the use of the existing domain system. Some of our competitors have begun registering
domains with extensions that rely on such alternate systems. These competitors are not subject to ICANN accreditation requirements and restrictions. Other competitors have attempted to introduce
naming systems that use keywords rather than traditional domains. The widespread acceptance of any alternative systems could eliminate the need to register a domain to establish an online presence and
could materially adversely affect our business, financial condition and results of operations. </FONT></P>

<P><FONT SIZE=2><B><I>If Internet usage does not grow or if the Internet does not continue to expand as a medium for commerce, our business may suffer.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success depends upon the continued development and acceptance of the Internet as a widely used medium for commerce and communication. Rapid growth in the uses
of, and interest in, the Internet is a relatively recent phenomenon and its continued growth cannot be assured. A number of factors could prevent continued growth, development and acceptance,
including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
unwillingness of companies and consumers to shift their purchasing from traditional vendors to online vendors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Internet infrastructure may not be able to support the demands placed on it, and its performance and reliability may decline as usage grows;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>security
and authentication issues may create concerns with respect to the transmission over the Internet of confidential information; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>privacy
concerns, including those related to the ability of websites to gather user information without the user's knowledge or consent, may impact consumers' willingness to
interact online. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these issues could slow the growth of the Internet, which could limit our growth and revenues. </FONT></P>

<P><FONT SIZE=2><B><I>We may be unable to respond to the rapid technological changes in the industry, and our attempts to respond may require significant capital
expenditures.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Internet and electronic commerce are characterized by rapid technological change. Sudden changes in user and customer requirements and preferences, the
frequent introduction of new applications and services embodying new technologies and the emergence of new industry standards and practices could make our applications, services and systems obsolete.
The emerging nature of applications and services in the Internet application and services industry and their rapid evolution will require that we continually improve the performance, features and
reliability of our applications and services. Our success will depend, in part, on our ability: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
develop and license new applications, services and technologies that address the increasingly sophisticated and varied needs of our current and prospective customers; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
respond to technological advances and emerging industry standards and practices on a cost-effective and timely basis. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
development of applications and services and other proprietary technology involves significant technological and business risks and requires substantial expenditures and
lead-time. We may be unable </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=20,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=828149,FOLIO='16',FILE='DISK124:[05PHI9.05PHI1189]DF1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_df1189_1_17"> </A>

<P><FONT SIZE=2>to
use new technologies effectively or adapt our internally developed technology and transaction-processing systems to customer requirements or emerging industry standards. Updating technology
internally and licensing new technology from third parties may require us to incur significant additional capital expenditures. </FONT></P>

<P><FONT SIZE=2><B><I>We could experience system failures and capacity constraints which would cause interruptions in our services and ultimately cause us to lose customers.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to maintain our computer hardware and software and telecommunications equipment in working order and to reasonably protect them from error and
interruption is critical to our success. Failures and interruptions of, and the slowing of response times on, these systems could be caused by: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
increase in the traffic on our websites that outstrips our system capacity;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>natural
disasters, power losses, telecommunications failures, break-ins and similar events;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>computer
viruses and electronic break-ins;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>errors,
defects and bugs in software;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>failure
or inability to upgrade technical infrastructure to handle unexpected surges in customer levels and increases in customers' usage of bandwidth;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>failure
of third-party bandwidth providers to maintain the services they supply to us; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>failure
of infrastructure providers such as electricity providers. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
website has experienced slower response times because of increased traffic and has occasionally suffered failures of the computer hardware and software and telecommunications systems
that we use to deliver our sites to customers. Substantial or persistent system failures could result in: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>loss
of customers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>loss
of or delay in revenue; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>failure
to attract new customers or achieve market acceptance. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B><I>Our systems face security risks, and any compromise of the security of these systems could result in liability for damages and in lost customers.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our security systems may be vulnerable to unauthorized access by hackers or others, computer viruses and other disruptive problems. Someone who is able to
circumvent security measures could misappropriate customer or proprietary information or cause interruptions in Internet operations. Internet and online service providers have in the past experienced,
and may in the future experience, interruptions in service because of the accidental or intentional actions of Internet users, current and former employees or others. We may need to expend significant
capital and other resources to protect against the threat of security breaches or alleviate problems caused by breaches. Unauthorized persons may be able to circumvent the measures that are
implemented in the future. Eliminating computer viruses and alleviating other security problems may require interruptions, delays or cessation of service to users accessing our websites and the web
pages that deliver our content services. Repeated or substantial interruptions could result in the loss of customers and reduced revenues. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
users of online commerce services are highly concerned about the security of transmissions over public networks. Concerns over security and the privacy of users may inhibit the
growth of the Internet and other online services generally, and the web in particular, especially as a means of conducting commercial transactions. Users might circumvent the measures we take to
protect customers' private and confidential information, such as credit card numbers. Security breaches could damage our reputation and expose us to litigation and possible liability, including claims
for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=21,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=167260,FOLIO='17',FILE='DISK124:[05PHI9.05PHI1189]DF1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_df1189_1_18"> </A>
<BR>

<P><FONT SIZE=2>unauthorized
purchases with credit card information, impersonation or other similar fraud claims and for other misuses of personal information, including for unauthorized marketing purposes. We may
also incur significant costs to protect against security breaches or to alleviate problems caused by these breaches. In addition, the Federal Trade Commission in the United States and state agencies
have investigated various Internet companies regarding their use of personal information. The federal government has enacted legislation protecting the privacy of consumers' nonpublic personal
information. We cannot guarantee that our current information-collection procedures and disclosure policies will be found to be in compliance with existing or future laws or regulations. Our failure
to comply with existing laws, including those of foreign countries, the adoption of new laws or regulations regarding the use of personal information that require us to change the way we conduct
business or an investigation of our privacy practices, could increase the costs of operating our business. </FONT></P>

<P><FONT SIZE=2><B><I>We may be accused of intellectual property infringement of the technology we have employed to support both our back end platform and the products and
services we offer to and through our Service Providers and may be sued for damages caused by actual use of the platforms or products and services and we may be required to pay substantial damage
awards.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to ensure that we have licensed or otherwise secured the necessary rights to use and offer for use all intellectual property relating to our platforms and
the services we offer Service Providers through the platforms. Despite our efforts, we may be sued by third parties claiming rights in and to the technology we employ or by third parties who claim to
have suffered as a result of any use, or inability to use, the platforms, products and services. If we are sued, defense of any such claims may require the resources of both our time and money. If a
third-party is successful in its assertions, we may be required to pay damages that may have a material impact on our financial resources. </FONT></P>

<P><FONT SIZE=2><B>Governmental and Regulatory Risks  </B></FONT></P>

<P><FONT SIZE=2><B><I>Governmental and regulatory policies or claims concerning the domain registration system, and industry reactions to those policies or claims, may cause
instability in the industry and disrupt our domain registration business.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before 1999, Network Solutions managed the domain registration system for the .com, .net and&nbsp;.org domains on an exclusive basis under a cooperative
agreement with the U.S. government. In November&nbsp;1998, the U.S. Department of Commerce authorized ICANN to oversee key aspects of the domain registration system. ICANN has been subject to strict
scrutiny by the public and by the government in the United States. For example, in the United States, Congress has held hearings to evaluate ICANN's selection process for new top level domains. In
addition, ICANN faces significant questions regarding its financial viability and efficacy as a private sector entity. ICANN may continue to evolve both its long term structure and mission to address
perceived shortcomings such as a lack of accountability to the public and a failure to maintain a diverse representation of interests on its board of directors. We continue to face the risks that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
U.S. or any other government may reassess its decision to introduce competition into, or ICANN's role in overseeing, the domain registration market;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Internet community or the U.S. Department of Commerce or U.S. Congress may refuse to recognize ICANN's authority or support its policies, which could create instability
in the domain registration system;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>ICANN
may lose any one of the several claims pending against it in both the U.S. and international courts, in which case its credibility may suffer and its policies may be
discredited;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>ICANN
may attempt to impose additional fees on registrars if it fails to obtain funding sufficient to run its operations; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=22,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=993961,FOLIO='18',FILE='DISK124:[05PHI9.05PHI1189]DF1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_df1189_1_19"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
terms of the registrar accreditation process could change in ways that are disadvantageous to us; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>international
regulatory bodies, such as the International Telecommunications Union or the European Union, may gain increased influence over the management and regulation of
the domain registration system, leading to increased regulation in areas such as taxation and privacy. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, ICANN has established policies and practices for itself and the companies it accredits to act as domain registries and registrars. Some of ICANN's policies and practices,
and the policies and practices adopted by registries and registrars, could be found to conflict with the laws of one or more jurisdictions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of these events occur, they could create instability in the domain registration system. These events could also disrupt or suspend portions of our domain registration solution,
which would result in reduced revenue. </FONT></P>

<P><FONT SIZE=2><B><I>We may be subject to government regulation that may be costly and may interfere with our ability to conduct business.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although transmission of our websites primarily originates in Canada and the United States, the Internet is global in nature. Governments of foreign countries
might try to regulate our transmissions or prosecute us for violations of their laws. Because of the increasing popularity and use of the Internet, federal, state and foreign governments may adopt
laws or regulations in the future concerning commercial online services and the Internet, with respect to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>user
privacy;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>children;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>copyrights
and other intellectual property rights and infringement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>domains;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>pricing;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>content
regulation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>defamation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>taxation;
and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
characteristics and quality of products and services. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laws
and regulations directly applicable to online commerce or Internet communications are becoming more prevalent. Laws and regulations such as those listed above or others, if enacted,
could expose us to substantial liability and increase our costs of compliance and doing business. </FONT></P>

<P><FONT SIZE=2><B>Risks Related to this Offering  </B></FONT></P>

<P><FONT SIZE=2><B><I>We do not intend to declare dividends on our common stock in the foreseeable future.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that for the foreseeable future, our earnings, if any, will be retained for use in the business and that no cash dividends will be paid on our
common stock. Declaration of dividends on our common stock will depend upon, among other things, future earnings, our operating and financial condition, our capital requirements and general business
conditions. See "Market Price and Dividend Policy". </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=23,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=352294,FOLIO='19',FILE='DISK124:[05PHI9.05PHI1189]DF1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_df1189_1_20"> </A>
<BR>

<P><FONT SIZE=2><B><I>We are controlled by a limited number of principal shareholders, which may limit your ability to influence corporate matters.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;13, 2005, our five principal shareholders beneficially own approximately 57.6% of our shares of common stock. These shareholders could control
the outcome of any corporate transaction or other matter submitted to our shareholders for approval, including mergers, consolidations and the sale of all or substantially all of our assets, and also
could prevent or cause a change in control. The interests of these shareholders may conflict with the interests of our other shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third
parties may be discouraged from making a tender offer or bid to acquire us because of this concentration of ownership. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the completion of this offering, as a result of the sale of the shares of common stock by us and by the selling shareholders, our five principal shareholders will have their
aggregate holdings reduced to&nbsp;&nbsp;&nbsp;&nbsp;% of the outstanding shares of common stock. </FONT></P>

<P><FONT SIZE=2><B><I>Purchasers of shares of common stock offered in this offering will suffer an immediate dilution due to this offering.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasers of the shares of common stock offered hereby will incur an immediate and substantial dilution in the net tangible book value per share of the shares of
common stock from the initial public offering price. Additional dilution is likely to occur upon the exercise of outstanding stock options. </FONT></P>

<P><FONT SIZE=2><B><I>Our shares of common stock have been delisted, and investors may find it more difficult to sell our common stock.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares of common stock were delisted from the Nasdaq SmallCap market in June&nbsp;2001. Our shares of common stock are now quoted on the OTC Bulletin Board
maintained by Nasdaq. The fact that our shares of common stock are not currently listed is likely to make trading shares of our common stock more difficult for broker-dealers, shareholders and
investors, potentially leading to further declines in share price. It may also make it more difficult for us to raise additional capital. An investor may find it more difficult to sell our shares of
common stock or to obtain accurate quotations of the share price of our common stock. We have made an application to list our common stock on the Toronto Stock Exchange and the American Stock
Exchange. Conditional listing approval has not yet been obtained from the Toronto Stock Exchange or the American Stock Exchange and there can be no assurance that our shares of common stock will be
listed on the Toronto Stock Exchange, the American Stock Exchange or on any other exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also subject to an SEC rule concerning the trading of so-called penny stocks. Under this rule, broker-dealers who sell securities governed by the rule to persons who
are not established customers or accredited investors must make a special suitability determination and must receive the purchaser's written consent to the transaction prior to the sale. This rule may
deter broker-dealers from recommending or selling our common stock, which may negatively affect the liquidity of our common stock. </FONT></P>

<P><FONT SIZE=2><B><I>Our share price is highly volatile, which may make it difficult for shareholders to sell their shares of common stock when they want to, at an
attractive price.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share price has varied recently and the price of our common stock may decrease in the future, regardless of our operating performance. Investors may be unable
to resell their common stock following periods of volatility because of the market's adverse reaction to this volatility. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following factors may contribute to this volatility: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>actual
or anticipated variations in our quarterly operating results; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=24,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=873022,FOLIO='20',FILE='DISK124:[05PHI9.05PHI1189]DF1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_df1189_1_21"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>interruptions
in our services;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>seasonality
of the markets and businesses of our customers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>announcements
of new technologies or new services by our company or our competitors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
ability to accurately select appropriate business models and strategies;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
impact that terrorist acts or military action may have on global economic conditions and the impact that this will have on our customers or business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
operating and stock price performance of other companies that investors may view as comparable to us;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>news
relating to our industry as a whole; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>news
relating to trends in our markets. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stock market in general, and the market for Internet-related companies in particular, including our company, has experienced extreme volatility. This volatility often has been
unrelated to the operating performance of these companies. These broad market and industry fluctuations may cause the price of our shares of common stock to drop, regardless of our performance. </FONT></P>


<P><FONT SIZE=2><B><I>Future sales of shares of common stock by our existing shareholders could cause our share price to fall.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If our shareholders sell substantial amounts of shares of common stock in the public market, the market price of the shares of common stock could fall. The
perception among investors that these sales will occur could also produce this effect. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=25,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=587829,FOLIO='21',FILE='DISK124:[05PHI9.05PHI1189]DF1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1189_1_22"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1189_special_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_dg1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the statements under "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations,"
"Business" and elsewhere in this prospectus constitute forward-looking statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
statements involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to
be materially different from the information expressed or implied by these forward-looking statements. While we believe that we have a reasonable basis for each forward-looking statement contained in
this prospectus, we caution you that these statements are based on a combination of facts and factors currently known by us and projections of the future, about which we cannot be certain or even
relatively certain. Many factors affect our ability to achieve our objectives and to successfully develop and commercialize our services including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
ability to successfully complete this offering and become listed on the American and Toronto Stock Exchanges;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
ability to continue to generate sufficient working capital to meet our operating requirements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
ability to maintain a good working relationship with our vendors and customers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
ability of vendors to continue to supply our needs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Actions
by our competitors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
ability to achieve gross profit margins at which we can be profitable;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
ability to attract and retain qualified personnel in our business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
ability to effectively manage our business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
ability to obtain and maintain approvals from regulatory authorities on regulatory issues; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Pending
or new litigation. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, you should refer to the "Risk Factors" section of this prospectus for a discussion of other factors that may cause our actual results to differ materially from those implied
by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Furthermore, if our
forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements
as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, if at all. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should read this prospectus completely. In some cases, you can identify forward-looking statements by the following words: "may," "will," "should," "expect," "intend," "plan,"
"anticipate," "believe," "estimate," "predict," "potential," "continue" or the negative of these terms or other comparable terminology. We may not update these forward-looking statements, even though
our situation may change in the future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
qualify all the forward-looking statements contained in this prospectus by the foregoing cautionary statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=26,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=365343,FOLIO='22',FILE='DISK124:[05PHI9.05PHI1189]DG1189A.;13',USER='MBARTAS',CD='14-JUN-2005;18:33' -->
<A NAME="page_dg1189_1_23"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1189_use_of_proceeds"> </A>
<A NAME="toc_dg1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>USE OF PROCEEDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that the net proceeds from our sale of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our common stock in this offering will be
approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million if the underwriter exercises its over-allotment option in full, assuming an offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any of the proceeds from
the sale
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock by the selling shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to use the net proceeds of this offering approximately as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>%
to finance future acquisitions, investment or licensing arrangements in businesses or services with technologies complementary to our business; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>%
for general corporate purposes, including working capital needs, expanding international sales and marketing initiatives and to advance new and existing
service offerings. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
potential use of net proceeds for future acquisitions, investment or licensing arrangements is focused on companies with technologies that are complementary to our business and may
include companies that will expand the functionality of our service offerings or broaden our relationships with Service Providers. Although we periodically evaluate acquisitions, investments and
licensing arrangements, at this time, we do not have any commitments or agreements with respect to any specific transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending
the uses described above, we intend to invest the net proceeds in short- to medium-term, interest-bearing, investment-grade securities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=27,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=896802,FOLIO='23',FILE='DISK124:[05PHI9.05PHI1189]DG1189A.;13',USER='MBARTAS',CD='14-JUN-2005;18:33' -->
<A NAME="page_dg1189_1_24"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1189_market_price_and_dividend_policy"> </A>
<A NAME="toc_dg1189_3"> </A>
<BR></FONT><FONT SIZE=2><B>MARKET PRICE AND DIVIDEND POLICY    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Market Price of Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock trades on the OTC Bulletin Board maintained by Nasdaq under the symbol "TCOW." On June&nbsp;13, 2005, the last reported trade of our common
stock on the OTC Bulletin Board was $0.90 per share. The following table sets forth the range of high and low sales prices for our common stock for the periods indicated. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="75%" ALIGN="CENTER"><FONT SIZE=1><B>Period Ended</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>High</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>Low</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2><B>2005</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>April&nbsp;1, 2005 to June&nbsp;13, 2005</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>1.02</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.78</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="6%" ALIGN="CENTER"><BR><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="75%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Fiscal Quarter Ended</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
High</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Low</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2><B>2005</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>March&nbsp;31, 2005</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>1.32</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.68</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="6%"><BR><FONT SIZE=2><B>2004</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2><BR>
March&nbsp;31, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0.76</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0.41</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>June&nbsp;30, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.86</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.54</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>September&nbsp;30, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.63</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.45</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>December&nbsp;31, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.79</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.47</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="6%"><BR><FONT SIZE=2><B>2003</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2><BR>
March&nbsp;31, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0.32</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0.20</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>June&nbsp;30, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.35</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.23</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>September&nbsp;30, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.55</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>0.27</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of June&nbsp;13, 2005, we had 285 shareholders of record, which excludes shareholders whose shares are held in nominee or "street" name by brokers. </FONT></P>

<P><FONT SIZE=2><B>Dividend Policy  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not anticipate paying any cash dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance our operations and
expand our business. Any future determination to pay cash dividends will be at the discretion of our board of directors and will be dependent upon our financial condition, operating results, capital
requirements and other factors our board of directors may deem relevant. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=28,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=106145,FOLIO='24',FILE='DISK124:[05PHI9.05PHI1189]DG1189A.;13',USER='MBARTAS',CD='14-JUN-2005;18:33' -->
<A NAME="page_dg1189_1_25"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1189_consolidated_capitalization"> </A>
<A NAME="toc_dg1189_4"> </A>
<BR></FONT><FONT SIZE=2><B>CONSOLIDATED CAPITALIZATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our consolidated capitalization as at the dates indicated after giving effect to this offering. The table should be read in
conjunction with our consolidated financial statements and notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained elsewhere in this
prospectus. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>As at<BR>
December&nbsp;31, 2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>As at<BR>
March&nbsp;31, 2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>As at<BR>
March&nbsp;31, 2005<BR>
After Giving Effect<BR>
to this Offering(1),<BR>
Release from Escrow(2)<BR>
and the Exercise of<BR>
Stock Options(3)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER"><FONT SIZE=1><B>(in thousands of U.S. dollars except share amounts)<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>13,915</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>15,007</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>&#149;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Share capital common stock</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>9,541</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>9,722</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>&#149;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(66,817,250<BR>
shares of common stock)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(67,297,465<BR>
shares of common stock)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(&#149;&nbsp;shares of common stock)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="33%"><BR><FONT SIZE=2> Additional paid in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,062</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,062</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#149;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Deficit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>(52,146)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(51,703)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>(51,703)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>7,457</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>8,081</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>&#149;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>After
deducting the underwriter's fee and estimated expenses of this offering.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>In
April&nbsp;2005, 780,837 shares of common stock were released from escrow pursuant to the Stock Purchase Agreement between Tucows&nbsp;Inc., Boardtown Corporation and the
shareholders of Boardtown named therein, dated April&nbsp;20, 2004, as amended.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Between
March&nbsp;31, 2005 and June&nbsp;13, 2005, 14,363 shares of common stock have been issued upon the exercise of stock options. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=29,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=738483,FOLIO='25',FILE='DISK124:[05PHI9.05PHI1189]DG1189A.;13',USER='MBARTAS',CD='14-JUN-2005;18:33' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_di1189_1_26"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1189_selected_consolidated_financial_data"> </A>
<A NAME="toc_di1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>SELECTED CONSOLIDATED FINANCIAL DATA    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read the following selected financial data together with our consolidated financial statements and the related notes appearing at the end of this
prospectus and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and other financial data included in this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have derived the statement of operations information for the years ended December&nbsp;31, 2004, 2003 and 2002 and the balance sheet information as of December&nbsp;31, 2004 and
2003 from our audited consolidated financial statements which are included in the prospectus. We have derived the statement of operations information for the years ended December&nbsp;31, 2001 and
2000 and the balance sheet information as of December&nbsp;31, 2002, 2001 and 2000 from our audited consolidated financial statements which are not included in this prospectus. We have derived the
statement of operations information for the three months ended March&nbsp;31, 2005 and 2004 and the balance sheet data as of March&nbsp;31, 2005 from our unaudited consolidated financial
statements which are included in this prospectus. Our unaudited consolidated financial statements include, in the opinion of our management, all adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of those statements. Our historical results for any prior or interim period are not necessarily indicative of results to be expected for any future
period. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=30,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=821999,FOLIO='26',FILE='DISK124:[05PHI9.05PHI1189]DI1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_di1189_1_27"> </A>
<BR>

<P><FONT SIZE=2><B>Consolidated Statement of Operations Data  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>(audited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER"><FONT SIZE=1><B>(in thousands of U.S. Dollars, except share and per share data)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Net revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>11,802</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>10,175</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>44,717</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>37,195</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>37,046</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>31,590</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>14,440</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Cost of revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>7,221</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6,446</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>27,566</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>22,990</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>23,108</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>21,106</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>7,785</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Gross profit</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,581</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,729</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>17,151</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>14,205</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>13,938</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>10,484</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6,655</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Operating expenses:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Sales and marketing</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,352</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,221</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5,068</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,850</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,771</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>6,380</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>11,121</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Technical operations and development</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,323</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,011</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,549</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,935</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,726</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5,053</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,132</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>General and administrative</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,391</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,073</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,108</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,523</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,013</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,704</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>242</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>313</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,119</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,490</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,676</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,203</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,701</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Loss on write-off of property and equipment</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>130</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Amortization of intangible assets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>59</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>158</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>222</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,657</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>11,617</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Write-down of intangible assets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,325</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>11,325</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>Total operating expenses</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,367</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>3,618</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>15,002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>13,273</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>14,918</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>23,761</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>44,600</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Income (loss) from operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>214</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>111</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,149</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>932</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(980</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(13,277</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(37,945</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Other income (expenses)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Interest income, net</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>77</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>38</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>201</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>131</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>102</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(136</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>215</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Gain on disposal of Electric Library subscription assets</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,847</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Gain on disposal of Liberty Registry Management Services&nbsp;Inc.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,955</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Loss on disposal of Eklektix&nbsp;Inc.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(44</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=1>Write down of investment in bigchalk.com</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(1,013</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=1>Total other income (expenses)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>77</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>38</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>201</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,131</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,847</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(136</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>215</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Income (loss) before provision for income taxes</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>291</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>149</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,350</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,063</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,867</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(13,413</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(37,730</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Provision for (recovery of) income taxes</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(152</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(3,150</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Net income (loss) for the period</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>443</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>149</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>5,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>2,063</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,867</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(13,413</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(37,730</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Basic and diluted income (loss) per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.01</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.00</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.08</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.03</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0.03</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.24</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(8.79</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Shares used in computing basic income (loss) per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>66,883,487</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,690,887</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>66,079,104</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>56,152,735</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,291,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=1>Shares used in computing diluted income (loss) per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>71,604,368</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>66,989,744</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>68,051,579</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,725,929</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>56,152,735</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>4,291,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=31,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=291481,FOLIO='27',FILE='DISK124:[05PHI9.05PHI1189]DI1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_di1189_1_28"> </A>

<P><FONT SIZE=2><B>Consolidated Balance Sheet Data  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>As&nbsp;at&nbsp;March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>As at December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>(audited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=17 ALIGN="CENTER"><FONT SIZE=1><B>(in thousands of U.S. Dollars)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="28%"><FONT SIZE=2>Cash and cash equivalents (including restricted cash)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>15,007</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>14,375</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>13,045</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>9,782</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>4,814</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2,170</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="28%"><FONT SIZE=2>Working capital (deficit)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4,903</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>4,033</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2,202</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,066</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(6,947</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(9,730</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="28%"><FONT SIZE=2>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>49,558</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>47,304</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>35,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>28,853</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>25,589</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>22,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="28%"><FONT SIZE=2>Deferred revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>35,756</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>33,251</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>28,589</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>24,361</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>22,714</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>15,808</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="28%"><FONT SIZE=2>Long-term obligations, net of current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="28%"><FONT SIZE=2>Stockholders' equity (deficiency)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>8,081</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>7,457</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,360</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3,390</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,697</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="28%"><FONT SIZE=2>Total liabilities and stockholders' equity (deficiency)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>49,558</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>47,304</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>35,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>28,853</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>25,589</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>22,526</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Consolidated Cash Flow Data  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>(audited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER"><FONT SIZE=1><B>(in thousands of U.S. Dollars)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="31%"><FONT SIZE=2>Cash provided by (used in) operating activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>655</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>567</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>4,668</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>3,220</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>3,438</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>(6,064</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>(454</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="31%"><FONT SIZE=2>Cash provided by (used in) financing activities (note&nbsp;1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>181</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>153</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>726</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>(111</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>3,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>5,308</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="31%"><FONT SIZE=2>Cash provided by (used in) investing activities (note&nbsp;1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>256</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>(4,392</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>848</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>703</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>5,708</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>(4,353</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2>Note&nbsp;1:
Excludes non-cash investing and financing activities </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=32,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=757530,FOLIO='28',FILE='DISK124:[05PHI9.05PHI1189]DI1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dk1189_1_29"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1189_management_s_discussion_and_an__man03466"> </A>
<A NAME="toc_dk1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>MANAGEMENT'S DISCUSSION AND ANALYSIS OF<BR>  FINANCIAL CONDITION AND RESULTS OF OPERATIONS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated
financial statements and the related notes appearing at the end of this prospectus. Some of the information contained in this discussion and analysis is set forth elsewhere in this prospectus,
including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. You should review the
"Risk Factors" section of this prospectus for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking
statements contained in the following discussion and analysis.</I></FONT></P>

<P><FONT SIZE=2><B>Overview  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide Internet services and downloadable software to end-users through a distribution network of more than 6,000 Service Providers in over 100
countries. We are an accredited registrar with ICANN as well as 13 other national registries, and we generate revenue primarily through the provision of domain registration and other Internet services
to Service Providers who offer such services to their own customers. </FONT></P>

<P><FONT SIZE=2><B>Net Revenues  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generate net revenues primarily through the provision of domain registration and ancillary services. Additional revenue is generated from advertising and other
services. We also generated net revenues from subscription fees associated with our search and reference services, Electric Library and Encyclopedia.com, until we sold the assets associated with such
services in August&nbsp;2002. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Domain registration and ancillary services  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generate revenues from the provision of Internet services on both a wholesale and retail basis. To date, the majority of net revenues has been derived from the
sale of services provided as an accredited domain registrar. As of March&nbsp;31, 2005, we offered registration services for gTLDs, .com, .net, .org, .info, .name and .biz and ccTLDs .at, .be, .ca,
..cc, .ch, .cn, .de, .fr, .it, .nl, .uk, .tv and .us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
receive revenues for each domain registration or ancillary service processed through our system by Service Providers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the sale of domain registrations, we earn registration fees in connection with each new, renewed and transferred-in registration and from providing
provisioning services to Service Providers and registrars on a monthly basis. Domain registrations are generally purchased for terms of one to ten years. Payments for the full term of all services, or
billed revenue, are received at the time of activation of service and where appropriate are recorded as deferred revenue and are recognized as earned ratably over the term of provision of service.
This accounting treatment reasonably approximates a recognition pattern that corresponds with the provision of the services during the quarters and the year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ancillary
services currently consist of digital certificates, billing, provisioning and customer care software solutions, email and anti-spam services, blogware and website
building tools which are used by our Service Providers to create bundles of Internet services for their end-users. We earn fees when an ancillary service is activated. Ancillary services
are generally purchased for terms of one month to three years. Payments for domain registrations and ancillary services are for the full term of all services at the time of activation of service and
where appropriate are recorded as deferred revenue and are recognized as earned ratably over the term of provision of service. This accounting treatment reasonably approximates a recognition pattern
that corresponds with the provision of the services during the quarters and the year. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=33,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=343892,FOLIO='29',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_30"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
a retail basis, we offer Internet services directly to end-users through our Domain Direct division. These services include domain registration, email, blogware, hosting
and website creation. Depending on the service offered, Domain Direct receives standard fees for its services that are published on its website. In addition, Domain Direct offers referral commissions
based on a percentage of net registration revenues to participants in its affiliate program. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Advertising and other revenue  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also generate advertising and other revenue through our online libraries of shareware, freeware and online services presented at our website, www.tucows.com.
Advertising revenue is generated from third-party advertisers and from software developers who rely on us as a primary source of distribution. Software developers use our Author Resource Center, or
ARC, to submit their products for inclusion in our software libraries and to purchase promotional placement of their software in the library categories, as well as purchase other promotional services
on a cost-per-click through or flat rate basis. Software developers are able to promote their software through advertising services including keyword search placements,
banners, promotional placements, expedited reviews and premium data services. Revenue is also generated from companies who contract with us to provide them with co-branded content.
Advertising and other revenue is recognized ratably over the period in which it is presented. We have in the past also entered into barter transactions, which are a component of advertising revenues.
Barter transactions are the exchange of advertising space on our website for reciprocal space or traffic on other websites. Revenues and expenses are recognized from advertising barter transactions
when the value of the advertising surrendered is determinable based on our historical practice of receiving cash for similar advertising. We did not undertake any barter transactions during the three
months ended March&nbsp;31, 2005 or in the years ended December&nbsp;31, 2004 or 2003, and recognized barter revenue of approximately $51,000 for the year ended December&nbsp;31, 2002. </FONT></P>

<P><FONT SIZE=2><B>Critical Accounting Policies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of our critical accounting policies and methods. Critical accounting policies are defined as those that are both important to the
portrayal of our financial condition and results of operations and are reflective of significant judgments and uncertainties made by management that may result in materially different results under
different assumptions and conditions. Note&nbsp;2 of the notes to the audited consolidated financial statements for the year ended December&nbsp;31, 2004 includes a more complete description of
the significant accounting policies and methods used in the preparation of our consolidated financial statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate the application of these estimates, including those related to the recoverability
of investments, product development costs, revenue recognition and deferred revenue and accounting for income taxes. We base our estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual amounts could differ significantly from these estimates. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Revenue recognition policy  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We earn revenues from: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Domain
registration fees on both a wholesale and retail basis and ancillary services; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Advertising
and other revenue. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=34,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=801328,FOLIO='30',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_31"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the sale of domain registrations, we earn registration fees in connection with each new, renewed and transferred-in registration and from providing
provisioning services to Service Providers and registrars on a monthly basis. Domain registrations are generally purchased for terms of one to ten years. Payments for the full term of all services, or
billed revenue, are received at the time of activation of service and where appropriate are recorded as deferred revenue and are recognized as earned ratably over the term of provision of service.
This accounting treatment reasonably approximates a recognition pattern that corresponds with the provision of the services during the quarters and the year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also generate advertising and other revenue through our online libraries of shareware, freeware and online services presented at our website, www.tucows.com. Advertising and other
revenue is recognized ratably over the period in which it is presented. To the extent that the minimum number of impressions we guarantee to customers is not met, we defer recognition of the
corresponding revenues until the guaranteed impressions are achieved. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
to contractual relationships in the future could impact the amounts and timing of revenue recognition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
those cases where payment is not received at the time of sale, additional conditions for recognition of revenue apply. The conditions are (i)&nbsp;that the collection of sales
proceeds is reasonably assured and (ii)&nbsp;that we have no further performance obligations. We record expected refunds, rebates and credit card charge-backs as a reduction of revenues at the time
of the sale based on historical experiences and
current expectations. Should these expectations not be met, adjustments will be required in future periods. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
establish reserves for possible uncollectible accounts receivable and other contingent liabilities which may arise in the normal course of business. Historically, credit losses have
been within our expectations and the reserves we have established have been appropriate. However, we have, on occasion, experienced issues which have led to accounts receivable not being fully
collected. Should these issues occur more frequently, additional reserves may be required. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Product development costs  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for the costs of computer software developed or obtained for internal use in accordance with the </FONT><FONT SIZE=2><I>American Institute of
Certified Public Accountants Statement of Position&nbsp;98-1: Accounting for the Cost of Computer Software Developed or Obtained for Internal Use</I></FONT><FONT SIZE=2>, as more fully
described in Note&nbsp;2 to our audited consolidated financial statements for the year ended December&nbsp;31, 2004. Our policy on capitalizing internally developed software costs determines the
timing of its recognition of certain development costs. In addition, this policy determines whether the cost is classified as development expense or depreciation of property and equipment. Management
reassesses these judgments on an ongoing basis. Changes in management's assessment could impact the recognition of development costs in our accounts. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Valuation of long-lived assets  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business acquisitions typically result in goodwill and other intangible assets, which affect the amount of future period amortization expense and possible
impairment expense that we may incur. The determination of the value of such intangible assets requires management to make estimates and assumptions that affect our consolidated financial statements.
In addition to annual evaluation of the carrying value of goodwill, we review our identifiable intangibles, long-lived assets and goodwill </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=35,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=163217,FOLIO='31',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_32"> </A>

<P><FONT SIZE=2>whenever
events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that we consider important that could trigger an impairment review include the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
significant underperformance relative to expected historical or projected future operating results;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
significant change in the manner of our use of the acquired asset or the strategy for our overall business; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
significant negative industry or economic trend. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we determine that the carrying value of intangibles, long-lived assets or goodwill may not be recoverable based upon the existence of one or more of the above indicators
of impairment, we measure any impairment based on a projected discounted cash flow model using a discount rate determined by management to be commensurate with the risk inherent in our current
business model. Management will base its estimates in preparing the discounted cash flows on historical experience and on various other assumptions, including current market trends and developments,
ongoing customer developments and general economic factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value
of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates under different assumptions or conditions. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Accounting for income taxes  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for income taxes under the asset and liability method in accordance with Statement of Financial Accounting Standards No.&nbsp;109. Under the asset
and liability method, we recognize deferred tax assets or liabilities for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our
assets and liabilities. We record a valuation allowance to reduce the net deferred tax assets when it is more likely than not that the benefit from the deferred tax assets will not be realized. In
assessing the need for a valuation allowance, historical and future levels of income, expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies are
considered. In the event that it is determined that the deferred tax assets to be realized in the future would be in excess of the net recorded amount, an adjustment to the deferred tax asset
valuation allowance would be recorded. This adjustment would increase income in the period such determination was made. Likewise, should it be determined that all or part of a recorded net deferred
tax asset would not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance would be charged to income in the period such determination would be made. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
a periodic basis, we evaluate the probability that our deferred tax asset balance will be recovered to assess its realizability. To the extent we believe it is more likely than not
that some portion of our
deferred tax assets will not be realized, we will increase the valuation allowance against the deferred tax assets. Realization of our deferred tax assets is dependent primarily upon future taxable
income. Our judgments regarding future profitability may change due to future market conditions, changes in U.S. or international tax laws and other factors. These changes, if any, may require
possible material adjustments to these deferred tax assets, resulting in a reduction in net income or an increase in net loss in the period when such determinations are made. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Accounting for stock-based employee compensation  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for stock-based employee compensation arrangements in accordance with the provisions of Accounting Principles Board, or APB, Opinion No.&nbsp;25,
"Accounting for Stock Issued to Employees" and related interpretations, and comply with the disclosure requirements of Statement of Financial Accounting Standards No.&nbsp;123, "Accounting for
Stock-Based Compensation," or SFAS&nbsp;123. Under APB Opinion No.&nbsp;25, compensation cost, if any, is recognized over the respective vesting period </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=36,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=1011213,FOLIO='32',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_33"> </A>

<P><FONT SIZE=2>based
on the difference between the deemed fair value of our common stock and the exercise price on the date of grant. The determination of the volatility, expected term and other assumptions used to
determine the fair value of stock options granted under SFAS&nbsp;123 for footnote disclosure purposes involves subjective judgment and the consideration of a variety of factors, including our
historical stock price and option exercise activity to date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December&nbsp;2004, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No.&nbsp;123R, "Share-Based Payment," or SFAS&nbsp;123R, which
requires companies to expense the fair value of employee stock options and other forms of share-based compensation. Accordingly, SFAS&nbsp;123R eliminates the use of the intrinsic value method to
account for share-based compensation transactions as provided under APB Opinion No.&nbsp;25. Under SFAS&nbsp;123R, we are required to determine the appropriate fair value model to be used for
valuing share-based payments, the amortization method for compensation cost and the transition method to be used at date of adoption. We currently use the Black-Scholes option-pricing model to value
options for pro-forma financial statement disclosure purposes. The use of a different model to value options may result in a different fair value than the use of the Black-Scholes
option-pricing model. We are required to adopt SFAS&nbsp;123R in the first quarter of fiscal 2006. We are evaluating the requirements of SFAS&nbsp;123R to assess what impact its adoption will have
on our financial position and results of operations. </FONT></P>

<P><FONT SIZE=2><B>Results of operations for the three months ended March&nbsp;31, 2005 as compared to the three months ended March&nbsp;31, 2004  </B></FONT></P>

<P><FONT SIZE=2><B><I>Net revenues  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Net revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>11,801,706</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>10,174,909</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase over prior period</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>1,626,797</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
net revenues for the three months ended March&nbsp;31, 2005 increased to $11.8&nbsp;million from $10.2&nbsp;million for the three months ended March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the three months ended March&nbsp;31, 2005, no customer accounted for more than 10% of billed revenue, and one customer accounted for 11% of accounts receivable at
March&nbsp;31, 2005. Subsequent to the quarter end, these amounts were fully collected. </FONT></P>


<P><FONT SIZE=2><I>Domain and ancillary services  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenues from domain and ancillary services for the three months ended March&nbsp;31, 2005 increased by $1.2&nbsp;million, or 12.7%, to
$10.8&nbsp;million from $9.6&nbsp;million for the three months ended March&nbsp;31, 2004, primarily as a result of increased volumes from new and existing customers, as well as the additional
revenue earned as a result of the April&nbsp;2004 acquisition of Boardtown Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the three months ended March&nbsp;31, 2005, the number of domains we processed increased by approximately 100,000 to approximately 1.1&nbsp;million new, renewed and
transferred-in domain registrations, compared to the three months ended March&nbsp;31, 2004. This increase was due primarily to our continuing to compete aggressively to attract new
clients and retain existing customers to protect our current market share and improve our competitive position. These actions have resulted in our average selling price declining, which has partially
offset the impact of the increased transaction volume on our revenue and profitability. We may face continued pricing pressure in order to remain competitive, which would adversely impact our revenues
and profitability. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=37,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=93325,FOLIO='33',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_34"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we anticipate that the number of new, renewed and transferred-in domain registrations will incrementally increase, the volatility in the market could affect the growth
of domains under our management. During the three months ended March&nbsp;31, 2005, the total number of domains under our management increased by approximately 100,000 to approximately
4.5&nbsp;million. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
revenue from domain registrations and ancillary services at March&nbsp;31, 2005 increased to approximately $35.8&nbsp;million from approximately $31.4&nbsp;million at
March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2><I>Advertising and other revenue  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and other revenue for the three months ended March&nbsp;31, 2005 increased by approximately $400,000, or 72%, to approximately $981,000 compared to
approximately $571,000 for the three months ended March&nbsp;31, 2004. The increase was predominantly the result of growth in advertising revenue from third-party advertisers. </FONT></P>

<P><FONT SIZE=2><B><I>Cost of revenues  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues includes the costs associated with providing domain registration and ancillary services, advertising and other revenue and network costs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
of revenues for domain registrations represents the amortization of registry fees on a basis consistent with the recognition of revenues from our customers, namely ratably over the
term of provision of the service. Registry fees, the primary component of cost of revenues, are paid in full when the domain is registered, and are recorded as prepaid domain registry fees. Costs of
revenues for ancillary services consist of fees paid to third-party service providers and are recognized ratably over the periods in which the services are provided. We have minimal direct cost of
revenues associated with our advertising and other revenues. Therefore, the gross profit margin on advertising revenue is approximately 100% and, accordingly, any increase or decrease in advertising
and other revenue represents an increase or a reduction of our gross profit of the same amount. Network costs include personnel and related expenses, including bandwidth and co-location
expenses to support the supply of products and services. Bandwidth and co-location expenses are composed primarily of communication and provisioning costs related to the management and
support of our network. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Cost of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>7,221,205</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>6,445,415</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior period</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>775,790</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>61</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>63</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
of revenues for the three months ended March&nbsp;31, 2005 increased by approximately $800,000, or 12%, to $7.2&nbsp;million from $6.4&nbsp;million for the three months ended
March&nbsp;31, 2004. The increase was
primarily the result of higher costs attributable to higher volumes of domain registrations and ancillary services, and as a result of the change in nature of the ICANN accreditation fee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registry
fees, the primary component of cost of revenues, are paid in full when the domain is registered. Registry fees are recorded as prepaid domain registry fees and are recognized
ratably over the term of provision of the service. Ancillary service costs and ICANN accreditation transaction fees are generally paid either monthly or quarterly. Services provided over periods
longer than one month are recognized ratably over the term of provision of the service. Effective November&nbsp;1, 2004, ICANN's members voted to change the basis whereby registrars pay their
variable accreditation fee to a transaction based fee of $0.25 per domain year registered. As this fee is now being charged as a transaction fee, we are no longer expensing this fee to sales and
marketing, but are allocating it to cost </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=38,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=306973,FOLIO='34',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_35"> </A>
<BR>

<P><FONT SIZE=2>of
goods sold and are recognizing it ratably over the term of provision of the service. We anticipate that cost of revenues will continue to increase in absolute dollars primarily as a result of
continued growth in domain registration and ancillary services. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid
domain registration and ancillary services fees at March&nbsp;31, 2005 increased by approximately $3.7&nbsp;million, to approximately $24.1&nbsp;million from approximately
$20.4&nbsp;million at March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
of revenues of downloadable software distribution services includes the costs of network operations. These costs remained relatively flat at approximately $317,000, primarily as a
result in decreased bandwidth costs. This decrease in bandwidth costs was offset in part by an increase in people costs primarily as a result of increased hours of operation. The cost of network
operations is comprised primarily of communication costs, equipment maintenance, and employee and related costs directly associated with the management and maintenance of the network. We expect
communication costs to increase as our network expands geographically and network activity increases. </FONT></P>

<P><FONT SIZE=2><B><I>Sales and marketing  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing expenses consist primarily of personnel costs. These costs include commissions and related expenses of our sales, product management, public
relations, call center, support and marketing personnel. Other sales and marketing expenses include customer acquisition costs, advertising and other promotional costs. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Sales and marketing</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,352,454</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,220,534</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior period</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>131,920</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
and marketing expenses during the three months ended March&nbsp;31, 2005 increased by approximately $132,000, or 11%, to approximately $1.4&nbsp;million compared to
approximately $1.2&nbsp;million during the three months ended March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase was primarily the result of increased people costs, including contractors, of approximately $270,000, related to ongoing initiatives to improve customer service and expand
our sales reach. Also included in the increase in sales and marketing expenses is an increase of approximately $70,000 primarily related to travel incurred as a result of efforts to extend our sales
reach. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase was partly offset by a decrease in ICANN fees of approximately $144,000, which, effective November&nbsp;2004, is included under cost of goods sold (as discussed under cost
of revenues above), a decrease in marketing expenses of approximately $44,000 and a decrease in stock-based compensation of approximately $20,000, which was fully expensed by the end of
March&nbsp;2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that sales and marketing expenses will continue to increase, in absolute dollars, as we adjust our marketing programs and sales strategies to meet future opportunities in the
marketplace. </FONT></P>

<P><FONT SIZE=2><B><I>Technical operations and development  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical operations and development expenses consist primarily of personnel costs and related expenses required to support the development of new or enhanced
service offerings and the maintenance and upgrading of existing infrastructure. This includes expenses incurred in the research, design and development of technology that we use to register domain and
to supply ancillary services, as well as expenses to distribute our downloadable software services. Editorial costs relating to the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=39,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=325754,FOLIO='35',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_36"> </A>
<BR>

<P><FONT SIZE=2>rating
and review of the software content libraries are included in technical operations and development. In accordance with the </FONT><FONT SIZE=2><I>American Institute of Certified Public
Accountants Statement of Position 98-1: Accounting for the Costs of Computer Software Developed or Obtained for Internal Use</I></FONT><FONT SIZE=2>, costs incurred during the application
development stage only are capitalized and primarily include personnel costs for employees directly related to the development project. All other costs incurred are expensed as incurred. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Technical operations and development</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,322,785</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,011,422</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior period</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>311,363</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>31</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical
operations and development expenses for the three months ended March&nbsp;31, 2005 increased approximately $311,000, or 31%, to approximately $1.3&nbsp;million from
approximately $1.0&nbsp;million for the three months ended March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase was primarily the result of people related costs including contract and outside service costs, which increased by approximately $347,000 and reflects our ongoing commitment
to enhance and extend our OpenSRS platform. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
increase was primarily offset by an increase of approximately $44,000 in the level of capitalization of personnel costs for employees directly related to the application development
stage of development projects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect technical operations and development expenses to increase slightly, in absolute dollars, going forward as our business continues to grow and as we further develop our
applications and services. </FONT></P>

<P><FONT SIZE=2><B><I>General and administrative  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses consist primarily of compensation and related costs for managerial and administrative personnel, fees for professional
services, public listing expenses, rent and other general corporate expenses. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>General and administrative</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,390,762</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,073,072</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior period</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>317,690</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>30</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
and administrative expenses for the three months ended March&nbsp;31, 2005 increased by approximately $318,000, or 30%, to $1.4&nbsp;million from $1.1&nbsp;million for the
three months ended March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase in general and administrative expenses generally reflects the more sophisticated infrastructure needed to support the constantly evolving needs we experience as the size and
scope of our business continues to grow. This resulted in increases in people related costs including contract and outside service costs, facility costs, provision for doubtful accounts, public
listing expenses, investor and public relations expenses, telephone and supplies totaling approximately $164,000, and an increase in professional fees of approximately $192,000. The increase in
professional fees is primarily attributable </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=40,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=908615,FOLIO='36',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<A NAME="page_dk1189_1_37"> </A>
<BR>

<P><FONT SIZE=2>to
our needs, as a U.S. corporation with our principal operations in Canada, to frequently assess if our corporate structure is the most efficient and effective to meet our business requirements. We
also recorded a slightly higher foreign exchange loss of approximately $67,000 for the three months ended March&nbsp;31, 2005 compared to approximately $41,000 for the three months ended
March&nbsp;31, 2004, reflecting the continued strengthening in the Canadian dollar. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
increases were partially offset by reductions in business and state taxes, directors and officer's liability insurance, travel and other miscellaneous expenses of approximately
$64,000 during the three months ended March&nbsp;31, 2005 compared to the three months ended March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect general and administrative expenses to continue to increase, in absolute dollars, as our business continues to grow and the impact of a higher Canadian dollar, more fully
described in the risk factors above, is recognized. </FONT></P>

<P><FONT SIZE=2><B><I>Depreciation of property and equipment  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment is depreciated on a straight-line basis over the estimated useful life of the assets. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="64%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="64%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>241,873</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>312,986</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>Decrease over prior period</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(71,113</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>Decrease&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(23</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in depreciation for the three months ended March&nbsp;31, 2005 compared to the corresponding period in 2004 was primarily due to certain of our older computer software
being fully depreciated. We do however expect that depreciation of property and equipment will increase, in absolute dollars, as we continue to enhance and add functionality to our service offerings. </FONT></P>

<P><FONT SIZE=2><B><I>Amortization of intangible assets  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets consists of amounts arising in connection with the acquisition of Boardtown Corporation in April&nbsp;2004. The technology,
brand and customer relationships purchased are amortized on a straight-line basis over seven years, while the non-competition agreements entered into with the former owners of
Boardtown Corporation are amortized on a straight-line basis over three years. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="72%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="72%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="72%"><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>59,040</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B><I>Other income  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="70%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="69%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="69%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="69%"><FONT SIZE=2>Other income, net</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>77,248</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>37,633</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
income includes net interest income of approximately $77,000 for the three month period ended March&nbsp;31, 2005 and approximately $38,000 for the three month period ended
March&nbsp;31, 2004. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=41,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=558252,FOLIO='37',FILE='DISK124:[05PHI9.05PHI1189]DK1189A.;9',USER='MBARTAS',CD='14-JUN-2005;18:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_dm1189_1_38"> </A> </FONT> <FONT SIZE=2><B><I>Income taxes  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In preparing our financial statements, we make estimates of our current tax obligations and temporary differences resulting from differences in reporting items
for financial statement and tax purposes. We recognize deferred taxes by the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred taxes are
recognized for differences between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to
reverse. The effect on deferred taxes of a change in tax rates is recognized as income or expense in the period that includes the enactment date. Valuation allowances based on management's judgment
are established when appropriate to reduce the carrying value of deferred tax assets to the amounts expected to be realized. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%"><FONT SIZE=2>Provision for (recovery of) income taxes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(151,975</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
operate in various tax jurisdictions, and accordingly, our income is subject to varying rates of tax. Losses incurred in one jurisdiction cannot be used to offset income taxes payable
in another. No provision for income taxes was recorded for the three months ended March&nbsp;31, 2005 and 2004 because we had net operating losses to offset against our operating income. Our ability
to use income tax loss carryforwards and future income tax deductions is dependant upon our operations in the tax jurisdictions in which such losses or deductions arise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are entitled to certain Canadian investment tax credits for qualifying research and development activities performed in Canada. During the three months ended March&nbsp;31, 2005, we
recorded a tax recovery, net of Canadian provincial taxes otherwise payable, in the amount of approximately $152,000, representing the actual investment tax credit payment received from the Canadian
authorities with respect to research and development undertaken in 2001, 2002 and 2003. </FONT></P>

<P><FONT SIZE=2><B>Results of operations for the year ended December&nbsp;31, 2004 compared to December&nbsp;31, 2003  </B></FONT></P>

<P><FONT SIZE=2><B><I>Net revenues  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Net revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>44,717,155</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>37,194,747</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>7,522,408</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
net revenues for the year ended December&nbsp;31, 2004 increased to $44.7&nbsp;million from $37.2&nbsp;million for the year ended December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2004, no customer accounted for more than 10% of billed revenue, and two customers accounted for 27% of accounts receivable at
December&nbsp;31, 2004. Subsequent to the fiscal year end, these amounts were fully collected. </FONT></P>


<P><FONT SIZE=2><I>Domain and ancillary services  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenues from domain and ancillary services for the year ended December&nbsp;31, 2004 increased by $6.4&nbsp;million, or 18.2%, to $41.5&nbsp;million
from $35.1&nbsp;million for the year ended December&nbsp;31, 2003, primarily as a result of increased volumes from new and existing customers, as well as the additional revenue earned as a result
of the April&nbsp;2004 acquisition of Boardtown Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2004, the number of domains we processed increased by approximately 570,000 to approximately 3.7&nbsp;million new, renewed and
transferred-in domain </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=42,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=469975,FOLIO='38',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_39"> </A>
<BR>

<P><FONT SIZE=2>registrations,
compared to the year ended December&nbsp;31, 2003. This increase was due primarily to our continuing to compete aggressively to attract new clients and retain existing customers to
protect our current market share and improve our competitive position. These actions have resulted in our average selling price declining, which has partially offset the impact of the increased
transaction volume on our revenue and profitability. We may face continued pricing pressure in order to remain competitive, which would adversely impact our revenues and profitability. The renewal
rate for domain registrations increased to approximately 65% for the year ended December&nbsp;31, 2004 compared to approximately 60% for the year ended December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2004, the total number of domains under our management increased by approximately 600,000 to approximately 4.4&nbsp;million. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
revenue from domain registrations and ancillary services at December&nbsp;31, 2004 increased to approximately $33.2&nbsp;million from approximately $28.6&nbsp;million at
December&nbsp;31, 2003. During the year, one of our Service Providers become an accredited registrar and transferred the domains under our accreditation account to its own account. The impact of the
transfer of these domains, which included a large number of multiple year registrations, is that we have no future obligations in connection with these domains. As a result, we recognized all the
deferred revenue previously recorded relating to these domains of approximately $1.1&nbsp;million as revenue during the year. During 2005, we expect more of our high volume Service Providers will
not want to incur the costs and complexities of building their own in-house systems, and will explore if they can derive more value from our service bureau model by becoming accredited
registrars and moving onto our OpenHRS platform. We will thus continue to earn a monthly provisioning fee, as these customers will continue to use our OpenHRS platform. </FONT></P>


<P><FONT SIZE=2><I>Advertising and other revenue  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and other revenue for the year ended December&nbsp;31, 2004 increased by approximately $1.2&nbsp;million, or 57%, to approximately
$3.2&nbsp;million compared to approximately $2.0&nbsp;million for the year ended December&nbsp;31, 2003. The increase was predominantly the result of growth in syndicated advertising revenue. </FONT></P>

<P><FONT SIZE=2><B><I>Cost of revenues  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Cost of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>27,566,066</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>22,990,227</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>4,575,839</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
of revenues for the year ended December&nbsp;31, 2004 increased by approximately $4.6&nbsp;million, or 20%, to $27.6&nbsp;million from $23.0&nbsp;million for the year ended
December&nbsp;31, 2003. The increase was primarily the result of higher costs of approximately $4.1&nbsp;million attributable to higher volumes of domain registrations, and to a smaller extent as
a result of the change in nature of the ICANN accreditation fee, which is described above in the March&nbsp;31 comparison of cost of revenues. In addition, cost of goods increased as a result of
increased volumes of digital certificates and other ancillary services costs. We anticipate that cost of revenues will continue to increase in absolute dollars primarily as a result of continued
growth in domain registration and ancillary services. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid
domain registration and ancillary services fees at December&nbsp;31, 2004 increased to approximately $22.1&nbsp;million from approximately $18.3&nbsp;million at
December&nbsp;31, 2003. During the year, one of our Service Providers become an accredited registrar and transferred the domains under our accreditation account to its own account. The impact of the
transfer of these domains, which included a large number of multiple year registrations, is that we have no future obligations in connection with </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=43,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=917638,FOLIO='39',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_40"> </A>

<P><FONT SIZE=2>these
domains. As a result, we recognized all the prepaid cost of revenues previously recorded relating to these domain of approximately $800,000 as cost of revenue during the year. During 2005, we
expect more of our high volume Service Providers to begin exploring if they can derive more value from our service bureau model by becoming accredited registrars and moving onto our OpenHRS platform.
If this happens, it is likely to have a negative effect on our growth in prepaid domain and ancillary service fees as, on a relative basis, we will be earning more of our revenue on a monthly basis. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
of revenues of downloadable software distribution services includes the costs of network operations. These costs decreased by approximately $73,000 to approximately
$1.2&nbsp;million, primarily as a result in decreased bandwidth costs. This decrease in bandwidth costs was offset in part by an increase in people costs primarily as a result of increased hours of
operation and incentive compensation for senior managers paid under the 2004 at risk incentive compensation plan, or the At Risk Plan. </FONT></P>

<P><FONT SIZE=2><B><I>Sales and marketing  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Sales and marketing</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>5,067,841</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,850,081</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,217,760</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>32</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
and marketing expenses during the year ended December&nbsp;31, 2004 increased by approximately $1.2&nbsp;million, or 32%, to approximately $5.1&nbsp;million compared to
approximately $3.9&nbsp;million during the year ended December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase was primarily the result of increased people costs, including contractors, of approximately $1.1&nbsp;million, related to ongoing initiatives to improve customer service
and expand our sales reach. Since we exceeded the performance thresholds established by the compensation committee for the at risk portion of the fiscal 2004 incentive compensation plan, included in
the increase in personnel costs is an amount of approximately $198,000 for senior managers and executive officers under this plan. Also included in the increase in sales and marketing expenses is an
increase of approximately $107,000 primarily related to travel incurred as a result of efforts to extend our sales reach and increased ICANN fees of approximately $125,000, reflecting the larger levy
imposed on us as a result of increases in the ICANN budget and the increased number of domains we have under management. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase was partly offset by a decrease in stock-based compensation of approximately $93,000 for the year ended December&nbsp;31, 2004. This decrease resulted from the stock-based
compensation being fully expensed by the end of March&nbsp;2004. </FONT></P>

<P><FONT SIZE=2><B><I>Technical operations and development  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Technical operations and development expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>4,549,368</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,935,061</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>614,307</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical
operations and development expenses for the year ended December&nbsp;31, 2004 increased approximately $614,000, or 16%, to approximately $4.5&nbsp;million from
approximately $3.9&nbsp;million for the year ended December&nbsp;31, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=44,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=63289,FOLIO='40',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_41"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase was primarily the result of people related costs, including contract and outside service costs, which increased by approximately $506,000. Included in this increase in
personnel costs was an amount of approximately $101,000 that was paid to senior managers and executive officers in 2004 under our fiscal 2004 At Risk Plan. In addition, the increase in technical
operations and development expenses includes an increase of approximately $70,000, representing stock-based compensation incurred as a result of a change to the terms of the options granted to one of
our former officers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
increases were offset by cost decreases, primarily comprised of a decrease in bandwidth and travel expenses of approximately $35,000 and by a decrease of approximately $73,000 in
the level of expenditure for capitalized research and development to approximately $338,000 for the year ended December&nbsp;31, 2004 from approximately $411,000 for the year ended
December&nbsp;31, 2003. The decrease was a result of the maturing of our product offerings. </FONT></P>

<P><FONT SIZE=2><B><I>General and administrative  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>General and administrative</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>4,107,981</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,998,073</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>109,908</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
and administrative expenses for the year ended December&nbsp;31, 2004 increased by approximately $110,000, or 3%, to $4.1&nbsp;million from $4.0&nbsp;million for the year
ended December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase resulted from an increase in people related costs, including contract and outside service costs of approximately $435,000. Included in this increase in people costs was an
amount of approximately $353,000 that was paid to senior managers and executive officers in 2004 under the At Risk Plan. In addition, there was an increase in credit card processing, bad debts,
Directors and Officers liability insurance, investor and public relations expenses and miscellaneous fees of approximately $191,000. We also recorded a lower foreign exchange gain of approximately
$432,000 for the year ended December&nbsp;31, 2004 compared to approximately $1.1&nbsp;million for the year ended December&nbsp;31, 2003. The gain from foreign exchange arose primarily as a
result of the effect of the foreign exchange forward contracts that we entered into to mitigate the impact of exchange rate fluctuations on our Canadian dollar exposure. We entered into these forward
exchange contracts as part of our policy to manage financial exposure to certain foreign exchange fluctuations with the objective of neutralizing some of the impact of foreign currency exchange
movements. As a substantial portion of our fixed expenses continue to be incurred in Canadian dollars, our financial results will remain subject to fluctuations in the foreign exchange on translation
of our Canadian dollar results into U.S. dollars, our functional currency. We will therefore continue to regularly assess if we should enter into additional forward exchange contracts to offset the
risk associated with the effects of Canadian dollar to U.S. dollar transaction exposures. We do not use forward contracts for trading or speculative purposes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
increases were offset in part by a decrease in professional fees of approximately $942,000, predominantly as a result of incurring costs for advice obtained in connection with the
evaluation of strategic alternatives and the protection of our intellectual property in the year ended December&nbsp;31, 2003. In addition, facility costs, public listing, stock based compensation
and other miscellaneous expenses during the year ended December&nbsp;31, 2004 decreased by approximately $193,000 compared to the year ended December&nbsp;31, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=45,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=342389,FOLIO='41',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_42"> </A>
<BR>

<P><FONT SIZE=2><B><I>Depreciation of property and equipment  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,118,734</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,489,570</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Decrease over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(370,836</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Decrease&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(25</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in depreciation was primarily due to certain of our older computer software being fully depreciated. </FONT></P>

<P><FONT SIZE=2><B><I>Amortization of intangible assets  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="71%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>157,760</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B><I>Other income (expenses)  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="63%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>Other income (expenses), net</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>200,501</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,131,703</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
income includes net interest income of approximately $201,000 for the year ended December&nbsp;31, 2004 and approximately $132,000 for the year ended December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the sale of our back-end registry management services assets in March&nbsp;2002, we were entitled to earn contingent consideration of up to
$1.0&nbsp;million, based on each domain registered or renewed in the.org registry. During the year ended December&nbsp;31, 2003, we earned and received the full $1.0&nbsp;million of contingent
consideration. </FONT></P>

<P><FONT SIZE=2><B><I>Income taxes  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="68%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="68%"><FONT SIZE=2>Income taxes (recovery)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(3,150,432</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2004, we had recognized deferred tax assets, net of valuation allowances, of $3.0&nbsp;million compared to zero as of December&nbsp;31, 2003. The principal
components of our gross deferred tax asset of $18.9&nbsp;million primarily consist of accumulated operating loss carry forwards of $5.9&nbsp;million, deferred revenue previously included in income
for tax purposes of $3.6&nbsp;million and amortization not yet recognized for tax purposes on acquired intangible assets purchased on the Tucows Interactive transaction of $9.5&nbsp;million. Based
on our assessment of factors such as historical levels of income, expectations and risks associated with estimates of future taxable income, the character of the income tax assets and ongoing tax
planning strategies, we assessed that a valuation allowance of $15.9&nbsp;million was required at December&nbsp;31, 2004 as compared to $19.3&nbsp;million at December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are entitled to certain Canadian investment tax credits for qualifying research and development activities performed in Canada. During 2004, we recorded a tax recovery in the amount
of approximately $150,000, representing the actual investment tax credit payment received from the Canadian authorities with respect to research and development undertaken in 2000. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=46,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=1004495,FOLIO='42',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_43"> </A>
<BR>

<P><FONT SIZE=2><B>Results of operations for the year ended December&nbsp;31, 2003 compared to December&nbsp;31, 2002  </B></FONT></P>

<P><FONT SIZE=2><B><I>Net revenues  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Net revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>37,194,747</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>37,046,375</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>148,372</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
net revenues for the year ended December&nbsp;31, 2003 increased to $37.2&nbsp;million from $37.0&nbsp;million for the year ended December&nbsp;31, 2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2003, no customer accounted for more than 10% of billed revenue, and one customer accounted for 19% of accounts receivable at
December&nbsp;31, 2003. Subsequent to the fiscal year end, this amount was fully collected. </FONT></P>


<P><FONT SIZE=2><I>Domain and ancillary services  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net revenues from domain and ancillary services for the year ended December&nbsp;31, 2003 increased by $2.7&nbsp;million, or 8.3%, to $35.1&nbsp;million
from $32.4&nbsp;million for the year ended December&nbsp;31, 2002 (after removing the effect of net revenue of approximately $0.5&nbsp;million from back-end registry management
services provided to the info registry that was disposed of in March&nbsp;2002). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2003, the number of domains we processed increased by approximately 330,000 to approximately 3.2&nbsp;million new, renewed and
transferred-in domain registrations, compared to the year ended December&nbsp;31, 2002. This increase was primarily the result of increased volumes from new and existing customers. The
renewal rate for domain registrations increased to 60% for the year ended December&nbsp;31, 2003 compared to 55% for the year ended December&nbsp;31, 2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2003, the total number of domains under our management increased by approximately 400,000 to approximately 3.8&nbsp;million. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
revenue from domain registrations and ancillary services at December&nbsp;31, 2003 increased to $28.6&nbsp;million from $24.4&nbsp;million at December&nbsp;31, 2002. </FONT></P>


<P><FONT SIZE=2><I>Advertising and other revenue  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and other revenue for the year ended December&nbsp;31, 2003 increased by approximately $300,000, or 18%, to $2.0&nbsp;million compared to
$1.7&nbsp;million for the year ended December&nbsp;31, 2002. The increase was predominantly the result of growth in revenue from our ARC. </FONT></P>

<P><FONT SIZE=2><I>Electric Library subscription revenue  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in revenues for the year ended December&nbsp;31, 2003 was partially offset by a reduction in subscription fee revenue of approximately
$2.4&nbsp;million, resulting from the sale of our search and reference services, Electric Library and Encyclopedia.com, in August&nbsp;2002. </FONT></P>

<P><FONT SIZE=2><B><I>Cost of revenues  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Cost of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>22,990,227</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>23,107,871</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Decrease over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(117,644</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Decrease&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>(1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=47,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=643764,FOLIO='43',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_44"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
of revenues for the year ended December&nbsp;31, 2003 decreased by approximately $118,000, or 1%, to $23.0&nbsp;million from $23.1&nbsp;million for the year ended
December&nbsp;31, 2002. The decrease was primarily the result of lower costs of approximately $1.9&nbsp;million attributable to Electric Library subscription services and back-end
registry services no longer being incurred during fiscal 2003, as these assets were disposed of during 2002. The decrease was offset by the increase in cost of revenues from increased volumes of
domain registered and digital certificates sold during the year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the sale of our back-end registry management services business to Afilias in March&nbsp;2002, we were responsible for the payment of certain agreements with
third-party suppliers for services and technical support, including web-hosting required to operate the.info registry. Under these agreements, we were committed to monthly payments ranging
from approximately $97,000 to approximately $335,000. This accounted for approximately $962,000 in payments from January&nbsp;1, 2002 to March&nbsp;2002, after which these contractual obligations
were assumed by Afilias as part of the sale. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August&nbsp;2002, we sold all the assets and certain liabilities associated with our search and reference services, Electric Library and Encyclopedia.com, to Alacritude, LLC. The
principal element of cost associated with the delivery of these services prior to the sale was the royalty and license fees on end-user revenues paid to bigchalk.com. This amounted to
approximately $972,000 in payments for the year ended December&nbsp;31, 2002. Bigchalk.com was the sole source of content, hardware, software and related costs with respect to the delivery of the
Electric Library products. </FONT></P>

<P><FONT SIZE=2><B><I>Sales and marketing  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Sales and marketing</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,850,081</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,770,913</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>79,168</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
and marketing expenses during the year ended December&nbsp;31, 2003 increased by approximately $79,000, or 2%, to $3.9&nbsp;million compared to $3.8&nbsp;million during the
year ended December&nbsp;31, 2002. The increase was the result of increased costs of approximately $528,000 related to ongoing initiatives to improve customer service and expand our sales reach.
This increase was offset by reduced costs of approximately $290,000 primarily related to media advertising and other promotional activities, and approximately $335,000 in sales and marketing costs,
incurred in 2002, attributable to Electric Library subscription services and back-end registry services that were sold during 2002. The decrease was offset by an increase in fees to ICANN
of approximately $176,000, reflecting the larger levy imposed on us as a result of increases in the ICANN budget. </FONT></P>

<P><FONT SIZE=2><B><I>Technical operations and development  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Technical operations and development expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,935,061</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3,725,966</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>209,095</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Increase&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical
operations and development expenses for the year ended December&nbsp;31, 2003 increased approximately $209,000, or 6%, to $3.9&nbsp;million from $3.7&nbsp;million for the
year ended December&nbsp;31, 2002. The increase was primarily the result of people related costs, including contract and outside service costs, which increased by approximately $567,000, and travel
and other costs, which increased by </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=48,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=550480,FOLIO='44',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_45"> </A>
<BR>

<P><FONT SIZE=2>approximately
$21,000. These increases were offset by costs of approximately $500,000 no longer being incurred for the Electric Library subscription services assets that were sold in
August&nbsp;2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
increase was further achieved by a decrease of approximately $121,000 in the level of expenditure for capitalized research and development, which decreased from approximately
$532,000 for the year ended December&nbsp;31, 2002 to approximately $411,000 for the year ended December&nbsp;31, 2003 as a result of the maturing of our product offerings. </FONT></P>

<P><FONT SIZE=2><B><I>General and administrative  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="60%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>General and administrative</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,998,073</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,523,314</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Decrease over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(525,241</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Decrease&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="60%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
and administrative expenses for the year ended December&nbsp;31, 2003 decreased by approximately $525,000, or 12%, to $4.0&nbsp;million from $4.5&nbsp;million for the year
ended December&nbsp;31, 2002. The decrease was primarily the result of a larger gain on foreign exchange contracts in 2003 of approximately $1.4&nbsp;million. The forward foreign exchange
contracts were purchased in June&nbsp;2002 and expired semi-monthly to December&nbsp;2003. In addition, we did not incur expenses of approximately $584,000 pertaining to our Electric
Library subscription services and back-end registry services assets, including payroll costs, credit card processing fees and facilities costs, during the year ended December&nbsp;31,
2003 as a result of the disposal of these assets during 2002. Finally, bad debts recovered and lower consulting and investor relations' expenditures reduced general and administrative expenses by
approximately $120,000 in 2003 compared to the previous year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
decreases were offset by increases in professional fees of approximately $916,000, including approximately $567,000 related to the evaluation of strategic alternatives, $100,000
related to directors and officers' liability insurance and increases in payroll, credit card processing fees and facilities costs of approximately $290,000. Finally, as a result of a refund of
approximately $197,000 received for state taxes during the year ended December&nbsp;31, 2002, net state tax expense increased by approximately $265,000. </FONT></P>

<P><FONT SIZE=2><B><I>Depreciation of property and equipment  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,489,570</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,675,836</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>Decrease over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(1,186,266</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>Decrease&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(44</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in depreciation was primarily due to certain of our older computer software being fully depreciated, as well as Electric Library subscription services and
back-end registry services assets being disposed of during 2002. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=49,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=483584,FOLIO='45',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<A NAME="page_dm1189_1_46"> </A>
<BR>

<P><FONT SIZE=2><B>Amortization of intangible assets  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="63%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>222,222</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>Decrease over prior year</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(222,222</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>Decrease&#151;percentage</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(100</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="63%"><FONT SIZE=2>Percentage of revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible
assets were fully amortized during 2002. </FONT></P>

<P><FONT SIZE=2><B><I>Other income (expenses)  </I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="61%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="61%"><FONT SIZE=2>Other income (expenses), net</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,131,703</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,846,578</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the sale of our back-end registry management services assets in March&nbsp;2002, we were entitled to earn contingent consideration of up to
$1.0&nbsp;million, based on each domain registered or renewed in the.org registry. During the year ended December&nbsp;31, 2003, we earned and received the full $1.0&nbsp;million of contingent
consideration. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2002, other income includes a gain of approximately $1.8&nbsp;million that we recorded in connection with the sale of all of the assets and
certain liabilities associated with our search and reference services, Electric Library and Encyclopedia.com, in August&nbsp;2002. It also includes a gain of approximately $2.0&nbsp;million that
we recorded in connection with the disposition of our back-end registry services business to Afilias in March&nbsp;2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
gains during 2002 were offset by our loss on the sale of Eklektix of approximately $44,000 and the loss of approximately $1.0&nbsp;million that we recorded on the write down of
our investment in bigchalk.com in June&nbsp;2002. Until December&nbsp;31, 2002, we held an 11% interest in bigchalk.com, a privately held company. We recorded a write down of our investment based
on our review of the carrying value of this investment and our conclusion that an other than temporary decline in the value of the investment had occurred. The carrying value of this investment at
December&nbsp;31, 2002 was zero. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
income includes net interest income of approximately $132,000 for the year ended December&nbsp;31, 2003 and approximately $102,000 for the year ended December&nbsp;31, 2002. </FONT></P>

<P><FONT SIZE=2><B><I>Income taxes  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision for income taxes has been recorded for the years ending December&nbsp;31, 2003 and 2002 as our level of historical taxable income and net operating
losses of approximately $15&nbsp;million make it unlikely that we will reach a taxable position in the near future. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=50,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=636560,FOLIO='46',FILE='DISK124:[05PHI9.05PHI1189]DM1189A.;7',USER='CNAPOLE',CD='15-JUN-2005;12:15' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_do1189_1_47"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2><B>Quarterly results  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables summarize selected unaudited quarterly financial data for the past nine quarters: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Tucows&nbsp;Inc.<BR>
Quarterly Results of Operations<BR>
(Dollar amounts in U.S. dollars)  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>March&nbsp;31,<BR>
2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>December&nbsp;31,<BR>
2004(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>September&nbsp;30,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>June&nbsp;30,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>March&nbsp;31,<BR>
2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Net revenues</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>11,801,706</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>11,521,955</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>12,381,326</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>10,638,965</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>10,174,909</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Gross profit</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4,580,501</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,614,179</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4,726,851</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4,080,565</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,729,494</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Income from operations</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>213,587</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>800,760</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>613,710</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>623,455</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>111,480</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Net income for the period</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>442,810</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,864,976</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>820,691</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>665,558</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>149,113</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Basic and diluted income per share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0.06</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Shares used in computing basic income per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>66,883,487</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>66,817,250</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>66,800,369</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>65,991,867</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>64,690,887</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="29%"><FONT SIZE=2>Shares used in computing diluted income per common share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>71,604,368</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>68,893,918</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>68,477,632</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>72,370,411</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>66,989,744</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
results for the three months ended December&nbsp;31, 2004 include a non-cash income tax benefit of $3.0&nbsp;million or $0.04 per share, resulting from the
reduction in our deferred tax asset valuation allowance. </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>December&nbsp;31,<BR>
2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>September&nbsp;30,<BR>
2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>June&nbsp;30,<BR>
2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>March&nbsp;31,<BR>
2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Net revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>9,714,774</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>9,315,760</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>9,167,299</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8,996,914</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Gross profit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,791,720</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,507,952</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,484,577</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,420,271</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Income from operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>388,531</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>13,388</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(88,405</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>618,221</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Net income for the period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>425,850</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>179,386</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>577,919</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>880,283</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Basic and diluted income per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Shares used in computing basic income per common share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Shares used in computing diluted income per common share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>70,858,586</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,726,663</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>64,674,737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Liquidity and capital resources  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2005, our principal source of liquidity was cash and cash equivalents of approximately $15.0&nbsp;million compared to approximately
$13.9&nbsp;million at December&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash provided by operating activities was approximately $655,000 for the three months ended March&nbsp;31, 2005, compared to approximately $567,000 for the three months ended
March&nbsp;31, 2004. Net cash provided by operating activities was approximately $4.7&nbsp;million for the year ended December&nbsp;31, 2004, compared to approximately $3.2&nbsp;million for
the year ended December&nbsp;31, 2003 and approximately $3.4&nbsp;million for the year ended December&nbsp;31, 2002. Net cash provided by operating activities for these periods resulted
primarily from net income and increases in deferred revenue and accreditation fees payable (representing cash received in advance of provision of the services). These increases were partially offset
by an increase in prepaid domain name registry fees and, for the year ended December&nbsp;31, 2004, a decrease in accruals, primarily as a result of annual bonus payments and payment of other annual
accruals. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=51,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=22139,FOLIO='47',FILE='DISK124:[05PHI9.05PHI1189]DO1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:39' -->
<A NAME="page_do1189_1_48"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash provided by investing activities was approximately $256,000 for the three months ended March&nbsp;31, 2005. This was primarily as a result of a decrease in restricted cash of
approximately $460,000 as a result of a release to us of all margin security against forward exchange contracts, which had fully matured by March&nbsp;31, 2005. This was offset by our purchasing of
property and equipment, principally computers and related software of approximately $201,000 during the three months ended March&nbsp;31, 2005 to meet our operational needs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash used in investing activities was approximately $4.4&nbsp;million for the year ended December&nbsp;31, 2004. This was primarily as a result of $3.0&nbsp;million for the
acquisition of Boardtown Corporation in April&nbsp;2004, $1.0&nbsp;million for the purchase of property and equipment, principally computers and related software, to meet our operational needs and
a net increase of $328,000 in restricted cash, of which $178,000 was the result of an increase in margin security against forward exchange contracts intended to mitigate the risk of exchange rate
fluctuations of a portion of our Canadian dollar exposure and the remaining $150,000 was used as security against letters of credit to support our obligations to a registry. These letters of credit
expired in November&nbsp;2004, and in January&nbsp;2005, the $150,000 was released and became unrestricted because the security obligation was no longer required by the registry. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash provided by investing activities was approximately $848,000 for the year ended December&nbsp;31, 2003, primarily as a result of approximately $1.0&nbsp;million received as
contingent consideration based on each name registered or renewed in the.org registry, as well as the release of approximately $805,000 of our cash and cash equivalents that had been pledged
equivalents as margin security against forward
exchange contracts purchased in June&nbsp;2002 to hedge a portion of our Canadian dollar exposure. These proceeds were partially offset by net cash used for the purchase of property and equipment of
approximately $957,000 in 2003. For the year ended December&nbsp;31, 2002, net cash provided by investing activities was approximately $703,000. This was primarily the result of approximately
$1.6&nbsp;million received on the sale of the Electric Library and Encyclopedia.com assets in August&nbsp;2002 and approximately $939,000 received on the disposition of the back-end
registry management services business in March&nbsp;2002. These proceeds were partially offset by net cash used for the purchase of property and equipment of approximately $845,000 and the pledging
of approximately $938,000 of our cash and cash equivalents as margin security against forward exchange contracts purchased in June&nbsp;2002 to hedge a portion of our Canadian dollar exposure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash provided by financing activities was approximately $181,000 for the three months ended March&nbsp;31, 2005 and approximately $726,000 for the year ended December&nbsp;31,
2004, representing proceeds received on the exercise of stock options under our employee stock purchase plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on our operations, we believe that our cash flow from operations will be adequate to meet our anticipated requirements for working capital and capital expenditures for at least the
next 12&nbsp;months. In addition, this offering of common stock will provide additional funding. We may choose to raise additional funds or seek other financing arrangements to facilitate more rapid
expansion to develop new or enhance existing products or services, to respond to competitive pressures or to acquire or invest in complementary businesses, technologies, services or products. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
additional financing is required, we may not be able to raise it on acceptable terms, or at all, and additional financing may be dilutive to existing investors. We may also evaluate
potential acquisitions of other businesses, products and technologies. To complete potential acquisitions, we may issue additional securities or need additional equity or debt financing and any
additional financing may be dilutive to existing investors. There are currently no material understandings, commitments or agreements about any acquisition of other businesses. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=52,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=999059,FOLIO='48',FILE='DISK124:[05PHI9.05PHI1189]DO1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:39' -->
<A NAME="page_do1189_1_49"> </A>
<BR>

<P><FONT SIZE=2><B>Commitments and Contingencies:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the acquisition of the outstanding capital stock of Boardtown Corporation on April&nbsp;27, 2004 we transferred $1.75&nbsp;million of the
purchase price into an escrow account which is being held in escrow until the determination of whether certain performance milestones at various contractual dates between April&nbsp;2005 and
April&nbsp;2007 were achieved. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
escrow funds consist of $1.0&nbsp;million in cash and $750,000 in the form of 1,069,644 shares of common stock (based upon the price of our shares at the time of the transaction).
These shares have not been included in the determination of diluted earnings per common share. The first $750,000 paid out of the escrow account to the former shareholders of Boardtown Corporation is
to be in shares of our common stock. Pursuant to the acquisition agreement, the performance milestones relating to the net cash flow from existing operations, the hosted billing solution and the
hosted help desk solution were assessed as of April&nbsp;27, 2005. The performance milestones relating to converting potential support customers was assessed as of April&nbsp;30, 2005. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April&nbsp;2005, we came to an agreement with the former shareholders of Boardtown that they had met their obligation with regard to the hosted billing solution milestone, had not
met their obligation with regard to the net cash flow from operations milestone and had partially met their obligation with regard to converting potential support customers. With regard to the hosted
help desk solution milestone, we came to an agreement with the former shareholders of Boardtown that the determination of whether this milestone was achieved should be deferred until July&nbsp;31,
2005 without penalty. Accordingly, the escrow agent was instructed to release an aggregate of 780,837 shares of common stock to the former shareholders of Boardtown in satisfaction of the hosted
billing solution milestone and the conversion of the potential support customers. In addition, the escrow agent was instructed to amend the terms of the escrow agreement to reflect the revised
performance date for the hosted help desk solution milestone to July&nbsp;31, 2005 and, since the net cash flow from existing operations criteria was not met, the escrow agent was instructed to
repay $400,000 to us. The impact of the release of funds and issuance of shares of our common stock out of escrow will be recorded as additional goodwill of $701,363. </FONT></P>


<P><FONT SIZE=2><B>Off Balance Sheet Arrangements and Contractual Obligations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not entered into any off balance sheet financial arrangements and have not established any special purpose entities as of December&nbsp;31, 2004, nor
have we guaranteed any debt or commitment of other entities. As such, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such
relationships. A summary of our contractual obligations and commercial commitments as of December&nbsp;31, 2004 is presented in the table below. Purchase obligations include amounts committed under
legally enforceable contracts or purchase orders. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>Payments due by period</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=1><B>Contractual Obligations<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Total</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Less than<BR>
1&nbsp;year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1-3&nbsp;years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>3-5&nbsp;years</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>More than<BR>
5&nbsp;years</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Operating lease obligations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,134,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>206,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>651,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>616,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>661,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Purchase obligations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>610,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>508,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>102,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2,744,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>714,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>753,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>616,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>661,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Income Taxes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred net operating losses for the period from inception to December&nbsp;31, 2004, and consequently did not pay federal, state or foreign income taxes.
As of December&nbsp;31, 2004, we had federal net operating loss carryforwards of approximately $15.5&nbsp;million. Pursuant to Section&nbsp;382 of the Internal Revenue Code of 1986, the annual
utilization of a company's net operating loss carryforwards </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=53,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=1010089,FOLIO='49',FILE='DISK124:[05PHI9.05PHI1189]DO1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:39' -->
<A NAME="page_do1189_1_50"> </A>
<BR>

<P><FONT SIZE=2>may
be limited if the company experiences a change in ownership of more than 50% within a three-year period. As a result of this offering and our previous equity offerings, we may
experience such an ownership change. However, we have not performed a detailed analysis of any ownership change. Accordingly, our net operating loss carryforwards available to offset future federal
taxable income arising before such ownership changes may be limited. For financial reporting purposes, we have recorded a valuation allowance of $4.95&nbsp;million to partially offset the deferred
tax asset related to these carryforwards because realization of the full benefit of these carryforwards is uncertain. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=54,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=1000973,FOLIO='50',FILE='DISK124:[05PHI9.05PHI1189]DO1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:39' -->
<A NAME="page_do1189_1_51"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do1189_quantitative_and_qualit__do102497"> </A>
<A NAME="toc_do1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We develop products in Canada and sell these products in North America and Europe. Our sales are primarily made in U.S. dollars, while a major portion of our
expenses are incurred in Canadian dollars. Our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets. Our
interest income is sensitive to changes in the general level of Canadian and U.S. interest rates, particularly since the majority of our investments are in short-term instruments. Based on
the nature of our short-term investments, we have concluded that there is no material interest rate risk exposure as at March&nbsp;31, 2005. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we have a functional currency of U.S. dollars, a substantial portion of our fixed expenses are incurred in Canadian dollars. Our policy with respect to foreign currency exposure
is to manage financial exposure to certain foreign exchange fluctuations with the objective of neutralizing some of the impact of foreign currency exchange movements. Accordingly, we have entered into
foreign exchange forward contracts from time to time to mitigate the exchange rate risk on portions of our Canadian dollar exposure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
foreign exchange forward contracts have not been treated as hedges for accounting purposes as we have not complied with the documentation requirements as outlined in Statement of
Financial Accounting Standard No.&nbsp;133, "Accounting for Derivative instruments and Hedging Activities." We have accounted for the fair value of the derivative instruments within the consolidated
balance sheet as a derivative financial asset or liability and the corresponding change in fair value is recorded in the consolidated statement of operations. We have no other freestanding or embedded
derivative instruments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
impact of the fair value adjustment on unrealized foreign exchange forward contracts for the year ended December&nbsp;31, 2004 was a net gain of approximately $89,000, and for the
year ended December&nbsp;31, 2003, the impact was a net gain of approximately $279,000, which is reflected on the consolidated statements of operations in general and administrative expenses. As of
December&nbsp;31, 2004, we had outstanding foreign currency forward contracts totaling $4.5&nbsp;million, with exchange rates varying from U.S.$1.00:Cdn$1.2310 to U.S.$1.00:Cdn$1.2311. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have performed a sensitivity analysis model for foreign exchange exposure over the three months ended March&nbsp;31, 2005. The analysis used a modeling technique that compares the
U.S. dollar equivalent of all expenses incurred in Canadian dollars, at the actual exchange rate, to a hypothetical 10% adverse movement in the foreign currency exchange rates, with all other
variables held constant. Foreign currency exchange rates used were based on the market rates in effect during the three months ended March&nbsp;31, 2005. The sensitivity analysis indicated that a
hypothetical 10% adverse movement in foreign currency exchange rates would result in a decrease in net income for the three months ended March&nbsp;31, 2005 of approximately $382,000. There can be
no assurances that the above projected exchange rate decrease will materialize. Fluctuations of exchange rates are beyond our control. We will continue to monitor and assess the risk associated with
these exposures and may at some point in the future take actions to hedge or mitigate these risks. In April&nbsp;2005, we entered into forward currency contracts that expire in May&nbsp;2005.
There is no assurance that any strategy will be successful in avoiding losses due to exchange fluctuations, or that the failure to manage currency risks effectively would not have a material effect on
our results of operations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=55,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=101101,FOLIO='51',FILE='DISK124:[05PHI9.05PHI1189]DO1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dq1189_1_52"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq1189_business"> </A>
<A NAME="toc_dq1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>BUSINESS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated in the Commonwealth of Pennsylvania on November&nbsp;5, 1992 under the name Infonautics,&nbsp;Inc. On August&nbsp;28, 2001, we
completed our acquisition of Tucows&nbsp;Inc., a Delaware corporation, or Tucows Delaware, and we changed our name from Infonautics,&nbsp;Inc. to Tucows&nbsp;Inc. Our principal executive offices
are located at 96&nbsp;Mowat Avenue, Toronto, Ontario, Canada M6K&nbsp;3M1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart outlines our structure and the jurisdictions of incorporation or establishment of our company and our material subsidiaries. Each corporate subsidiary is wholly-owned
by its parent company as set forth below. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g845893.jpg" ALT="CHART" WIDTH="621" HEIGHT="366">
  </B></FONT></P>


<P><FONT SIZE=2><B>Overview  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide Internet services and downloadable software through a global distribution network of more than 6,000 Service Providers. Our Service Providers are
primarily web hosting companies, ISPs and providers of other services over the Internet. These Service Providers are located in more than 100 countries. We are an accredited registrar with ICANN and
generate revenue primarily through the provision of domain registration and other Internet services to Service Providers who offer such services to their own customers in a process known as wholesale
distribution. We were in the first group of 34 registrars accredited by ICANN in 1999 and we believe we have established ourselves as the largest wholesale registrar. As of May&nbsp;23, 2005, the
number of registrars accredited by ICANN has increased to 472. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
goal is to strengthen our position as a supplier of Internet services to Service Providers. We believe that the market for Internet services will continue to grow and that our
existing relationships
provide us with an opportunity to expand our platform. We intend to expand the services we offer and increase our Service Provider relationships. Our goal is to implement this strategy while
maintaining our high level of customer service and support. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Service Providers typically provide their customers, the end-users of the Internet, with a critical component to enable their use of the Internet. The Service Providers
have a very high level of interaction with such end-users, who are typically individuals and businesses ranging from small businesses to large corporations. When a Service Provider has
secured an end-user as a customer in </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=56,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=315876,FOLIO='52',FILE='DISK124:[05PHI9.05PHI1189]DQ1189A.;13',USER='CNAPOLE',CD='15-JUN-2005;12:18' -->
<A NAME="page_dq1189_1_53"> </A>
<BR>

<P><FONT SIZE=2>one
area of specialty, it has an opportunity to provide this customer with additional services. We believe that end-users will first contact their current Service Providers when they seek
to purchase additional services. Since 1999, we have continued to expand our network of Service Providers and the Internet services they offer. These services currently include digital certificates,
billing, provisioning and customer care software solutions, email and anti-spam services, blogware and website building tools. We plan to continue to introduce additional Internet services
in the future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
primarily distribute our services to Service Providers using our open shared reseller system platform, or OpenSRS. OpenSRS provides a back-end infrastructure, complete
with interfaces that Service Providers use to provision our services either for their own use or for other end-users while acting as a wholesale distributor. We believe that this enables
our Service Providers to focus on customer acquisition and retention while still being able to enhance their per customer revenue by offering additional services along with their core services. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we primarily provide Internet Services for wholesale distribution by Service Providers, other registrars who do not want to incur the costs and complexities of building and
maintaining their domain registration and management systems can utilize our open hosted registrar system platform, or OpenHRS. OpenHRS enables the Service Provider to provide domain registration and
other services to their end-users. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to generating revenue through the provision of domain registration and other Internet services, we generate advertising and other revenue through our website, www.tucows.com,
which has the primary function of providing software for download. Advertising revenue is generated from third-party advertisers and from software developers who rely on us as an important source of
distribution for their shareware, freeware and online services. Software developers use our ARC to submit their products for inclusion in our libraries and to purchase promotional placement of their
software in the library categories as well as other promotional services on a cost-per-click or flat rate basis. The libraries are available to end-users around the
world via our own Internet facilities and via a global network of Internet service companies who elect to mirror our libraries locally. We also generate revenue from companies who contract with us to
provide them with co-branded content. </FONT></P>

<P><FONT SIZE=2><B>Our History and Competitive Advantage  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that one of our key competitive advantages is the relationship and reputation we have with our Service Providers. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
software libraries that eventually formed the basis for our business were founded in 1993. These libraries quickly became a recognized source of shareware and freeware downloads.
Software libraries of this type were created for the purpose of aggregating, organizing and offering software for download and, at that time, were made available on various closed private networks
known as bulletin-board systems, or BBS. The name "Tucows" is an acronym that stands for "The Ultimate Collection of Winsock Software". Many of the early BBS operators went on to become ISPs. Since
that time, we have modified our corporate structure, expanded our Service Provider base and entered new lines of business. We believe that we continue to benefit from this long history with ISPs, as
it has resulted in our having an excellent understanding of the businesses of Service Providers. We believe that this enables us to be more effective in meeting the Service Providers' needs and, in
our opinion, has contributed to our success in establishing and maintaining our network of Service Providers. We also believe that our goodwill is not easily replicated by other competitors, both new
and existing, and will continue to give us a long-term competitive advantage. </FONT></P>

<P><FONT SIZE=2><B>Significant Developments Impacting Our Business  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;4, 1999, Tucows Delaware acquired substantially all of the assets of the software for download business from Tucows Interactive Limited. The total
consideration paid for the assets was $30&nbsp;million and common stock valued at $3.4&nbsp;million. This transaction was completed to allow Tucows </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=57,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=739112,FOLIO='53',FILE='DISK124:[05PHI9.05PHI1189]DQ1189A.;13',USER='CNAPOLE',CD='15-JUN-2005;12:18' -->
<A NAME="page_dq1189_1_54"> </A>
<BR>

<P><FONT SIZE=2>Delaware
to take advantage of the opportunities that existed for downloadable software companies at that time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;28, 2001, we completed our acquisition of Tucows Delaware and changed our name from Infonautics,&nbsp;Inc. to Tucows&nbsp;Inc. The acquisition was completed by way
of a merger between one of our subsidiaries and Tucows Delaware. As part of the acquisition, we issued 51,685,432 shares of our common stock to the shareholders of Tucows Delaware in exchange for all
of the shares of common stock of Tucows Delaware. This acquisition was undertaken as Tucows Delaware believed that our liquid capital assets could be combined with Tucows Delaware's operating business
to create a leading online supplier of technology, information and services. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;25, 2002, we sold all of our shares of Liberty Registry Management Services&nbsp;Inc., or Liberty RMS, which was one of our wholly owned subsidiaries, along with
certain technology required to provide registry services. Liberty RMS owned and operated the back-end registry services for the.info registry. We recognized a gain of approximately
$2.0&nbsp;million on the disposition in 2002. We were also entitled to additional contingent consideration (which was fully earned during 2003) of up to $1&nbsp;million, primarily based on the
buyer having been awarded the contract to be the back-end registry provider for the.org registry. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;16, 2002, we sold all of the assets and certain liabilities associated with our search and references services, Electric Library and Encyclopedia.com. Total
consideration received consisted of cash proceeds of approximately $1.6&nbsp;million net of assumed liabilities resulting in a gain on disposition of assets in the amount of approximately
$1.8&nbsp;million. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;27, 2004, we acquired 100% of the outstanding capital stock of Boardtown Corporation, a Mississippi company, for a total purchase price of up to $4&nbsp;million,
$2.25&nbsp;million of which was paid in a combination of cash and shares of common stock at closing and the remaining $1.75&nbsp;million of which was placed in escrow in order to secure certain
representations, warranties and covenants in the acquisition agreement, the payment of which to the former shareholders of Boardtown is contingent upon the achievement of certain performance
milestones at various contractual dates between April&nbsp;2005 and April&nbsp;2007. The $1.75&nbsp;million held in escrow consists of 1,069,644 shares of common stock and $1.0&nbsp;million is
in cash. Pursuant to the acquisition agreement, during April&nbsp;2005, the performance milestones relating to the net cash flow from existing operations, the hosted billing solution, the hosted
help desk solution and the conversion of potential support customers were assessed. As a result of this assessment, 780,837 shares of common stock were released from escrow and transferred to the
sellers. The determination of whether the help desk performance milestone had been achieved was deferred until July&nbsp;31, 2005, without penalty, and $400,000 was returned to us as the net cash
flow from operations performance milestone had not been achieved. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=58,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=913687,FOLIO='54',FILE='DISK124:[05PHI9.05PHI1189]DQ1189A.;13',USER='CNAPOLE',CD='15-JUN-2005;12:18' -->
<A NAME="page_dq1189_1_55"> </A>

<P><FONT SIZE=2><B>Industry Background and Analysis  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the growth in the number of blogs established since 2000: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g633134.jpg" ALT="CHART" WIDTH="396" HEIGHT="265">
  </B></FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2><I>Source:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Blogging Geyser </FONT><FONT SIZE=2><I>study released by Perseus Development Corporation on April&nbsp;8, 2005,
www.perseus.com/blogsurvey/geyser</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table illustrates the growth in number of Internet users worldwide since 1990: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g678482.jpg" ALT="CHART" WIDTH="684" HEIGHT="297">
  </B></FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2><I>Source: Paul Budde Communication study dated April&nbsp;10, 2005, www.budde.com.au.</I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Internet has emerged as a global medium that enables millions of people to share information, communicate and conduct business electronically. We believe that the growth in the
number of Internet users combined with the Internet's extensive reach has created a powerful channel for conducting commerce, as well as marketing, gathering, consuming and sharing information and
ideas. We believe that this growth in Internet use provides significant opportunities for organizations of all types and sizes to improve operational efficiencies and generate additional revenues
through the use of Internet channels. We believe that the Internet has also given rise to additional competitive pressures due to shifting supplier and consumer demands, which have become increasingly
diversified. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=59,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=833394,FOLIO='55',FILE='DISK124:[05PHI9.05PHI1189]DQ1189A.;13',USER='CNAPOLE',CD='15-JUN-2005;12:18' -->
<A NAME="page_dq1189_1_56"> </A>
<BR>

<P><FONT SIZE=2>We
believe that these pressures are leading organizations to adopt new Internet-based business models, requiring the use of a wide array of applications and services including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>access
to the Internet;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>domain
registration;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>high
performance web hosting and server hosting facilities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>email
and other advanced messaging or groupware applications; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>electronic
commerce enabling applications. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providers
of these applications and services are often Service Providers, which typically operate as: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>ISPs,
which provide end-users with access to the Internet through dial-up, high speed and dedicated subscriber line hook-ups;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>web
hosting companies, which offer corporate customers and individual users hosting of their website on a commercial web server at a unique domain registered to the
customer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>system
and network management providers, which offer high-end server hosting facilities for web based businesses and corporations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>domain
registration Service Providers, which facilitate domain registrations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>telecommunications
companies and cable Service Providers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>value
added Service Providers of internal and external networks, which are typically consultants that assist companies with systems management, application procurement,
installation, maintenance and training; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>web
designers that offer services helping businesses and organizations create and maintain websites. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service
Providers typically provide their customers, the end-users of the Internet, with a critical component to enable their use of the Internet and have a very high level
of interaction with such end-user. End-users consist of individuals and businesses ranging from small businesses to large corporations. When a Service Provider has secured an
end-user as a customer in one area of specialty, it has an opportunity to provide this customer with additional services. We believe that, in most cases, end-users will contact
Service Providers as they are a trusted resource when they seek to learn more about, or to purchase additional, applications and services. We believe that providing a range of applications and
services to end-users creates stronger relationships between Service Providers and end-users, increases the costs of switching to another Service Provider and leads to
increased revenues per end-user. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the Internet continues to grow and the number of available applications and services and the complexity of these services continues to increase, we anticipate that the value of our
role as distributor will increase. We believe Service Providers will focus primarily on customer acquisition and retention and will find it difficult to continue to identify new profitable services,
negotiate supply arrangements and integrate new services into their businesses while maintaining their existing business processes and services. We therefore believe that our role in the industry will
grow in importance as Service Providers seek to outsource these tasks. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=60,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=429987,FOLIO='56',FILE='DISK124:[05PHI9.05PHI1189]DQ1189A.;13',USER='CNAPOLE',CD='15-JUN-2005;12:18' -->
<A NAME="page_dq1189_1_57"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following diagram illustrates how our OpenSRS platform facilitates the provision of services from Service Suppliers to Service Providers and end users: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g780440.jpg" ALT="CHART" WIDTH="648" HEIGHT="372">
  </B></FONT></P>

<P><FONT SIZE=2><B><I>Domain Registration Background  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Internet domain registration system is comprised of two principal components: the registry and the registrars. The registry maintains the database that
contains the domains registered in the TLDs and their corresponding Internet protocol addresses. Registrars act as intermediaries between the registry and end user individuals and businesses, referred
to as registrants, seeking to register domains. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
domain system is organized according to industry custom by levels, so that, for example, in the domain mybrand.com,.com is the TLD and mybrand is the second level domain. TLDs are
classified as either generic, known as gTLDs, or country code, known as ccTLDs. The gTLDs that we currently support are .com, .net, .org, .info, .biz and .name and the ccTLD's are .at (Austria), .be
(Belgium), .ca (Canada), .cc (Cocos (Keeling) Islands), .ch (Switzerland), .cn (China), .de (Germany), .fr (France), .it (Italy), .nl (Netherlands), .uk (United Kingdom), .tv (Tuvalu) and .us (United
States). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are approximately 240 different ccTLDs. Each registry for country code domains is responsible for maintaining and operating its own database of registered domains. Some country
code domains are unrestricted and allow anyone to register their domains on a first-come, first served basis. Others require that prospective registrants have a local presence in the
country to be able to register domains in that country. While there have been movements directed at creating uniform domain registration rules and registrar administration guidelines, there is at
present no international uniformity. This lack of uniformity increases the complexity and cost associated with being a registrar of the various ccTLDs. We choose which ccTLD's we will support based on
the economic evaluation of market potential and expected costs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
January&nbsp;1993 until April&nbsp;1999, Network Solutions, which was acquired by VeriSign,&nbsp;Inc. in June&nbsp;2000, was the sole entity authorized by the U.S.
government to act as both registrar and registry for domains in the .com, .net and .org TLDs. In October&nbsp;1998, the U.S. Department of Commerce called for the formation of a
non-profit corporation to oversee the management of the .com, .net and .org domains, and in November&nbsp;1998 appointed ICANN in this regard. VeriSign,&nbsp;Inc. continues to act </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=61,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=981639,FOLIO='57',FILE='DISK124:[05PHI9.05PHI1189]DQ1189A.;13',USER='CNAPOLE',CD='15-JUN-2005;12:18' -->
<A NAME="page_dq1189_1_58"> </A>
<BR>

<P><FONT SIZE=2>as
the sole registry for the .com and .net domains, maintaining the files in the shared registration system for these domains and the directory databases and listing these domains and their numerical
Internet protocol addresses. We became an ICANN accredited registrar in 1999 and in January&nbsp;2000, we began operation as an ICANN accredited registrar and began to register domains in the .com,
..net and .org domains. As of May&nbsp;23, 2005, there were 472 ICANN accredited registrars. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
were in the first group of 34 registrars accredited by ICANN in 1999 and we believe we have established ourselves as the largest wholesale registrar </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICANN's
authority is based upon voluntary compliance by registrants with its consensus policies. While these policies do not constitute law in the United States or elsewhere, they have a
significant influence on the domain registration system. </FONT></P>

<P><FONT SIZE=2><B><I>Registration of Domains  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The only way to register and start using a domain name is to use the services of a registrar. To make entries into a registry database, the registrar must undergo
a certification process, overseen and regulated by ICANN. Typically the registration, renewal or transfer of a domain is accomplished by using an online submission form provided by a registrar. If the
application to register, renew or transfer the domain to a registrar is accepted, the end-user pays a fee to the registrar for the right to use the domain for a set period ranging between
one and ten years. The registrar in turn pays a fee to the registry for each registered domain. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
an end-user wants to register a domain, it must first ascertain if the domain is available and then, using the services of an accredited registrar, have that name
reserved for its use in the registry. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
process of renewing a domain name is much like registering a new one and is accomplished by the registrant paying the renewal fee that covers a specific period of time. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=62,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=74563,FOLIO='58',FILE='DISK124:[05PHI9.05PHI1189]DQ1189A.;13',USER='CNAPOLE',CD='15-JUN-2005;12:18' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_ds1189_1_59"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a registrant wants to transfer its domain from one accredited registrar to another, this can be done at any time prior to the domain's expiration by the registrant following the
transfer process of the gaining registrar's transfer policy and paying the requisite fee for a set period, which is generally one year. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following diagram illustrates the domain registration process: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g253173.jpg" ALT="CHART" WIDTH="646" HEIGHT="258">
  </B></FONT></P>

<P><FONT SIZE=2><B><I>Growth in Domain Registrations  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table reflects the growth in worldwide TLD registrations: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g827049.jpg" ALT="CHART" WIDTH="646" HEIGHT="471">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=63,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=324151,FOLIO='59',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ds1189_1_60"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that there are three primary growth drivers for the domain registration industry: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Trend toward online presence</I></FONT><FONT SIZE=2>. We believe that businesses and individuals are increasing their use of the Internet in their
operations and daily lives. Ever-smaller businesses are seeing the need for an Internet presence as it is often the first place potential customers go for information. Individuals are
setting up blogs, personal webpages and personal email addresses as well as demanding other Internet services that rely on domain names for personalization and ease of navigation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Economic expansion</I></FONT><FONT SIZE=2>. We believe that the need for domain registrations is positively correlated with growth in the economy.
This is consistent with the observation that new businesses and new product and service introductions require domain registrations.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>International adoption</I></FONT><FONT SIZE=2>. There are still many international markets in which Internet use is not as prevalent as in North
America. We expect that many of these markets will continue to increase their Internet adoption to North American levels and beyond. Such growth would lead to a greater demand for domain
registrations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following graph illustrates our growth in domains under management by quarter: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g275610.jpg" ALT="CHART" WIDTH="474" HEIGHT="307">
  </B></FONT></P>

<P><FONT SIZE=2><B>Our Strategy  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy is to strengthen our position as a supplier of Internet services to Service Providers. We intend to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>expand
Service Provider relationships;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>take
advantage of the greater growth rates in international Internet markets;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>increase
Service Providers' customer retention and customer acquisition;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>expand
the services we offer by broadening the network of supplier relationships;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>extend
the range of current services; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>continue
to pursue acquisitions in a disciplined manner. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=64,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=969003,FOLIO='60',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ds1189_1_61"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart illustrates the number of customers that have completed at least one transaction during each quarterly period since we began operation as an ICANN accredited
registrar in January&nbsp;2000. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g800564.jpg" ALT="CHART" WIDTH="474" HEIGHT="307">
  </B></FONT></P>

<P><FONT SIZE=2><B><I>Expand Service Provider relationships  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue to leverage our knowledge of the Service Provider market and our brand and reputation to increase our market share and penetration. Our
approach to attract Service Providers as customers varies depending on the size and geographic location of the Service Provider. We have
account management resources dedicated to large Service Providers, European Service Providers and small Service Providers. As we broaden the services sold, we solidify our relationships, which
furthers our knowledge and brand strengths. </FONT></P>

<P><FONT SIZE=2><B><I>Take advantage of greater growth rates in international Internet markets  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our business model facilitates an enhanced ability to take advantage of the significantly greater growth rates present in international Internet
markets. By enabling and empowering Service Providers and relying on them to deal with the problems located close to the end-users, we remove the need for us to manage items like local
language, local currency, different taxation policies, different national legislation and local methods of payments. This allows us to grow internationally through local Service Providers by supplying
them with various services that they can then tailor to local circumstances. </FONT></P>

<P><FONT SIZE=2><B><I>Increase Service Providers' customer retention and customer acquisition  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that by enhancing the usability and reliability of our systems and services, we can improve the end-user experience and create greater
usage and end-user satisfaction, thereby positively impacting service renewal rates and new user referrals. By focusing on reducing the complexity of Internet services, we believe we can
increase usage. By improving reliability, we believe that we can reduce end-user frustration and take advantage of the high costs and inertia associated with changing ISPs. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=65,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=883102,FOLIO='61',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ds1189_1_62"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
graph illustrates our number of first time and repeat domain renewal transactions for .com and .net TLDs: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>.com and .net First Time and Repeat Domain Renewal Transactions  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g263761.jpg" ALT="CHART" WIDTH="526" HEIGHT="415">
  </B></FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2><I>Source: VeriSign&nbsp;Inc.</I></FONT></P>

<P><FONT SIZE=2><B><I>Expand the services we offer by broadening the network of supplier relationships  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our network of suppliers provides access to new services and service developments. We will continue to broaden our network of suppliers and technology alliances.
We currently have a relationship with GeoTrust,&nbsp;Inc., or GeoTrust, for digital certificates, MXLogic,&nbsp;Inc. for services and software used in our email defense service and Akmin
Technologies PVT&nbsp;Ltd. for website building tools. We expect to continue to rely on existing and new suppliers to provide new services and service developments, allowing us to maintain our focus
on tailoring such services for Service Providers. We expect to continue to enter into additional supplier relationships as we expand the number of services we offer. </FONT></P>

<P><FONT SIZE=2><B><I>Extend the range of current services  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently provide Service Providers with domain registration services, digital certificates, billing, provisioning and customer care software solutions, email
and anti-spam services, blogware and website building tools. We intend to extend each of these services: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Domain
registration services for new TLDs, both gTLDs and ccTLDs. We believe that there are opportunities in the market for expiring domain names, the market for secondary
domain names and the market for tools that assist in the management of domain names; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=66,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=659567,FOLIO='62',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ds1189_1_63"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Extending
our billing and provisioning software to integrate it with new products and services and offer similar functionality in a hosted model. We believe that this
tighter integration will increase the ability and efficiency of its Service Providers in adding new Internet services; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Continued
evolution of our ancillary services. A key component of our long-term strategy is the development and sale of our ancillary services. Revenues from
ancillary services have increased to 5% of net revenues for the 2004 fiscal year, from 2% of net revenues for the 2003 fiscal year and 1% of net revenues for the 2002 fiscal year. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B><I>Continue to pursue acquisitions in a disciplined manner  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2004, we acquired and integrated Boardtown Corporation, a provider of billing, provisioning and customer-care software solutions. The
acquisition enhanced our existing Service Provider solutions and added a significant number of Service Provider relationships. We intend to continue to pursue selective strategic acquisitions that
will enhance the functionality of our service offerings and broaden and deepen our Service Provider relationships. </FONT></P>

<P><FONT SIZE=2><B>Our Solution for Service Providers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our solution gives Service Providers the ability to offer a broad range of Internet services to their customers. Typically, offering a broad range of disparate
services results in complex business processes for the purposes of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>tracking
of administration, billing and usage;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>integrating
information and functionality from multiple sources;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>delivering
content, applications and services in a robust, scalable and efficient manner;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>managing
the life-cycle of the subscriber and the service from provisioning through renewal and transfer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>ensuring
system reliability and redundancy; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providing
cost savings over in-house solutions by relieving Service Providers of the expense of acquiring and maintaining hardware and software and the
associated administrative burden. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
endeavor is to simplify these complex business processes by providing a solution in which the above needs are addressed outright or in which tools are provided to help the Service
Provider manage these complexities. We believe that we have been successful in this endeavor and that our Service Providers are better equipped to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>focus
on their customer acquisition and retention strategies thereby allowing them to provide a higher level of customer service and performance;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enhance
revenue per customer through offering additional services;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>avoid
the costs and complexities of building in-house systems; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>avoid
regulatory and other complexity in their businesses through the outsourcing of business processes. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that we can remain successful in simplifying complex business processes because our solution has been developed with the following key criteria in mind: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Reliable</I></FONT><FONT SIZE=2>. Our software platform has been in operation for many years, is constantly being improved and has a demonstrated
performance capability; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=67,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=652180,FOLIO='63',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ds1189_1_64"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Scalable</I></FONT><FONT SIZE=2>. We enable our Service Providers to offer domains and other easily integrated applications and services to their
end-users and we believe that this allows Service Providers to benefit from not having to engage in or concern themselves with capacity planning;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Ease of Use</I></FONT><FONT SIZE=2>. We allow our Service Providers to administer a variety of applications and services from easy to use interfaces;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Robust and Flexible</I></FONT><FONT SIZE=2>. We enable our Service Providers to offer a variety of applications and services from a range of
suppliers and give the Service Providers the ability to brand these applications and services themselves;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Ease of Innovation and Integration</I></FONT><FONT SIZE=2>. We developed our platform recognizing the heterogeneity of Service Providers and their
need for customized solutions. We provide multiple methods of interacting with our platform and encourage and support our Service Providers in integrating with their own in-house systems;
and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Superior Customer Service</I></FONT><FONT SIZE=2>. We seek to provide superior customer service by anticipating the technical requirements and
business objectives. We also provide our Service Providers with technical advice to help them understand how our applications and services can be customized for their particular needs. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2><B>Barriers to Entry and Our Competitive Position  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that one of the most difficult aspects of successfully launching an Internet application or service is new user adoption and that the trusted business
relationship, coupled with the technical integration we have with our Service Providers, will continue to make us a desirable partner for Internet service suppliers seeking to establish or expand
their user base. We have invested over ten years in building deep relationships with our Service Providers and in building a brand intended to stand for trust and reliability. We believe that one of
our key competitive advantages is our relationship and reputation with our Service Providers. We believe that our understanding of the Service Provider business has enabled us to earn their trust.
This trust and understanding has contributed to our success in establishing and maintaining our network of Service Providers. We believe that our accumulated goodwill is not easily replicated and will
continue to give us a strong competitive advantage over the long term. </FONT></P>

<P><FONT SIZE=2><B>Competitive Conditions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market for Internet services, including domain registrations, billing software and services, digital certificates, messaging, publishing, software and content
distribution, and other Internet applications and services, is rapidly evolving and is highly competitive. Our competition may be divided into groups consisting of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>other
domain registrars, such as eNom,&nbsp;Inc. and Melbourne IT, who market wholesale private label offerings to Service Providers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>domain
registrars who market domains primarily on a retail basis, such as Network Solutions, Register.com and GoDaddy, and who compete with our Service Providers for
end-users;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providers
of billing software and services to telecommunications companies and Service Providers, such as Portal Software and Rodopi;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providers
of messaging services to Service Providers, such as Postini, Everyone.net and Critical Path;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providers
of publishing services to Service Providers, such as Six Apart and CM4All; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providers
of software downloads and other open source related content, such as CNET. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=68,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=880573,FOLIO='64',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ds1189_1_65"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect to continue to experience significant competition from the companies identified above, and, as our business develops and we compete in an increasingly broad range of Internet
services, we expect to encounter competition from other providers of Internet services. Service Providers, Internet portals, web hosting companies, email hosting companies, outsourced application
companies, country code registries and major telecommunication firms may broaden their service offerings to include outsourced domain registrations and other Internet applications and service
solutions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that the primary competitive factors in our domain registration and downloadable software distribution businesses are: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providing
superior customer service by anticipating the technical requirements and business objectives of the Service Providers and providing them with technical advice to
help them understand how our applications and services can be customized for their particular needs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providing
cost savings over in-house solutions by relieving Service Providers of the expense of acquiring and maintaining hardware and software and the
associated administrative burden;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>providing
greater functionality and access to Internet applications and services, which in turn enables Service Providers to choose the application that best suit their
end-users' needs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enabling
Service Providers to better manage their relationships with their end-users;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>facilitating
scalability through an infrastructure designed to support millions of transactions across millions of end-users; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
technology and infrastructure, consisting of advanced software and hardware that allows our Service Providers to provide Internet services to their customers without
having to make substantial investments in their own software or hardware. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we encounter pricing pressure in many markets in which we compete, we believe the effects of that pressure are mitigated by the fact that we deliver our Service Providers a high
degree of value through our business support practices and financial and technical integration. We believe our status as a trusted supplier also allows us to mitigate the effects of this type of
competition. We believe that the long-term relationships we have made with many of our Service Providers results in a sense of certainty that would not be available to the Service Provider
through a competitor. </FONT></P>

<P><FONT SIZE=2><B>Customer Service  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to provide superior customer service by anticipating the technical requirements and business objectives such as customizable management of renewal
processes, streamlining the process of adding additional services and providing solutions for dealing with the added administrative complexity of offering multiple services of its Service Providers.
We also provide our Service Providers with technical advice to help them understand how our applications and services can be customized for their particular needs. Service Providers may contact us by
email or through our toll-free telephone number. An extensive library of frequently asked questions and answers is made available to all Service Providers through our website. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
customer service team consists of trained technicians who draw on expertise throughout our organization to provide support in many languages and for an array of unique issues. These
staff members handle general inquiries, investigate the status of orders and payments and answer technical questions about our applications and services. In response to customer inquiries, customer
service representatives monitor site and network operations, refer complex problems to technical teams for resolution and make recommendations for future enhancements. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
pride ourselves on having developed a culture of customer service that pervades our entire organization. This can be attributed to the fact that we have always encouraged and provided
easy means for our customers and resellers to communicate with anyone in the organization, as well as with </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=69,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=821904,FOLIO='65',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ds1189_1_66"> </A>
<BR>

<P><FONT SIZE=2>each
other. These communication avenues are monitored and utilized not only by support functions but also by our management. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also use our own online discussion forums to communicate with our Service Providers. These forums have been used to discuss: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>suggestions
or feedback on new features;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>marketing
promotions; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>domain
policy positions. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
forums are open to the public, which increases the level of scrutiny we face and the standard to which we are held. We believe that this, in turn, produces credibility with Service
Providers. Problems that are raised are often solved by other Service Providers who have faced similar situations. This greatly increases the speed and breadth of responses the Service Provider is
able to receive in a cost effective manner. </FONT></P>

<P><FONT SIZE=2><B>Customers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three months ended March&nbsp;31, 2005 and for the years ended 2004 and 2003, no single customer of ours represented more than 10% of revenues. </FONT></P>

<P><FONT SIZE=2><B>Products and Services  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer our services to our network of Service Providers and directly to end-users. Our principal applications and services fall under two broad
headings: Domain Registration and Ancillary Services, and Advertising and Other Services. </FONT></P>

<P><FONT SIZE=2><B><I>Domain Registration and Ancillary Services  </I></B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Domain registration services  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domain Registration Services encompass all of our offerings related to the provisioning of domains. We offer wholesale and retail domain registration services for
numerous gTLDs and ccTLDs. Key components of our domain registration services include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Wholesale Domain Services</I></FONT><FONT SIZE=2>. Our wholesale service is designed to enable Service Providers to register domains for their
end-users using our accreditation. Pricing is based on a per domain, per year charge. We impose no restrictions on the prices charged by Service Providers to their customers and offer this
service through our OpenSRS Platform.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Hosted Registrar Services</I></FONT><FONT SIZE=2>. Hosted Registrar Services allow ICANN accredited registrars to use our technical systems to
process domain registrations with their accreditation. Hosted registrar services enable registrars to use a proven system without incurring the costs of building their own technical infrastructure.
Hosted registrar services also include professional service elements, including custom development, data management and systems administration. This service is offered through our OpenHRS platform and
is offered as a fee-based service.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Domain Direct</I></FONT><FONT SIZE=2>. We offer retail domain registration through Domain Direct at www.domaindirect.com. These services are designed
to enable consumers to establish an Internet presence using Domain Direct's control panel, which includes tools for domain registration,
personalized email addresses, domain forwarding, domain marketing, blogware and web hosting that allow customers to register, develop, use and manage their websites. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=70,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=88474,FOLIO='66',FILE='DISK124:[05PHI9.05PHI1189]DS1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_du1189_1_67"> </A> </FONT></P>

<UL>

<P><FONT SIZE=2><I> Ancillary Services  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ancillary services include digital certificates, billing, provisioning and customer care software solutions, email and anti-spam services, blogware
and website building tools. We offer these services to our Service Providers on a private label basis so that they may use their brands in selling Internet services to their end-users. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Digital Certificate Delivery</I></FONT><FONT SIZE=2>. Digital certificates are required to facilitate any online transaction or exchange of sensitive
information in a secure fashion. We have a partnership with GeoTrust to provide our Service Providers with the ability to sell an array of digital certificates, also known as Secure Socket Layer, or
SSL, certificates. Digital certificates consist of a public key and a private key. The public key is used to encrypt information and the private key is used to decipher it, a process that is known as
an SSL handshake. Digital certificates are issued using identity verification procedures and, in combination with the trusted third-party infrastructure standard in the Internet industry, are used to
enable secure electronic transactions and to otherwise verify online identities. This occurs when a browser points to a secured domain; an SSL handshake authenticates the server and the client and
establishes an encryption method and a unique session key. They can begin a secure session that guarantees message privacy and message integrity.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Billing Services, Billing, Provisioning and Customer Care Solutions.</I></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Platypus
Billing System, or Platypus, is a complete turn-key back-office solution for ISPs, Application Service Providers, or ASPs, web hosting
companies and other companies that provide Internet services. Platypus handles billing, service provisioning, and customer account management. Web tools are provided so that customers can manage their
customer accounts online.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Wombat
Help Desk System is a Platypus integrated Help Desk solution that provides total accountability for customer care needs. Wombat automatically routes, tracks and
maintains customer care email and phone calls for optimal service desk performance.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Tucows Printing Service is an outsourced statement printing service offering Platypus Billing System customers statement printing, folding, stuffing and postage metering
services.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Email</I></FONT><FONT SIZE=2>. Our email service is a Tucows hosted service that provides email boxes that support post office protocol, or POP,
Internet message access protocol, or IMAP, simple mail transfer protocol, or SMTP, and web-mail as methods of access and communication. Web-mail includes support for groupware
functionality including shared calendaring, tasks, notes and email boxes. An email forwarding service is also provided.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Anti-Spam</I></FONT><FONT SIZE=2>. Our email defense anti-spam service is a Tucows hosted service that provides spam, virus,
content and attachment filtering, as well as Denial of Service, or DoS, attack prevention.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Blogware</I></FONT><FONT SIZE=2>. Blogware is a proprietary hosted weblog content management system that makes it easy for end users to share
information, photographs and other interactive content online via their website. We believe that Blogware is the only hosted blog or weblog content management system that was built exclusively for
Service Providers and that takes into account their specific needs, including the ability to brand the service, to create and administer trials of the service and to manage and administer the service
across their customer bases. We manage the entire Blogware service and provisioning infrastructure, as well as ongoing application development, on an outsourced basis. A description of the market
space for blogs is as follows:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Blogs,
a term that is an abbreviation for weblogs, we believe represents the fastest-growing segment of the webhosting market. They are a form of personal publishing and a
method of individual expression and opinion on the Internet for both individuals and businesses. A </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>67</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=71,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=971064,FOLIO='67',FILE='DISK124:[05PHI9.05PHI1189]DU1189A.;6',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_du1189_1_68"> </A>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>blog
is a website where one can post his or her information or thoughts, typically about specific areas of interest. The advantage to blogging over other forms of web publishing is that they require
little training or expertise in HTML and provide the ability to produce a professional looking website that can be frequently updated with much greater ease. It is also generally quite cost efficient.
Blog services are a simple path to publishing on the Internet. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
Pew Internet and American Life Project reports that the percentage of Internet users who had read blogs jumped from 17% in February&nbsp;2004 to 27% in
November&nbsp;2004. According to the Web-based survey firm, Perseus Development Corp., the hosted blog population at the end of the first quarter of 2005 was 31.6&nbsp;million,
representing an increase of 50% over the 20.0&nbsp;million blogs reported at the end 2004. Perseus expects the blog population to grow a further 69% to 53.4&nbsp;million by the end of 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Free
blog services include Blogger (Google), Xanga, Diaryland, Live Journal (Six Apart) and MSN Spaces (Microsoft). These free services typically have a generic look,
provide limited storage, limited upload and bandwidth and often feature online advertisements. In addition, they typically are less flexible in terms of layout. Fee based blogging services are
available from companies that include Tucows and Six Apart. Some of the free blog services also offer premium services for a fee. These fee based services provide greater flexibility in look and feel,
and provide special features such as security, enhanced management of digital photos, greater storage and bandwidth and superior editing tools.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Website Builder</I></FONT><FONT SIZE=2>. Our website builder tool enables end-users to create a website using an easy to use template
based tool. We manage the infrastructure allowing our Service Providers to present a private label product to their end-user customers without the development effort or overhead expenses
that would be required to design and manage such a service on their own. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B><I>Advertising and Other Services  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and other services includes revenues attributable to our content business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generate revenue directly from users of our website through selling advertising through the following channels: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Direct advertising on our website</I></FONT><FONT SIZE=2>. Our website, www.tucows.com, is designed to provide customers with fast access to our
extensive libraries of software and digital content and to provide them with help and information on using the Internet. We provide users with software for numerous platforms including Windows,
Macintosh, Linux, personal digital assistants, mobile/cellular and online services. The main libraries contain a total of over 40,000 titles. Our staff reviews each software title and checks it for
spyware and viruses. Most titles are then rated on a scale of one to five, five being the highest rating. Revenue is produced from our website through advertising and co-branding
agreements. We do not generally enter into barter advertising agreements.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Pay-per-click for content and search</I></FONT><FONT SIZE=2>. We offer pay-per-click advertising on
both the pages of our website and included in our search results. When a user performs a search of our site, the user is presented with paid search results along with results directly from our
website. Every time a user selects one of the paid-search results, we are paid a portion of the revenue collected by the search result provider. The search result provider is paid on a
per-click basis by the advertiser. We currently partner with Google for syndicated advertising in offering this service.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Tucows' Author Resource Center</I></FONT><FONT SIZE=2>. ARC provides software developers who rely on us as a primary source of distribution with the
tools to manage and promote their software on our website through advertising services, including keyword search placements, banners, promotional placements, expedited reviews and premium data
services to our large, technologically </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=72,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=156481,FOLIO='68',FILE='DISK124:[05PHI9.05PHI1189]DU1189A.;6',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_du1189_1_69"> </A>
<UL>
<UL>

<P><FONT SIZE=2>sophisticated
audience. The advertising sales business model is based on both the cost charged to send a message to 1,000 receivers, or a cost-per-thousand, variable, and the
cost charged when a user clicks on the advertisement, or a cost-per-click through, variable. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>Technology and Infrastructure  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We employ advanced software and hardware, combining internal expertise with industry standard technology to create a proprietary platform for the offering of our
services. Our provisioning infrastrucutre is a technical infrastructure that allows our Service Providers to provide Internet services to their customers without having to make substantial investments
in their own software or hardware. In 2000, our provisioning infrastructure was used primarily to provide domain registration services. Since then, a number of significant enhancements and
architectural changes have been made to the infrastructure and its capabilities have been extended to the provisioning of additional Internet services as previously discussed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
key components of our provisioning infrastructure are as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Our OpenSRS Platform</I></FONT><FONT SIZE=2>. This platform acts as an interface between our Service Providers, the Service Providers' customers,
third-party suppliers and our administration. Service
Providers use the platform to provision services and recall and edit data with respect to already-provisioned services. To the extent permitted by the Service Providers' business and technical
infrastructure, the Service Providers' customers can use the platform directly to manage their Internet services in an automated fashion. This includes the ability to add, delete, change and transfer
domains. Third-party suppliers may have their services added to the Tucows OpenSRS platform at our discretion and only after a business evaluation has taken place. Our administrative staff use the
OpenSRS platform to support Service Providers and their customers by accessing and, if appropriate, editing data about the provisioned services. </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>Service
Providers and end-users communicate with OpenSRS by any of the following means: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Web Interfaces</I></FONT><FONT SIZE=2>. Our OpenSRS Platform has web interfaces that allow Service Providers, end-users and our employees
to access the OpenSRS platform from anywhere, at any time, in a secure fashion. The web interfaces, while unbranded, cannot be branded or otherwise customized.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Application Programming Interfaces, or APIs</I></FONT><FONT SIZE=2>. Our OpenSRS Platform has been designed to be rich in APIs. The APIs allow
Service Providers to write software or web-based applications that perform at least substantially the same functions as would otherwise be available through the web interfaces, and often
times with greater functionality. This in essence is how Service Providers "brand" or "private-label" our services. The existence of APIs empower Service Providers to write their own applications and
fully integrate the provisioning of our Services with the other services they provide on their website. APIs also enable the Service Providers to create a web interface for their customers in which
the management of our services is seamlessly integrated with the management of services that they provide.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Open Source Client Code</I></FONT><FONT SIZE=2>. For Service Providers that do not want to write their own software or web-based
applications using the APIs, we provide a set of written instructions, or Client Code, that Service Providers can install on their web servers to enable them to provision our services to their
customers. Use of the Client Code is an efficient means of provisioning our services and the fact that it is open source gives the Service Provider flexibility in integrating and customizing the
environment in which the services are provisioned and managed. Use of either the APIs or the Client Code for the provisioning of services allows the Service Provider to fully preserve their brand. </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=73,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=589839,FOLIO='69',FILE='DISK124:[05PHI9.05PHI1189]DU1189A.;6',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_du1189_1_70"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><I>Our OpenHRS Platform</I></FONT><FONT SIZE=2>. We provide a hosted application to registrars that allows them to register domains using their own
accreditation. This hosted application has been built using OpenSRS technology and is desirable for registrars because it relieves them of the burden of developing and maintaining their own domain
registration infrastructure. Further, the OpenSRS infrastructure, upon which OpenHRS has been built, has already been tested through use in high demand, real-world environments. This is a
fee-based service, whereas OpenSRS is a transaction-based service. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Downloadable Software Distribution Network Architecture  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We manage an extensive network for distributing software and other digital content using proprietary software and standard hardware. The key elements of the
accelerated content delivery network include main hubs owned by us and servers owned by Service Providers located at their facilities. Bandwidth and update times are minimized by utilizing mirroring
software that sends compressed and incremental updates to our local Service Providers and affiliates, which results in Service Providers' mirror sites being able to keep their libraries more current
and provide customers with fresher content. As of March&nbsp;31, 2005, our network reached over 800 active mirror sites in over 60 countries. </FONT></P>


<P><FONT SIZE=2><B>Intellectual Property  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we are well positioned in the content services and domain registration markets in part due to our highly recognized "Tucows" brand. Our success
and ability to compete are dependent on our ability to develop and maintain the proprietary aspects of our brand name and technology. We rely on a combination of trademark, trade secret and copyright
laws, as well as contractual restrictions, to protect our intellectual property rights. These legal protections cannot guarantee protection of our intellectual property. Despite precautions, third
parties could obtain and use our intellectual property without authorization. The validity, enforceability and scope of protection of intellectual property in Internet-related industries is uncertain
and still evolving, and the laws of some foreign countries do not protect intellectual property to the same extent as do the laws of the United States and Canada. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have registered the Tucows trademark in the United States and Canada and will seek to register additional service marks and trademarks as appropriate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
seek to limit disclosure of our intellectual property by requiring all employees and consultants with access to our proprietary information to execute confidentiality,
non-disclosure and work-for-hire agreements with us. All of our employees are required to execute confidentiality and non-use agreements, which provide
that any rights they may have in copyrightable works or patentable technologies accrue to us. Before entering into discussions
with potential content providers and network partners about our business and technologies, we require these parties to enter into a non-disclosure agreement. If these discussions result in
a license or other business relationship, we also generally require that the agreement containing the parties' rights and obligations include provisions for the protection of our intellectual property
rights. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
trademark, service mark, copyright and trade secret protection may not be available in every country in which our services are or will be made available. We also expect to
license proprietary rights such as trademarks or copyrighted material to network partners during planned national and international expansion. </FONT></P>

<P><FONT SIZE=2><B>Seasonality  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the summer months and certain other times of the year, such as major holidays, Internet usage often declines. As a result, our websites may experience
reduced user traffic. For example, our experience shows that new user registrations and site usage declines during the summer months and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>70</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=74,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=645269,FOLIO='70',FILE='DISK124:[05PHI9.05PHI1189]DU1189A.;6',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_du1189_1_71"> </A>
<BR>

<P><FONT SIZE=2>around
the year-end holidays. Seasonality may also affect advertising and affiliate performance that could affect the performance of our websites. These seasonal effects could cause
fluctuations in our financial results as well as our performance statistics reported and measured by leading Internet audience measurement services such as Media Metrix,&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2><B>Employees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2005, we had approximately 160 full time employees. None of our employees are currently represented by a labor union. We consider our
relations with our employees to be good. </FONT></P>

<P><FONT SIZE=2><B>Facilities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own no real property. Our principal administrative, engineering, marketing and sales office totals approximately 27,000 square feet and is located in Toronto,
Ontario, under a lease that expires on December&nbsp;31, 2011. We also maintain offices of approximately 5,000 square feet in Flint, Michigan, under a lease that expires in August&nbsp;2007, and
approximately 4,000 square feet in Starkville, Mississippi, under a lease that expires in April&nbsp;2006. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
our lease for the Toronto premises, we must pay annual basic rent, payable in equal monthly installments, at rates starting at Cdn.$12.00 per square foot, increasing by Cdn$0.50
per square foot per annum to an amount of Cdn.$15.00 per square foot in the year ending December&nbsp;31, 2011. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have the option of renewing for an additional term of 5&nbsp;years on the same terms, with the exception of the rent. We are in good standing under the lease agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially
all of our computer and communications hardware is located at our facilities or at server hosting facilities in Toronto, Ontario. </FONT></P>


<P><FONT SIZE=2><B>Legal Proceedings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are involved in various investigations, claims and lawsuits arising in the normal conduct of our business, none of which, in our opinion, will harm our
business. We cannot assure that we will prevail in any litigation. Regardless of the outcome, any litigation may require us to incur significant litigation expense and may result in significant
diversion of our attention. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=75,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=113573,FOLIO='71',FILE='DISK124:[05PHI9.05PHI1189]DU1189A.;6',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dw1189_1_72"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dw1189_management"> </A>
<A NAME="toc_dw1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>MANAGEMENT    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Executive Officers and Directors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, age and position of our executive officers and directors as of June&nbsp;1, 2005 are set forth in the table below. All of our directors serve until
the 2006 annual meeting of shareholders. The executive officers are elected or appointed by our board of directors to serve until the election or appointment and qualification of their successors or
their earlier death, resignation or removal. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="54%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Elliot Noss<BR>
Toronto, Ontario</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>42</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>President, Chief Executive Officer and Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Michael Cooperman<BR>
Thornhill, Ontario</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>54</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Chief Financial Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>David Woroch<BR>
Toronto, Ontario</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>42</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Vice President, Sales</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Stanley Stern(1)(2)<BR>
Lawrence, New York</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>48</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Chairman of the Board of Directors</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Eugene Fiume<BR>
Aurora, Ontario</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>47</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Erez Gissin<BR>
Ramat Hasharon, Israel</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>46</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Alan Lipton<BR>
Sunrise, Florida</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>54</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Lloyd Morrisett(1)(2)<BR>
Irvington, New York</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>75</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>Jeffrey Schwartz(1)(2)<BR>
Toronto, Ontario</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>42</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Member
of the Audit Committee.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Member
of the Compensation Committee. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Elliot Noss</B></FONT><FONT SIZE=2> has served as our President, Chief Executive Officer since May&nbsp;1999. From April&nbsp;1997 to May&nbsp;1999, he
served as Vice President of corporate services for Tucows Interactive Limited, which was acquired by us in May&nbsp;1999. From May&nbsp;1999 until completion of the merger in August&nbsp;2001,
Mr.&nbsp;Noss
served as President and Chief Executive Officer of Tucows Delaware. Mr.&nbsp;Noss has served as one of our directors since August&nbsp;2001. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Michael Cooperman</B></FONT><FONT SIZE=2> has served as our Chief Financial Officer since January&nbsp;2000. From October&nbsp;1997 to September&nbsp;1999,
Mr.&nbsp;Cooperman was the Chief Executive Officer of Archer Enterprise Systems&nbsp;Inc., a developer of sales force automation software. Mr.&nbsp;Cooperman has eight years of experience as a
director and officer of public companies, namely SoftQuad International&nbsp;Inc. and Delrina Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>David Woroch</B></FONT><FONT SIZE=2> has served as our Vice President&#151;Sales since July&nbsp;2001. From March&nbsp;2000 to July&nbsp;2001,
Mr.&nbsp;Woroch served as our Director of Sales for North America. Before joining us, Mr.&nbsp;Woroch spent 13&nbsp;years at IBM Canada in a variety of roles including sales, marketing, finance
and strategic planning. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Stanley Stern</B></FONT><FONT SIZE=2> was elected as the Chairman of our board of directors on August&nbsp;29, 2001. He has been a managing director and head of
investment banking with Oppenheimer&nbsp;&amp; Co.&nbsp;Inc. since </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=76,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=160508,FOLIO='72',FILE='DISK124:[05PHI9.05PHI1189]DW1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dw1189_1_73"> </A>
<BR>

<P><FONT SIZE=2>April&nbsp;2004.
From February&nbsp;2002 to March&nbsp;2004, Mr.&nbsp;Stern served as a managing director and head of investment banking with C.E. Unterberg, Towbin, an investment banking
firm. From January&nbsp;2000 to February&nbsp;2002, Mr.&nbsp;Stern served as managing director of STI Ventures Advisory USA&nbsp;Inc. and as a member of the board of directors and the
investment committee of STI Ventures, a venture capital company focusing on the high technology market. From 1990 until joining STI Ventures, Mr.&nbsp;Stern served as a managing director of CIBC
Oppenheimer, a financial services company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Eugene Fiume</B></FONT><FONT SIZE=2> was elected as a director on June&nbsp;1, 2005. Since 1995, Mr.&nbsp;Fiume has served as a professor in the Department of
Computer Science at the University of Toronto, where he also directs the Dynamic Graphics Project. From 1998 until 2004, he also served as Chair of the Department of Computer Science at the University
of Toronto. Mr.&nbsp;Fiume's board positions include the Scientific Advisory Board of GMD Germany (1995-2001), Max-Planck Center for Visual Computing and Communication (2004
to present), TrueSpectra,&nbsp;Inc. (1996-2000) and Communications and Information Technology Ontario (CITO) (1997-2002). Mr.&nbsp;Fiume has sat on the advisory boards of
iCORE (March&nbsp;2005 to present), CastleHill Ventures (1999 to present), PlateSpin (2001-2003), BitFlash (2001-2004), OctigaBay Systems (2001-2004), NGRAIN
Corporation (2003 to present) and the Executive Advisory Board of the IBM Lab in Toronto (1998-2004). Mr.&nbsp;Fiume also works with venture capital companies and small or medium sized
enterprises, or SMEs, on due diligence and strategy and technology transfer projects. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Erez Gissin</B></FONT><FONT SIZE=2> was elected as a director on August&nbsp;29, 2001. He has been the Chief Executive Officer of IP Planet Network&nbsp;Ltd.,
an Israeli satellite communication operator providing Internet backbone connectivity and solutions to ISPs since July&nbsp;2000. From July&nbsp;1995 to July&nbsp;2000, Mr.&nbsp;Gissin was Vice
President, Business Development of Eurocom Communications&nbsp;Ltd., a holding company that owns stock in several telecommunications services, equipment and Internet companies in Israel and
elsewhere. Mr.&nbsp;Gissin is also a director of Partner Communications&nbsp;Ltd. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Alan Lipton</B></FONT><FONT SIZE=2> was elected as one of our directors on August&nbsp;29, 2001. Since 1999, he has served as President and Chief Executive
Officer of Diamond.com, a leading source for certified diamonds, fine jewelry and brand-name watches on the Internet. From 1995 until November&nbsp;1999, Mr.&nbsp;Lipton operated the
Lipton Foundation, a private foundation that contributes to various charitable organizations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Lloyd Morrisett</B></FONT><FONT SIZE=2> has served as one of our directors beginning in February&nbsp;1994 and served as chairman of the board of directors
beginning in March&nbsp;1998 until our August&nbsp;2001 merger with Tucows Delaware. He is the co-founder of the Children's Television Workshop&#151;now Sesame
Workshop&#151;and served from 1969 to 1998 as President of The Markle Foundation, a charitable organization. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Jeffrey Schwartz</B></FONT><FONT SIZE=2> was elected as one of our directors on June&nbsp;1, 2005. He was originally Vice President of the Juvenile Division of
Dorel Industries, a position he held until 1989, when the company's Canadian divisions were merged and he became Vice-President, Finance of the company. Mr.&nbsp;Schwartz held the
position of Vice-President, Finance from 1989 until 2003. In 2003, he became the Executive Vice-President and Chief Financial Officer. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=77,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=926931,FOLIO='73',FILE='DISK124:[05PHI9.05PHI1189]DW1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dw1189_1_74"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>Summary Compensation Table  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth for the years ended December&nbsp;31, 2004, 2003 and 2002 information about the compensation for our Chief Executive Officer and
certain other executive officers who served during the year ended December&nbsp;31, 2004 and who earned over $100,000 or more for during the year. The individuals listed in the following table are
referred to as the named executive officers in this prospectus. All dollar amounts below are shown in U.S. dollars. If necessary, amounts that were paid in Canadian dollars were converted into U.S.
dollars based upon the exchange rate of 1.2960 Canadian dollars for each U.S. dollar, which represents the average Bank of Canada exchange rate for the 2004 fiscal year. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=7 ALIGN="CENTER"><FONT SIZE=1><B>Annual Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Long-Term Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Principal Position<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Fiscal<BR>
Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying<BR>
Options<BR>
Granted/SARs<BR>
Granted&nbsp;(#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All other<BR>
Compensation(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2>Elliot Noss<BR></FONT> <FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2004<BR>
2003<BR>
2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>154,321<BR>
142,430<BR>
95,481</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>68,673<BR>
179,945<BR>
154,872</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>200,000<BR>
1,964,761<BR>
60,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(4)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6,944<BR>
6409<BR>
5,729</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>(3)<BR>(3)<BR>(3)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2><BR>
Michael Cooperman<BR></FONT> <FONT SIZE=2><I>Chief Financial Officer</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2004<BR>
2003<BR>
2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
144,676<BR>
133,528<BR>
95,481</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
53,096<BR>
127,421<BR>
116,130</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
150,000<BR>
720,225<BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR>(5)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,867<BR>
4,914<BR>
4,392</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>(3)<BR>(3)<BR>(3)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2><BR>
Supriyo Sen(6)<BR></FONT> <FONT SIZE=2><I>Chief Technology Officer</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2004<BR>
2003<BR>
2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
196,613<BR>
133,528<BR>
119,351</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
64,755<BR>
129,646<BR>
116,130</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;&nbsp;<BR>
477,040<BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR>(7)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,241<BR>
3,917<BR>
&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>(3)<BR>(3)<BR></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2><BR>
David Woroch<BR></FONT> <FONT SIZE=2><I>Vice President, Sales</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2004<BR>
2003<BR>
2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
173,534<BR>
128,650<BR>
113,049</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(8)<BR>(8)<BR>(8)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,942<BR>
5,008<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
60,000<BR>
30,000<BR>
62,915</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR><BR>(9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="29%"><FONT SIZE=2><BR>
Forest Garrison(10)<BR></FONT> <FONT SIZE=2><I>Vice President, Product Management</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2004<BR>
2003<BR>
2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
86,806<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
19,170<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
40,000<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR>$<BR>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Salary
includes regular salary and commissions as well as severance payments.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>We
provide the named executive officers with certain group life, health, medical and other non-cash benefits generally available to all salaried employees
and not included in this column pursuant to SEC rules.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Represents
automobile allowances and Registered Retirement Savings Plan matching benefits.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Includes
1,888,261 replacement options granted on August&nbsp;6, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Includes
643,725 replacement options granted on August&nbsp;6, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Sen
ceased to be an officer of the company as of June&nbsp;30, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Includes
400,540 replacement options granted on August&nbsp;6, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Woroch's
salary included commissions amounting to $63,349 for 2004, $31,620 for 2003 and $31,891 for 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>Includes
42,915 replacement options granted on July&nbsp;1, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Garrison
became an officer of the company as of April&nbsp;1, 2004 and ceased to be an officer of the company as of January&nbsp;5, 2005. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=78,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=117439,FOLIO='74',FILE='DISK124:[05PHI9.05PHI1189]DW1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dw1189_1_75"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>Option Grants in Last Fiscal Year  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table describes stock options granted to the named executive officers during the 2004 fiscal year. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Potential Realizable<BR>
Value at Assumed<BR>
Annual Rates<BR>
of Stock Price<BR>
Appreciation for<BR>
Option Term(3)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Options<BR>
Granted</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Percentage of<BR>
Total Options<BR>
Granted to<BR>
Employees<BR>
in 2004(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Exercise<BR>
or Base<BR>
Price Per<BR>
Share(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Expiration<BR>
Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>5%</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>10%</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Elliot Noss</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>200,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>13.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>08/10/14</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>72,952</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>184,874</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Michael Cooperman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>150,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>10.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>08/10/14</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>54,714</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>138,656</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Supriyo Sen</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>David Woroch</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>60,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>08/10/14</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>21,886</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>55,462</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Forest Garrison</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>40,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>08/10/14</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>14,590</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>36,975</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Based
on 1,439,250 options granted to all employees during the 2004 fiscal year.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Under
the Plan, all options granted have an exercise price equal to the fair market value of the shares of common stock at the date of grant.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>The
5% and 10% assumed annual rates of compounded stock price appreciation are mandated by rules of the SEC. Our actual stock price appreciation over the option term will likely
differ from these assumed annual rates. Unless the market price of the shares of common stock appreciates over the option term, no value will be realized from the option grants made to the named
executive officers. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><B>Aggregated Option Exercises in Last Fiscal Year and Fiscal Year-End Option Values  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, as to the named executive officers, information with respect to the total number of shares of common stock underlying unexercised
options held at the end of the 2004 fiscal year. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares<BR>
of common stock<BR>
Underlying Unexercised<BR>
Options at Year End</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Shares of<BR>
Common Stock<BR>
Acquired on<BR>
Exercise</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-The-Money Options<BR>
at Year End(1)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value<BR>
realized</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Elliot Noss</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,945,538</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>279,223</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>581,379</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>40,614</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Michael Cooperman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>699,430</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>220,795</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>207,970</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>33,863</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Supriyo Sen</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>439,558</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>87,482</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>130,008</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>25,369</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>David Woroch</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>64,997</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>87,918</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>13,604</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>13,421</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Forest Garrison</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>40,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,600</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Based
on the closing price per common share on the OTC Bulletin Board on December&nbsp;31, 2004 of $0.67, minus the exercise price per share, multiplied by the number of shares of
common stock underlying the option. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March&nbsp;2005, Supriyo Sen exercised options to purchase 34,371, 400,540 and 30,281 shares of common stock at exercise prices of $0.44, $0.37 and $0.36 per share, respectively. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=79,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=211723,FOLIO='75',FILE='DISK124:[05PHI9.05PHI1189]DW1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dy1189_1_76"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dy1189_options_to_purchase_securities"> </A>
<A NAME="toc_dy1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>OPTIONS TO PURCHASE SECURITIES    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Outstanding Options  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets out, as at June&nbsp;13, 2005, information regarding outstanding options granted under our Amended and Restated 1996 Equity
Compensation Plan, or the Plan. Options are subject to a term not exceeding 10&nbsp;years from the date of the grant. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="LEFT"><FONT SIZE=1><B>Category<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Aggregate<BR>
Number of<BR>
Option Holders</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Shares of common<BR>
stock Under<BR>
Options Granted</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Exercise Price</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Expiry Dates</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2>All executive officers and past executive officers of Tucows</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>3,450,062</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>$0.36 to $0.58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>May&nbsp;2009 to August&nbsp;2014</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
All directors and past directors of Tucows who are not also executive officers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
632,770</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2><BR>
$0.27 to $5.94</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2><BR>
August&nbsp;2006 to June&nbsp;2015</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
All other employees and past employees of Tucows</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
142</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,545,722</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2><BR>
$0.26 to $2.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2><BR>
May&nbsp;2009 to May&nbsp;2015</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
All consultants</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
287,874</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2><BR>
$0.37 to $4.84</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2><BR>
January&nbsp;2009 to<BR>
February&nbsp;2015</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
All other persons</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2><BR>
Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
167</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,916,428</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2><BR>
$0.26 to $5.94</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2><BR>
August&nbsp;2006 to June&nbsp;2015</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>Amended and Restated 1996 Equity Compensation Plan  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan was established to provide our employees, consultants, directors and officers with the opportunity to receive grants of stock options, stock appreciation
rights, restricted stock and performance units. The Plan was approved by the board of directors in 1996 and is administered by the compensation committee of the board of directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
maximum of 11,500,000 shares of common stock may be issued or transferred under the Plan representing approximately 17% of our outstanding shares of common stock. The maximum aggregate
of shares of common stock that may be subject to grants of stock options or stock appreciation rights made under the Plan to any one individual in any calendar year is 250,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the merger with Tucows Delaware that occurred in August&nbsp;2001, the rights and obligations relating to outstanding options under Tucows Delaware's stock option plan have
been assigned to and assumed by the Plan. However, any terms or conditions of the Tucows Delaware plan that are more beneficial to holders of options granted under such plan remain unaffected by the
Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not grant, as a matter of practice, long term incentives other than stock options to our executives or other employees except that, on April&nbsp;2, 2001, we offered each holder
of our employee stock options a grant of restricted stock in exchange for all of their outstanding option grants. An aggregate of 366,390 restricted shares were issued as a result of this exchange. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=80,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=544820,FOLIO='76',FILE='DISK124:[05PHI9.05PHI1189]DY1189A.;12',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dy1189_1_77"> </A>
<BR>

<P><FONT SIZE=2><I>Administration of the Plan  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan is administered by the compensation committee of our board of directors. The compensation committee can, in accordance with the terms of the Plan,
determine the persons to whom grants may be made, the type, size and other terms and conditions of each grant, including vesting schedules and the acceleration of vesting and any other matters arising
under the Plan. </FONT></P>

<P><FONT SIZE=2><I>Grants  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grants under the Plan may consist of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>options
intended to qualify as incentive stock options, or ISOs, under section&nbsp;422 of the United States Internal Revenue Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>non-qualified
stock options that are not intended to qualify as ISOs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>restricted
stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>stock
appreciation rights; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>performance
units. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>Eligibility For Participation  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grants may be made to employees, including officers and directors, of our company or our subsidiaries and to independent contractors or consultants to our company
or our subsidiaries. Non-employee directors are entitled only to formula grants of non-qualified stock options. Independent contractors are not eligible to receive ISOs. </FONT></P>

<P><FONT SIZE=2><I>Options  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of any ISO granted under the Plan must not be less than the fair market value of the underlying shares of common stock (the fair market value
being the last reported sale price if the shares of common stock are traded on a public market) on the date of the grant, except that the exercise price of an ISO granted to an employee who owns more
than 10% of the total combined voting power of all classes of our stock or the stock of our subsidiaries may not be less than 110% of the fair market value of the underlying shares of common stock on
the date of the grant. The exercise price of a non-qualified stock option may be greater than, equal to or less than the fair market value of the underlying shares of common stock on the
date of the grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
compensation committee determines the term of each option, except that the exercise period may not exceed ten years from the date of the grant and, for an ISO granted to any employee
who owns more than 10% of the total voting power of all of our outstanding stock or that of our subsidiaries, the exercise period may not exceed five years from the date of the grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant may pay the exercise price: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
cash;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>with
approval of the committee, by delivering shares of common stock owned by the participant and having a fair market value on the date of exercise equal to the exercise
price; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
a combination of cash and delivery of shares of common stock. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=81,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=942829,FOLIO='77',FILE='DISK124:[05PHI9.05PHI1189]DY1189A.;12',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dy1189_1_78"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><I>Non-Employee Directors  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-employee directors are entitled to receive non-qualified stock options in formula grants under the Plan. According to the formula
grants: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Each
non-employee director who first became or becomes a member of the board of directors after the effective date of the Plan received or will receive a grant
of 15,000 shares of common stock on the date he became or becomes a member of the board of directors, at an exercise price equal to the fair market value on the date of the grant.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>On
each date on which we hold our annual meeting of shareholders, each non-employee director in office immediately before and after the annual election of
directors receives a grant of a non-qualified stock option to purchase 5,000 shares of common stock at an exercise price equal to the fair market value on the date of the grant.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
term of each option is five years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Each
option is fully exercisable upon the date of the grant. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2><I>Restricted Stock  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee may issue or transfer shares of common stock to an employee or a consultant under a restricted stock grant on the terms the committee
deems appropriate. Restricted stock grants may be issued either for cash consideration, or no cash consideration, at the discretion of the committee. The period of years during which the restricted
stock grants will continue to be subject to restrictions shall be designated in the grant instrument, and referred to as the restriction period. If the grantee's employment or service with the company
terminates during the restriction period, or if certain other conditions are not met, the restricted stock grant will terminate, and the stocks must be immediately returned to us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the restriction period, the grantee may only assign, transfer, pledge or otherwise dispose of the shares under the restricted stock grant to a successor grantee. The shares under
the restricted stock grant carry the right to vote and receive dividends. All restrictions on the restricted stock grants lapse at the end of the restriction period and upon the satisfaction of any
conditions imposed by the committee, or upon a change of control, unless determined otherwise by the committee. </FONT></P>

<P><FONT SIZE=2><I>Stock Appreciation Rights  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The committee may grant stock appreciation rights alone or in tandem with any stock option under the Plan. The base price of the stock appreciation right will be
the greater of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exercise price of the related stock option; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
fair market value of a common share on the date of the grant. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
exercise, the participant will receive the amount by which the fair market value of the shares of common stock on the date of exercise exceeds the base price. The participant may
elect to have the appreciation paid in cash or in shares of common stock, subject to committee approval. To the extent that a participant exercises a tandem stock appreciation right, the related
option terminates. Similarly, on exercise of a stock option, any related stock appreciation right terminates. </FONT></P>


<P><FONT SIZE=2><I>Performance Units  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee may grant performance unit awards payable in cash or shares of common stock at the end of a specified performance period under the
Plan. The compensation committee will determine the length of the performance period, the maximum payment value of an award and the required performance goals. Payment will be contingent upon
achieving the performance </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=82,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=802668,FOLIO='78',FILE='DISK124:[05PHI9.05PHI1189]DY1189A.;12',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dy1189_1_79"> </A>
<BR>

<P><FONT SIZE=2>goals
by the end of the performance period. The measure of a performance unit may, in the compensation committee's discretion, be equal to the fair market value of a common share. The performance
goals will consist of specified annual levels of one or more performance criteria determined by the compensation committee, such as: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>earnings
per share;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>balance
sheet measurements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>cash
return on assets;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>shareholder
return; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>return
on capital. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2><I>Amendment and Termination of the Plan  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors may amend or terminate the Plan at any time, except that the board of directors may not amend the Plan, without shareholder approval, to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>increase
the aggregate number of shares of common stock for which grants may be made;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>modify
the requirements for eligibility for participation in the plan; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
any amendment that requires shareholder approval under section&nbsp;162(m) of the United States Internal Revenue Code. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan will terminate on the date immediately preceding the tenth anniversary of its effective date, unless terminated earlier by the board of directors or extended by the board of
directors with the approval of our shareholders. </FONT></P>

<P><FONT SIZE=2><B>Board Committees  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has two committees, an audit committee established in accordance with Section&nbsp;3(a)(58)(A) of the Securities Exchange Act of 1934, as
amended, and a compensation committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>The audit committee</I></B></FONT><FONT SIZE=2> members are Stanley Stern, Lloyd Morrisett and Jeffrey Schwartz. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
audit committee's purposes are: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>oversee
our accounting and financial reporting processes and the audits of our financial statements and our compliance with legal and regulatory requirements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
interact directly with and evaluate the performance of the independent auditors, including to determine whether to engage or dismiss the independent auditors and to
monitor the independent auditors' qualifications and independence; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
prepare the report required by the rules of the SEC to be included in our annual proxy statement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the members of our audit committee are independent, as defined in Rule&nbsp;4200(a)(15) of the National Association of Securities Dealers' ("NASD") listing standards. In
addition, our board of directors has determined that Stanley Stern is an "audit committee financial expert," as defined by the rules of the SEC. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>The compensation committee</I></B></FONT><FONT SIZE=2> members are Stanley Stern, Lloyd Morrisett and Jeffrey Schwartz. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=83,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=67626,FOLIO='79',FILE='DISK124:[05PHI9.05PHI1189]DY1189A.;12',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dy1189_1_80"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
committee evaluates our compensation policies and provides a general review of our compensation plans to ensure that they meet corporate objectives. The responsibilities of the
compensation committee also include administering our equity compensation plan. </FONT></P>


<P><FONT SIZE=2><B>Director compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors who are employees receive no additional or special compensation for serving as directors. Under the terms of the Plan, formula grants of
non-qualified stock options are made to non-employee directors and members of committees of the board of directors as described below. The following summarizes the equity
compensation for directors: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
the date each non-employee director becomes a director, he or she is granted options to purchase 15,000 shares of common stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
the date each director becomes a member of a committee of the board of directors, he or she is granted options to purchase 10,000 shares of common stock with respect to
each committee on which he or she is a member;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
each date on which the annual meeting of shareholders is held, each non-employee director in office immediately before and after the annual election of
directors will receive an automatic grant of options to purchase 5,000 shares of common stock; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
each date on which the annual meeting of shareholders is held, each member of a committee of the board of directors in office immediately before and after the annual
election of directors will receive an automatic grant of options to purchase 5,000 shares of common stock. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
options granted under the formula grants are immediately exercisable, have an exercise price equal to the fair market value on the date of the grant and have a five-year
term. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
as of January&nbsp;1, 2004, non-employee directors who serve as members of the audit committee receive an annual fee of $12,000 and non-employee
directors who serve on the compensation committee receive an annual fee of $6,000. In addition, non-employee directors receive a fee of $3,000 for each meeting attended in person. We also
reimburse our directors for their reasonable out-of-pocket expenses incurred in attending meetings of the board of directors or its committees. </FONT></P>

<P><FONT SIZE=2><B>Compensation Committee Interlocks and Insider Participation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the compensation committee of our board of directors during the 2004 fiscal year were Mr.&nbsp;Stern, Dr.&nbsp;Morrisett, and until his
resignation in February&nbsp;2004, Mr.&nbsp;Young. None of the members of our compensation committee or audit committee has ever been an officer or employee of Tucows or its subsidiaries. None of
our executive officers serves as a member of the board of directors or compensation committee of any entity that has one or more executive officers on our board of directors or compensation committee. </FONT></P>

<P><FONT SIZE=2><B>Employment and change-in-control arrangements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;2003, we entered into new employment agreements with Messrs.&nbsp;Noss and Cooperman. Mr.&nbsp;Noss' employment agreement provides
for an annual base salary of Cdn.$200,000 and the other executives' employment agreements provide for annual base salaries of Cdn.$187,500. Under the employment agreements, each of the executive
officers are also eligible to receive an annual bonus payable at our board of director's sole discretion. Each of the new employment agreements provides for an annual review of the executives'
compensation by the compensation committee of our board of directors. Each of these agreements is for an indefinite term. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=84,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=492551,FOLIO='80',FILE='DISK124:[05PHI9.05PHI1189]DY1189A.;12',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dy1189_1_81"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the employment agreements are subject to termination by Tucows due to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
death or disability of the executive;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
cause; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>without
cause. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we terminate Mr.&nbsp;Noss without cause, he is entitled to receive 12&nbsp;months of compensation plus one month of compensation for each year of service, to a maximum of
18&nbsp;months of compensation. If we terminate any of the other executives without cause, they are entitled to receive six months of compensation plus one month of compensation for each year of
service. For purposes of the employment agreements, "cause" is defined to mean the executive's conviction (or plea of guilty or </FONT><FONT SIZE=2><I>nolo contendere</I></FONT><FONT SIZE=2>) for
committing an act of fraud, embezzlement, theft or other act constituting a felony or willful failure, or an executive's refusal to, perform the duties and responsibilities of his position, which
failure or refusal is not cured within 30&nbsp;days of receiving a written notice thereof from our board of directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the employment agreements, each of the foregoing executives is also entitled to the change in control benefits described in the following paragraph&nbsp;if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
executive resigns with or without good reason (as defined below) within the 30-day period immediately following the date that is six months after the
effective date of the change in control (as defined below);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>within
18&nbsp;months after a change in control and executive's employment is terminated either:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>without
cause; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
resignation for good reason. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an executive's employment is terminated following a change in control under the circumstances described in the preceding paragraph, the executive is entitled to receive a lump sum
payment based upon the fair market value of Tucows on the effective date of the change in control as determined by the board of directors in the exercise of good faith and reasonable judgment taking
into account, among other things, the nature of the change in control and the amount and type of consideration, if any, paid in connection with the change in control. Depending on the fair market
value of Tucows, the lump sum payments range from $375,000 to $2&nbsp;million in the case of Mr.&nbsp;Noss and from $187,500 to $1&nbsp;million in the case of Mr.&nbsp;Cooperman. In addition
to the lump sum payments, all stock options held by the executive officers will be immediately and fully vested and exercisable as of the date of termination. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
change in control is generally defined as: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
acquisition of 50% or more of the issued and outstanding shares of common stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
change in the majority of the members of board of directors unless approved by the incumbent directors (other than as a result of a contested election); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>certain
reorganizations, mergers, consolidations, liquidations, or dissolutions, unless certain requirements are met regarding continuing ownership of the outstanding shares
of common stock. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good
reason is defined to include the occurrence of one or more of the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
executive's position, management responsibilities or working conditions are diminished from those in effect immediately prior to the change in control, or he is assigned
duties inconsistent with his position; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=85,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=230144,FOLIO='81',FILE='DISK124:[05PHI9.05PHI1189]DY1189A.;12',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_dy1189_1_82"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
executive is required to be based at a location in excess of 30&nbsp;miles from his principal job location or office immediately prior to the change in control;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
executive's base compensation is reduced, or the executive's compensation and benefits taken as a whole are materially reduced, from those in effect immediately prior to
the change in control; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
fail to obtain a satisfactory agreement from any successor to assume and agree to perform our obligations to the executive under his employment agreement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>82</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=86,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=273144,FOLIO='82',FILE='DISK124:[05PHI9.05PHI1189]DY1189A.;12',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ea1189_1_83"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea1189_principal_and_selling_shareholders"> </A>
<A NAME="toc_ea1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>PRINCIPAL AND SELLING SHAREHOLDERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding the beneficial ownership of our common stock as of June&nbsp;13, 2005 and on an as adjusted basis to
reflect the sale of the common stock offered in this offering by: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>each
of the selling shareholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>all
persons known by us to beneficially own more than 5% of our common stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>each
of our directors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>each
of our named executive officers; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>all
of our directors and executive officers as a group. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares beneficially owned by each shareholder is determined under rules issued by the Securities and Exchange Commission and includes voting or investment power with
respect to securities. Under these rules, beneficial ownership includes any shares as to which the individual or entity has sole or shared voting power or investment power and includes any shares that
an individual or entity has the right to acquire beneficial ownership of within 60&nbsp;days of June&nbsp;13, 2005 through the exercise of any warrant, stock option or other right. Each of the
shareholders listed has sole voting and investment power with respect to the shares beneficially owned by the shareholder unless noted otherwise, subject to community property laws where applicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information in the table below with respect to each selling shareholder has been obtained from that selling shareholder. When we refer to the "selling shareholders" in this
prospectus, we mean those persons listed in the table below as offering shares, as well as the pledgees, donees, assignees, transferees, successors and others who may hold any of the selling
shareholders' interest. Unless otherwise described below, to our knowledge, no selling shareholder nor any of their affiliates has held any position or office with, been employed by or otherwise has
had any material relationship with us or our affiliates during the three years prior to the date of this prospectus. Unless otherwise described below, the selling shareholders have confirmed to us
that they are not broker-dealers or affiliates of a broker-dealer within the meaning of Rule&nbsp;405 of the Securities Act of 1933, as amended, or the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table assumes that the selling shareholders will sell all of the shares of our common stock offered by them in this offering. However, the selling shareholders may offer
all or some portion of our shares of common stock. Accordingly, no estimate can be given as to the amount or percentage of our common stock that will be held by the selling shareholders upon
termination of sales pursuant to this prospectus. In addition, the selling shareholders identified below may have sold, transferred or disposed of all or a portion of their shares since the date on
which they provided the information regarding their holdings in transactions exempt from the registration requirements of the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will bear all costs, expenses and fees in connection with the registration of shares of our common stock to be sold by the selling shareholders. The selling shareholders will bear all
commissions and discounts, if any, attributable to their respective sales of shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>83</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=87,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=971320,FOLIO='83',FILE='DISK124:[05PHI9.05PHI1189]EA1189A.;11',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ea1189_1_84"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of June&nbsp;13, 2005, there were 68,092,665 shares of our common stock outstanding. Unless otherwise indicated, the selling shareholders have the sole power to direct the voting
and investment over shares owned by them. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Shares of Common Stock Beneficially<BR>
Owned Prior to the Offering</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Shares of Common Stock<BR>
Beneficially Owned After the Offering</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="LEFT"><FONT SIZE=1><B>Selling Shareholder<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares Beneficially Owned(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Percent of<BR>
Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Shares Being<BR>
Offered</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares Beneficially Owned(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Percent of<BR>
Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><B>Selling Shareholders:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>STI Ventures N.V. Hullenbergweg<BR>
379 New Line 1101 CR, Amsterdam<BR>
Zuid-Oost, The Netherlands</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>17,545,836</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>25.8</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
Parman Holding Corp.<BR>
c/o Onyx Financial Advisors SA<BR>
25, Voie de Traz, Chambre 1101<BR>
Port France, Batiment Aerogare Fret<BR>
1211 Geneva 5 Switzerland</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
7,405,620</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(3)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
10.9</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
Scorpio (BSG)&nbsp;Ltd.<BR>
Herzlia Business Park<BR>
85 Medinat Hayehudim Street<BR>
13th Floor<BR>
Harzlyiah Pituah, 46140<BR>
Israel</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
575,181</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(4)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><BR><FONT SIZE=2><B>Executive Officers and Directors:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
Michael Cooperman</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
804,363</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(5)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
804,363</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(5)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Eugene Fiume</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>15,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(6)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(6)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Forest Garrison(7)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Erez Gissin</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Alan Lipton</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Lloyd Morrisett</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>137,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(9)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>137,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(9)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Elliot Noss</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2,321,672</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(10)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,321,672</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(10)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Jeffrey Schwartz</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>35,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Supriyo Sen(11)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>Stanley Stern</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>376,900</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(12)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>376,900</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(12)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>David Woroch</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>163,672</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(13)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>163,672</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(13)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>All directors and executive officers as a group (12 people)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,924,107</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,924,107</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><BR><FONT SIZE=2><B>Other 5% Shareholders:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
Eurocom Communications&nbsp;Ltd.<BR>
2 Dov Friedman Street<BR>
Ramot-Gan, Israel</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
5,597,112</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(14)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
8.2</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
5,597,112</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(14)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
Diker GP, LLC<BR>
745 Fifth Avenue, Suite&nbsp;1409<BR>
New York, New York 10151</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
5,174,950</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(15)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
7.6</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
5,174,950</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(15)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2><BR>
Hapoalim Nechasim (Menayot)&nbsp;Ltd.<BR>
50 Rothschild Boulevard<BR>
Tel Aviv, Israel</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
3,492,112</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(16)</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
5.1</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
3,492,112</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>(16)</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Represents
beneficial ownership of less than one percent of our outstanding common stock. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>84</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=88,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=356792,FOLIO='84',FILE='DISK124:[05PHI9.05PHI1189]EA1189A.;11',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ea1189_1_85"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Our
calculation of the percentage of shares beneficially owned before this offering is based on the 68,092,665 shares of our common stock outstanding as of
June&nbsp;13, 2005. For purposes of calculating the percentage of shares beneficially owned after this offering, the number of shares of common stock deemed outstanding after this offering assumes
our issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock in this offering.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>has
 voting and investment control over the securities owned by STI Ventures N.V.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Mr.
Mark Bonnant, Mr. Peter Goop and Rothschild Trust (Guernsey) Ltd., being the foundation council members of a Liechtenstein foundation held for the benefit of Mr.
Benjamin Steinmetz have voting and investment control over the securities owned by Parman Holding Corp.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Mr.
Benjamin Steinmetz has voting and investment control over the securities owned by Scorpio (BSG) Ltd.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Includes
currently exercisable options to purchase 713,648 shares of common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Includes
currently exercisable options to purchase 15,000 shares of common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Garrison
became an officer of the company effective April&nbsp;1, 2004 and ceased to be an officer of the company effective January&nbsp;5, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Includes
currently exercisable options to purchase 35,000 shares of common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>These
shares of common stock are owned jointly by Dr.&nbsp;Morrisett and his wife and include currently exercisable options to purchase 87,500 shares of common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Includes
an aggregate of 86,869 shares of common stock owned by two separate family trusts of which Mr.&nbsp;Noss is the trustee. Also includes currently exercisable
options to purchase 1,965,475 shares of common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Sen
ceased to be an officer of the company effective June&nbsp;30, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>Includes
currently exercisable options to purchase 238,050 shares of common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD><FONT SIZE=2>Includes
currently exercisable options to purchase 70,622 shares of common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD><FONT SIZE=2>As
disclosed on Schedule&nbsp;13G filed with the SEC on February&nbsp;14, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(15)</FONT></DT><DD><FONT SIZE=2>As
disclosed on Schedule&nbsp;13G filed with the SEC on February&nbsp;14, 2005. Includes 4,112,028 shares of common stock held by Diker Micro-Value Fund, LP, a
Delaware limited partnership, or the Partnership. The Schedule&nbsp;13G was filed by each of the following Reporting Persons: (i)&nbsp;the Partnership with respect to shares of common stock
directly owned by it; (ii)&nbsp;Diker GP, LLC, a Delaware limited liability company, or Diker GP, as the general partner of the Partnership, with respect to the shares of common stock owned by the
Partnership; (iii)&nbsp;Diker Management, LLC, a Delaware limited liability company, or Diker Management, as the investment manager of the Partnership and investment adviser of separately managed
accounts, or the Managed Accounts, with respect to shares of common stock held by the Partnership and the Managed Accounts; and (iv)&nbsp;Charles M. Diker and Mark N. Diker, each a citizen of the
United States, and the managing members of each of Diker GP and Diker Management, with respect to the shares of common stock subject to the control of Diker GP and Diker Management. As the sole
general partner of Diker Funds, Diker GP, has the power to vote and dispose of the shares of common stock owned by the Diker Funds and, accordingly, may be deemed the beneficial owner of such shares
of common stock. Pursuant to investment advisory agreements, Diker Management serves as the investment manager of the Managed Accounts and investment manager of the Diker Funds. Accordingly, Diker
Management may be deemed the beneficial owner of shares of common stock held by the Diker Funds and the Managed Accounts. Charles M. Diker and Mark N. Diker are the managing members of each of Diker
GP and Diker Management, and in that capacity direct their operations. Therefore, Charles M. Diker and Mark N. Diker may be beneficial owners of shares of common stock beneficially owned by Diker GP
and Diker Management. The Reporting Persons disclaim all beneficial ownership, however, as affiliates of a Registered Investment Adviser, and in any case disclaim beneficial ownership except to the
extent of their pecuniary interest in the shares of common stock. The Reporting Persons have elected to file a Schedule&nbsp;13G nonetheless.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(16)</FONT></DT><DD><FONT SIZE=2>As
disclosed on Schedule&nbsp;13G filed with the SEC on February&nbsp;19, 2004. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=89,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=600862,FOLIO='85',FILE='DISK124:[05PHI9.05PHI1189]EA1189A.;11',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ea1189_1_86"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea1189_united_states_federal_income_t__uni03002"> </A>
<A NAME="toc_ea1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>UNITED STATES FEDERAL INCOME TAX CONSEQUENCES<BR>  TO NON-UNITED STATES HOLDERS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary describes the material U.S. federal income tax consequences relating to the purchase, ownership and disposition of the common stock
applicable to non-U.S. holders, as defined below. This summary is based on the Internal Revenue Code of 1986, as amended, or the Code, the Treasury regulations promulgated thereunder,
administrative pronouncements and judicial decisions, all as currently in effect, changes to any of which may affect the tax consequences described herein. This summary applies only to
non-U.S. holders that will hold the common stock as a capital asset within the meaning of Section&nbsp;1221 of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary does not purport to be a complete analysis of all the potential tax consequences that may be material to a non-U.S. holder based on his or her particular tax
situation. This summary does not address tax consequences applicable to special classes of holders, such as financial institutions, insurance companies, tax-exempt organizations,
broker-dealers, traders in securities and persons that hold the common stock as part of a "straddle," "hedge," "conversion transaction" or other integrated investment. This summary does not address
tax consequences applicable to non-U.S. holders that may be subject to special tax rules, such as "controlled foreign corporations," "passive foreign investment companies," certain former
citizens and long-term residents of the United States or corporations who accumulate earnings to avoid U.S. federal income tax. This summary does not address the tax treatment of
partnerships or persons who hold their interests through partnerships or other pass-through entities. If you are a partner in a partnership holding our common stock, you should consult
your tax advisor regarding the tax consequences of the ownership and disposition of our common stock. This summary does not consider the effect of any applicable state, local, foreign or other tax
laws, including gift and estate tax laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we refer to a non-U.S. holder, we mean a beneficial owner of common stock that for U.S. federal income tax purposes is other than: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
citizen or individual resident of the United States, as determined for U.S. federal income tax purposes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state
thereof or the District of Columbia;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
estate the income of which is subject to U.S. federal income taxation regardless of its source; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
trust that is subject to the primary supervision of a U.S. court and to the control of one or more U.S. persons, or that has a valid election in effect under applicable
Treasury regulations to be treated as a U.S. person. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Taxation of Distributions and Dispositions  </B></FONT></P>

<P><FONT SIZE=2><B><I>Distributions on Common Stock  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not anticipate making distributions with respect to our common stock in the foreseeable future. If distributions were made with respect to our common stock,
however, such distributions would generally be treated as dividends to the extent of our current and accumulated earnings and profits as determined under the Code. Any portion of a distribution that
exceeded our current and accumulated earnings and profits would first be applied to reduce the non-U.S. holder's basis in its common stock, and, to the extent such portion exceeded the
non-U.S. holder's basis, the excess would be treated as gain from the disposition of the common stock, the tax treatment of which is discussed below under "Dispositions of Common Stock." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>86</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=90,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=353097,FOLIO='86',FILE='DISK124:[05PHI9.05PHI1189]EA1189A.;11',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ea1189_1_87"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
dividends paid to a non-U.S. holder will be subject to U.S. withholding tax at a 30% rate, subject to the two following exceptions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Dividends
effectively connected with a trade or business of a non-U.S. holder within the United States generally will not be subject to withholding if the
non-U.S. holder complies with applicable Internal Revenue Service, or the IRS, certification requirements and generally will be subject to U.S. federal income tax on a net income basis at
regular rates. In the case of a non-U.S. holder that is a corporation, such
effectively connected income also may be subject to the branch profits tax at a 30% rate (or such lower rate as may be prescribed by an applicable tax treaty).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
withholding tax might not apply, or might apply at a reduced rate, under the terms of an applicable tax treaty. Under Treasury regulations, to obtain a reduced rate of
withholding under a tax treaty, a non-U.S. holder generally will be required to satisfy applicable certification and other requirements. A non-U.S. holder of common stock
eligible for a reduced rate of U.S. withholding tax may obtain a refund of any excess amounts withheld by filing an appropriate claim for refund with the IRS. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B><I>Dispositions of Common Stock  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, a non-U.S. holder will not be subject to U.S. federal income tax with respect to gain recognized upon the disposition of such holder's
shares of common stock unless: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
non-U.S. holder is an individual who is present in the United States for 183&nbsp;days or more in the taxable year of disposition and certain other
conditions are met;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>such
gain is effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States or, if a tax treaty applies, the gain
is effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States and is attributable to a U.S. permanent establishment maintained by the
non-U.S. holder; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
are or have been a "U.S. real property holding corporation," or USRPHC, for U.S. federal income tax purposes and, assuming that our common stock is deemed to be
"regularly traded on an established securities market," the non-U.S. holder held, directly or indirectly, at any time during the five-year period ending on the date of
disposition or such shorter period that such shares were held, more than five percent of our common stock. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual non-U.S. holder described in the first bullet point above will be subject to tax at a 30% rate (or such lower rate as may be prescribed by an applicable tax
treaty) on the gain derived from the sale, which may be offset against U.S.-source capital losses. A non-U.S. holder described in the second bullet point above will be subject to tax on
the gain derived from the sale under regular graduated U.S. federal income tax rates and, if it is a corporation, may be subject to the branch profits tax at a rate equal to 30% (or such lower rate as
may be prescribed by an applicable treaty). We do not believe we currently are, and we do not currently anticipate becoming, a "U.S. real property holding corporation" for U.S. federal income tax
purposes. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our other business
assets, there can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, as long as our common stock is regularly traded on an established securities
market, such common stock will be treated as a U.S. real property interest with respect to a non-U.S. holder only if such holder actually or constructively holds more than 5% of such
common stock at any time during the applicable period specified in the Code. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>87</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=91,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=764553,FOLIO='87',FILE='DISK124:[05PHI9.05PHI1189]EA1189A.;11',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_ea1189_1_88"> </A>

<P><FONT SIZE=2><B>Information Reporting and Backup Withholding  </B></FONT></P>

<P><FONT SIZE=2><B><I>Information Reporting  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must report annually to the IRS and to each non-U.S. holder the entire amount of any distribution irrespective of any estimate of the portion of
the distribution that represents a taxable dividend paid to such holder and the tax withheld with respect to such distribution. Copies of the information returns reporting such distributions and
withholding may also be made available to the tax authorities in the country in which the non-U.S. holder resides under the provisions of an applicable income tax treaty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of proceeds from the sale of common stock by a broker to a non-U.S. holder is generally not subject to information reporting if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
beneficial owner of the common stock certifies its non-U.S. status under penalties of perjury, or otherwise establishes an exemption; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
sale of the common stock is effected outside the United States by a foreign office, unless the broker is:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
U.S. person as defined in the Code;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
foreign person that derives 50% or more of its gross income for certain periods from activities that are effectively connected with the conduct of a trade or business in
the United States;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
controlled foreign corporation for U.S. federal income tax purposes; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
foreign partnership, if, at any time during its tax year, one or more of its partners are U.S. persons as defined in Treasury regulations, who in the aggregate hold more
than 50% of the income or capital interest in the partnership or if, at any time during its tax year, the foreign partnership is engaged in a U.S. trade or business. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B><I>Backup Withholding  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to a non-U.S. holder of common stock generally will be exempt from backup withholding if the non-U.S. holder provides a
properly executed IRS Form&nbsp;W-8BEN or otherwise establishes an exemption. The payment of proceeds from a disposition of common stock effected by a non-U.S. holder outside
the United States by or through a foreign office of a broker generally will not be subject to backup withholding. Payment of the proceeds from a disposition by a non-U.S. holder of common
stock made by or through the U.S. office of a broker is generally not subject to backup withholding if the non-U.S. holder provides a properly executed IRS Form&nbsp;W-8BEN
or otherwise establishes an exemption. Notwithstanding the foregoing, backup withholding may apply if either we, our paying agent or the broker has actual knowledge, or reason to know, that the
non-U.S. holder is a U.S. person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding is not an additional tax. Any amount withheld from a payment to a non-U.S. holder under these rules will be allowed as a credit against such holder's U.S.
federal income tax liability and may entitle such holder to a refund, provided that the required information is furnished timely to the IRS. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The U.S. federal income tax discussion set forth above is included for general information only and may not be applicable depending upon a holder's particular
situation. Potential investors should consult their own tax advisors with respect to the tax consequences to them of the purchase, ownership and disposition of the common stock, including the tax
consequences under U.S. federal, state, local, foreign and other tax laws, including gift and estate tax laws, and the possible effects of changes in federal or other tax laws.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>88</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=92,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=497020,FOLIO='88',FILE='DISK124:[05PHI9.05PHI1189]EA1189A.;11',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ec1189_1_89"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec1189_description_of_capital_stock"> </A>
<A NAME="toc_ec1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF CAPITAL STOCK    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of our capital stock and provisions of our articles of incorporation and bylaws are summaries and are qualified by reference to our
articles of incorporation and the bylaws. Copies of these documents have been filed with the Securities and Exchange Commission and are exhibits to our registration statement, of which this prospectus
forms a part. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
authorized capital stock consists of 250,000,000 shares of common stock, no par value per share, and 1,250,000 shares of preferred stock, no par value per share, all of which shares
of preferred stock are undesignated. </FONT></P>

<P><FONT SIZE=2><B>Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of shareholders, and will be entitled to receive dividends
and other distributions when and if declared by our board of directors, subject to the rights of the holders of shares of any series of preferred stock. If we are liquidated, subject to the rights, if
any, of the holders of any outstanding shares of preferred stock, the holders of shares of our common stock will be entitled to share, ratably according to the number of shares of common stock held by
them, in our remaining assets available for distribution to our stock. The holders of shares of our common stock will not have preemptive rights to purchase or subscribe for any stock or any other of
our securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
outstanding shares of common stock are and the shares offered by us in this offering will be, when issued and paid for, validly issued, fully paid and nonassessable. The rights,
preferences and privileges of holders of common stock are subject to and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that we may designate and
issue in the future. </FONT></P>

<P><FONT SIZE=2><B>Preferred Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of our articles of incorporation, our board of directors is authorized to issue shares of preferred stock from time to time in one or more series
without shareholder approval. Our board of directors has the full authority to fix by resolution full, limited, fractional, or no voting rights, and such designations, preferences, qualifications,
privileges, limitations, restrictions, options, conversion rights and other special or relative rights of any series of preferred stock. This authority is subject to the limitation that no shares of
preferred stock may have more than one vote per share with respect to any matter on which shares of preferred stock vote together with shares of our common stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a shareholder vote on specific
issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it
more difficult for a third-party to acquire, or could discourage a third-party from seeking to acquire, a majority of our outstanding voting stock. There are no shares of preferred stock outstanding
and we have no present plans to issue any shares of preferred stock. </FONT></P>

<P><FONT SIZE=2><B>Options  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;13, 2005, options to purchase 6,916,428 shares were outstanding at a weighted average exercise price of $0.51 per share, of which options to
purchase 5,062,415 shares were exercisable. As of that date, an additional 728,590 shares were available for issuance under our Amended and Restated 1996 Equity Compensation Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=93,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=979012,FOLIO='89',FILE='DISK124:[05PHI9.05PHI1189]EC1189A.;6',USER='JALEXAN',CD='15-JUN-2005;12:14' -->
<A NAME="page_ec1189_1_90"> </A>
<BR>

<P><FONT SIZE=2><B>Registration Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of approximately 24,951,456 shares of our common stock have the right to require us to register the sales of their shares under the Securities Act of
1933, under the terms of a registration rights agreement between us and the holders of these shares. Under the registration rights agreement, the shareholders have the following registration rights: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
unlimited number of demand registration rights that the holders may exercise not more than twice during any twelve-month period, provided that the holders must request
registration of shares having a value of at least $10&nbsp;million;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
unlimited number of demand registration rights for registration on Form&nbsp;S-3 that the holders may exercise not more than twice during any twelve-month
period, provided that the holders must request registration of shares having a minimum aggregate offering price of $250,000; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
unlimited number of piggyback registration rights that require us to register sales of a holder's shares when we undertake a public offering, subject to the discretion of
the managing underwriter of the offering to decrease the amount that holders may register. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
must bear all registration expenses if these registration rights are exercised, other than underwriting discounts and commissions. These registration rights terminate on
August&nbsp;28, 2005. </FONT></P>

<P><FONT SIZE=2><B>Certain Anti-Takeover Provisions  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Pennsylvania Control-Share Acquisitions Law  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Pennsylvania Business Corporation Law, or PBCL, has several anti-takeover provisions which apply to registered corporations. A registered
corporation is generally a corporation that has a class or series of shares entitled to vote in the election of directors registered under the Securities Exchange Act of 1934. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a registered corporation, however, we have elected to opt-out of substantially all of the anti-takeover provisions of the PBCL, specifically
Subchapters&nbsp;25E, G, H and Section&nbsp;2538 of Subchapter&nbsp;25D. These provisions do not apply to us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are subject to the provisions of Subchapter&nbsp;25F of the PBCL prohibiting business combination transactions with a person that becomes a beneficial owner of shares representing
20% or more of the voting power in an election of our directors unless: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
business combination or the acquisition of the 20% interest is approved by our board of directors before the 20% interest is acquired;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
person beneficially owns at least 80% of the outstanding shares and the business combination is approved by a majority vote of the disinterested shareholders, and
satisfies minimum price and other conditions prescribed in the PBCL;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
business combination is approved by a majority vote of the disinterested shareholders at a meeting called no earlier than five years after the date the 20% interest is
acquired; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
business combination is approved by shareholder vote at a meeting called no earlier than five years after the date the 20% interest is acquired, and satisfies minimum
price and other conditions prescribed in the PBCL. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
"business combination" includes mergers, consolidations, asset sales, share exchanges, divisions of a registered corporation or any subsidiary thereof and other transactions resulting
in a disproportionate financial benefit to an interested shareholder. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=94,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=825971,FOLIO='90',FILE='DISK124:[05PHI9.05PHI1189]EC1189A.;6',USER='JALEXAN',CD='15-JUN-2005;12:14' -->
<A NAME="page_ec1189_1_91"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above description of Subchapter&nbsp;25F of the PBCL merely summarizes the material anti-takeover provisions applicable to us that are contained in the PBCL, but are
not a complete discussion of those provisions. These provisions may discourage purchases of our stock or a non-negotiated tender or exchange offer for our stock and, accordingly, may be
considered disadvantageous by a shareholder who would desire to participate in any such transaction. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Section&nbsp;1715 of the Pennsylvania Business Corporation Law  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The PBCL contains other provisions applicable to us that may have an anti-takeover effect. For instance, under section&nbsp;1715 of the PBCL, our
directors are not required to consider the interests of the shareholders as being dominant or controlling in considering our best interests. Our directors may consider, to the extent they consider
appropriate, such factors as: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
effects of any action upon any group affected by such action, including our shareholders, employees, suppliers, customers and creditors and upon communities in which we
have offices or other establishments;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
short-term and long-term interests, including benefits that may accrue to us from our long term plans and the possibility that these interests
may be best served by our continued independence;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
resources, intent and conduct of any person seeking to acquire control of us; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>all
other pertinent factors. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1715
further provides that any act of our board of directors, a committee of the board of directors or an individual director relating to or affecting an acquisition or
potential or proposed acquisition of control to which a majority of our disinterested directors have assented will be presumed to satisfy the standard of care set forth in the Pennsylvania Business
Corporation Law, unless it is proven by clear and convincing evidence that our disinterested directors did not consent to such act in good faith after reasonable investigation. As a result of this and
the other provisions of Section&nbsp;1715, our directors are provided with broad discretion with respect to actions that may be taken in response to acquisitions or proposed acquisitions of
corporate control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1715
may discourage purchases of our common stock or a non-negotiated tender or exchange offer for our common stock and, accordingly, may be considered
disadvantageous by a shareholder who would desire to participate in any such transaction. As a result, Section&nbsp;1715 may have a depressive effect on the price of our common stock. </FONT></P>


<P><FONT SIZE=2><B>Limitation of Liability and Indemnification of Directors and Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1741 of the Pennsylvania corporate Law, the PBCL, empowers a corporation to indemnify any officer or director acting in his or her capacity as a
representative of the corporation who was or is a party or is threatened to be made a party to any action or proceeding against expenses, judgments, penalties, fines and amounts paid in settlement in
connection with such action or proceeding whether the action was instituted by a third-party or arose by or in the right of the corporation. The PBCL limits the ability of a corporation to indemnify
its officers and directors for conduct constituting willful misconduct or recklessness, or acts in violation of criminal statute. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws provide that our directors and officers shall not be personally liable for monetary damages for any action taken, or any failure to take any action, unless the director has
breached or failed to perform the duties of his office under Chapter&nbsp;5, Subchapter&nbsp;B of the PBCL and Section&nbsp;1721 of the PBCL and such breach or failure to perform constitutes
self-dealing, willful misconduct or recklessness. Further, the bylaws provide that indemnification shall not apply to the responsibility or liability of a director or officer pursuant to
any criminal statute or for the payment of taxes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>91</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=95,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=265841,FOLIO='91',FILE='DISK124:[05PHI9.05PHI1189]EC1189A.;6',USER='JALEXAN',CD='15-JUN-2005;12:14' -->
<A NAME="page_ec1189_1_92"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws provide for the indemnification, to the full extent not prohibited by law, each director or officer (or his or her heir, executor or administrator) who was or is made a party
or is threatened to be made a party to or is otherwise involved in (as a witness or otherwise) any threatened, pending or completed action, suit, or proceeding, against all expenses, liability and
loss (including but not limited to attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement (whether with or without court approval)), actually
or reasonably incurred or paid by such person in connection therewith. In the case of a proceeding initiated by the person seeking the indemnification, indemnification will only be granted if such
proceeding was authorized by the board of directors. The bylaws provide for the advancement of expenses, but only upon the receipt of an undertaking by or on behalf of the director or officer to repay
all amounts so advanced if and to the extent it shall ultimately be determined that he or she is not entitled to be indemnified. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
our bylaws provide that the board of directors may authorize us to purchase and maintain directors' and officers' liability insurance, insuring against any liability asserted
against him and incurred by him in his capacity or arising out of his status as a director and/or officer to the extent authorized by law. </FONT></P>


<P><FONT SIZE=2><B>Transfer Agent and Registrar  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent for our common stock is StockTrans,&nbsp;Inc. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>92</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=96,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=552585,FOLIO='92',FILE='DISK124:[05PHI9.05PHI1189]EC1189A.;6',USER='JALEXAN',CD='15-JUN-2005;12:14' -->
<A NAME="page_ec1189_1_93"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec1189_shares_eligible_for_future_sale"> </A>
<A NAME="toc_ec1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>SHARES ELIGIBLE FOR FUTURE SALE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future sales of substantial amounts of common stock, including shares issued upon exercise of options and warrants, in the public market, or the anticipation of
those sales, could adversely affect market prices prevailing from time to time and could impair our ability to raise capital through sales of our equity securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
completion of this offering, we will have&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding shares of common stock. All of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares to be sold
in this offering will be freely tradable
without restriction under the Securities Act unless purchased by our "affiliates," as that term is defined in Rule&nbsp;144 under the Securities Act. Upon completion of this offering, approximately
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock will be "restricted securities" under Rule&nbsp;144. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
securities may be sold in the public market only if registered or if they qualify for an exemption from registration under Rule&nbsp;144 under the Securities Act, which is
summarized below. </FONT></P>

<P><FONT SIZE=2><B>Rule&nbsp;144  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, under Rule&nbsp;144, a person who has beneficially owned shares of our common stock for at least one year would be entitled to sell, within any
three-month period, a number of shares that does not exceed the greater of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>1%
of the number of shares of common stock then outstanding, which will equal approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares immediately
after this offering; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
average weekly trading volume of the common stock on the OTC Bulletin Board during the four calendar weeks preceding the filing of a notice on Form&nbsp;144 with
respect to the sale. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
under Rule&nbsp;144 are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us. </FONT></P>


<P><FONT SIZE=2><B>Rule&nbsp;144(k)  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of our common stock eligible for sale under Rule&nbsp;144(k) may be sold at any time before or after the completion of this offering. In general, under
Rule&nbsp;144(k), a person may sell shares of common stock acquired from us, without regard to the manner of sale, the availability of public information or volume, if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
person is not our affiliate and has not been our affiliate at any time during the three months preceding such a sale; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
person has beneficially owned the shares proposed to be sold for at least two years, including the holding period of any prior owner other than an affiliate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Registration Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of approximately 24,951,456 shares of our common stock have the right to require us to register the sales of their shares under the Securities Act of
1933, under the terms of a registration rights agreement between us and the holders of these shares. These registration rights terminate on August&nbsp;28, 2005. </FONT></P>


<P><FONT SIZE=2><B>Stock Options  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;13, 2005, we had outstanding options to purchase 6,916,428 shares of common stock. On July&nbsp;11, 2003, we filed a registration statement on
Form&nbsp;S-8 under the Securities Act to register the 1,150,000 shares of common stock available for issuance under our Amended and Restated 1996 Equity Compensation Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>93</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=97,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=286699,FOLIO='93',FILE='DISK124:[05PHI9.05PHI1189]EC1189A.;6',USER='JALEXAN',CD='15-JUN-2005;12:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ee1189_1_94"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ee1189_plan_of_distribution"> </A>
<A NAME="toc_ee1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the selling shareholders have entered into an underwriting agreement with the underwriter named below. Subject to the terms and conditions stated in the
underwriting agreement dated the date of this prospectus, the underwriter named below has agreed to purchase, and we and the selling shareholders have agreed to sell to that underwriter, the number of
shares set forth opposite the underwriter's name. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="66%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Underwriter<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
shares</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Desjardins Securities&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offering is being made concurrently in the United States and in each of the provinces of Canada. The shares will be offered in the United States through Desjardins Securities
International&nbsp;Inc. The shares will be offered in each of the provinces of Canada through Desjardins Securities&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the underwriter under the underwriting agreement may be terminated at its discretion on the basis of its evaluation of the state of the financial markets and may also
be terminated if certain specific events occur. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriting agreement provides that the obligations of the underwriter to purchase the shares included in this offering are subject to approval of legal matters by counsel and to
other conditions. The underwriter is obligated to purchase all the shares (other than those covered by the over-allotment option described below) if it purchases any of the shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriter proposes to offer shares directly to the public at the public offering price set forth on the cover page of this prospectus. If all of the shares are not sold at the
initial offering price, the underwriter may change the public offering price and the other selling terms. The underwriter has advised us and the selling shareholders that the underwriter does not
intend to sell any shares of our common stock to discretionary accounts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have granted to the underwriter an option, exercisable for 30&nbsp;days from the date of this prospectus, to purchase up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional shares of common stock at the
public offering price less the underwriting discount. The underwriter may exercise the option solely for the purpose of covering over-allotments, if any, in connection with this offering. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have also agreed to issue the underwriter warrants to purchase an aggregate number of shares equal to 7% of the stock sold by us in this offering, at an exercise price equal to the
offering price and exercisable for 24&nbsp;months after the date of this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed to pay the reasonable fees and expenses of the underwriter incurred in connection with the offering, in an amount up to $40,000, and the legal fees of the underwriter, in
an amount up to $125,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and our officers and directors have agreed that, for a period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days from the date of closing of this offering, we and they will not, without the prior written
consent of the underwriter, sell, transfer, assign, exchange or otherwise dispose of, directly or indirectly (including without limitation hedge or enter into any derivative or other arrangement
having similar economic effect) any of our common stock or any securities convertible or exchangeable for our common stock. Certain of our shareholders (including the selling shareholders) have agreed
to similar restrictions for a period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;days from the effective date of this registration statement pursuant to our registration rights argeement with such shareholders. In this
latter respect, we have agreed that we will not waive or release such shareholders from such obligations without the prior written consent of the underwriter. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>94</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=98,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=895719,FOLIO='94',FILE='DISK124:[05PHI9.05PHI1189]EE1189A.;12',USER='MBARTAS',CD='15-JUN-2005;15:56' -->
<A NAME="page_ee1189_1_95"> </A>
<BR>

<P><FONT SIZE=2>The
underwriter, in its sole discretion, may release any of the securities subject to these lock-up agreements at any time without notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and the selling shareholders expect to deliver the common stock against payment for the shares on or about the date specified in the last paragraph of the cover page of this
prospectus, which will be the sixth business day following the date of the pricing of the common stock. Under Rule&nbsp;15c6-1 of the Securities Exchange Act of 1934, trades in the
secondary market generally are required to settle in three business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade common stock on the date of
pricing or the next succeeding two business days will be required, by virtue of the fact that the common stock initially will settle
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005, to specify alternative settlement
arrangements to prevent a failed settlement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offering price for the shares was determined by negotiations among us, the selling shareholders and the underwriter. Among the factors considered in determining the initial public
offering price were the trading price of our common stock on the OTC Bulletin Board, our record of operations, our current financial condition, our future prospects, our markets, the economic
conditions in and future prospects for the industry in which we compete, our management and currently prevailing general conditions in the equity securities markets, including current market
valuations of other publicly traded companies considered comparable to us. We cannot assure you, however, that the prices at which the shares will sell in the public market after this offering will
not be lower than the offering price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have applied to list our common stock on the American Stock Exchange under the symbol "&nbsp;&nbsp;&nbsp;&nbsp;" and on the Toronto Stock Exchange under the symbol "TC." Conditional listing
approval has not yet been obtained from the Toronto Stock Exchange or the American Stock Exchange and there can be no assurance that our shares of common stock will be listed on the Toronto Stock
Exchange, the American Stock Exchange or on any other exchange. The listing of our common stock on the Toronto Stock Exchange is a condition of closing of this offering under the underwriting
agreement. We have also agreed, pursuant to the underwriting agreement, to use our best efforts to ensure that our common stock is approved for listing on the American Stock Exchange at the opening of
trading on the closing date, subject to official notice of issuance and evidence of satisfactory distribution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the underwriting discounts and commissions that we and the selling shareholders are to pay to the underwriter in connection with this offering. These amounts
are shown assuming both no exercise and full exercise of the underwriter's option to purchase additional shares of common stock. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Paid by Tucows</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Paid by Selling<BR>
Shareholders</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Full Exercise</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>No Exercise</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>No Exercise</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Per Share</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>TOTAL</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this offering the underwriter may purchase and sell shares of common stock in the open market. These transactions may include short sales, syndicate covering
transactions and stabilizing transactions. Short sales involve sales of common stock in excess of the number of shares to be purchased by the underwriter in the offering, which creates a short
position. "Covered" short sales are sales of shares made in an amount up to the number of shares represented by the underwriter's over-allotment option. In determining the source of shares
to close out the covered short position, the underwriter will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may
purchase shares through the over-allotment option. Transactions to close out the covered short involve either purchases of the common stock in the open market after the distribution has
been completed or the exercise of the over-allotment option. The underwriter may also make "naked" short sales of shares in excess of the over-allotment option. The </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>95</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=99,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=407302,FOLIO='95',FILE='DISK124:[05PHI9.05PHI1189]EE1189A.;12',USER='MBARTAS',CD='15-JUN-2005;15:56' -->
<A NAME="page_ee1189_1_96"> </A>
<BR>

<P><FONT SIZE=2>underwriter
must close out any naked short position by purchasing shares of common stock in the open market. A naked short position is more likely to be created if the underwriter is concerned that
there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering. Stabilizing transactions consist of bids
for or purchases of shares in the open market while the offering is in progress. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these activities may have the effect of preventing or retarding a decline in the market price of the common stock. They may also cause the price of the common stock to be higher
than the price that would otherwise exist in the open market in the absence of these transactions. The underwriter may conduct these transactions on
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or in the
over-the-counter market, or otherwise. If the underwriter commences any of these transactions, it may discontinue them at any time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to policy statements of certain securities regulators, the underwriter may not, throughout the period of distribution, bid for or purchase shares of common stock. The policy
statements allow certain exceptions to the foregoing prohibitions. The underwriter may only avail itself of such exceptions on the condition that the bid or purchase not be engaged in for the purpose
of creating actual or apparent active trading in, or raising the price of, the shares of common stock. These exceptions include a bid or purchase permitted under the Universal Market Integrity Rules
for Canadian Marketplaces of Market Regulation Services&nbsp;Inc., relating to market stabilization and passive market making activities and a bid or purchase made for and on behalf of a customer
where the order was not solicited during the period
of distribution. Pursuant to the first mentioned exception, in connection with the offering, the underwriter may over-allot or effect transactions which stabilize or maintain the market
price of the shares of common stock at levels other than those which otherwise might prevail on the open market. Such transactions, if commenced, may be discontinued at any time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
estimate that our portion of the total expenses of this offering will be $&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than in connection with this offering, the underwriter has not performed investment banking or advisory services for us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
prospectus in electronic format may be made available on the websites maintained by the underwriter. The underwriter may agree to allocate a number of shares for sale to their online
brokerage account holders. The underwriter will allocate shares to make Internet distributions on the same basis as other allocations. In addition, shares may be sold by the underwriter to securities
dealers who resell shares to online brokerage account holders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and the selling shareholders have agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act of 1933, or to contribute to payments
the underwriter may be required to make because of any of those liabilities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=100,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=974585,FOLIO='96',FILE='DISK124:[05PHI9.05PHI1189]EE1189A.;12',USER='MBARTAS',CD='15-JUN-2005;15:56' -->
<A NAME="page_ee1189_1_97"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ee1189_legal_matters"> </A>
<A NAME="toc_ee1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters relating to Canadian law will be passed upon for us by Cassels Brock &amp; Blackwell LLP. Certain legal matters with respect to the validity of
the shares of common stock offered hereby will be passed upon for us by Morgan, Lewis &amp; Bockius LLP, Philadelphia, Pennsylvania. In addition, certain legal matters relating to Canadian law will be
passed upon for the underwriter by Stikeman Elliott LLP and certain legal matters relating to U.S. law will be passed upon for the underwriter by Hodgson, Russ LLP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ee1189_experts"> </A>
<A NAME="toc_ee1189_3"> </A>
<BR></FONT><FONT SIZE=2><B>EXPERTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG LLP, independent registered public accounting firm, have audited our consolidated balance sheets as of December&nbsp;31, 2004 and 2003, and the related
consolidated statements of operations, shareholders' equity (deficiency) and cash flows for the years ended December&nbsp;31, 2004, 2003 and 2002. We have included our financial statements in this
prospectus and elsewhere in this registration statement in reliance on KPMG LLP's report, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ee1189_where_you_can_find_more_information"> </A>
<A NAME="toc_ee1189_4"> </A>
<BR></FONT><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the Securities and Exchange Commission a registration statement on Form&nbsp;S-1 under the Securities Act with respect to the
shares of common stock that we and the selling shareholders are offering to sell. This prospectus, which constitutes part of the registration statement, does not include all of the information
contained in the registration statement. You should refer to the registration statement and its exhibits for additional information. Whenever we make reference in this prospectus to any of our
contracts, agreements or other documents, the references are not necessarily complete and you should refer to the exhibits filed with the registration statement for copies of the actual contract,
agreement or other document. We are subject to the information and periodic reporting requirements of the Securities Exchange Act of 1934, as amended, and, in accordance therewith, file periodic
reports, proxy statements and other information with the Securities and Exchange Commission. These documents are publicly available, free of charge, on our website at www.tucows.com. Our website and
information it contains are not part of this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may also read the registration statement and our filings with the Securities and Exchange Commission over the Internet at the Securities and Exchange Commission's website at
http://www.sec.gov. You may also read and copy any document that we file with the Securities and Exchange Commission at its public reference room at 450&nbsp;Fifth Street, NW, Washington, DC 20549. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may also obtain copies of the documents we file with the Securities and Exchange Commission at prescribed rates by writing to the Public Reference Section of the Securities and
Exchange Commission at 450&nbsp;Fifth Street, NW, Washington, DC 20549. Please call the Securities and Exchange Commission at 1-800-SEC-0330 for further
information on the operation of the public reference room. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=101,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=881209,FOLIO='97',FILE='DISK124:[05PHI9.05PHI1189]EE1189A.;12',USER='MBARTAS',CD='15-JUN-2005;15:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_eg1189_1_98"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="eg1189_glossary_of_technical_terms"> </A>
<A NAME="toc_eg1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>GLOSSARY OF TECHNICAL TERMS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>"ARC"</B></FONT><FONT SIZE=2> is Tucows' author resource center where software publishers may utilize marketing tools to maximize sales of their products. </FONT></P>

<P><FONT SIZE=2><B>"API" or application programming interface</B></FONT><FONT SIZE=2> is a set of definitions of the ways one piece of computer software communicates with another.piece of
software. </FONT></P>

<P><FONT SIZE=2><B>"anti-spam"</B></FONT><FONT SIZE=2> is a term used to describe software or hardware solution that is used to prevent spamming or to allow spam to enter the network
or network system. Spamming is an inappropriate attempt to use a mailing list, or USENET or other networked communications facility as if it was a broadcast medium by sending the same message to a
large number of people who didn't ask for it. </FONT></P>

<P><FONT SIZE=2><B>"ASP"</B></FONT><FONT SIZE=2> is an acronym for "Application Service Provider". An ASP is an individual or a business that provides computer-based services to customers over a
network. </FONT></P>

<P><FONT SIZE=2><B>"Blog" or "weblog"</B></FONT><FONT SIZE=2> is a web page that serves as a publicly accessible personal journal. </FONT></P>


<P><FONT SIZE=2><B>"Blogware"</B></FONT><FONT SIZE=2> is the Tucows Blog product offered by its resellers to end-users. </FONT></P>

<P><FONT SIZE=2><B>"Client Code"</B></FONT><FONT SIZE=2> is a set of written instructions tailored to meet the needs of a Service Provider to enable it to offer Tucows services to its
end-users. </FONT></P>

<P><FONT SIZE=2><B>"Cost-per-click through"</B></FONT><FONT SIZE=2> is a phrase commonly used in online advertising and marketing circles in instances where an advertiser
is charged for advertising their ad (on the advertising network or website) only when a user clicks on their advertisement. </FONT></P>


<P><FONT SIZE=2><B>"Cost-per-thousand</B></FONT><FONT SIZE=2>" refers to the cost for an advertiser to send a message to 1000 receivers. The measure is calculated by
dividing the amount of money spent for a given advertisement by the number of people exposed to it. </FONT></P>

<P><FONT SIZE=2><B>"ccTLD"</B></FONT><FONT SIZE=2> is a country code top-level domain. It is a top-level domain used and reserved for a country or a dependent territory.
These are two letters long, and most of them correspond to the ISO 3166-1 standard for country codes. </FONT></P>

<P><FONT SIZE=2><B>"Domain Name"</B></FONT><FONT SIZE=2> is the unique Internet address of a registrant. Each domain name is followed by a suffix that indicates the TLD with which the domain name
is associated. </FONT></P>

<P><FONT SIZE=2><B>"Digital certificate"</B></FONT><FONT SIZE=2> is an digital electronic signature that provides a secure environment for the reception of information via the Internet. </FONT></P>

<P><FONT SIZE=2><B>"DNS"</B></FONT><FONT SIZE=2> is an acronym for "domain name system' which is a system that stores information about Internet protocol addresses and domain names in a
hierarchical manner. It enables Internet protocol addresses and domain names to work in association to identify each registrant site on the Internet. </FONT></P>

<P><FONT SIZE=2><B>"Freeware"</B></FONT><FONT SIZE=2> is Shareware, or software, that can be downloaded off the Internet&#151;for free. </FONT></P>


<P><FONT SIZE=2><B>"groupware"</B></FONT><FONT SIZE=2> is application software that integrates work on a single project by several concurrent users at separated workstations. </FONT></P>

<P><FONT SIZE=2><B>"gTLD"</B></FONT><FONT SIZE=2> is a top-level domain used principally by a particular class of organization. These are three or more letters long, and are named for
the type of organization that they represent (for example,.com for commercial organizations). There are currently 16 gTLDs. </FONT></P>

<P><FONT SIZE=2><B>"ICANN"</B></FONT><FONT SIZE=2> is an acronym for the Internet Corporation for Assigned Names and Numbers, a non-profit organization which has assumed the
responsibility for IP address allocation and domain name system management functions. It is currently performed on a cooperative basis under the auspices of a contract with the U.S. Government. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>98</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=102,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=841289,FOLIO='98',FILE='DISK124:[05PHI9.05PHI1189]EG1189A.;5',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<A NAME="page_eg1189_1_99"> </A>
<BR>

<P><FONT SIZE=2><B>"ISP"</B></FONT><FONT SIZE=2> or Internet Service Provider is a business or organization that offers users access to the Internet and related services. Most web hosting and
telecommunications companies are ISPs. They provide services such as Internet access and domain registration. </FONT></P>

<P><FONT SIZE=2><B>"IP address",</B></FONT><FONT SIZE=2> or Internet protocol address, is the unique number assigned to a domain name that is used by computers to receive and send information
through the Internet. An example of an IP address is 207.142.131.236. This number is converted by a computer to the more commonly recognized form of domain address such as www.tucows.com via the DNS. </FONT></P>

<P><FONT SIZE=2><B>"OpenSRS"</B></FONT><FONT SIZE=2> is Tucows' technical platform whereby its reseller customers process certain of the services for which they have contracted with the company. </FONT></P>

<P><FONT SIZE=2><B>"Shareware"</B></FONT><FONT SIZE=2> are software programs that are openly available, and can usually be downloaded online. They are often free. </FONT></P>


<P><FONT SIZE=2><B>"SME"</B></FONT><FONT SIZE=2> means small or medium sized enterprise. </FONT></P>

<P><FONT SIZE=2><B>"SMTP", "POP" and "IMAP"</B></FONT><FONT SIZE=2> all refer to the delivery and retrieval of email on the Internet. SMTP is the acronym for "simple mail transfer based protocol"
which is the standard for email transmission over the Internet. POP is the acronym for "post office protocol," an application layer used to retrieve email from a remote server to a computer. IMAP is
the acronym for "Internet message access protocol". Like POP, IMAP is an application used to retrieve email from a remote server to an individual computer. </FONT></P>

<P><FONT SIZE=2><B>"Registrar"</B></FONT><FONT SIZE=2> is an organization accredited by ICANN or a national authority to process domain registrations. Each registrar is provided with a "tag" that
provides access to a particular gTLD or ccTLD. </FONT></P>

<P><FONT SIZE=2><B>"Registry"</B></FONT><FONT SIZE=2> for the purpose of domains refers to the institution or entity responsible for maintaining registration records. </FONT></P>

<P><FONT SIZE=2><B>"TLD"</B></FONT><FONT SIZE=2> refers to the suffix attached to domain names. There are a limited number of predefined suffixes, and each one represents a top-level
domain. TLD's are further divided into gTLD's and ccTLD's. "gTLD" stands for "generic top-level domain and is used to designate a TLD intended for use as a global resource. "ccTLD's" or
country code TLD's are typically two letter TLD extensions that correspond to a country or location. </FONT></P>

<P><FONT SIZE=2><B>"Winsock software"</B></FONT><FONT SIZE=2> is a specification that defines how Windows network software should access network services. </FONT></P>


<P><FONT SIZE=2><B>"Zone File"</B></FONT><FONT SIZE=2> is a file that contains data describing a portion of the domain name space. Zone files contain the information needed to resolve domain
names to Internet Protocol (IP) numbers. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>99</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=103,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=196081,FOLIO='99',FILE='DISK124:[05PHI9.05PHI1189]EG1189A.;5',USER='MBARTAS',CD='14-JUN-2005;19:21' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fa1189_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fa1189_index_to_consolidated_financial_statements"> </A>
<A NAME="toc_fa1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>TUCOWS&nbsp;INC.  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2><B>Unaudited Consolidated Financial Statements</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2><BR>
Consolidated Balance Sheets as of March&nbsp;31, 2005 and December&nbsp;31, 2004</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F-2</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Consolidated Statements of Operations for the three months ended March&nbsp;31 2005 and 2004</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-3</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Consolidated Statements of Stockholders' Equity for the three months ended March&nbsp;31, 2005</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-4</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Consolidated Statements of Cash Flows for the three months ended March&nbsp;31, 2005 and 2004</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Notes to Unaudited Consolidated Financial Statements</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><BR><FONT SIZE=2><B>Audited Consolidated Financial Statements</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2><BR>
Report of Independent Registered Public Accounting Firm</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><BR>
F-10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Consolidated Balance Sheets as of December&nbsp;31, 2004 and 2003</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Consolidated Statements of Operations for the years ended December&nbsp;31, 2004, 2003 and 2002</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Consolidated Statements of Stockholders' Equity (Deficiency) for the years ended December&nbsp;31, 2004, 2003 and 2002</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Consolidated Statements of Cash Flows for the years ended December&nbsp;31, 2004, 2003 and 2002</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="92%" VALIGN="TOP"><FONT SIZE=2>Notes to Consolidated Financial Statements</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>F-15</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>F-1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=104,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=825186,FOLIO='F-1',FILE='DISK124:[05PHI9.05PHI1189]FA1189A.;6',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fc1189_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc1189_tucows_inc._consolidated_balan__tuc02633"> </A>
<A NAME="toc_fc1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Balance Sheets    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>March&nbsp;31,<BR>
2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>December&nbsp;31,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Current assets:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>15,007,050</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>13,914,988</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Restricted cash</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>460,398</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accounts receivable, net of allowance for doubtful accounts of $55,000 as of March&nbsp;31, 2005 and $25,000 as of December&nbsp;31, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,262,679</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,111,082</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Prepaid expenses and deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,721,738</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,156,702</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Prepaid domain registry and ancillary services fees, current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>17,082,065</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>15,601,786</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred tax asset, current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,000,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Total current assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>36,073,532</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>34,244,956</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Prepaid domain name registry and ancillary services fees, long-term portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,993,852</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,471,916</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Property and equipment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>976,272</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,017,237</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Deferred tax asset, long-term portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,000,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Intangible assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,183,200</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,242,240</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Goodwill</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>964,467</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>964,467</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Investment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>353,737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>353,737</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash held in escrow</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,013,366</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,009,650</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>49,558,426</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>47,304,203</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><BR><FONT SIZE=2><B>Liabilities and Stockholders' Equity</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Current liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accounts payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,526,505</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,483,543</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accrued liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,677,947</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,688,738</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Customer deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,169,135</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,247,262</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred revenue, current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>25,493,236</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>23,648,381</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accreditation fees payable, current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>303,891</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>144,483</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Total current liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>31,170,714</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>30,212,407</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Deferred revenue, long-term portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10,263,233</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,602,599</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Accreditation fees payable, long-term portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>43,265</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>31,816</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Preferred stock&#151;no par value, 1,250,000 shares authorized; none issued and outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Common stock&#151;no par value, 250,000,000 shares authorized; 67,297,465 shares issued and outstanding as of March&nbsp;31, 2005 and 66,817,250 shares issued and outstanding as of December&nbsp;31, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>9,722,300</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>9,541,277</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>50,061,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>50,061,866</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Deficit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(51,702,952</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(52,145,762</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,081,214</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>7,457,381</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Total liabilities and stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>49,558,426</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>47,304,203</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<P><FONT SIZE=2>Subsequent
events (note&nbsp;7) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>See accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=105,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=59973,FOLIO='F-2',FILE='DISK124:[05PHI9.05PHI1189]FC1189A.;7',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fc1189_1_3"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc1189_tucows_inc._consolidated_state__tuc03476"> </A>
<A NAME="toc_fc1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Statements of Operations    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    <BR>    (unaudited)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Net revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>11,801,706</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>10,174,909</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Cost of revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7,221,205</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>6,445,415</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Gross profit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,580,501</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,729,494</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Operating expenses:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Sales and marketing(*)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,352,454</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,220,534</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Technical operations and development</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,322,785</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,011,422</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>General and administrative(*)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,390,762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,073,072</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>241,873</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>312,986</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>59,040</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,366,914</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,618,014</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Income from operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>213,587</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>111,480</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Other income:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Interest income, net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>77,248</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>37,633</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2>Total other income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>77,248</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>37,633</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Income before provision for income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>290,835</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>149,113</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Provision for (recovery of) income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(151,975</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Net income for the period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>442,810</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>149,113</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Basic and diluted earnings per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.00</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Shares used in computing basic earnings per common share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>66,883,487</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,690,887</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Shares used in computing diluted earnings per common share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>71,604,368</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>66,989,744</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><HR NOSHADE ALIGN=LEFT WIDTH="23%"><BR>
<BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>(*) Stock-based compensation has been included in operating expenses as follows:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;&nbsp;Sales and marketing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>16,834</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;&nbsp;General and administrative</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,759</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=106,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=596914,FOLIO='F-3',FILE='DISK124:[05PHI9.05PHI1189]FC1189B.;7',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fe1189_1_4"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fe1189_tucows_inc._consolidated_state__tuc03898"> </A>
<A NAME="toc_fe1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Statements of Stockholders' Equity    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    <BR>    (Unaudited)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Common stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Additional paid<BR>
in capital</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Total stockholders'<BR>
equity</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Deficit</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Balances, December&nbsp;31, 2004</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>66,817,250</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>9,541,277</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>50,061,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(52,145,762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>7,457,381</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Exercise of stock options</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>480,215</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>181,023</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>181,023</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Net income for the period</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>442,810</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>442,810</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Balances, March&nbsp;31, 2005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>67,297,465</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>9,722,300</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>50,061,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(51,702,952</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>8,081,214</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fe1189_tucows_inc._consolidated_state__tuc03898_1"> </A>
<A NAME="toc_fe1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Statements of Stockholders' Equity    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    <BR>    (Unaudited)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Common stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Additional paid<BR>
in capital</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Deferred<BR>
stock-based<BR>
compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Total<BR>
stockholders'<BR>
equity</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Deficit</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Balances, December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>8,540,687</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>49,992,129</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(20,593</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(57,646,100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>866,123</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>Exercise of stock options</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>413,288</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>153,062</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>153,062</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>Amortization of deferred stock based compensation</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>20,593</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>20,593</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>Net income for the period</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>149,113</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>149,113</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Balances, March&nbsp;31, 2004</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>65,039,717</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>8,693,749</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>49,992,129</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(57,496,987</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,188,891</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=107,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=825074,FOLIO='F-4',FILE='DISK124:[05PHI9.05PHI1189]FE1189A.;8',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fe1189_1_5"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fe1189_tucows_inc._consolidated_state__tuc03399"> </A>
<A NAME="toc_fe1189_3"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Statements of Cash Flow    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    <BR>    (unaudited)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash provided by (used in):</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Operating activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Net income for the period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>442,810</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>149,113</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Items not involving cash:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>241,873</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>312,986</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>59,040</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Loss on change in the fair value of forward contracts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>107,628</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>18,885</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Stock-based compensation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>20,593</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Change in non-cash operating working capital:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Accounts receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(151,597</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(62,668</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Prepaid expenses and deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>327,336</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>35,120</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Prepaid domain registry fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(2,002,215</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(2,037,012</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Accounts payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>42,962</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(375,449</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Accrued liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,010,791</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(255,421</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Customer deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(78,127</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(46,881</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Deferred revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,505,489</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,807,463</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Accreditation fees payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>170,857</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash provided by operating activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>655,265</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>566,729</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Financing activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Proceeds received on exercise of stock options</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>181,023</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>153,062</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash provided by financing activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>181,023</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>153,062</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Investing activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Additions to property and equipment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(200,908</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(108,144</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Decrease in restricted cash&#151;being margin security against forward exchange contracts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>460,398</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>132,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Increase in cash held in escrow</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(3,716</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash provided by investing activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>255,774</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>24,356</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Increase in cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,092,062</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>744,147</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
Cash and cash equivalents, beginning of period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
13,914,988</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,912,811</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash and cash equivalents, end of period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>15,007,050</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>13,656,958</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=108,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=197851,FOLIO='F-5',FILE='DISK124:[05PHI9.05PHI1189]FE1189B.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fg1189_1_6"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fg1189_notes_to_the_consolidated_financial_statements"> </A>
<A NAME="toc_fg1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>1. BUSINESS AND BASIS OF PRESENTATION:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucows&nbsp;Inc., a Pennsylvania corporation (the "Company" or "Tucows"), is a global distributor of Internet services, including domain registration, security
and identity products, billing, provisioning and customer care software solutions, email services, managed Domain Name Services ("DNS"), blogware and website building tools, through its global
Internet-based distribution network of ISPs, web hosting companies and other providers of Internet services to end-users. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying unaudited interim consolidated balance sheets, and the related statements of operations, stockholders equity and cash flows reflect all adjustments, consisting of normal
recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the financial position of Tucows and its subsidiaries as at March&nbsp;31, 2005 and the results of
operations and cash flows for the interim periods ended March&nbsp;31, 2005 and 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying interim consolidated financial statements have been prepared by the Company without audit, in accordance with the rules and regulations of the Securities and Exchange
Commission (the "SEC") and do not include all information and notes normally provided in annual financial statements. These interim financial statements follow the same accounting policies and methods
of application used in the annual financial statements, and should be read in conjunction with the audited financial statements and notes thereto of the Company for the year ended December&nbsp;31,
2004. The results of operations for any interim period are not necessarily indicative of, nor are they comparable to, the results of operations for any other interim period or for the full fiscal
year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has elected to follow the intrinsic-value-based method of accounting as prescribed by Accounting Principles Board Opinion No.&nbsp;25 ("APB&nbsp;25"), "Accounting for
Stock Issued to Employees," and related interpretations, in accounting for its employee stock options. Under APB&nbsp;25, deferred stock-based compensation is recorded at the option grant date in an
amount equal to the difference between the market value of a common share and the exercise price of the option. Deferred stock-based compensation resulting from employee option grants is amortized
over the vesting period of the
individual options, generally four years, in accordance with the accelerated measurement method in Financial Accounting Standards Board Interpretation No.&nbsp;28. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
options granted to consultants and other non-employees are accounted for using the fair value method under Statement of Financial Accounting Standards No.&nbsp;123,
"Accounting for Stock-based Compensation." Under this method, the fair value of options granted is recognized as services are performed and options are earned. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=109,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=616569,FOLIO='F-6',FILE='DISK124:[05PHI9.05PHI1189]FG1189A.;6',USER='LBURNET',CD='15-JUN-2005;12:19' -->
<A NAME="page_fg1189_1_7"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table illustrates the effect on net income if the fair-value-based method had been applied to all outstanding and unvested awards in each period. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="64%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="64%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="64%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Net income, as reported</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>442,810</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>149,113</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Add stock-based employee compensation expense included in reported net income, net of tax</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>20,593</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Deduct total stock-based employee compensation expense determined under fair-value-based method for all rewards, net of tax</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(83,287</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(184,671</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Net income (loss), pro forma</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>359,523</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(14,965</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="64%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Earnings (loss) per common share, as reported</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="64%"><FONT SIZE=2>Earnings (loss) per common share, pro forma</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0.01</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0.00</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
determine the fair value of each option on the grant date in the three months ended March&nbsp;31, 2005 and 2004 respectively, the following assumptions were used for the Company's
stock option plan: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Volatility</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>128.4</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>139.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Risk-free interest rate</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.8</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Expected life (in years)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>Dividend yield</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%"><FONT SIZE=2>The weighted average grant date fair value for options issued, with the exercise price equal to market value on the date of grant</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.88</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.52</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>2. INVESTMENT:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments over which the Company is unable to exercise significant influence are recorded at cost and written down only when there is evidence that a decline in
value that is not temporary has occurred. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company holds a 7% interest in Afilias, Limited ("Afilias"), a private company, which is a consortium of 18 domain registrars. </FONT></P>


<P><FONT SIZE=2><B>3. BASIC AND DILUTED EARNINGS PER COMMON SHARE:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's basic earnings per common share have been calculated by dividing net income by the weighted average number of common shares outstanding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
diluted earnings per common share have been calculated using the weighted average number of common shares outstanding and potentially dilutive common shares outstanding during the
periods. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
to purchase 106,394 Common Shares were outstanding during the three months ended March&nbsp;31, 2005 (three months ended March&nbsp;31, 2004: 1,067,795) but were not included
in the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=110,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=111325,FOLIO='F-7',FILE='DISK124:[05PHI9.05PHI1189]FG1189A.;6',USER='LBURNET',CD='15-JUN-2005;12:19' -->
<A NAME="page_fg1189_1_8"> </A>
<BR>

<P><FONT SIZE=2>computation
of diluted income per common share because the options' exercise price was greater than the average market price of the common shares. The options, which expire in years 2005 to 2014, were
still outstanding at March&nbsp;31, 2005. </FONT></P>

<P><FONT SIZE=2><B>4. SUPPLEMENTAL INFORMATION:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the Company's revenue earned from each significant revenue stream: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended March&nbsp;31,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2005</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Domain and ancillary services</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>10,820,331</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>9,602,481</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Advertising and other revenue</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>981,375</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>572,428</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>11,801,706</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>10,174,909</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>5. COMMITMENTS AND CONTINGENCIES:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to March&nbsp;31, 2005, as a substantial portion of Tucows fixed expenses continue to be incurred in Canadian dollars, Tucows continued its policy of
entering into forward exchange contracts ("Contracts") to manage its exposure to foreign exchange rate fluctuations. With the objective of neutralizing some of the impact of foreign currency movement
related to the Canadian dollar, beginning on April&nbsp;25, 2005, on a semi-monthly basis U.S.$550,000 will be converted into Canadian dollars until the end of May&nbsp;2005 at foreign
exchange rates varying from 1.2363 to 1.2370. The notional principal of the outstanding Contracts at April&nbsp;22, 2005 was $1,650,000. As margin security against these Contracts, the Company
placed $82,500 into secured term deposits, which will mature on a monthly basis in line with the Contracts and will be reflected as restricted cash on the balance sheet. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, to meet its anticipated Canadian dollar expense needs for June and July&nbsp;2005, on May&nbsp;12, 2005 Tucows converted U.S.$2.5&nbsp;million into Canadian dollars at
a rate of 1.2482. Until these funds are required, they have been placed in short-term fixed interest rate bearing bankers acceptances maturing at various dates through July&nbsp;26,
2005. </FONT></P>

<P><FONT SIZE=2><B>6. RECENT ACCOUNTING PRONOUNCEMENTS:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2004, the FASB issued Statement of Financial Accounting Standards ("SFAS") No.&nbsp;123R, "Share-Based Payment," which requires companies to
expense the fair value of employee stock options and other forms of share-based compensation. Accordingly, SFAS&nbsp;123R eliminates the use of the intrinsic value method to account for share-based
compensation transactions as provided under APB Opinion No.&nbsp;25. Under SFAS&nbsp;123R, Tucows is required to determine the appropriate fair value model to be used for valuing share-based
payments, the amortization method for compensation cost and the transition method to be used at date of adoption. Tucows currently uses the Black-Scholes option-pricing model to value options for
pro-forma financial statement disclosure purposes [in note&nbsp;1.] The use of a different model to value options may result in a different fair value than the
use of the Black-Scholes option-pricing model. Tucows is required to adopt SFAS&nbsp;123R in the first quarter of fiscal 2006. Tucows is evaluating the requirements of SFAS&nbsp;123R and
anticipates that the adoption of FAS&nbsp;123(R) will affect its results of operations to an extent similar to that as presented in its FAS&nbsp;123 pro forma disclosure [included in
note&nbsp;1.] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-8</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=111,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=868306,FOLIO='F-8',FILE='DISK124:[05PHI9.05PHI1189]FG1189A.;6',USER='LBURNET',CD='15-JUN-2005;12:19' -->
<A NAME="page_fg1189_1_9"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January&nbsp;2003, the Financial Accounting Standards Board ("FASB") issued Interpretation No.&nbsp;46, "Consolidation of Variable Interest Entities" (FIN&nbsp;46). In
December&nbsp;2003, the FASB issued FIN&nbsp;46R which superseded FIN&nbsp;46 and contains numerous exemptions. FIN&nbsp;46R applies to financial statements of public entities that have or
potentially have interests in entities considered special purpose entities for periods ended after December&nbsp;15, 2003 and otherwise to interests in Variable Interest Entities, or VIEs for
periods ending after March&nbsp;15, 2004. VIEs are entities that have insufficient equity and/or their equity investors lack one or more specified essential characteristics of a controlling
financial interest. FIN&nbsp;46R provides specific guidance for determining when an entity is a VIE and who, if anyone, should consolidate the VIE. The adoption of FIN&nbsp;46R did not have a
material effect on the Company's consolidated financial statements. </FONT></P>

<P><FONT SIZE=2><B>7. SUBSEQUENT EVENTS:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the acquisition of Boardtown the Company transferred $1.75&nbsp;million of the purchase price payable to the former shareholders of Boardtown
(the "Shareholders") into an escrow account which is being held in escrow until the determination of whether certain performance milestones at various contractual dates between April&nbsp;2005 and
April&nbsp;2007 were achieved. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
escrow funds consist of $750,000 in the form of 1,069,644 shares of common stock of the Company (based upon the market price of Tucows shares at the time of the transaction), which
have not been included in the determination of diluted earnings per common share, and $1.0&nbsp;million in cash. The first $750,000 paid out of the escrow account to the Shareholders is to be in
shares of Common Stock of the Company. Pursuant to the acquisition agreement, the performance milestones relating to the net cash flow from existing operations, the hosted billing solution and the
hosted help desk solution were assessed as of April&nbsp;27, 2005. The performance milestone relating to converting potential support customers was assessed as of April&nbsp;30, 2005. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;27, 2005, the Company and the Shareholders agreed that the Shareholders had met their obligation with regard to the hosted billing solution milestone and that they had
not met their obligation with regard to the net cash flow from operations milestone. With regard to the hosted help desk milestone, the Company and the Shareholders agreed that the determination of
whether this milestone was achieved should be deferred until July&nbsp;31, 2005 without penalty. Accordingly, the escrow agent has been instructed to release 641,783 shares of Common Stock to the
Shareholders in satisfaction of the hosted billing solution milestone and to amend the terms of the escrow agreement to reflect the revised performance date for the hosted help desk solution milestone
to July&nbsp;31, 2005. In addition, since the net cash flow from existing operations criteria was not met, the escrow agent was instructed to release $400,000 out of escrow to the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;30, 2005, the Company and the Shareholders agreed that the Shareholders had partially met their obligation with regard to converting potential support customers and
released an additional 139,054 Common Shares from escrow to the Shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has filed a preliminary prospectus with each of the provincial security regulatory authorities in Canada relating to an initial public offering (the "Offering") in Canada. In
addition, the Company will grant the Underwriter compensation options, equal to 7% of the common stock issued from treasury pursuant to the Offering, with an exercise price equal to the Offering price
and exercisable for a period of 24&nbsp;months after the closing of the Offering. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-9</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=112,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=969900,FOLIO='F-9',FILE='DISK124:[05PHI9.05PHI1189]FG1189A.;6',USER='LBURNET',CD='15-JUN-2005;12:19' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fi1189_1_10"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fi1189_report_of_independent_r__fi102306"> </A>
<A NAME="toc_fi1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>Report of Independent Registered Public Accounting Firm    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
Board of Directors of Tucows&nbsp;Inc.: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the accompanying consolidated balance sheets of Tucows&nbsp;Inc. as of December&nbsp;31, 2004 and 2003, and the related consolidated statements of operations,
stockholders' equity (deficiency) and cash flows for each of the years in the three-year period ended December&nbsp;31, 2004. These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audits 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 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. We believe that our audits provide a reasonable basis for our opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Tucows&nbsp;Inc. as of December&nbsp;31,
2004 and 2003, and the results of its operations and its cash flows for each of the years in the three-year period ended December&nbsp;31, 2004, in conformity with U.S. generally
accepted accounting principles. </FONT></P>

<P><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT
SIZE=2>KPMG LLP</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Chartered Accountants<BR>
Toronto, Canada<BR>
February&nbsp;7, 2005, except as to note&nbsp;12, which is as of April&nbsp;30, 2005 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=113,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=751187,FOLIO='F-10',FILE='DISK124:[05PHI9.05PHI1189]FI1189A.;4',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fk1189_1_11"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fk1189_tucows_inc._consolidated_balan__tuc02633"> </A>
<A NAME="toc_fk1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Balance Sheets    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>December&nbsp;31,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>December&nbsp;31,<BR>
2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Current assets:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Current assets:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>13,914,988</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>12,912,811</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Restricted cash (note&nbsp;10(c))</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>460,398</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>132,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accounts receivable, net of allowance for doubtful accounts of $25,000 at December&nbsp;31, 2004 and $30,000 at December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,111,082</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>486,289</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Prepaid expenses and deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,156,702</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,061,948</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Prepaid domain name registry and ancillary services fees, current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>15,601,786</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>13,204,566</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred tax asset, current portion (note&nbsp;9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Total current assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>34,244,956</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>28,798,114</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Prepaid domain name registry and ancillary services fees, long-term portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>6,471,916</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>5,136,194</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Property and equipment (note&nbsp;5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,017,237</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,048,400</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Deferred tax asset, long-term portion (note&nbsp;9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Intangible assets (note&nbsp;6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,242,240</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Goodwill (note&nbsp;3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>964,467</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Investment (note&nbsp;7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>353,737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>353,737</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash held in escrow (note&nbsp;3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,009,650</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>47,304,203</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>35,336,445</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><B>Liabilities and Stockholders' Equity</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Current liabilities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accounts payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,483,543</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,632,294</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accrued liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,688,738</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,088,235</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Customer deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,247,262</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,160,601</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred revenue, current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>23,648,381</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>20,715,191</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accreditation fees payable, current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>144,483</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Total current liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>30,212,407</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>26,596,321</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Deferred revenue, long-term portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>9,602,599</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>7,874,001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Accreditation fees payable, long-term portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>31,816</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Stockholders' equity:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Preferred stock&#151;no par value, 1,250,000 shares authorized; none issued and outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Common stock&#151;no par value, 250,000,000 shares authorized; 66,817,250 shares issued and outstanding at December&nbsp;31, 2004 and 64,626,429 shares issued and outstanding at December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>9,541,277</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>8,540,687</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>50,061,866</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>49,992,129</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Deferred stock-based compensation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(20,593</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Deficit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(52,145,762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(57,646,100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>7,457,381</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>866,123</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Total liabilities and stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>47,304,203</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>35,336,445</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><BR><FONT SIZE=2> Commitments and contingencies (note&nbsp;10)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Subsequent events (note&nbsp;12)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=114,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=347059,FOLIO='F-11',FILE='DISK124:[05PHI9.05PHI1189]FK1189A.;8',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fk1189_1_12"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fk1189_tucows_inc._consolidated_state__tuc03117"> </A>
<A NAME="toc_fk1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Statements of Operations    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Net revenues (note&nbsp;11)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>44,717,155</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>37,194,747</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>37,046,375</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cost of revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>27,566,066</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>22,990,227</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>23,107,871</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Gross profit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>17,151,089</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>14,204,520</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>13,938,504</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Operating expenses:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Sales and marketing(*)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5,067,841</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,850,081</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,770,913</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Technical operations and development(*)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,549,368</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,935,061</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,725,966</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>General and administrative(*)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,107,981</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,998,073</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,523,314</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,118,734</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,489,570</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,675,836</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>157,760</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>222,222</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>15,001,684</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>13,272,785</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>14,918,251</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Income (loss) from operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,149,405</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>931,735</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(979,747</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Other income (expenses)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Interest income, net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>200,501</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>131,703</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>102,057</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Gain on disposal of Electric Library subscription assets (note&nbsp;4(b))</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,846,717</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Gain on disposal of Liberty Registry Management Services&nbsp;Inc. (note&nbsp;4(a))</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,955,443</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Loss on disposal of Eklektix&nbsp;Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(44,304</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Write down of investment in bigchalk.com (note&nbsp;7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,013,335</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>Total other income (expenses)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>200,501</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,131,703</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,846,578</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Income before provision for income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,349,906</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,063,438</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,866,831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Provision for (recovery of) income taxes (note&nbsp;9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(3,150,432</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Net income for the year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5,500,338</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,063,438</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,866,831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Basic and diluted income per share (note&nbsp;2(o))</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.08</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Shares used in computing basic income per common share (note&nbsp;2(o))</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>66,079,104</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Shares used in computing diluted income per common share (note&nbsp;2(o))</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>68,051,579</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,725,929</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><HR NOSHADE ALIGN=LEFT WIDTH="21%"><BR>
<BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>(*) Stock-based compensation has been included in operating expenses as follows:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;&nbsp;Sales and marketing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>16,834</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>109,926</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>109,926</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;&nbsp;Technical operations and development</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>69,737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>&nbsp;&nbsp;General and administrative</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,759</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>52,778</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>52,777</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=115,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=317143,FOLIO='F-12',FILE='DISK124:[05PHI9.05PHI1189]FK1189B.;6',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fm1189_1_13"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fm1189_tucows_inc._consolidated_state__tuc03913"> </A>
<A NAME="toc_fm1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Statements of Stockholders' Equity (Deficiency)    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Common stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Total<BR>
stockholders'<BR>
equity<BR>
(deficiency)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Additional<BR>
paid in<BR>
capital</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Deferred<BR>
stock-based<BR>
compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Deficit</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Balances, December&nbsp;31, 2001</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>8,540,687</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>49,992,129</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(346,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(61,576,369</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(3,389,553</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Amortization of deferred stock-based compensation</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>162,703</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>162,703</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Net income for the year</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,866,831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,866,831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Balances, December&nbsp;31, 2002</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>8,540,687</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>49,992,129</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(183,297</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(59,709,538</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(1,360,019</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Amortization of deferred stock-based compensation</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>162,704</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>162,704</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Net income for the year</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,063,438</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,063,438</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Balances, December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>8,540,687</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>49,992,129</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(20,593</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(57,646,100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>866,123</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Exercise of stock options</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1,834,275</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>726,050</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>726,050</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Acquisition of Boardtown Corporation (note&nbsp;3)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>356,546</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>274,540</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>274,540</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Stock based compensation (note&nbsp;8)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>69,737</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>69,737</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Amortization of deferred stock-based compensation</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>20,593</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>20,593</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>Net income for the year</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>5,500,338</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>5,500,338</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Balances, December&nbsp;31, 2004</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>66,817,250</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>9,541,277</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>50,061,866</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(52,145,762</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>7,457,381</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=116,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=392076,FOLIO='F-13',FILE='DISK124:[05PHI9.05PHI1189]FM1189A.;7',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fm1189_1_14"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fm1189_tucows_inc._consolidated_state__tuc03090"> </A>
<A NAME="toc_fm1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Consolidated Statements of Cash Flows    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash provided by (used in):</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Operating activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Net income for the year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5,500,338</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,063,438</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,866,831</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Items not involving cash:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Depreciation of property and equipment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,118,734</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,489,570</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,675,836</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>157,760</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>222,222</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Unrealized change in the fair value of forward contracts</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(88,743</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(279,174</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>260,289</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Write-down of investment in bigchalk.com,&nbsp;Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,013,335</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Stock-based compensation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>69,737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Amortization of deferred stock-based compensation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>20,593</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>162,704</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>162,703</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(3,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Gain on disposal of Electric Library subscription assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,846,717</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Gain on disposal of Liberty Registry Management Services&nbsp;Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,955,443</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Loss on write-off of Eklektix&nbsp;Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>44,304</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Change in non-cash operating working capital:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Accounts receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(546,762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(147,592</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>306,951</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Prepaid expenses and deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,333</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(91,977</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(80,273</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Prepaid domain name registry and ancillary services fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(3,732,942</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(3,495,233</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(2,488,384</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Accounts payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(148,751</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>26,664</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(15,669</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Accrued liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>403,404</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>60,112</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(479,898</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Customer deposits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>77,772</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>202,944</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>20,915</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Deferred revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,661,788</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,228,175</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,731,415</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Accreditation fees payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>176,299</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash provided by operating activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,667,894</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,219,631</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3,438,417</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Financing activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Proceeds received on exercise of stock options</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>726,050</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Repayments of obligations under capital leases</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(111,159</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash provided by financing activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>726,050</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(111,159</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Investing activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Additions to property and equipment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,034,709</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(956,649</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(844,508</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Decrease (increase) in restricted cash&#151;being margin security against forward exchange contracts (note&nbsp;10(c))</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(327,898</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>805,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(937,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Net proceeds on disposal of Electric Library subscription assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,577,129</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Acquisition of Boardtown Corporation, net of cash acquired</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(2,019,510</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Increase in cash held in escrow</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(1,009,650</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Proceeds on disposal of Liberty Registry Management Services&nbsp;Inc., net of cash disposed</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,000,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>938,889</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Proceeds on disposal of Eklektix&nbsp;Inc., net of cash disposed</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(30,628</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Cash provided by (used in) investing activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(4,391,767</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>848,351</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>703,382</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Increase in cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,002,177</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,067,982</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,030,640</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash and cash equivalents, beginning of year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12,912,811</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,844,829</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4,814,189</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Cash and cash equivalents, end of year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>13,914,988</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12,912,811</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>8,844,829</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Supplemental cash flow information:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Interest paid</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>166</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>383</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>25,013</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>Supplemental disclosure of non-cash investing and financing activities:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Common stock issued on the acquisition of Boardtown Corporation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>274,540</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See accompanying notes to consolidated financial statements </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=117,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=621068,FOLIO='F-14',FILE='DISK124:[05PHI9.05PHI1189]FM1189B.;7',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fo1189_1_15"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fo1189_tucows_inc._notes_to_consolida__tuc03295"> </A>
<A NAME="toc_fo1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.    <BR>    <BR>    Notes to Consolidated Financial Statements    <BR>    <BR>    (Dollar amounts in U.S. dollars)    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>1. Organization of the Company:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a global distributor of Internet services, including domain name registration, security and identity products through digital certificates and
email, through its global Internet-based distribution network of Internet Service Providers, web hosting companies and other providers of Internet services to end-users. </FONT></P>


<P><FONT SIZE=2><B>2. Significant accounting policies:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These financial statements are stated in U.S. dollars, except where otherwise noted. The consolidated financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (a)&nbsp;Basis of consolidation  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and
transactions have been eliminated on consolidation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
over which the Company is unable to exercise significant influence, are recorded at cost and written down only when there is evidence that a decline in value that is other
than temporary has occurred. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (b)&nbsp;Use of estimates  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of the Consolidated Financial Statements in accordance with U.S. GAAP necessarily requires the Company to make estimates and judgments that affect
the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates,
including those related to amounts recognized for or carrying values of revenues, bad debts, investments, goodwill, intangible assets, income taxes, contingencies and litigation. The Company bases its
estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time they are made. Under different assumptions or conditions, the
actual results will differ, potentially materially, from those previously estimated. Many of the conditions impacting these assumptions and estimates are outside of the Company's control. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (c)&nbsp;Cash and cash equivalents  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All highly liquid investments, with an original term to maturity of three months or less at the date of acquisition, are classified as cash equivalents. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=118,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=99820,FOLIO='F-15',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_16"> </A>
<UL>

<P><FONT SIZE=2><I> (d)&nbsp;Property and equipment  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment are stated at cost, net of accumulated amortization. Amortization is provided on a straight-line basis so as to amortize the
cost of depreciable assets over their estimated useful lives at the following rates: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="68%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="69%" ALIGN="LEFT"><FONT SIZE=1><B>Asset<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Rate</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="69%"><FONT SIZE=2>Computer equipment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>30</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="69%"><FONT SIZE=2>Computer software</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="69%"><FONT SIZE=2>Furniture and equipment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="69%"><FONT SIZE=2>Leasehold improvements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>Over term of lease</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company reviews the carrying values of its property and equipment for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its
carrying amount. If such assets are considered impaired, the amount of the impairment loss recognized is measured as the amount by which the carrying value of the asset exceeds the fair value of the
asset, with fair value being determined based upon discounted cash flows or appraised values, depending on the nature of the asset. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (e)&nbsp;Intangible assets  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, which represent technology, brand value, customer relationships and non-compete arrangements related to the acquisition of
Boardtown Corporation in 2004, are being amortized on a straight-line basis over periods of three or seven years. The Company reviews the carrying values of its intangible assets for
potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the estimated
undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. If such assets are considered impaired, the amount of the
impairment loss recognized is measured as the amount by which the carrying value for the asset exceeds the fair value of the asset, with fair value being determined based upon discounted cash flows or
appraised values, depending on the nature of the asset. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (f)&nbsp;Goodwill  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill represents the excess of the purchase price over the fair values of net identifiable assets acquired. In accordance with Statement of Financial
Accounting Standards No.&nbsp;142, "Goodwill and Other Intangible Assets", the Company does not amortize goodwill but is required to evaluate goodwill annually or whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. Absent triggering factors during the year, the Company conducts its goodwill assessment in the fourth quarter to correspond with
its measurement planning cycle. Impairment is tested at the reporting unit level by comparing the reporting unit's carrying amount to its fair value. The fair values of the reporting units are
estimated using discounted cash flows based on historical experience and on various other assumptions, including current market trends and developments. To the extent a reporting </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=119,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=412539,FOLIO='F-16',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_17"> </A>

<P><FONT SIZE=2>unit's
carrying amount exceeds its fair value, an impairment of goodwill exists. Impairment is measured by comparing the fair value of goodwill, determined in a manner similar to a purchase price
allocation, to its carrying value. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (g)&nbsp;Revenue recognition  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's revenues are derived from domain registration fees on both a wholesale and retail basis and ancillary services and advertising and other revenue.
Amounts received in advance of meeting the revenue recognition criteria described below are recorded as deferred revenue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company earns registration fees in connection with each new, renewed and transferred-in registration and from providing provisioning services to Service Providers and
registrars on a monthly basis. Service has been provided in connection with registration fees once the Company has confirmed that the requested domain name has been appropriately recorded in the
registry under contractual performance standards. Domain names are generally purchased for terms of one to ten years. Registration fees charged for domain registration and provisioning services are
recognized on a straight-line basis over the life of the contracted term. Registration fee revenues are net of any promotional rebates as the Company has a continuing obligation to provide
services to customers throughout the registration period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also generates advertising and other revenue through its online libraries of shareware, freeware and online services presented on its website. Advertising and other revenues
are recognized rateably over the period in which it is presented. To the extent that minimum guaranteed impressions are not met, the Company defers recognition of the corresponding revenues until the
guaranteed impressions are achieved. The Company has also entered into barter arrangements with other Internet companies to place advertisements on each other's web sites. Revenue and expense from an
advertising barter transaction is recognized only when the value of the advertising surrendered is determinable based on the Company's own historical practice of receiving cash for similar
advertising. The Company recognized barter advertising of nil, nil and $51,342 during the years ended December&nbsp;31, 2004, 2003 and 2002, respectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
those cases where payment is not received at the time of sale, additional conditions for recognition of revenue are that the collection of sales process is reasonably assured and the
Company has no further performance obligations. The Company records costs that reflect expected refunds, rebates and credit card charge-backs as a reduction of revenues at the time of the sale based
on historical experiences and current expectations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company establishes reserves for possible uncollectible accounts receivable and other contingent liabilities which may arise in the normal course of business. Historically, credit
losses have been within the Company's expectations and the reserves the Company has established have been appropriate. However, the Company has, on occasion, experienced issues which have led to
accounts receivable not being fully collected. Should these issues occur more frequently, additional reserves may be required. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=120,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=372229,FOLIO='F-17',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_18"> </A>
<BR>
<UL>

<P><FONT SIZE=2><I> (h)&nbsp;Deferred revenue  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue primarily relates to the unearned portion of revenues received in advance related to the unexpired term of registration fees from domain
registrations and ancillary services, net of external commissions. Revenue received in advance of the provision of services from advertising and Sleuth search technology is deferred and recognized in
the month that the services are provided. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (i)&nbsp;Accreditation fees payable  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accreditation fees relate to the unpaid portion of accreditation fees paid to ICANN in connection with the registration of GTLD's. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (j) Prepaid domain name registry fees  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid domain name registry and ancillary services fees represent amounts paid to registries, and country code domain name operators for updating and maintaining
the registries, as well as to suppliers of ancillary services. Domain name registry and ancillary services fees are recognized on a straight-line basis over the life of the contracted
registration term. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (k) Translation of foreign currency transactions  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's functional currency is the United States dollar. Monetary assets and liabilities of the Company and of its wholly owned subsidiaries that are
denominated in foreign currencies are translated into United States dollars (which is considered to be the measurement currency) at the exchange rates prevailing at the balance sheet dates.
Non-monetary assets and liabilities are translated at the historical exchange rates. Transactions included in operations are translated at the average rate for the year. Foreign exchange
gains (losses) amounting to $343,506, $772,027, and $(80,480) have been recorded in operating expenses in the consolidated statement of operations during the years ended December&nbsp;31, 2004, 2003
and 2002, respectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company follows Statement of Financial Accounting Standards No.&nbsp;133, "Accounting for Derivative Instruments and Hedging Activities" ("SFAS&nbsp;133"), as amended.
SFAS&nbsp;133, as amended establishes accounting and reporting standards for derivative instruments and hedging activities. The Company has not complied with the documentation standards required for
its forward foreign exchange contracts to be accounted for as hedges under SFAS&nbsp;133 and has, therefore, accounted for such forward foreign exchange contracts at their fair value with a gain
recorded in the consolidated statement of operations of $88,743 and, $279,174 for the years ended December&nbsp;31, 2004 and 2003, respectively, and a loss recorded in the consolidated statement of
operations of $260,289 for the year ended December&nbsp;31, 2002, equal to the change in the fair value of such contracts. The fair value of the forward foreign exchange contracts is included in
prepaid expenses in the consolidated balance sheet at December&nbsp;31, 2004 and December&nbsp;31, 2003. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (l) Product development costs  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product development costs are expensed as incurred. The Company accounts for the costs of computer software developed or obtained for internal use in accordance
with Statement of Position ("SOP") 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for Internal </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=121,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=897118,FOLIO='F-18',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_19"> </A>

<P><FONT SIZE=2>Use".
Under this SOP, costs that are incurred in the preliminary stage of software development are expensed as incurred. Costs incurred during the application and development stage are capitalized and
generally include external direct costs of materials and services consumed in the development and payroll and payroll- related costs for employees who are directly associated with the development
project. Costs incurred in the post implementation and operation stage are expensed as incurred. The Company capitalized $338,500, $411,200 and $532,200 during the years ended December&nbsp;31,
2004, 2003 and 2002, respectively, of such costs relating to the development of internal use software. The capitalized costs of computer software developed for internal use are amortized on a
straight-line basis over one year from the date the software is put into use. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (m) Income taxes  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the asset and liability method of Statement of Financial Accounting Standards No.&nbsp;109, "Accounting for Income Taxes" ("SFAS&nbsp;109"), deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their
respective tax bases and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. Under SFAS&nbsp;109, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated
statement of operations in the year that includes the enactment date. A valuation allowance is recorded if it is not "more likely than not" that some portion of or all of a deferred tax asset will be
realized. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is entitled to earn investment tax credits ("ITCs"), which are credits related to specific qualifying expenditures as prescribed by Canadian Income Tax legislation. These
ITCs relate primarily to research and development expenses. The ITCs are recognized once the Company has reasonable assurance that the amounts will be realized. ITCs recognized in the year ended
December&nbsp;31, 2004 have been recorded as a recovery of income taxes. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (n) Stock-based compensation  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has elected to follow the intrinsic-value-based method of accounting as prescribed by Accounting Principles Board Opinion No.&nbsp;25
("APB&nbsp;25"), "Accounting for Stock Issued to Employees", and related interpretations, in accounting for its employee stock options. Under APB&nbsp;25, deferred stock-based compensation is
recorded at the option grant date in an amount equal to the difference between the market value of a common share and the exercise price of the option. Deferred stock-based compensation resulting from
employee option grants is amortized over the vesting period of the individual options, generally four years, in accordance with the accelerated measurement method in Financial Accounting Standards
Board Interpretation No.&nbsp;28. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
options granted to consultants and other non-employees are accounted for using the fair value method under Statement of Financial Accounting Standards No.&nbsp;123,
"Accounting for Stock-based Compensation" ("SFAS&nbsp;123"). Under this method, the fair value of options granted is recognized as services are performed and options are earned. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-19</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=122,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=919227,FOLIO='F-19',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_20"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table illustrates the effect on net income (loss) if the fair-value-based method had been applied to all outstanding and unvested awards in each year. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="44%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="44%"><FONT SIZE=2>Net income, as reported</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5,500,338</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2,063,438</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,866,831</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="44%"><FONT SIZE=2>Add stock-based employee compensation expense included in reported net income, net of tax</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>90,330</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>162,704</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>162,703</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="44%"><FONT SIZE=2>Deduct total stock-based employee compensation expense determined under fair-value-based method for all rewards, net of tax</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(413,151</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(571,593</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>(481,014</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="44%"><FONT SIZE=2>Net income, pro forma</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>5,177,517</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,654,549</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,548,520</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="44%"><FONT SIZE=2>Income per common share, as reported</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.08</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="44%"><FONT SIZE=2>Income per common share, pro forma</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.08</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0.02</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
determine the fair value of each option on the grant date in 2004, 2003 and 2002, the following assumptions were used for the Company's stock option plan: dividend yield of 0.0% for
each year, volatility of 132.4%, 138.8%, and 157%, respectively, a weighted average risk free interest rate of 3.2%, 2.8% and 3.46%, respectively, and a weighted average expected life of options of
four years for each year. The weighted average grant date fair value for options issued in 2004, 2003 and 2002, with the exercise price equal to market value on the date of grant, were $0.61, $0.37
and $0.47, respectively. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (o) Income per common share  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic income per common share has been calculated on the basis of income for the year divided by the weighted average number of common shares outstanding during
each year. Diluted net income per share is the same as basic income per share. Diluted income per share gives effect to all dilutive potential common shares outstanding at the end of the year had been
issued, converted or exercised at the later of the beginning of the year or their date of issuance. In computing diluted income per share, the treasury stock method is used to determine the number of
shares assumed to be purchased from the conversion of common stock equivalents or the proceeds of exercises of options. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-20</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=123,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=753324,FOLIO='F-20',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_21"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2002</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Numerator for basic and diluted income per common share:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="37%"><FONT SIZE=2>Income for the year</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>5,500,338</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2,063,438</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>1,866,831</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Denominator for basic and diluted income per common share:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="37%"><FONT SIZE=2>Basic weighted average number of common shares outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>66,079,104</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="37%"><FONT SIZE=2>Effect of stock options</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>1,972,475</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>99,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="37%"><FONT SIZE=2>Diluted weighted average number of shares outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>68,051,579</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>64,725,929</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>64,626,429</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Basic income per common share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.08</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Diluted income per common share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.08</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
to purchase 864,310 Common Shares were outstanding during 2004 (2003&nbsp;:&nbsp;8,554,754, 2002&nbsp;:&nbsp;7,660,257) but were not included in
the computation of diluted income per common share because the options' exercise price was greater than the average market price of the common shares. The options which expire in years 2005 to 2014
were still outstanding at the end of 2004. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (p) Concentration of credit risk  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, accounts receivable and forward
foreign exchange contracts. Cash equivalents consist of deposits with, or guaranteed by, major commercial banks, the maturities of which are three months or less form the date of purchase. With
respect to accounts receivable, the Company performs periodic credit evaluations of the financial condition of its customers and typically does not require collateral from them. The counterparty to
the forward foreign exchange contracts is a major commercial bank which management believes does not represent a significant credit risk. Management assesses the need for allowances for potential
credit losses by considering the credit risk of specific customers, historical trends and other information. No customer accounted for more than 10% of revenue in 2004, 2003 or 2002. Two customers
accounted for 27% of accounts receivable at December&nbsp;31, 2004 and one customer accounted for 19% and 17% of accounts receivable at December&nbsp;31, 2003 and 2002 respectively. All of these
accounts receivable have been collected. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (q) Fair values of financial assets and financial liabilities  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due
to the relatively short periods to maturity of the instruments. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-21</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=124,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=815976,FOLIO='F-21',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_22"> </A>
<UL>

<P><FONT SIZE=2><I> (r) Comprehensive income  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company follows Statement of Financial Accounting Standards No.&nbsp;130, "Reporting Comprehensive Income" ("SFAS&nbsp;130"). This statement requires
companies to classify items of their comprehensive income by their nature in the financial statements and display the accumulated balance of other comprehensive income separately from deficit and
additional paid-in capital in the equity section of the balance sheet. There was no difference between net income and comprehensive income for the years ended December&nbsp;31, 2004,
2003 and 2002. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (s) Segment reporting  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company follows Statement of Financial Accounting Standards No.&nbsp;131, "Disclosures about Segments of an Enterprise and Related Information"
("SFAS&nbsp;131"), which establishes standards for reporting information about operating segments in annual financial statements. It also establishes standards for related disclosures about products
and services, geographic areas and major customers. The Company operates in one business segment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's revenues are attributed to the country in which the contract originates, primarily Canada. Revenues from domain names issued from the Toronto, Canada location are
attributed to Canada because it is impracticable to determine the country of the customer. </FONT></P>

<UL>

<P><FONT SIZE=2><I> (t) Recent accounting pronouncements  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2004, the FASB issued Statement of Financial Accounting Standards ("SFAS") No.&nbsp;123R, "Share-Based Payment," which requires companies to
expense the fair value of employee stock options and other forms of share-based compensation. Accordingly, SFAS&nbsp;123R eliminates the use of the intrinsic value method to account for share-based
compensation transactions as provided under APB Opinion No.&nbsp;25. Under SFAS&nbsp;123R, Tucows is required to determine the appropriate fair value model to be used for valuing share-based
payments, the amortization method for compensation cost and the transition method to be used at date of adoption. Tucows currently uses the Black-Scholes option-pricing model to value options for
pro-forma financial statement disclosure purposes in note&nbsp;2&nbsp;(n). The use of a different model to value options may result in a different fair value than the use of the
Black-Scholes option-pricing model. Tucows is required to adopt SFAS&nbsp;123R in the third quarter of fiscal 2005. Tucows is evaluating the requirements of SFAS&nbsp;123R and anticipates that the
adoption of FAS&nbsp;123(R) will affect our results of operations to an extent similar to that as presented in our FAS&nbsp;123 pro forma disclosure included in note&nbsp;2&nbsp;(n). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January&nbsp;2003, the Financial Accounting Standards Board ("FASB") issued Interpretation No.&nbsp;46, "Consolidation of Variable Interest Entities" (FIN&nbsp;46). In
December&nbsp;2003, the FASB issued FIN&nbsp;46R which superseded FIN&nbsp;46 and contains numerous exemptions. FIN&nbsp;46R applies to financial statements of public entities that have or
potentially have interests in entities considered special purpose entities for periods ended after December&nbsp;15, 2003 and otherwise to interests in Variable Interest Entities, or VIEs for
periods ending after March&nbsp;15, 2004. VIEs are entities that have insufficient equity and/or their equity investors lack one or more specified essential characteristics of a controlling
financial interest. FIN&nbsp;46R provides specific guidance for determining when an entity is a </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-22</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=125,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=777776,FOLIO='F-22',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_23"> </A>
<BR>

<P><FONT SIZE=2>VIE
and who, if anyone, should consolidate the VIE. The adoption of FIN&nbsp;46R did not have a material effect on the Company's consolidated financial statements. </FONT></P>

<P><FONT SIZE=2><B>3. Business acquisitions:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;27, 2004, the Company finalized the acquisition of 100% of the outstanding capital stock of Boardtown Corporation ("Boardtown") for total purchase
consideration of up to $4.0&nbsp;million. The Company has paid $2.0&nbsp;million of this consideration in cash and $274,540 by the issuance of 356,546 Tucows&nbsp;Inc. common shares. The
remaining $1.75&nbsp;million in consideration is being held in escrow contingent upon the achievement of certain performance milestones and to secure certain warranties, representations and
covenants in the acquisition agreement. Of the remaining $1.75&nbsp;million held in escrow, $750,000 is in the form of 1,069,644 Tucows&nbsp;Inc. common shares, which are not included in the
determination of diluted earnings per common share, and $1.0&nbsp;million is in cash (note&nbsp;12(a)). This additional contingent consideration will be recorded when the amount becomes fixed and
determinable and will be reflected as additional goodwill at that time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total aggregate consideration paid at December&nbsp;31, 2004 amounting to $2,321,782 is comprised of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$2,000,000
paid in cash;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$274,540
(based on Tucows&nbsp;Inc.'s average share price for the two days before and two days after April&nbsp;21, 2004, the date of the announcement of the
transaction, of $0.77 per share for 356,546 Tucows&nbsp;Inc. shares); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$47,242
of transaction costs. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of assets acquired based on the consideration paid, is as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Current assets (including cash of $27,732)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>110,440</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Property and equipment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>52,861</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Intangible assets including:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Technology</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>540,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Brand</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>170,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Customer relationships</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>500,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>Non-compete agreements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>190,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,400,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Goodwill</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>964,467</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Current liabilities</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>(205,986</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,321,782</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount assigned to intangible assets is based upon an independent appraisal. Intangible assets, excluding goodwill, are being amortized over a period of seven years on a
straight-line basis, with the exception of the non-compete agreements which are being amortized over a period of three years on a straight-line basis. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-23</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=126,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=298141,FOLIO='F-23',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_fo1189_1_24"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following unaudited supplemental pro-forma information is presented to illustrate the effects of the acquisition on the historical operating results for the years ended
December&nbsp;31, 2004 and 2003, as if the acquisition had occurred at the beginning of the respective periods. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="72%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,<BR>
2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="58%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Net revenues</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>45,122,156</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>38,722,077</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Net income</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>5,520,199</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>2,224,488</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="58%"><FONT SIZE=2>Pro forma basic and diluted earnings per share</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.08</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>0.03</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>4. Dispositions:  </B></FONT></P>

<UL>

<P><FONT SIZE=2>a) Liberty Registry Management Services&nbsp;Inc. ("Liberty RMS"): </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;25, 2002, the Company sold all of the outstanding shares of Liberty RMS, which was a wholly owned subsidiary, and certain technology required to provide registry
services, to Afilias, Limited. Liberty RMS owned and operated the back-end registry services for the.info registry. Total consideration received consisted of cash proceeds of $977,000 and
a receivable of $87,000. The Company has recorded a gain on the disposition of Liberty RMS of $1,955,443. The Company was also entitled to additional contingent consideration of up to
$1&nbsp;million primarily based on Afilias having been awarded the back end registry provider for the.org registry. The full amount has been earned and recognized as other income during the year
ended December&nbsp;31, 2003. </FONT></P>

<UL>

<P><FONT SIZE=2>b) Electric Library subscription assets and Encyclopedia.com vices: </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;16, 2002, the Company sold all the assets and certain liabilities associated with its search and reference services, Electric Library and Encyclopedia.com, to
Alacritude, LLC, an unrelated party. Total consideration received consisted of cash proceeds of $1,577,129 (including an intellectual property license fee of $100,000), net of liabilities assumed by
Alacritude, LLC. This resulted in a gain on the disposition of these assets in the amount of $1,846,717. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>F-24</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=127,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=458327,FOLIO='F-24',FILE='DISK124:[05PHI9.05PHI1189]FO1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT COLOR="#FF4040" SIZE=2><I>A copy of this preliminary prospectus has been filed with the securities regulatory authorities in each of the provinces of Canada but has not yet
become final for the purpose of the sale of securities. Information contained in this preliminary prospectus may not be complete and may have to be amended. The securities may not be sold until a
receipt for the prospectus is obtained from the securities regulatory authorities.</I></FONT></P>

<P><FONT COLOR="#FF4040" SIZE=2><I>This preliminary prospectus has been filed under procedures in each of the provinces of Canada that permit certain information about these securities
to be determined after the prospectus has become final and that permit the omission of that information from this prospectus. The procedures require the delivery to purchasers of a supplemented PREP
prospectus containing the omitted information within a specified period of time after agreeing to purchase any of these securities. All disclosure contained in the supplemented PREP prospectus that is
not contained in the base PREP prospectus will be incorporated by reference into the base PREP prospectus as of the date of the supplemented PREP
prospectus.</I></FONT></P>

<P><FONT SIZE=2><I>This prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted
to sell such securities. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Company has filed a registration statement on
Form&nbsp;S-1 with the United States Securities and Exchange Commission, under the United States Securities Act of 1933, as amended, with respect to these securities, see "Plan of
Distribution".</I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><I>Initial Public Offering And Secondary Offering</I></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>June&nbsp;15, 2005</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=3><B>PRELIMINARY BASE PREP PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>
<IMG SRC="g973304.jpg" ALT="GRAPHIC" WIDTH="160" HEIGHT="105">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> TUCOWS&nbsp;INC.<BR>  </B></FONT><FONT SIZE=2><B>U.S. $&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus qualifies the distribution of&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock issued from treasury by Tucows&nbsp;Inc. (unless
otherwise noted, the terms "we", "our", "us", "Tucows" and the "Company" refer to Tucows&nbsp;Inc.), a provider of Internet services and downloadable software to end-users worldwide
through a global Internet distribution network, and a further&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;shares of common stock sold by STI Ventures N.V. Hullenbergweg, Parman Holding Corp. and Scorpio
(BSG)&nbsp;Ltd. (the "Selling Shareholders"), at a price of U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;per share pursuant to an underwriting agreement dated
&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2005 between the Company, the Selling Shareholders and Desjardins Securities&nbsp;Inc. (the "Underwriter"). Our shares of common stock are being offered
concurrently in Canada and in the United States. The price of the shares offered hereby was determined by negotiation between us, the Selling Shareholders and the Underwriter. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have applied to obtain the listing of our shares of common stock on the Toronto Stock Exchange under the symbol "TC" and the American Stock Exchange under the symbol
"&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;". As of the date of this prospectus, conditional listing approval has not yet been obtained from the Toronto Stock Exchange or the American Stock Exchange
and there is no assurance that our shares of common stock will be listed on the Toronto Stock Exchange, the American Stock Exchange or on any other exchange. Our shares of common stock currently trade
on the Over-The-Counter bulletin board maintained by the National Association of Securities Dealers,&nbsp;Inc. in the United States under the symbol "TCOW". The closing price
for our shares of common stock on the OTC bulletin board on June&nbsp;13, 2005 was U.S.$0.90. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=128,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=878344,FOLIO='blank',FILE='DISK124:[05PHI1.05PHI1191]BA1191A.;11',USER='MBARTAS',CD='15-JUN-2005;14:47' -->
<A NAME="page_ba1191_1_2"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>Alternate Page for Canadian Prospectus  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B> PRICE: U.S.$&#149; per Share  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Price to the<BR>
Public</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Underwriter's<BR>
Commission(3)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Net Proceeds to<BR>
Company(1)(2)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Net Proceeds to<BR>
Selling Shareholders</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2>Per Share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT SIZE=2>Total Offering of Shares</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>U.S.$&#149;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1><B>Notes:</B></FONT></P>

<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Net
proceeds were determined after deducting the estimated expenses of the Offering in the amount of U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;which were paid or are payable by
the Company. No costs of the Offering will be paid by the Selling Shareholders.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>We
have granted the Underwriter an over-allotment option ("Over-Allotment Option"), exercisable for a period of 30&nbsp;days from the date of closing of the
Offering, to purchase up to a total of&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;additional shares of common stock from Tucows on the same terms as set out above solely to cover
over-allotments, if any, and for market stabilization purposes. If the Over-Allotment Option is exercised in full, the Price to the Public, the Underwriter's Commission and the
Net Proceeds to the Company will be U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;and U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, respectively.
This prospectus qualifies the grant of the Over-Allotment Option and the distribution of shares of common stock to be sold upon exercise of the Over-Allotment Option. See "Plan
of Distribution".
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>We
and the Selling Shareholders will pay the Underwriter a commission representing 6% of the gross proceeds from the sale of shares of common stock issued pursuant to the Offering. We
will also grant to the Underwriter compensation options ("Compensation Options") to acquire that number of shares of common stock equal to 7% of the number of shares of common stock issued from
treasury and sold pursuant to the Offering. The Compensation Options are exercisable at any time for a price of U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;per share for a period of
24&nbsp;months after the closing of the Offering. This prospectus qualifies the issue of the Compensation Options</FONT><FONT SIZE=1><B>.</B></FONT></DD></DL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucows is incorporated under the laws of the Commonwealth of Pennsylvania, United States of America and certain of the Selling Shareholders area
incorporated in foreign jurisdictions. It may not be possible for investors to collect from these Selling Shareholders and/or Tucows, despite Tucows having its head office in Toronto, judgments
obtained in courts in Canada predicated on the civil liability provisions of securities legislation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Investment in the securities offered hereby should be considered to be speculative due to various factors, which should be carefully reviewed by prospective
investors. See "Risk Factors".</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriter, as principal, conditionally offers the shares of common stock, subject to prior sale, if, as and when issued by the Company and accepted by the Underwriter in accordance
with the conditions contained in the underwriting agreement referred to under "Plan of Distribution" and subject to the approval of certain legal matters on behalf of the Company by Cassels
Brock&nbsp;&amp; Blackwell LLP with respect to matters of Canadian law and by Morgan, Lewis&nbsp;&amp; Bockius LLP with respect to matters of U.S. law and on behalf of the Underwriter by Stikeman Elliott
LLP with respect to matters of Canadian law and Hodgson Russ LLP with respect to matters of U.S. law. See "Plan of Distribution". </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions
for the shares of common stock will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time
without notice. It is expected that the closing of this Offering will take place on&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2005 or on such other date as the Company, the Selling Shareholders and
the Underwriter may agree upon, but not later than&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;, 2005. Certificates representing the shares of common stock will be available for delivery on or about
closing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=129,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=928668,FOLIO='C-2',FILE='DISK124:[05PHI1.05PHI1191]BA1191A.;11',USER='MBARTAS',CD='15-JUN-2005;14:47' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ca1191_1_3"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_alternate_page_for_canadian_prospectus"> </A>
<A NAME="toc_ca1191_1"> </A>
<BR></FONT><FONT SIZE=2><B>Alternate Page for Canadian Prospectus    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_table_of_contents"> </A>
<A NAME="toc_ca1191_2"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>GENERAL MATTERS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-3</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>INDUSTRY DATA AND TRADEMARKS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-3</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>CURRENCY INFORMATION</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-3</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>NOTICE TO INVESTORS REGARDING GAAP</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-3</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>CONTINUOUS DISCLOSURE</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-4</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>ELIGIBILITY FOR INVESTMENT</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-4</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>CERTAIN CANADIAN INCOME TAX MATTERS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-4</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>MATERIAL CONTRACTS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-6</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B><BR>
AUDITORS, TRANSFER AGENT AND REGISTRAR</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B><BR>
C-6</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>LEGAL MATTERS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-7</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>PURCHASERS' STATUTORY RIGHTS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-7</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>UNITED STATES PROSPECTUS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-7</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>AUDITORS' CONSENT</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-I</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>CERTIFICATE OF THE COMPANY</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-II</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><B>CERTIFICATE OF THE UNDERWRITER</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><B>C-III</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="ca1191_general_matters"> </A>
<A NAME="toc_ca1191_3"> </A>
<BR>    GENERAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information contained on our website is not to be deemed part of this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated, references in this prospectus to "Tucows" or the "Company" are references to Tucows&nbsp;Inc. and its subsidiaries, or where appropriate, the predecessors
of such entities. Any and all opinions and estimates presented are those of Tucows' management. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_industry_data_and_trademarks"> </A>
<A NAME="toc_ca1191_4"> </A>
<BR></FONT><FONT SIZE=2><B>INDUSTRY DATA AND TRADEMARKS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market data and industry forecasts used in this prospectus were obtained from various publicly available sources. Although management believes that these
independent sources are generally reliable, the accuracy and completeness of such information is not guaranteed and has not been independently verified. This prospectus contains certain of Tucows'
product names, trade names and trademarks and those of other organizations, all of which are the property of their respective owners. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_currency_information"> </A>
<A NAME="toc_ca1191_5"> </A>
<BR></FONT><FONT SIZE=2><B>CURRENCY INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, all currency amounts in this prospectus are stated in U.S. dollars. The following table sets out: (a)&nbsp;the rate of exchange for
one U.S. dollar in Canadian dollars in effect at the end of each of the following periods, (b)&nbsp;the high and low rate of exchange during those periods, and (c)&nbsp;the average rate of
exchange for those periods, based on the Bank of Canada noon buying rates of exchange published by the Bank of Canada: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="53%" ALIGN="CENTER"><FONT SIZE=1><B>Period</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>High</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Low</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Average</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>End of Period</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Three months ended March 31, 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2566</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.1987</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2263</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2096</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Year Ended December 31, 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.3968</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.1774</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.3015</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2036</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Year Ended December 31, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.5796</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2924</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.4022</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.2924</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Year Ended December 31, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.6132</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.5110</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.5704</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.5796</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;14, 2005, the noon buying rate for one U.S. dollar in Canadian dollars published by the Bank of Canada was $1.00&nbsp;= Cdn.$1.2554. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=130,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=341758,FOLIO='C-3',FILE='DISK124:[05PHI1.05PHI1191]CA1191A.;10',USER='MBARTAS',CD='15-JUN-2005;15:26' -->
<A NAME="page_ca1191_1_4"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>Alternate Page for Canadian Prospectus  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_notice_to_investors_regarding_gaap"> </A>
<A NAME="toc_ca1191_6"> </A></FONT> <FONT SIZE=2><B>NOTICE TO INVESTORS REGARDING GAAP    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements included in this prospectus have been prepared in accordance with United States generally accepted accounting principles, which differ in
certain respects from Canadian generally accepted accounting principles. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_continuous_disclosure"> </A>
<A NAME="toc_ca1191_7"> </A>
<BR></FONT><FONT SIZE=2><B>CONTINUOUS DISCLOSURE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the filing of the final prospectus with the securities regulatory authorities in the various provinces of Canada, we will become a reporting issuer under the
securities laws of such jurisdictions that provide for a reporting issuer regime. Pursuant to the rules of the securities regulatory authorities of such jurisdictions, we (or, in the case of insider
reporting, our insiders) are generally exempt from the requirements of the laws of such jurisdictions relating to continuous disclosure, proxy solicitation and insider reporting. These rules generally
permit us to comply with certain informational requirements applicable in the U.S. instead of the continuous disclosure requirements normally applicable in such Canadian jurisdictions, provided that
the relevant documents are filed with the securities regulatory authorities in the relevant Canadian jurisdictions and are provided to security holders in Canada to the extent and in the manner and
within the time required by applicable U.S. requirements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_eligibility_for_investment"> </A>
<A NAME="toc_ca1191_8"> </A>
<BR></FONT><FONT SIZE=2><B>ELIGIBILITY FOR INVESTMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Cassels Brock&nbsp;&amp; Blackwell LLP, counsel for Tucows and Stikeman Elliott LLP, counsel to the Underwriter, if, as and when listed on a
prescribed stock exchange, which includes the Toronto Stock Exchange, the shares of common stock will be qualified investments under the </FONT><FONT SIZE=2><I>Income Tax Act</I></FONT><FONT SIZE=2>
(Canada) and the regulations thereunder (the "Tax Act") for trusts governed by registered retirement savings plans, registered retirement income funds and deferred profit sharing plans (collectively
the "Plans") and registered, education saving plans. In the opinion of such counsel, Tucows' shares of common stock, if issued on the date hereof, would constitute "foreign property" for the purposes
of computing the tax imposed under Part&nbsp;XI of the Tax Act on Plans (other than registered education savings plans), registered investments and other tax exempt entities, including most
registered pension funds or plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;23, 2005, the Minister of Finance (Canada) proposed in the federal budget tabled in the House of Commons that the limit in respect of foreign property that may be held
by the Plans and other persons subject to tax under Part&nbsp;XI of the Tax Act be eliminated for 2005 and subsequent years. On March&nbsp;24, 2005, a bill was introduced in the House of Commons
to implement this proposed elimination of the foreign property limit. There can be no assurance that such amendment will become law as proposed. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_certain_canadian_income_tax_matters"> </A>
<A NAME="toc_ca1191_9"> </A>
<BR></FONT><FONT SIZE=2><B>CERTAIN CANADIAN INCOME TAX MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Cassels Brock&nbsp;&amp; Blackwell LLP counsel to the Company, and Stikeman Elliott LLP, counsel to the Underwriter, the following is a summary of
the principal Canadian federal income tax considerations generally applicable to prospective purchasers of the shares of common stock offered by this prospectus who, within the meaning of the Tax Act,
and at all relevant times, are or are deemed to be residents of Canada, deal with the Company at arm's length, are not affiliated with the Company, are not in a relationship with the Company, such
that the Company is considered a "foreign affiliate" of such purchaser, and hold or will hold their shares of common stock as capital property. The shares of common stock will generally be considered
capital property to a purchaser unless either the purchaser holds such shares of common stock in the course of carrying on a business of buying and selling securities or the purchaser has acquired the
shares of common stock in a transaction or transactions considered to be an adventure in the nature of trade. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tax Act contains certain provisions (the "Mark-to-Market Rules") relating to securities held by certain financial institutions, registered securities dealers
and corporations controlled by one or more of the foregoing. This summary does not take into account the Mark-to-Market Rules nor any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=131,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=42865,FOLIO='C-4',FILE='DISK124:[05PHI1.05PHI1191]CA1191A.;10',USER='MBARTAS',CD='15-JUN-2005;15:26' -->
<A NAME="page_ca1191_1_5"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>Alternate Page for Canadian Prospectus  </B></FONT></P>

<P><FONT SIZE=2>proposed
amendments thereto, and taxpayers that are "financial institutions" as defined for the purpose of the Mark-to-Market Rules should consult their own tax advisors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based upon the current provisions of the Tax Act and regulations thereunder in force as at the date hereof, specific proposals to amend the Tax Act and regulations
thereunder that have been publicly announced by the Minister of Finance (Canada) prior to the date hereof (the "Proposed Amendments") and counsel's understanding of the current administrative policies
and assessing practices of the Canada Revenue Agency ("CRA"). This summary assumes that the Proposed Amendments will be enacted as currently proposed although no assurance can be given in that regard.
Except as otherwise indicated, this summary does not take into account or anticipate any changes in the applicable law, whether made by judicial, governmental or legislative decision or action nor
does it take into account provincial or foreign tax laws or considerations, which might differ significantly from those discussed herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary is not exhaustive of all possible Canadian federal income tax considerations applicable to an investment in shares of common stock, and does not
describe the income tax considerations relating to the deductibility of interest on money borrowed by a purchaser to acquire shares of common stock. On October&nbsp;31, 2003, the Minister of Finance
released draft proposals regarding the deductibility of interest and other expenses (the "October&nbsp;31, 2003 Tax Proposals") for public comment. In the Canadian federal budget of
February&nbsp;23, 2005, the Minister of Finance announced that an alternative proposal to replace the October&nbsp;31, 2003 Tax Proposals would be released for comment at an early opportunity. The
October&nbsp;31, 2003 Tax Proposals or the alternative proposal could, among other things, adversely affect a purchaser who has borrowed money to acquire shares of common stock pursuant to this
Offering. Moreover, the income and other tax consequences of acquiring, holding and disposing of shares of common stock will vary according to the status of the purchaser, the province or provinces in
which the purchaser resides or carries on business and, generally, the purchaser's own particular circumstances. Accordingly, the following summary is of a general nature only and is not intended to
constitute advice to any particular purchaser. Prospective purchasers should consult their own tax advisors with respect to the income tax consequences of investing in shares of common stock, based on
the purchaser's particular circumstances.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of shares of common stock (including dividends, adjusted cost base and proceeds of
disposition) must be expressed in Canadian dollars. Amounts denominated in United States dollars must be converted into Canadian dollars based on the prevailing United States dollar exchange rate
generally at the time such amounts arise. </FONT></P>


<P><FONT SIZE=2><I>Dividends on shares of common stock  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends received on the shares of common stock (including any related withholding tax) by a holder will be included in computing that holder's income for tax
purposes. Such dividends received by an individual will not be subject to the gross-up and dividend tax credit rules in the Tax Act. A holder that is a corporation generally will not be
entitled to deduct the amount of such dividends in computing its taxable income. A holder that is a "Canadian-controlled private corporation", as defined in the Tax Act, may be liable to pay an
additional refundable tax of 6<SUP>2</SUP>/<SMALL>3</SMALL>% on such dividends. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to certain limitations, any withholding tax paid by a holder in respect of dividends on the shares of common stock will be treated as a foreign non-business income
tax that is potentially eligible for credit against the holder's Canadian federal income tax, or deductible in computing the holder's income, in the circumstances and to the extent provided in the Tax
Act. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=132,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=113152,FOLIO='C-5',FILE='DISK124:[05PHI1.05PHI1191]CA1191A.;10',USER='MBARTAS',CD='15-JUN-2005;15:26' -->
<A NAME="page_ca1191_1_6"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>Alternate Page for Canadian Prospectus  </B></FONT></P>


<P><FONT SIZE=2><I>Dispositions of shares of common stock  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A disposition or deemed disposition by a holder of a share of common stock will generally result in the holder realizing a capital gain (or capital loss) equal to
the amount by which the proceeds of disposition of the share of common stock are greater (or less) than the aggregate of the holder's adjusted cost base of the share of common stock and any reasonable
costs of disposition. A holder's adjusted cost base of a share of common stock will generally be the amount paid therefor plus any reasonable costs of acquisition. One-half of any capital
gain (a "taxable capital gain") generally must be included in the holder's income for the taxation year of the disposition, and one-half of any capital loss (an "allowable capital loss")
realized in a taxation year may generally be deducted from taxable capital gains realized in the year of disposition. Allowable capital losses in excess of taxable capital gains for a particular year
may be deducted from taxable capital gains realized in the three preceding taxation years or any subsequent taxation year, subject to detailed rules contained in the Tax Act in this regard. The amount
of any capital loss realized by a holder that is a corporation on the disposition of shares of common stock may be reduced by the amount of any dividends received or deemed to be received by such
holder subject to and in accordance with the provisions of the Tax Act. Similar rules may apply to a partnership or trust of which a corporation, trust or partnership is a member or beneficiary. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
capital gain realized by a holder who is an individual may give rise to a liability for alternative minimum tax. A holder that is a "Canadian-controlled private corporation", as
defined in the Tax Act, may be liable to pay an additional refundable tax of 6<SUP>2</SUP>/<SMALL>3</SMALL>% on taxable capital gains. </FONT></P>

<P><FONT SIZE=2><I>Foreign Property Information Reporting  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder who is a "specified Canadian entity", as defined in the Tax Act, may be required to file an information return relating to any "specified foreign
property" (which includes the shares of common stock) owned by such holder. Holders are advised to consult their own tax advisors. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_material_contracts"> </A>
<A NAME="toc_ca1191_10"> </A>
<BR></FONT><FONT SIZE=2><B>MATERIAL CONTRACTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for agreements entered into in the ordinary course of business, the only material agreements which the Company has entered into during the
two-year period prior to the date hereof are the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Lease
between 707932 Ontario Limited and Tucows International Corporation, dated December&nbsp;10, 1999 and extended by Extension Agreement between 707932 Ontario Limited and
Tucows&nbsp;Inc. and Tucows.com Co.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Stock
purchase agreement between Boardtown Corporation and Tucows&nbsp;Inc. dated as of April&nbsp;20, 2004. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of each of the foregoing agreements may be inspected during ordinary business hours at the head office of the Company located at 96 Mowat Avenue, Toronto, Ontario during the
period of distribution of the shares of common stock and for a period of 30&nbsp;days thereafter. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_auditors,_transfer_agent_and_registrar"> </A>
<A NAME="toc_ca1191_11"> </A>
<BR></FONT><FONT SIZE=2><B>AUDITORS, TRANSFER AGENT AND REGISTRAR    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditors of the Company are KPMG LLP, Chartered Accountants, Suite 3300, Commerce Court West, 199 Bay Street, Toronto, Ontario, M5L&nbsp;1B2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transfer agent and registrar for the shares of common stock is StockTrans,&nbsp;Inc. at its principal offices in Armore, Pennsylvania, United States and Equity Transfer
Services&nbsp;Inc. at its principal offices in Toronto, Ontario, Canada. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=133,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=257138,FOLIO='C-6',FILE='DISK124:[05PHI1.05PHI1191]CA1191A.;10',USER='MBARTAS',CD='15-JUN-2005;15:26' -->
<A NAME="page_ca1191_1_7"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>Alternate Page for Canadian Prospectus  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_legal_matters"> </A>
<A NAME="toc_ca1191_12"> </A></FONT> <FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters relating to Canadian law will be passed upon on behalf of the Company by Cassels Brock&nbsp;&amp; Blackwell LLP and on behalf of the
Underwriter by Stikeman Elliott LLP. Certain legal matters relating to U.S. law will be passed upon by Morgan, Lewis&nbsp;&amp; Brockius LLP on behalf of the Company and Hodgson Russ LLP on behalf of
the Underwriter. As at the date of this prospectus, the partners and associates of each of Cassels Brock&nbsp;&amp; Blackwell LLP, Morgan, Lewis&nbsp;&amp; Brockius LLP, Stikeman Elliott LLP and Hodgson
Russ LLP, respectively as a group, owned beneficially, directly or indirectly, less than one per cent of the outstanding shares of common stock of the Company. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_purchasers__statutory_rights"> </A>
<A NAME="toc_ca1191_13"> </A>
<BR></FONT><FONT SIZE=2><B>PURCHASERS' STATUTORY RIGHTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities legislation in certain provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be
exercised within two business days after receipt or deemed receipt of a prospectus and any amendment. In several provinces, securities legislation further provides a purchaser with remedies for
rescission or damages if the prospectus or any amendment contains a misrepresentation or is not delivered to the purchaser, provided that such remedies for rescission or damages are exercised by the
purchaser within the time limit prescribed by securities legislation in the purchaser's province. The purchaser should refer to any applicable provisions of applicable securities legislation for the
particulars of these rights or consult with a legal adviser. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1191_united_states_prospectus"> </A>
<A NAME="toc_ca1191_14"> </A>
<BR></FONT><FONT SIZE=2><B>UNITED STATES PROSPECTUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached is the prospectus forming part of the Form&nbsp;S-1 registration statement filed with the Securities and Exchange Commission in the United
States in connection with the U.S. offering, or the U.S. Prospectus. The U.S. Prospectus is deemed to form&nbsp;a part of this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-7</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=134,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=355344,FOLIO='C-7',FILE='DISK124:[05PHI1.05PHI1191]CA1191A.;10',USER='MBARTAS',CD='15-JUN-2005;15:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cc1191_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cc1191_alternate_page_for_canadian_prospectus"> </A>
<A NAME="toc_cc1191_1"> </A>
<BR></FONT><FONT SIZE=2><B>Alternate Page for Canadian Prospectus    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cc1191_auditors__consent"> </A>
<A NAME="toc_cc1191_2"> </A>
<BR></FONT><FONT SIZE=2><B>AUDITORS' CONSENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have read the preliminary prospectus dated June&nbsp;15, 2005 relating to the sale and issue of common stock of Tucows&nbsp;Inc. (the "Company") from
treasury and sale of common stock by certain shareholders. We have complied with Canadian generally accepted standards for an auditor's involvement with offering documents. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the use in the above-mentioned preliminary prospectus of our report to the Board of Directors of the Company on the consolidated balance sheets of the Company as at
December&nbsp;31, 2004 and 2003 and the related consolidated statements of operations, stockholders' equity (deficiency) and cash flows for each of the years in the three-year period
ended December&nbsp;31, 2004. Our report is dated February&nbsp;7, 2005, (except as to note&nbsp;12, which is as of April&nbsp;30, 2005). </FONT></P>

<P><FONT SIZE=2>(Signed)
KPMG LLP<BR>
Toronto, Canada<BR>
June&nbsp;15, 2005.<BR>
Chartered Accountants </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-I</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=135,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=25839,FOLIO='C-I',FILE='DISK124:[05PHI1.05PHI1191]CC1191A.;7',USER='MBARTAS',CD='15-JUN-2005;16:08' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ce1191_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1191_alternate_page_for_canadian_prospectus"> </A>
<A NAME="toc_ce1191_1"> </A>
<BR></FONT><FONT SIZE=2><B>Alternate Page for Canadian Prospectus    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1191_certificate_of_the_company"> </A>
<A NAME="toc_ce1191_2"> </A>
<BR></FONT><FONT SIZE=2><B>CERTIFICATE OF THE COMPANY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>Dated
June&nbsp;15, 2005 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus, together with the documents and information incorporated herein by reference, will, as of the date of the supplemented prospectus providing the information permitted to
be omitted from this prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of
each of the provinces of Canada. For purposes of the Province of Qu&eacute;bec, this prospectus will as the date of the supplemented prospectus contain no misrepresentation that is likely to
affect the value or the market price of the securities to be distributed. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>(Signed) Elliot Noss<BR>
President and Chief Executive Officer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>(Signed) Michael Cooperman<BR>
Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2><BR>
On behalf of the Board of Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
(Signed) Stanley Stern<BR>
Director</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
(Signed) Lloyd Morrisett<BR>
Director</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>C-II</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=136,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=158687,FOLIO='C-II',FILE='DISK124:[05PHI1.05PHI1191]CE1191A.;3',USER='CNAPOLE',CD='15-JUN-2005;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_cg1191_1_3"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1191_alternate_page_for_canadian_prospectus"> </A>
<A NAME="toc_cg1191_1"> </A>
<BR></FONT><FONT SIZE=2><B>Alternate Page for Canadian Prospectus    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1191_certificate_of_the_underwriter"> </A>
<A NAME="toc_cg1191_2"> </A></FONT> <FONT SIZE=2><B>CERTIFICATE OF THE UNDERWRITER    <BR>    </B></FONT></P>

<P><FONT SIZE=2>Dated
June&nbsp;15, 2005 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the best of our knowledge, information and belief, this prospectus, together with the <BR>
documents incorporated herein by reference, will, as of the date of the supplemented prospectus providing the information permitted to be omitted from this prospectus, constitute full, true and plain
disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of each of the provinces of Canada. For purposes of the Province of
Qu&eacute;bec, to our knowledge, this prospectus will as of the date of the supplemented prospectus contain no misrepresentation that is likely to affect the value or the market price of the
securities to be distributed. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>DESJARDINS
SECURITIES INC.<BR>
By: (signed) Jeffrey F. Olin </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-III</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=137,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=273602,FOLIO='C-III',FILE='DISK124:[05PHI1.05PHI1191]CG1191A.;4',USER='MBARTAS',CD='15-JUN-2005;14:51' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=5><B>TUCOWS&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B> Common Stock  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=3><B> PROSPECTUS  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>DESJARDINS SECURITIES INTERNATIONAL&nbsp;INC.  </B></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2><B>The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting offers to buy or sell these securities in any state
where the offer or sale is not permitted.</B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=138,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=797008,FOLIO='blank',FILE='DISK124:[05PHI9.05PHI1189]HO1189A.;7',USER='MBARTAS',CD='14-JUN-2005;19:16' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ja1189_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ja1189_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ja1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART&nbsp;II    <BR>    <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><A
NAME="ja1189_item_13._other_expenses_of_issuance_and_distribution"> </A>
<A NAME="toc_ja1189_2"> </A></FONT> <FONT SIZE=2><B>Item&nbsp;13. </B></FONT><FONT SIZE=2><B><I>Other Expenses of Issuance and Distribution    <BR>    </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expenses payable in connection with this offering are as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="66%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Securities and Exchange Commission registration fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4,238</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>NASD Filing Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4,100</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Printing and engraving expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Legal fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Accounting fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>American Stock Exchange Listing Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Toronto Stock Exchange Listing Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Blue Sky fees and expenses (including legal fees)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="82%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>To
be filed by amendment. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
expenses are estimated except for the SEC fee. </FONT></P>

<P><FONT SIZE=2><A
NAME="ja1189_item_14._indemnification_of_directors_and_officers"> </A>
<A NAME="toc_ja1189_3"> </A>
<BR></FONT><FONT SIZE=2><B>Item&nbsp;14. </B></FONT><FONT SIZE=2><B><I>Indemnification of Directors and Officers    <BR>    </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1741 of the Pennsylvania Business Corporation Law, or the PBCL, empowers a corporation to indemnify any officer or director acting in his or her
capacity as a representative of the corporation who was or is a party or is threatened to be made a party to any action or proceeding against expenses, judgments, penalties, fines and amounts paid in
settlement in connection with such action or proceeding whether the action was instituted by a third party or arose by or in the right of the corporation. The PBCL limits the ability of a corporation
to indemnify its officers and directors for conduct constituting willful misconduct or recklessness, or acts in violation of criminal statute. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws provide that our directors and officers shall not be personally liable for monetary damages for any action taken, or any failure to take any action, unless the director has
breached or failed to perform the duties of his office under Chapter&nbsp;5, Subchapter&nbsp;B of the PBCL and Section&nbsp;1721 of the PBCL and such breach or failure to perform constitutes
self-dealing, willful misconduct or recklessness. Further, the bylaws provide that indemnification shall not apply to the responsibility or liability of a director or officer pursuant to
any criminal statute or for the payment of taxes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws provide for the indemnification, to the full extent not prohibited by law, each director or officer (or his or her heir, executor or administrator) who was or is made a party
or is threatened to be made a party to or is otherwise involved in (as a witness or otherwise) any threatened, pending or completed action, suit, or proceeding, against all expenses, liability and
loss (including but not limited to attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement (whether with or without court approval), actually or
reasonably incurred or paid by such person in connection therewith. In the case of a proceeding initiated by the person seeking the
indemnification, indemnification will only be granted if such proceeding was authorized by the board of directors. The bylaws provide for the advancement of expenses, but only upon the receipt of an
undertaking by or on behalf of the director or officer to repay all amounts so advanced if and to the extent it shall ultimately be determined that he or she is not entitled to be indemnified. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
our bylaws provide that the board of directors may authorize us to purchase and maintain directors' and officers' liability insurance, insuring against any liability asserted
against him and incurred </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=139,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=581883,FOLIO='II-1',FILE='DISK124:[05PHI9.05PHI1189]JA1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_ja1189_1_2"> </A>
<BR>

<P><FONT SIZE=2>by
him in his capacity or arising out of his status as a director and/or officer to the extent authorized by law. </FONT></P>

<P><FONT SIZE=2><A
NAME="ja1189_item_15._recent_sales_of_unregistered_securities"> </A>
<A NAME="toc_ja1189_4"> </A>
<BR></FONT><FONT SIZE=2><B>Item&nbsp;15. </B></FONT><FONT SIZE=2><B><I>Recent Sales of Unregistered Securities    <BR>    </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;27, 2004, we acquired all of the outstanding capital stock of Boardtown Corporation. In consideration for the stock of Boardtown, we issued the
four former shareholders of Boardtown an aggregate of $2&nbsp;million in cash and 356,631 shares of our common stock. In addition, we placed $1&nbsp;million in cash and 1,069,900 shares of our
common stock into an escrow account to be released to the former shareholders if certain performance milestones were achieved. We relied on the exemption from the registration requirements of the
Securities Act provided by section&nbsp;4(2) thereof. </FONT></P>


<P><FONT SIZE=2><A
NAME="ja1189_item_16._exhibits_and_financial_statement_schedules"> </A>
<A NAME="toc_ja1189_5"> </A>
<BR></FONT><FONT SIZE=2><B>Item&nbsp;16. </B></FONT><FONT SIZE=2><B><I>Exhibits and Financial Statement Schedules    <BR>    </I></B></FONT></P>

<UL>

<P><FONT SIZE=2><B> (a)&nbsp;Exhibits:  </B></FONT></P>
</UL>
<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit<BR>
Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Form of Underwriting Agreement, by and among Tucows&nbsp;Inc., Desjardins Securities&nbsp;Inc. and certain shareholders of Tucows&nbsp;Inc. named therein.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Third Amended and Restated Articles of Incorporation of Tucows&nbsp;Inc. (Incorporated by reference to Exhibit&nbsp;3.1 filed with Tucows' report on From&nbsp;8-K, as filed with the Securities and Exchange Commission, or SEC, on September&nbsp;6,
2001).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amended and Restated Bylaws of Tucows&nbsp;Inc. (Incorporated by reference to Exhibit&nbsp;3.2 filed with Tucows' registration statement on From&nbsp;S-4 (File No.&nbsp;333-60306), or the Registration Statement, as filed with the SEC on May&nbsp;4,
2001).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Opinion of Morgan, Lewis&nbsp;&amp; Bockius LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Registration Rights Agreement, dated as of August&nbsp;28, 2001, by and among Infonautics,&nbsp;Inc., Parman Holding Corp., Yossi Vardi, Redel&nbsp;Inc., Hapoalim Nechasim (Menayot)&nbsp;Ltd., Eurocom Communications&nbsp;Ltd., XDL U.S.
Holdings&nbsp;Inc., FIBI Investment House&nbsp;Ltd., STI Ventures N.V. and Scorpio Communications&nbsp;Ltd. (Incorporated by reference to Exhibit&nbsp;10.27 filed with Tucows' Post-Effective Amendment No.&nbsp;1 to the Registration Statement, as
filed with the SEC on October&nbsp;19, 2001).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Stock Purchase Agreement, dated as of April&nbsp;20, 2004, by and between Tucows&nbsp;Inc., Boardtown Corporation and the shareholders of Boardtown named therein (Incorporated by reference to Exhibit&nbsp;2.1 filed with Tucows' report on
Form&nbsp;8-K, as filed with the SEC on May&nbsp;11, 2004).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amendment to Stock Purchase Agreement, dated as of May&nbsp;3, 2005, by and between Tucows&nbsp;Inc., Boardtown Corporation and the shareholders of Boardtown named therein (Incorporated by reference to Exhibit&nbsp;10.1 filed with Tucows' report on
Form&nbsp;8-K, as filed with the SEC on May&nbsp;5, 2005).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amended and Restated 1996 Equity Compensation Plan Agreement (Incorporated by reference to Exhibit&nbsp;4.3 filed with Tucows' registration statement on Form&nbsp;S-8, as filed with the SEC on November&nbsp;27, 2001).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Employment Agreement dated January&nbsp;22, 2003 between Tucows.com Co. and Elliot Noss (Incorporated by reference to Exhibit&nbsp;10.5 filed with Tucows' report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003, as filed with the SEC on
March&nbsp;28, 2004).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=140,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=854369,FOLIO='II-2',FILE='DISK124:[05PHI9.05PHI1189]JA1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_ja1189_1_3"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Employment Agreement dated March&nbsp;11, 2003 between Tucows.com Co. and Michael Cooperman (Incorporated by reference to Exhibit&nbsp;10.5 filed with Tucows' report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003, as filed with the SEC
on March&nbsp;28, 2004).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Employment Agreement dated March&nbsp;11, 2003 between Tucows.com Co. and Supriyo Sen (Incorporated by reference to Exhibit&nbsp;10.5 filed with Tucows' report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003, as filed with the SEC on
March&nbsp;28, 2004).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Employment Agreement dated March&nbsp;11, 2003 between Tucows.com Co. and Graham Morris (Incorporated by reference to Exhibit&nbsp;10.6 filed with Tucows' report on Form&nbsp;10-K for the year ended December&nbsp;31, 2004, as filed with the SEC on
March&nbsp;24, 2005).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Lease between 707932 Ontario Limited and Tucows International Corporation, dated December&nbsp;10, 1999 (Incorporated by reference to Exhibit&nbsp;10.9 filed with Tucows' report on Form&nbsp;10-K for the year ended December&nbsp;31, 2001, as filed
with the SEC on April&nbsp;1, 2002).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Lease extension between 707932 Ontario Limited and Tucows&nbsp;Inc. and Tucows.com Co, dated September&nbsp;1, 2004 (Incorporated by reference to Exhibit&nbsp;10.5 filed with Tucows' report on Form&nbsp;10-K for the year ended December&nbsp;31, 2004,
as filed with the SEC on March&nbsp;23, 2005).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Description of Tucows Fiscal 2004 At Risk Compensation Plan (Incorporated by reference to Exhibit&nbsp;10.9 filed with Tucows' report on Form&nbsp;10-K for the year ended December&nbsp;31, 2004, as filed with the SEC on March&nbsp;23,
2005).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Subsidiaries of the Registrants (Incorporated by reference to Exhibit&nbsp;21.1 filed with Tucows' report on From 10-K for the year ended December&nbsp;31, 2004, as filed with the SEC on March&nbsp;24, 2005).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1#</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of KPMG LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Morgan, Lewis&nbsp;&amp; Bockius LLP (included in Exhibit&nbsp;5.1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.1#</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Power of Attorney (included on signature page to this registration statement).</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>To
be filed by amendment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>#</FONT></DT><DD><FONT SIZE=2>Filed
herewith. </FONT></DD></DL>
<BR>
<UL>

<P><FONT SIZE=2><B><I> Financial Statement Schedules  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission is either included in the financial
statements or is not required under the related instructions or is inapplicable, and therefore has been omitted. </FONT></P>

<P><FONT SIZE=2><A
NAME="ja1189_item_17._undertakings"> </A>
<A NAME="toc_ja1189_6"> </A>
<BR></FONT><FONT SIZE=2><B>Item&nbsp;17. </B></FONT><FONT SIZE=2><B><I>Undertakings    <BR>    </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933, or the Act, may be permitted to directors, officers and controlling persons
of the Registrant pursuant to provisions described in Item&nbsp;14 above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=141,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=72766,FOLIO='II-3',FILE='DISK124:[05PHI9.05PHI1189]JA1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<A NAME="page_ja1189_1_4"> </A>
<BR>

<P><FONT SIZE=2>controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant also hereby undertakes that: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;For
purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration
statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to
be part of this registration statement as of the time it was declared effective. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;For
the purposes of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be
deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona
fide</I></FONT><FONT SIZE=2> offering thereof. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=142,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=351149,FOLIO='II-4',FILE='DISK124:[05PHI9.05PHI1189]JA1189A.;5',USER='MBARTAS',CD='14-JUN-2005;18:17' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_jc1189_1_5"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1189_signatures"> </A>
<A NAME="toc_jc1189_1"> </A>
<BR></FONT><FONT SIZE=2><B>Signatures    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Toronto, Province of Ontario, Canada, on June&nbsp;15, 2005. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>TUCOWS&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELLIOT NOSS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><B><I>Elliot Noss</I></B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><B><I>President and Chief Executive Officer</I></B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1189_power_of_attorney"> </A>
<A NAME="toc_jc1189_2"> </A>
<BR></FONT><FONT SIZE=2><B>Power of Attorney    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person in so signing below also makes, constitutes, and appoints Elliot Noss and Michael Cooperman and each of them acting alone, his true and lawful
attorney-in-fact, with full power of substitution, to execute and cause to be filed with the Securities and Exchange Commission pursuant to the requirements of the Securities
Act of 1933, as amended, any and all amendments and post-effective amendments to this Registration Statement, and including any Registration Statement for the same offering that is to be
effective upon filing pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, as amended, with exhibits thereto and other documents in connection therewith, and hereby ratifies and confirms
all that said attorney-in-fact or his substitute or substitutes may do or cause to be done by virtue hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates
indicated. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>
&nbsp;</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELLIOT NOSS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Elliot Noss</I></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><FONT SIZE=2><B><I>President, Chief Executive Officer and&nbsp;Director<BR>
(Principal Executive Officer)</I></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=2>June&nbsp;15, 2005</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MICHAEL COOPERMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Michael Cooperman</I></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><FONT SIZE=2><B><I><BR>
Chief Financial Officer<BR>
(Principal Financial and Accounting&nbsp;Officer)</I></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=2><BR>
June&nbsp;15, 2005</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STANLEY STERN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Stanley Stern</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B><I><BR>
Director</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
June&nbsp;15, 2005</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>EUGENE FIUME</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Eugene Fiume</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B><I><BR>
Director</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
June&nbsp;15, 2005</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>EREZ GISSIN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Erez Gissin</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B><I><BR>
Director</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
June&nbsp;15, 2005</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=143,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=693269,FOLIO='II-5',FILE='DISK124:[05PHI9.05PHI1189]JC1189A.;5',USER='MBARTAS',CD='14-JUN-2005;19:19' -->
<A NAME="page_jc1189_1_6"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALAN LIPTON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Alan Lipton</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B><I><BR>
Director</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
June&nbsp;15, 2005</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>LLOYD MORRISETT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Lloyd Morrisett</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B><I><BR>
Director</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
June&nbsp;15, 2005</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="35%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JEFFREY SCHWARTZ</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B><I>Jeffrey Schwartz</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><B><I><BR>
Director</I></B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><B><I><BR>&nbsp;</I></B></FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
June&nbsp;15, 2005</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=144,EFW="2159670",CP="TUCOWS INC",DN="1",CHK=186011,FOLIO='II-6',FILE='DISK124:[05PHI9.05PHI1189]JC1189A.;5',USER='MBARTAS',CD='14-JUN-2005;19:19' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="05PHI1189_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bc1189_1">EXPLANATORY NOTE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg1189_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca1189_1">PROSPECTUS SUMMARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1189_1">RISK FACTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg1189_1">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1189_2">USE OF PROCEEDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1189_3">MARKET PRICE AND DIVIDEND POLICY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1189_4">CONSOLIDATED CAPITALIZATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di1189_1">SELECTED CONSOLIDATED FINANCIAL DATA</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk1189_1">MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do1189_1">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq1189_1">BUSINESS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dw1189_1">MANAGEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dy1189_1">OPTIONS TO PURCHASE SECURITIES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ea1189_1">PRINCIPAL AND SELLING SHAREHOLDERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ea1189_2">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO NON-UNITED STATES HOLDERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ec1189_1">DESCRIPTION OF CAPITAL STOCK</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec1189_2">SHARES ELIGIBLE FOR FUTURE SALE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ee1189_1">PLAN OF DISTRIBUTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ee1189_2">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ee1189_3">EXPERTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ee1189_4">WHERE YOU CAN FIND MORE INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_eg1189_1">GLOSSARY OF TECHNICAL TERMS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fa1189_1">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fc1189_1">Tucows Inc. Consolidated Balance Sheets (Dollar amounts in U.S. dollars)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fc1189_2">Tucows Inc. Consolidated Statements of Operations (Dollar amounts in U.S. dollars) (unaudited)</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fe1189_1">Tucows Inc. Consolidated Statements of Stockholders' Equity (Dollar amounts in U.S. dollars) (Unaudited)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fe1189_2">Tucows Inc. Consolidated Statements of Stockholders' Equity (Dollar amounts in U.S. dollars) (Unaudited)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fe1189_3">Tucows Inc. Consolidated Statements of Cash Flow (Dollar amounts in U.S. dollars) (unaudited)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fg1189_1">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fi1189_1">Report of Independent Registered Public Accounting Firm</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fk1189_1">Tucows Inc. Consolidated Balance Sheets (Dollar amounts in U.S. dollars)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fk1189_2">Tucows Inc. Consolidated Statements of Operations (Dollar amounts in U.S. dollars)</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fm1189_1">Tucows Inc. Consolidated Statements of Stockholders' Equity (Deficiency) (Dollar amounts in U.S. dollars)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fm1189_2">Tucows Inc. Consolidated Statements of Cash Flows (Dollar amounts in U.S. dollars)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fo1189_1">Tucows Inc. Notes to Consolidated Financial Statements (Dollar amounts in U.S. dollars)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca1191_1">Alternate Page for Canadian Prospectus</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_2">TABLE OF CONTENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_3">GENERAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_4">INDUSTRY DATA AND TRADEMARKS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_5">CURRENCY INFORMATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_6">NOTICE TO INVESTORS REGARDING GAAP</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_7">CONTINUOUS DISCLOSURE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_8">ELIGIBILITY FOR INVESTMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_9">CERTAIN CANADIAN INCOME TAX MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_10">MATERIAL CONTRACTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_11">AUDITORS, TRANSFER AGENT AND REGISTRAR</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_12">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_13">PURCHASERS' STATUTORY RIGHTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1191_14">UNITED STATES PROSPECTUS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cc1191_1">Alternate Page for Canadian Prospectus</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cc1191_2">AUDITORS' CONSENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ce1191_1">Alternate Page for Canadian Prospectus</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ce1191_2">CERTIFICATE OF THE COMPANY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cg1191_1">Alternate Page for Canadian Prospectus</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cg1191_2">CERTIFICATE OF THE UNDERWRITER</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ja1189_1">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
<UL>
<FONT SIZE=2><A HREF="#toc_ja1189_2">Item 13. Other Expenses of Issuance and Distribution</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja1189_3">Item 14. Indemnification of Directors and Officers</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja1189_4">Item 15. Recent Sales of Unregistered Securities</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja1189_5">Item 16. Exhibits and Financial Statement Schedules</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja1189_6">Item 17. Undertakings</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc1189_1">Signatures</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc1189_2">Power of Attorney</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=MBARTAS,SEQ=,EFW="2159670",CP="TUCOWS INC",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>a2159670zex-23_1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#05PHI1189_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 23.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka1190_consent_of_independent___ka102324"> </A>
<A NAME="toc_ka1190_1"> </A>
<BR></FONT><FONT SIZE=2><B>Consent of Independent Registered Public Accounting Firm    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
Board of Directors<BR>
Tucows&nbsp;Inc.: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the use of our report included herein and to the reference to our firm under the heading "Experts" in the prospectus. </FONT></P>


<P><FONT SIZE=2>/s/
KPMG LLP<BR>
Toronto, Canada<BR>
June&nbsp;15, 2005 </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2159670",CP="TUCOWS INC",DN="2",CHK=36303,FOLIO='blank',FILE='DISK123:[05PHI0.05PHI1190]KA1190A.;2',USER='MTITUSS',CD='14-JUN-2005;12:20' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="05PHI1189_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ka1190_1">Consent of Independent Registered Public Accounting Firm</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=MBARTAS,SEQ=,EFW="2159670",CP="TUCOWS INC",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g137804.jpg
<DESCRIPTION>G137804.JPG
<TEXT>
begin 644 g137804.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`I35),3%]'4D%02$E#4SI;5%5#3U=3
M75150T]74U]+7TQ/1T\N15!3_]L`0P`'!08&!@4'!@8&"`@'"0L2#`L*"@L7
M$!$-$AL7'!P:%QH9'2$J)!T?*"`9&B4R)2@L+2\P+QTC-#@T+C<J+B\N_]L`
M0P$("`@+"@L6#`P6+AX:'BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN
M+BXN+BXN+BXN+BXN+BXN+BXN+BXN_\``$0@`:0'(`P$B``(1`0,1`?_$`!T`
M`0`"`P$!`0$````````````&!P0%"`,!`@G_Q`!8$``!`@0$`@0&"@P*"04`
M```!`@,`!`41!@<2(3%!"!-1810B-W&1LQ4R-G)T=8&QLM$8(S,X4E1E<Y*3
MH=(6*#5"559BE*3!-&-V@H2CT_#Q%R135X7_Q``4`0$`````````````````
M````_\0`%!$!`````````````````````/_:``P#`0`"$0,1`#\`Z1A"$`A"
M$`C!JU6IM'E3-U.=9E61MJ=5:Y[`.)/<(R)N9EY.6=FIIY#+#22I;BS9*0.9
M,4[7J)-8TJ#E7KGA,E2G$A%-8(LZAOFXH6LG7QL?&M;A`9<]G12U.F7I<F5K
M).AQ]5@$_A*2-P.RYC">S@F)690E]NEN,D((6VIT)5<$%(58@$*L#<6L3V1C
M*R^PHSX/+B66XRVK4\EQ9M,&W!9X[<0!P,:A_+6C!Q3K+TTE:@"IM)U:EIOP
M!VL186X7_8%LX0Q[2L1H:04B3F71=MM3J5I<[D+&Q([-C$QCBI^I2](GU-2+
M-49&JZ6WE:"+7W-P02.1X[<1RZ:RFQ6G$V'$I?F_"*C*61,+*=-P;E)[S;8]
MX,!.X0A`(\'YN6EU!+SZ$*(N`H[VC1)K3M2K4[2Z<I"9>3"4/S((4H.&]TI'
M*P&Y/,VY1Z521#LH2TUK=2;FRC=1Y$GG;C`;IJ9EW39M]M1[`H7CVBME3$RT
MCA]R;\34FX(X7-SO<QOJ'6RJ;$JXE2639/C'[FLB]K]GUB`E<(1A5&JTRF)2
MJHU"6E0KVO7.A&KS7XP&;"-)*8JPW.+*):NT]Q02%$!]/`_+&Z0I*TA:%!22
M+@@W!@/L(0@$(0@$(0@$(0@$(0@$(0@$(0@$(0@$(0@$(0@$(0@$(0@$(0@$
M(0@$(0@$(0@$(0@$(0@$(0@*TS*S;HF"'E4Y+*ZA5]`49=M02EJ_#K%<K\;`
M$V[(IF<Z16+'%CP>FTMA(/#0I=_2J,[I)X$FY.IKQG()6[)3A2F<`WZAP`)2
MKWJ@`.XCOCG^`OZA=(JN-SC7LQ2Y.:E5&SB6$EIQ/>DDD'S$?+%MT/.C`=5<
M2RY47:<\JUD3K6@$^^%T^DQQ-&YPO2)^N51$A(MA2M)<<638-(3NI9/(#]NP
MYP'7]<K5!Q=B6B4:4JC$W3Y9;DY.I0=33Q2FS;5^"C<E6G?VL26I.&894ZXE
M;5]FTK%CI[?_`!%9Y-RE+:J$ZB4"7I609;2B8=(4M;BB3UEK;`C@.5SVQ8]5
M=ZYU"$ZR$GGM?S0&H5*]8K0!<GC;MC-"FJ/(3%3?F&F@PTIPJ<`T)"1<DGZH
M^R;=WB5WTI!*K;6',F*/SEQVFN/##F'9Y!I;.TPZVOQ)E>UA?^<D6-K<2"3L
M!`1#%U9G<52\[B&=G&7)UI7B-MMZ$%L':Z>>RAON8_676,*A3:BAR0FI61<\
M5*D!H:71Q.HWWX</EC53LLD80?9;2I#S*@N^WCI/&Y!^6QOPVB#,N+:6%I44
MD;W$!V/6\[\+4.\O/RM07/)'C-,-I4C5;DLJ`([_`-D53BCI$8BG@IG#].EZ
M6T=@ZY]N=^2]DCT&*CJ<ZU,TN42X0N:%[J!)(3L`#?Y8TT!(&L98I9<4Y+UZ
M>86OVRF7BV5;D[Z;7W)/G,2W#F<F.J6^D/5/V28VU,SHU@CG97MAZ8K*)=@+
M!U5Q?7&*93&SN07I@CQ&&^:U?Y#F8#IZD5"5Q=2I/$DC+NH0\@J6RJQT+0K2
MI)%[JL1XIV`O?S>J%N(?F4CQ4^(;V&]N!/81>W/:UN=I'+4*GX9PW+TFG,)3
M+2S10@.$)4H\22K<74;DD[;\HCR0M#O5W4M(-P5)TENXOI(N>!MS.W/:`@&<
M&9&.L/59,I*/2\I2YIOK)689:NMQ.P4DJ-[*2;WMR(,4'5\05.KS:INH3LS,
MS"A;K'G5+4!V`G@/-'56+L+R^,</3%"F%I:>'VZ3?4+AET=I_!/`]UCRCDJL
MTN>HM4FJ54I=4O.2RRVZVKBD_P"8Y@\X#%+BR2=1],7!D!C'%$MC*G8>EYA^
M=I<VLI=EG"5I938DN)_!M;?E%2T^1FZE.L2,A+.3$T^L(;:;3J4LGD!'8^2F
M6;>!J8J?J%G*].-@/D$%+";WZM)''E<\R.Z`M.$(0"('F9F51<!R/_N%":JK
MJ;R\BA5E*_M*/\U/?SY7C19M9M2>$DJHU$#<_B)SQ0T/&3+7X%8'%78CT]\<
MRQRDG9RHC&68JG)RIO*ZU$E,^-I/)3O(GL1P'/L`1\YOYHTR6D,25K#DLG#T
MT\`D^#*;ZQ)WLE142+C@2+&W..C:%592N4>2J\@LJE9QE+S9(L;$7L>\<#%=
M](I*1E540$@!+TO;;A]M3&VR=F9=&66&DK?:2KP-.Q6`>)@)["$8<[5*;(D"
M=J$K+$\`\\E%_28#,A&/*3LG.HUR<VQ,(_":<"Q^PQD0"$+Q\N#S@/L(1Y.3
M##2M+CS:#QLI0$!ZPC'\,E/QIG]8/KAX9*?C3/ZP?7`9$(Q_#93\:9_6#ZX]
MP00"""#S@/L(\5S,NVHH<?;2H<0I8!C\^&2GXTS^L'UP&1",?PR4_&F?U@^N
M'ADI^-,_K!]<!D0CQ1-2RU!*)AI2CP`6"3'M`(1XS4U*RC9=FIAIAL<5NK"1
MZ3'C)5.G3]_`9^5F=/'J7DKMZ#`9D(1\N(#["`(,(!",";K%)DG.JG*G)R[G
MX+SZ4'T$QE2TS+S30=EGVWFSP6VL*!^40'K"$?E:T-I*EJ"4CB2;`0'ZA&/X
M9*?C3/ZP?7#PR4_&F?U@^N`R(1YM/L.DAIYM9'$)4#:$!^)Z3E:A)O24ZPV_
M+/H*'&G$W2M)X@B.5\SLBJI277ZIA)M=0II)49,;OL#L'X:?-OW'C'5\(#^<
M,S+S$J\IB98<9>2;*;<24J'G!B34JIU+#-(?8%/F)5^J:2)AYLI#C*3P3<;C
M5QML;".\'9*3>=2\]*,..I]JM;8*AYB1%*=)[#;$WA:6Q*VK1,TUQ+2@;D+:
M6JU@.%PJQOV7[H"O\CL0B5Q&N6F7G$IFY4LI%]BH+N`1SV)`CH*:9+00M2QN
MH"W:;[?+RCC+!U:71*W*5-(*E,+UV"K&UK&W?:.I<78H:P[A45>I+M.K1H:8
M01XCY3<)`/--Q<\B.^`K[.S'QD&7,*TB;4E]8M47&E;`?_#<>E5O-VB*"3-.
M*4@7VX<(^5.=F*C//SDTZIUYU94M:CNHGG'E*2STY,M2LN@K>=4$H2.9,!*5
MU8&GO2)GV64+;4%H4TM?6;&P*O/N-K`@1$+Q)F*')3%*F:FY54V;UI0-22MU
M:`"1HOJ2DA6RR+$BVT1F`_24J<6$(3=2C8`<S&6JGN)6ILN,ZTFR@'`;'LXQ
M),I9!JIYD8<DWT)6TJ<2M2%"X4$@JL?T8Q,PL-3N%,5SU)G0UJ"RZV6UZ@6U
M$E)[MN1@-6&).6(,V^'"!]RES<D]ZN`^2\9M(Q15*15Y>I4Z8<E#+G[6AA92
M$ION.^_.][QH!QWB32&&Q4YAR0DIELSZ>I#;;CR4F86X0$I;2=U&ZA?NN>$!
MUSA3,+#N-Z6IRGS&F<;:"GY1T`.-GF;&X4F_,7XB]H\$JTO>-I!X6&UAV6[H
MY=RRFQA[,:G&J.B20T\Y+S)=5I2BZ5((5L=K\?G'&.GZ@RXA*'6^">`.X(/+
MS]\!G!!`*A<&]]O->(/BW+>0S%Q<RZ]5O`)F5E$"90VUK6^C40E5[[$;BY!O
MMV1+9.?#\PJ42VHA*`M:[[)OP%NW8^:-/E0)V;S,Q_4)JZ4,K9E&DE)'B)U:
M;;<+"]^=X"98&R[PO@EM1H\D3-K3I<FWU:W5#LOP`[@!$QA"`1!,YZ_4<-Y=
MU6ITIWJ9T=6TV[:Y;UK"2H=X!-N^)W&JQ-0:=B:AS=$JK1<DYI.E82;*20;A
M0/(@@$>:`J#(7+^D-TZ5QO4YINJ5F='7MJ6K6)8DFYWW+G:H\.`[3>D<KYEY
M+T_!F$I_$5/K\\ZJ64V`RXVD:M2PGVR;=O9%\93S#\UEQAN8FGG'GER2-3CB
MBI2N6Y/'A`;'&V&)'%^&YN@U!QUIB8TGK&C92%)4%`B^W$12E?Z/-!D*)4)Z
M6Q#/I>EY=;R2^A!1=*2?&L`;;<;Q;.;,Y-2&7&(IN2F'&)AN45H<;592;D"X
M/+8F*(P7E17\<8.DJT]CJ;9EYX+U2KJ''0`E93O=P`^UOP@%"S+Q!1LBW'FY
MM;E1]DS3928<\93+75!9(OQ*1<"_"X[(V^$\A/9RG,UO&%?G3.SJ$OEI@@K3
MJ%QK<7>ZM]]MNTQAYXX1IN"<L:!1*:IQ:!4E.NNN'QG7"T05$<!P`MR`$=(T
M?^29'\PW]$0',^/,J:EEK)'&.$,13FF36GK4K`2XA)4!>Z=EIN1<$<.V+TPE
MBX53+:4QA/M:#X$N8F$-CFWJ"]([RDV'?&!GD;958C/^H1ZQ$1W`XMT;_P#\
M>=^=V`K>BTW'N=T].569KBJ50&GBVAM)5H3STH0"`L@6NI1Y_)&?7<GL98,E
M7:[A'%TS-.RJ"ZXTD*9<4$[G2`I25[<CQ[XG71C\F8^'O?,F+4J_\E3OYASZ
M)@*KPMFE-U3)^K8L?E4&JTI"V70!9#KH"=*[<@=:21Y[16^7V5,WF73GL8XK
MK\X%SKRPUH2%+<"38J)5L!>X"0.`CQR]^]VQY\)/T68N;(#R3T+S/>M7`0[[
M&[#?]/U7]%OZH^?8W8;_`*?JOZ+?[L73B*8>E*!5)J77H>9E'7$*M>R@@D'T
MB.8<NL+9B8]H3M<E,PZA*(3,K8+;LT^3<!))V5:WC0$PFNC?A],LZIG$510Z
M$$I4ZALI!MQ(`&WRQ`L%YFUW#.5U9DVIDOOM3;4I3G5^,)<+0M2B+\0`BZ1R
M*NS:)J]DWF1,,K8?S+F'67$E*T+?F"E0/$$:MQ$9S>P))X!RRHU,8?,S-/U,
MNS4P4Z>L5U2@`!R2!P'>3S@-QA/(9W$5*;KV+Z[/(J4^`^6VP%+2%"XUJ7<E
M1!%QRX1O/L;L-_T_5?T6_P!V+RDO]#8_-I^81!L\*I4*/EE6IZF33DK-`-(2
M\T;*2%.)2;'D;$[C>`@OV-V&OZ?JOZ+?[L/L;L-_T_5?T6_W8A\M@3'$[@`X
MS=S#J'4>QZY[P8OO*40E)5IOKM?;C%M='FH3U2RUE'Y^;?FG4S#R`X\LK5I"
MMA<[[7@*]Q3T?6*519JJX<KL\Y4)-!?;:=0D=9IWLE2;%*MMCOO$NRGS'F*A
ME95*S6E+F)R@H6'G#[9](1J02>T^U)[KQ<+WW%SWI^:.5LJ_(KF5[Q7JX#[@
M[!6(,YYJ:Q5BFN.L4]+RFFFVDW-Q8E+:3XJ$BX%]R3V\8SL>9,NX(I+N+<(5
M^>#U-`>6AVP<";BZDK0!PXD$<+[\HL?HW^2V1^$O_3,2[,SR>8G^+)CU9@*_
M&:<\UD>WC%;*%U@GP/=-D%_44]81V6&JW;M$(PSE9C/,&G2^),48PF9=N=3U
MS*%:G7"D^U.G4E*01N`.5HTS_P![!+_'!^DJ.F,`>X7#7Q7+>J3`<[XNP+C'
M*66;Q30,6/3<DPZ@/((4BVHV&M%RE:2;`\]QYXF.:69M58RSPY/T8&3J6(FP
M2MLW4P`D:P@]I)`!Y"_.)9TA/)+7/.QZY$4KCSW`Y0^]/TFX"78>Z.TI,R")
MO%-=GC4GQUCC<KI`;4=R"I8)4>T[;Q&<48:Q%D=5I'$-`K#DY1YA[JW6G!H"
MB!?JW$C8W`-E#<$'ASZM$4]TG?)G_P`>S\RH"UJ3/-5.ER528!#,VPA]`5QT
MJ2%"_ICG_/5=6Q3F3AW+V7G%2U/F4-NN`;@J4I=UD?SM*4;#SQ=F`_</AOXL
MEO5)BG<9??.84^"-_,]`>XZ-V&["^(*K?WK?U0^QNPU_3]5_1;_=B^AP$<W9
MO(K=?SHI&$Y.OS=-EYF50$*:6K2V3K45:4D7)TCG`1;,+!QR?K=!J^&L13"Y
MI]Q7VIT!*P$Z;WT[*0;V((]/)%C8:R$8E:^Q6,38C>K88*5I94T4ZU#<:U%2
MB4CLY^:$!>D(0@$03.MHNY6XC2.*98+X?@K2?\HG<:K%$HU/8;JTD^@+:?E'
M6U))M<%!@/Y_4]#9GV0ZX&V]04I9/`#>\;G%N*IW$,PI<PXM8)N"M140-K"Y
M\V_;\@C5,RJ76O'<T%8LB^PVM<GNXQKR+$CC;L@/D;O#[[\C,-3\@L(JDJZB
M8EU*TV\7?@K8^:-,@@*!(N!R[8]6W"I9OI2F^K9.P@,RIS$U49U<V[*L,J?N
MM0EF@V@[[FPV$:SGW1Z.NJ<6I9"4ZN(2+#T"/.`G62\XF1S1PX\HV2N:ZK]-
M)2/VD1ONDE)-RF9TRZAQ:E3<LR\L*&R3;38=UDCTQ'<G9%4_F3A]%CH9F1,+
M/X*6P5D_LBVNE+1ES$M1,2,,)4VC7+/NI0=0OXR-1[/;`=]X#F^-[AC%-6PS
M/IJ%+5+B;0G2VZ_+H>4V/[.H'3\D:*$![3<R_.3;\Y,N%Q]]Q3CBS_.4HW)]
M)CJ3)>M/XBP1*-S*"7::\9,N*45%Q*4A222>!`5IMV)$<JQ=W1XQA+T^>F<+
MU.9ZMF=6E<B5[(2_P*;\BH6MRN.^`OING(ERMU#:4ZMU'3Q/?VQBY0IF'&\4
MSLV+/N5IUK2$V`0VA"4?LWOWQ)GF_M"1PWWCSP_IDYZ9DKV0_P#;V_/L%#YC
M`2.$(0"$(0%9](7R35OWS'KD1M\GO)CAGX$C_.-1TA?)-6_?,>N1&WR>\F.&
M?@2/\X#\9S^2_$OP0_2$8&0/DEP_YGO7+C/SG\E^)?@A^D(P,@?)+A_S/>N7
M`0[I7>Y*B_&!]4J+LH_\DR/YAOZ(BD^E=[DJ+\8'U2HNRC_R3(_F&_HB`A6>
MQME/B+\TV/\`FHC18+%NCC;\C39]9&WS^5IRGKW>&1_S41J\("W1T`_(DR?V
M.0'ET8_)F/A[WS)BU*O_`"5._F'/HF*KZ,?DS'P][YDQ:E7_`)*G?S#GT3`<
MNY>_>[8\^$GZ+,7-D!Y)Z%YGO6KBF<O?O=L>?"3]%F+FR`\D]"\SWK5P$QQ9
M[EZU\!?]6J*OZ+?DXF?C-WZ#<6ABSW+UKX"_ZM45;T7G$)RYF0I:0?9-WB;?
MS&X"Z8H;I7>Y.B?&!]6J+V#K1-@X@D_VA%$]*[W)T3XP/JU0%Y27^AL?FT_,
M(KGI#>2:M>^E_7(BQI+_`$-C\VGYA%<](;R35KWTOZY$!B4C[W,_[..^J5'X
MZ-/DOEOA;_TA'[I'WN9_V<=]4J/QT:?)?+?"W_I"`MA[[BY[T_-'*V5?D5S*
M]XKU<=4O?<7/>GYHY6RK\BN97O%>K@+6Z-_DMD?A+_TS$NS,\GF)_BR8]68B
M/1O\ELC\)?\`IF)=F9Y/,3_%DQZLP'-[_P![!+_'!^DJ.F,`>X7#7Q7+>J3'
M,[Y'V,,N+B_LP=O]Y4=,8`]PN&OBN6]4F`BG2$\DM<\['KD12N//<%E#[T_2
M;BZND)Y):YYV/7(BE<=D'`640!!(2?I-P'6HBGND[Y,_^/9^947"(I[I.^3/
M_CV?F5`6%@/W#X;^+);U28IW&7WSF%/@C?S/1<6`_</AOXLEO5)BG<9??.84
M^"-_,]`=`C@(Y[Q=]\_AGX.W]%V.A!P$<]XN^^?PS\';^B[`="#@(0'`0@$(
M0@$:S$KRI?#M6F$>V:DWECSA!,;.*]SDKCU-PNJD2"%NU.LDRC#;:=2])'CJ
M`'$V-AWJ$!Q)-$AP))!TI`V\V\>,2#%N%ZUAF=2S6)!V64XE*TZA<#4+Z=0V
MU#F+[1'X!'HAS2VM&D'7Q)CSA`(0B\LDLGW,0K8Q)B5E3=&20N7EE"QF[<SV
M-_2\T!N\A,OIU6&JEB=]KJIR<0E%-UBQ*4G45=P40$^8&+/E*E*5JESE`KDD
M2I2>KF)29%KCL^HCY(L1IMMEI#33:6VT)"4H2+!('``<A&FQ'AV5K;:5ZS+3
MS?W*9;'C)[CVI[H#D7-G`4W1<6+50Z1,*H\\H*DPRDN@+(&IO;<$*O8'E;C%
M>3=/GI.=<D)N3?9FVUZ%L.-D+2KLMQO'8Z)ZKT*:1)5UKJNL.EN8:7=M[Y>1
M[C&U4)5;K<X&F%D'4ETM)*FU$:;WM<$BPOV;0'#C33KJM+3:EJL39(N;#B8M
MWH]X7FZCB<8@7+,.4ZGDH*W>(=4DZ2@6L5)V)[+@QTI(2LDRIUV7D91EYP?;
M%M,(0I8M;<@;[;;QG28EVO$;2VVD[@(2$CT#:`S6FM32FCS&Q[XTD^MZ64W.
M-WZR7.K3VCF/E%XD#1MYH\9Z5#R2;7!XB`V3+B'F4.MFZ%I"DGM!C]QIZ&Z6
M$>QKILID?:B?YZ/K'#T1N(!"$("M.D("<IJW8$V4P3^N1&QR5F&9G*_#BV'`
ML(E>K5;DI*B"/2(E5?I$E7J-.T:HM]9*3;1:<2#8V/,'D0;$'M$4'+9,9C41
M;TKAK'PE::5E3:`^\T3?F4I!`/F@+QQC0TXEPQ4Z$M]3`G6"UUH3?0>(-N>X
M$<\8@RIQM@C#C]:I.-WEM4Q)?,NRIUD)2#=12-13VFQ&^\;[_P!,<Y?_`++/
M]]F/W8QYS)W,^KH$G6\P@_(K-G$*F'W1;WA`"O,3`1K,W%4YC#)C#-6J*$B=
M14W&'UH%DN*2VKQK<K@C;MO'45"=;>HE.>:6%-KEFE)4.!!0+&(0]E/AYS+I
MO`_6/AEM?7IF]BX']_MEN',C3V;=\5E)9>YV872JG8=Q.RY3D_<@)D:4CN0X
MDZ?,-H"\L=8:E\7X7GL/S,RN71-)39UL`E"DJ"@;<Q<#:*=3T=WDL]2G'TXE
MJVG0)4A-NRW6<(\O8/I$_P!8&/US/[D/8/I$_P!8&/US/[D!;N7.#Y;`V&6J
M%+SKDW9Q;JWEI"=2E6O9(O8;#F8W&))IB2P_5)R8<"&695UQ:B>`""3%%>P?
M2)_K`Q^N9_<C#J6`\\L2L"DUW$,O['.J'6A4RD)([PVD%7FX0&GR^2H='3'2
MB"`J9-CV^*S%Q]'Y2593T,)4#;K@;'@>M7&VH^7U%IN7R\$7<=DGF5H?>.RW
M%KW*^XWL1V6'&*9DL'YSY=S#\GA)]%3I"W"I"`IM23?F6W""E6V^DV\\!TC/
MRK4](S,D_JZJ8:4TO2;'2H$&WR&*%/1LI=SIQ3/!-]AX.GZX\?9SI$_U?8_4
ML_OP]G.D3_5]C]2S^_`8&)NC^:-0YRKT;$TR[.R39F$(=;#85H&HV4%>*;#8
M]OIB)8SQ55,7Y+T:<JR^MFY&LJDUOGBZ`QJ2I7]JQL>VUXEU9?Z05<IDS1YJ
MB(:EYQ!9=4TEELZ#L1JU[`C8]T3J@90R;65+F#:L\/#9ESPMV8:W#,Q8:2F_
M$)`">\7X7@+-H4XQ4*+3YZ66%L3$NVZVH<TJ2"(U.86&$XQPC4,/*FC*F9"2
MEX)U:5)4%"XYBXWBDJ+A;/K",N:/0IV4F*:T2&=3K2T`7OXH<&I([HV7\9#\
MG?X6`Q$Y"XJ3)^!)S#>$IHZOJ`V[HT_@Z==K=T6]EGA'^!.$Y>A*G?#'$.+<
M6Z$:`2HWL!<[#:*L_C(?D[_"P_C(?D[_``L!?,Z\U+R;[[RPAIMM2UJ4=D@`
MDDQRWE.E3F2V9(0DJ)0L@`?ZHF-U5<(Y[XOTTS$%4EY.G.>*[H?;0A2>>I+6
MZO,=HN/`F!:3@_"QP_+CPE#VHS;KB;&84H65<<A;8#D/3`1#HT33#^6;3#:P
M7)><>0X+[@DA0_8H19];IK%9H\]29HK#$XPMAPH-E!*DD&W?O%`3^4V/L'5N
M8GLM*V1(OF_@[CX0M/8E04-"P.1X_.<T#I(=M./]U@/R.C92N!Q3/:>SP9'U
MQ>])D&*72Y*F2VKJ)1A##>LW.E*0D7/;8117\9#\G?X6'\9#\G?X6`N+&N&Y
M7%V&9[#\X\XRS-)2.L;]LA25!23W[@;14E-Z.E'E*A*S3V(YY]MAU+A:#*4Z
MK&]KW-N$>'\9#\G?X6'\9#\G?X6`Z`BE^E%-L-9>2\JMP!Z8GV^K1S4$I42?
M,-O2(TRD])!22G53TW%KCP6XC'H>3N+L35QFL9FULS#+*KB42]UBEC\&XLE"
M3ST[GNXP&A?Q!CW%5:HN7^$Z@JE,R-*ENL<0Z6BNS#:E+6H#58:@`D?^)I@C
M)VO4O&DABC$>*A4G9.Y2/'6M1TD`%2SL!J)CUS#RCK<]BT8MP/6T4NHK"0ZA
M;BF@DI2$@H4D'8I`!21;YHUG\#<_/Z\R?]X/_2@.@+CMCG?%#S;_`$HJ`VVK
M4IEIM"P.1ZMQ7S*$9!P9GX1;^',G_>%?]*-]E5E14<.XAF,5XKJJ*E6W`H-E
M"U+""K92U+4`5*(VX6`OQY!<8X"$(0"$(0&+5)Z7I=-FJC-**9>6:4ZX0+G2
MD7-N^(0W5J>I:*VZE$S.OMZ4S"+69:._5MJ/`=IYGS`"5XKIRJOAFKTMOV\U
M)NLIW_G*00/VQR'-XLJLK59BHRDR\VN;89UI?;"PVM*0E8;!VLE23I([OE"8
MY]5=B=I<E1Y`+,PY,=<XR1K(2$G2=7(W)\7B8Y_<06UE"@;CC$RQ>JG--TU-
M+JCM0GWF`Y.+27"A#AN5!.H"XN>S:(>ZHZ4-E`24`@[6)-^<!YPC>82PM6L6
MU9%+HDHI]]6ZU'9#2?PE*Y#_`+$=0X$R&PW05,SM=<-8GT$*TK&F70>Y'%7^
M]Z("M,DLH'J^^SB+$TLINC-G4Q*N`A4V>1(Y-_2\T=7MH0TVEMM"4(2`$I2+
M``<`!'T````6`C[`(0A`8\_)2M0E7)2=80\PX+*0L;'_`+[8KNJ4Z?PT\LI:
M>F:2=TOH&I;`_!6.8[XLR!W@*ZD:JTVA#@<263[1U)\47Y'L^6-@7DK6LMFR
M+:Q;E?B(]JI@B1?><F:5-/4Q]?M@T`II1YW0=O1:(T](5;"*0Y4'D3=,6H_;
MF&R.H)_"!)LD]M[>:`F%,G_"$Z2;*3^V/![%-+D9QR0F)I*9D-E:6U#B!Q/F
M[XC3-3E+>%2DRDI4#8A0VBK\6RM4J>(J?5Z<GKWF@\VZT4ZPZVH;I*#L4VU7
M$!;-8Q.&VP^$(#Z3J:4"!;O]$6%*N]?+,OVMUB$KMV7%XYFQ16E2-&ITLJFA
MJM32PPS34#K3V:@-O%X``VXVOM'06"Z=-TG"E(IL\XIR:EY5"'5*-SJMN+]W
M#Y(#>0A"`0A"`0A"`0A"`0A"`0A"`0A"`6'9"P[(0@%AV0A"`0A"`0A"`0A"
M`0A"`0A"`0A"`0A"`0A"`0A"`0A"`0A"`11V,<BI*:1,3N&9];$XIQ3HE9LZ
MF5W-RG4!J3OSWB\80'(DUE#F+3@9EFFH6JY`\"F4*4`>Y1&T>V%<@,3U::Z^
MOO)I$GJNH**7'U[[V2DD)\Y/R1UH>$!P@-+A7#%$PI2T4VB2+<LR`-:@+K=4
M!;4M7%1C=PA`(0A`(0A`(0A`(^+2E:2E:0I)%B"+@Q]A`0C$&7%!JSCLQ+%^
MFS:QNY*JLDGM*#MZ+1#)C)VM./(2C&FF72L+WDSKN-QP<M%U0@(3@K+C#N$U
M^%L,JG*HH>-/S5E.>9/)`\WIB;0A`(0A`(0A`(0A`(0A`(0A`(0A`(0A`(0A
D`(0A`(0A`(0A`(0A`(0A`(0A`(0A`(0A`(0A`(0A`(0A`?_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g845893.jpg
<DESCRIPTION>G845893.JPG
<TEXT>
begin 644 g845893.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`W1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5]454-/5U-?1DQ/5RY%4%/_VP!#``<%!@8&!0<&
M!@8("`<)"Q(,"PH*"Q<0$0T2&Q<<'!H7&AD=(2HD'1\H(!D:)3(E*"PM+S`O
M'2,T.#0N-RHN+R[_P``+"`%N`FT!`1$`_\0`'``!``(#`0$!````````````
M``8'`P0%`@$(_\0`4A```0,#`0,%"@H)`@,&!P````$"`P0%$08'$B$3%S%1
MTB(W0556DY25L]$4%188,E17<W73-#5A<7:!D9*R(T(V4K0()#-#=,-B<H6A
ML<'P_]H`"`$!```_`/TB`````````"I]J5@M>I]H.A;->('34,T5P<]C9%8J
MJV.-4XIQZ3/S%[./%%1Z;+VAS%[./%%1Z;+VAS%[./%%1Z;+VAS%[./%%1Z;
M+VAS%[./%%1Z;+VAS%[./%%1Z;+VCYS&;-_%%1Z;+VC[S%[./%%1Z;+VAS%[
M./%%1Z;+VAS%[./%%1Z;+VAS%[./%%1Z;+VAS&;-_%%1Z;+VAS%[./%%1Z;+
MVAS%[./%%1Z;+VAS%[./%%1Z;+VAS%[./%%1Z;+VAS%[./%%1Z;+VAS%[./%
M%1Z;+VAS%[./%%1Z;+VAS%[./%%1Z;+VCWL2MU):*75]JH(UCI*3451#"Q7*
MY6M1D>$RO%2S@```````````````````````````5[JSOM;/ON+G[*,L(``%
M9:I=<Z3:'I*SQ7JX-I+R^XNJ6LF5N$;"BQHW_EW5XICI7I,]-KV>GN4=HGMZ
M2I%>OB:2I=/W3MV#E>6W=WPX7+<_S/%#M$KJVDL%:RQ-92Z@FCAH9EJ45&.<
MZ3>21$3.6LC1W#@JNW<\%4XU3MDDAMD-P33KG,J*!]7`U:A<RNBF6*H8F&+C
M<1'/SX6IX"3QZ[S>K/034*04UU8U])5R*](Y]Z1R-8CMW#7K&ULB-=C.]A./
M3@OEQN,6UBQ6V"LF;1S6NIG?3<HJ1OD8O<JJ)^\C]+MD=\6?&5;86Q12VGXQ
M@9'5;RJOPE*?<<JL1$RY47>XX3/`M&SU5PGCF9=*..EJ&3/:Q&3(])HT5-V1
M/"B+GH7BAT0``O05[LI_2M=_Q/5?X1EA````````````````````````````
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MZ,5//#4Q\I!(V1B.5JJU>A47"I^]%14,J]!7NRG]*UW_`!/5?X1EA```````
M`````````````````````KW5G?:V??<7/V4981#ZETB[3H65"N2FCLDCZ?/T
M4>LS4E5/VHWD_P"2D9TQ/6T]@L=#4SUM#0K9I5Y9C7(]M4UR=R[*9RC556L5
M,.X\%$];J>6AOM747"Y4UQHK'3SQTT$:)&M6Z&3E$1NZN\J.W.Y15PN#++4W
MJFODB0W6ZS4\-SMZ1H_NF/CF1$G1>YXM3IZF+U&".^7JJTU>JOXPN,-ZIK;4
M-J*)M&[_`$*IKUY-6N5%3CT(UN4<BHO@R;-RIKM3W2YR6FOJY:V.RP5,-1.B
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M^E:[_B>J_P`(RP@```````````````````````````5[JSOM;/ON+G[*,L(U
MZBCIJB>GJ)8T6:G<KHGIP5N4PO'J5.E/<;&`!@TKI;:2ZTOP2M;(Z%7-<K62
MNCWL+T+NJF47PHO!4X+DW$1$1&HF$3H1#Z,``8/+V-D8YCTRUR*BIUH&,:QC
M6,:C6-1$1$3"(AZ&#7HJ.FHF2,IHD9RDCI9%Z5>]RY5RKX5]R)X#87H*]V4_
MI6N_XGJO\(RP@```````````````````````````5[JSOM;/ON+G[*,L(```
M``````+T%>[*?TK7?\3U7^$980```````````````````````````*]U9WVM
MGWW%S]E&6$``8ZAJN@D:U[F*K51'-Z6\.E"LM+ZGOC;+9+_<YJBJMLMH9)72
M20M;O53Y&-B2+")Q=O.S_M1$;T+G,FJ]5U-/)!3-L-6ZKGJ9Z>-CWMC8]8XE
MDWD<[&6.1%1%QTHJ*G`T9]H$#*>GJXK1524TE#2W![^48U8XIW[B<,\7-7I3
MJZ%,\VNJ*&2XHM*]66^J9352)*U)*='2\FDCV+A48N4>CDRBM7/@5#0N.L9J
M&[UE<L51-;*>VNF=31[JJNY5+$Z9%ZMU%=T_13HR=6[:R@ME/-5RT4CJ2+E5
MY9)6XD2-S6NW$Z7+ER_LPQ<JG#*HU>V"_NM3[7/R3*^*A?4I(S"/DBY1BHWI
M5..%ZL^$T*;6D-%9::LJ*>MEA<LJOEJ)8N4[FIY)6HC<;RHJYX(B(U$RN2=@
M`!>@KW93^E:[_B>J_P`(RP@```````````````````````````5[JSOM;/ON
M+G[*,L(``\31\K$^/><W?:K=YJX5,]2G%9I:SMTLFE70R/M20\@V-\BJYK$X
MIAW3E%PJ+TIA#S!I>AB2B<^IKZB>D?)(R>>I<^1SGL6-5<J]/<JJ)X$_>:WR
M)L?P1*3=J>12CAH43EU_\&)^^QN>M%\/2I\OFFN7IZGX'##55-9%)1ROKI5Q
M'3RN5TF[AN78545&JJ)PPBM0WX=-6J*6.1L3U1E`ENW'/RU8/^54\*_MZ30J
M]#V&IHX*)(ZB&GBH%MV[#.K=Z#@J-5>G**U%ST].<HN#:DTM:Y*MU6]:ETSJ
MJ&L<Y9EXRQ,1C%_M1.'A\)HS:"L,M.^GS6,CDA?#)N5#D5[72K-Q7IRDCG*B
MIUXXIP)8U-UJ)E5QUJ?0`%Z"O=E/Z5KO^)ZK_",L(```````````````````
M````````%>ZL[[6S[[BY^RC+"`````````"]!7NRG]*UW_$]5_A&6$``````
M`````````````````````"O=6=]K9]]Q<_91EA`````````!>@KW93^E:[_B
M>J_PC+"```````````````````````````!!-=V#4]=J33FH-,+:EJ+4RJ8Z
M.XOD:QR2M:WAN(J\-U>KP&#E-L7U31/GZKLCE-L7U31/GZKLCE-L7U31/GZK
MLCE-L7U31/GZKLCE-L7U31/GZKLCE-L7U31/GZKLCE-L7U31/GZKLCE-L7U3
M1/GZKLCE-L7U31/GZKLG/O\`>MK-BLE?>:RBT<^FHH'3R-BFJ5>K6IE41%1$
MS_,VJ.MVO5E'!5Q4FBTCGC;(U'35641R(J9[GIXF;E-L7U31/GZKLCE-L7U3
M1/GZKLCE-L7U31/GZKLCE-L7U31/GZKLCE-L7U31/GZKLCE-L7U31/GZKLCE
M-L7U31/GZKLCE-L7U31/GZKLCE-L7U31/GZKLF_LWL%[L5+>Y+^ZA6NN=TEK
MW)0N>Z-N^UB83>1%Z6J3,````````````````````````````````$2VJ][?
M5'X;/_BIV].?\/VO_P!)#_@AT@``````````````````````````````````
M```1+:KWM]4?AL_^*G;TY_P_:_\`TD/^"'2`````````````````````````
M```&1D9&1D9&1D9&1D9&1D9&1D9&2([5>]OJC\-G_P`5.WIS_A^U_P#I(?\`
M!#IY&1D9&1D9&1D9&1D9&1D9&1D9``````````````````!4]78V:GVI:AHJ
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M.U"\V:GN-SJ:)MHIYVLK:Q\^Z]TKT54WEX<$0M``````````````````%?V#
MOOZN_#J#_P!PL````````````````````%?V[OTWK\"I?;2%@```````````
M```````K^P=]_5WX=0?^X6````````````````````"O[=WZ;U^!4OMI"P``
M```````````5UIC6.L=2V*COEMTA;/@=6U71\M>7-?A'*WBG(+X47PG5^-=?
M^2-F]=N_('QKK_R1LWKMWY`^-=?^2-F]=N_('QKK_P`D;-Z[=^0/C77_`)(V
M;UV[\@?&NO\`R1LWKMWY`^-=?^2-F]=N_('QKK_R1LWKMWY`^-=?^2-F]=N_
M(.!046OJ/5]WU)\G+.];A34\'(?'#DY/DM[CO<AQSO=&$QCPG?\`C77_`)(V
M;UV[\@?&NO\`R1LWKMWY`^-=?^2-F]=N_('QKK_R1LWKMWY`^-=?^2-F]=N_
M('QKK_R1LWKMWY`^-=?^2-F]=N_('QKK_P`D;-Z[=^0/C77_`)(V;UV[\@UY
MM3ZIM]PM,-YTS;Z>EN%:RC26GNCIG,<YKE1=U86Y3N5\).$Z`````````#3N
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M(```````"O\`85WJ-.?<R>U>6`<K4M[I=.6.LO5='-)2TC.4E2%$5V[GI1%5
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M-VA?I&D/X@I_9RDR3H0`````````K_;IWJ=1?<Q^U835E#1;C?\`ND'0G_EM
M]QZ^`47U2#S;?<>):6W0L626"EC8G^YS&HG_`-SQ#%:9G*R&.CD<B95&-8JH
MG\C-\!HOJD'FV^X?`:+ZI!YMON'P"B^J0>;;[A\!HOJD'FV^XP2,M$;MR1M$
MQV<8<C$7_P#N*&9E'0/:CV4U.YJIE%2-JHJ?T/+*6VO>]C*>E<]G!R(QJJW]
M_4>_@-%]4@\VWW#X#1?5(/-M]P^`T7U2#S;?<>?@=!O[GP:GWL9QR;<X_H>'
MPVIDK87Q4C9'=#%:Q%7^1E^`T7U2#S;?</@-%]4@\VWW#X!1?5(/-M]P^`47
MU2#S;?<06KABAVSV9L43&(MBJN#6HG_G1]188```````*_V%=ZC3GW,GM7E@
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MM-%0K76VLCH(Y4Q-'#3K&Y__`"HY5<CD1?\`D3*HILZ3V;W"ANUDGOE-05]/
M16:2F7E7;^Y4+4K/'NHJ?18BHU'?LX)@X51LVU?66FY4TE-0P/J+"VA9$RIS
M&V9E7RJ(W*91JM5<*Y57/2I)+EHK4%?J"JN[:>EIHI)+3.M*R=%27X-)O21*
MNZB8PO!>A5:G0G$T*O9Q?:B.W<I'1RI"R\N=')(BI$M6B\BQO#"HU5RJ]"97
M&2T-'T%5:M*62UUJM6JHZ&&GE5KMY%<QB-547PIE#LD-VA?I&D/X@I_9RDR3
MH0`````````K_;IWJ=1?<Q^U83Z/Z#?W(>C5N%)1U<3/AT<;XH9&SIRGT6N:
MN4<O[EX_R**TG636/9#3:@MO)PW&FN;J>2=8VN5D$E8F^CLIP:K<+GP=*'5B
MUMJ">J92SW:.BMT]\N="EU?`S=A9&S_NK57&[ASESE?I;N,\3;74>LJFZNM<
M%8V.NDNLEOC1*9NZVG2D1[*K=5%7"R*CN*JF%W>HT],ZOUO7.EENBK0TWQ0M
M:DU1"W=ADB1\4J/1K<X=*C7HG2C47K)SH.[WBYZ?KGW*&1+I23OIWM<YCXWO
M;&WC&]B(CF.5<]:*JM\!`:Q[)*?8_4U4C7U4E2E35/D5%=ONBS(YR_\`SKQ_
M::E#>KU8*FI^!2+;M+7/4%2RFK)TW8H&<DNXK5<BHR)\W%%QA<+C&<F2*]UU
MHUCJ*JGKH8:RMEL5//-%"J1RN=$])$1SO_#15_W.SC@F,JA@AUEM"JM.6NOH
MJKEYZ^AK8^YIHT2"III7+OORWH?$U4QCZ70B&[JK7NH[90QU45;R%6ZWT]Q2
MCFA:BQMDJ6MW7+C_`%,1KA4:B;O%5=T&U=]2ZRBHM<7BVW1:B.QUCZ>"B;21
MO1T3DC_U-Y$WE6/+U3I1<<<X._'<;C4KIFNI[E37!T][?%#/295)*)T4CE:]
M<(CE:B(JJB8RU/#DP:L=!SRZ(622-BLHZU'.7&6*YB;F<]&5SC^9#J+7VMFV
M=M<RH6OK)K+75*4RTS$2.6*JY-CT1K45?]/+E1>"XZ"TM+ZAM\\\-`[4<=VG
MKTDJJ%S(<8@:C,M<YJ;JN:KOV+QQC@2X%?W'OTV7\"JO;1E@````````K_85
MWJ-.?<R>U>6``````````0W:%^D:0_B"G]G*3).A`````````"O]NG>IU%]S
M'[5A/H_H-_<AZ!\5$5%14RBA6M5,*B*G4-UN]O83.,9&$Z@UJ-3#41$ZD,<%
M/#3M<V%B,:YRO5J=&5XKP\&5XF1414PJ9"HB]*9&$ZD"M:O2B=1]PAA6E@6I
M94K&BS,8K&.7_:B]*)U9PF?W(9AA#XC6IC"(F.H^@K^X]^FR_@55[:,L````
M````%?["N]1IS[F3VKRP``#PZ2-BX=(U%ZE7![`/BJC4555$1.E5/J*BHBHN
M47P@^*]J.1JN1'.Z$SQ4^@``ANT+](TA_$%/[.4F2="`````````%?[=.]3J
M+[F/VK"?1_0;^Y#T`````````5_<>_39?P*J]M&6````````"O\`85WJ-.?<
MR>U>6```5]K"G95;0;!3,AHY9Y[3<8]RIXM<BK!C*(F53Z7#]YBM%SK;57T^
MDOCBEY:U)0P*M<Y4EKXGLP^1J<55V<HF%5$5O'.>&A#JZ_LH:BKDN%'(K[5=
M*F)J4Z(D<E+-N,7Z7%'(O%/V<,&==3ZCC2X0QR15\E/+3R;L#(XYEBDIG2.2
M-KEW7JUS=["JBJU')G.%%3?[G<:6]VJI6.2)M!+7)*M.L;9J*2F7D^"KP=RF
M\BIU,Z.)ET]?[I3NIK5/)$VG;;J:X03)"KFI2)!B3>5.ER2(B<..')A#6BUG
M=9::>.*OI%E:MI<R5\3<O;4R(QZ[B.X)X6HJJJ9XJI\=J:MADI)J^HM[YJ.2
M\0NK)*5'.:VG15:]$:N4X-3>:WZ6/`2G1M\J;I57BCJI8Y'T,D*-5-S?5KX&
M/RY&JJ?25V,>#AE<9)4``0W:%^D:0_B"G]G*3).A`````````"O]NG>IU%]S
M'[5A/H_H-_<AZ``!$GUEUJ=;W.RQ7%8*:*V4]5%B%CE;(^25JYRG%,1IP_:O
M$T;)KV.>U3/N%(]URI'U+*F&C;OHY()>2<]B*N515PJ-XKTIQQQV:74\M*MZ
M?7QS5$=/=):>)T;&M;%&V!DJ;[E5$3I5$5>*JJ(9/E[9>6@C='5-29]&UDCV
M-:U4J458G\79W<HK5X<%3H\)LNU?0,GHXY:6KB95OBCBD>UJ->LCW-9N\>ZX
MM15QG".:J]/#S2ZPHJA-[X#6P-?5/HX73(QJ33,=(U[6JCE^CR3E55PF,8ST
M';M-?'=+=!7Q13Q,F;GDYXU8]JYPJ*B_M1?_`-<#<``!7]Q[]-E_`JKVT98`
M```````*_P!A7>HTY]S)[5Y8``!C=!"Z5LSH8UE;T/5J93^9Y?2TTE1'5/IX
MG5$:*UDKF(KFHO2B+TH>?@5'C'P6'&%3')IT+T^`^/H:)Z*CZ2!R+C*+&U<X
M3">`UZ&U1TT];/+4SU<E4_BM1NJD<?'=C:B(B;J97&<KQXJIO,BBCW=R-C=U
M-U,-1,)U&".W4$34;'14S&HB(B-B:F$155/!UJJ_S/:4E*BY2FA1>/\`L3P]
M/]3[34E+2IBFIHH4W4;B-B-X)T)P\"9,P`!#=H7Z1I#^(*?V<I,DZ$``````
M```*_P!NG>IU%]S'[5A/H_H-_<AZ``!P*O3<<]YJ[Q%=;A2U5331TK^0=&B)
M&QSG(B;S%5%R]W'.>/[C370]K@6WNM5576MU%#)!O4LJ9FB>[?>UZO1RJJN[
MK>X.RJKGB>I]&T,M2^I;75T<CZN2K7=>U4WGQ)$Y,*WHW43"]*+QSQ4P5&S^
MPU5!3T=8D]1R%L6UME>]$?R*[N%7"(F\W=X+CAE>LV*[1M!55_PME964_=4K
MTBB<S=:M.[>CQO-543CA4Z%Z>GB)M'T<EKBH67"OAD@KWW"GJXW,26&9[G.<
MJ=SNJB\H],*BIARH2"AIO@=)'3\M-.K$XRS.WGO7I557KSU83JPAL```K^X]
M^FR_@55[:,L````````%?["N]1IS[F3VKRP`````````"&[0OTC2'\04_LY2
M9)T(`````````5_MT[U.HON8_:L)]']!O[D/0````````!7]Q[]-E_`JKVT9
M8````````*_V%=ZC3GW,GM7E@`````````$-VA?I&D/X@I_9RDR3H0``````
M```K_;IWJ=1?<Q^U83Z/Z#?W(>@````````"O[CWZ;+^!57MHRP````````5
M_L*[U&G/N9/:O+``````````(;M"_2-(?Q!3^SE)DG0@````````!7^W3O4Z
MB^YC]JPGT?T&_N0]`````````%?W'OTV7\"JO;1E@````````K/26G-H.EM.
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M)'*UKD1,N<J?[B>IT`````````%?[=.]3J+[F/VK"?1_0;^Y#T`````````5
M_<>_39?P*J]M&6````````````````````````````#CZLL%)JC3U;8:^6:.
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M&50V5&L<J*N,,1>EJ>$FH````````````````````````````````!7]N[]-
MZ_`J7VTA8``````````````````````````````````````!7]N[]-Z_`J7V
MTA8``````````````````````````````.3J>_4&F;)47JYK*E)`K$?R3-]W
M=.1J83P\7(1;G0L_B/4_J:;W'SG1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_
MJ:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L
M_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;
MW#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W$4I-:TL6TBY:@?8M2?`9
M[7!2L5+3-O+(V1SEX8Z,.3B2OG1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J
M:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_
MB/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W#G1L_B/4_J:;W
M#G1L_B/4_J:;W#G1L_B/4_J:;W'WG0L_B/4_J:;W$ITQ?J#4UDIKU;%E6DJ%
M>C.59N.[ERM7*>#BU3K``````````````````````KW;GWL[I]]2?]3$6#@^
MX&!@8&!@8&!@8&!@8&!@8&!@8&!@8&!@8&!@8&!@^*5]L,[V=K^^J_\`J92P
M@`````````````````````5[MS[V=T^^I/\`J8BP@```````````````I7NP
MSO9VO[ZK_P"IE+"`````````````````&4ZQE.L93K&4ZQE.L93K&4ZQE.L9
M3K*]VY][.Z??4G_4QE@Y3K/N4ZQE.L93K&4ZQE.L93K&4ZQE.L93K``````&
M4ZQE.L93K&4ZQE.L93K&4ZQE.L93K/BJG65]L,[V=K^^J_\`J92PLIUC*=8R
MG6,IUC*=8RG6,IUC*=8RG6,IU@```````````%=;0*B^3ZSTCI^T7ZIM$5QC
MK7SRP1L>Y>38QS>#T7K7^IE^1FK?M-O/H=/V1\C-6_:;>?0Z?LCY&ZM^TZ\>
MAT_9'R,U;]IMX]#I^R/D9JW[3;SZ'3]D?(S5OVFWCT.G[(^1FK?M-O'H=/V1
M\C-6_:;>?0Z?LCY&:M^TV\^AT_9-&\[-[[>[=);;IM$NU322*USXG4D"(JM<
MCF]#47@J(O\`(WOD;JW[3;QZ'3]D?(S5OVFWGT.G[(^1FK?M-O/H=/V1\C-6
M_:;>?0Z?LCY&:M^TV\^AT_9'R,U;]IMX]#I^R/D9JW[3;SZ'3]D?(S5OVFWG
MT.G[(^1FK?M-O/H=/V0NC=6X[YMX]#I^R>]F-7>))]4VZ[WB>Z/MMT6FBGF8
MQCMQ(V.Z&HB=+E)Z````"#[5[A=+?IZC6T7"2@J:FYTM*L\;6N<ULDFZN$<B
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M,U;]IMY]#I^R5UK2^:ST?J9UG36%;<(W44-2DDT$35:KGRM5,-;_`/`A^A0`
M``````````5[JSOM;/ON+G[*,L(%6;2+G>J76MDH+555FY5VRX/=30S\FDDD
M<>8URO!%15S_`/DTK=M0?0Z8HZFI3XV=2V>GN%?6-3DEEY2;DE1C<?214<JY
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M"HK_`(Y?9U1]2L<?*)%RC'HNZJ[JIP5.E/VF!VTFOI;JM'<[%##%!=*:UU+X
MJM9'-DFAWT<U-Q,HU>Y7CQZ4-.?:\L-EDNBV/>WK4V[01<OC>A6HY%6N=NKA
MW%KN"*G%4\&5Z.HMH-UTW&];M8:=LD4<<SV05G*[T;ZA(DQAN6]RY'9<B(J]
MRBY.;6:QNM2VZR5#7Q4]'JV"U0I1U')/5B.8G=*K';S55V7)X454RF$4W>=!
M%H)*^.T[T,M#<:VD:Z54<]M)(K7-?P[E7(BJF,XZ%ZSN:&UC/J6ON=%4VUE(
M^DIZ.J:K)ED1S*B+?1%RU,*W"HO@4F87H4@&S?\`7VOOQUWL8R?@````@&V#
M]16?\=H/;(3]``"NJ?4&K)-;3Z6<^UK+!:H:]STIWHCGNEW7L3N^C=SA>OBO
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M]'0F<DM``/SEMR[XC?PFG]K.?HT```````````%>ZL[[6S[[BY^RC+"!R+GI
MRRW2NCN%?0MFJHH7P,E5[D5K'HJ.:F%X(J*J+UF*72FG)6TS76>E1E-$R&-C
M6;K4C8]'M8J)P5J.:CD1<IE#731.ETK'5C;3&DZR3R;R2/3#IF[LN$WL)O)T
MHG#P])EFTCIV:CM]');(^0MS7,I6M>YJQ-<W=<U%1<[JIP5N<*G@/,>C-,1R
M1R-LU/EE$M`C>*M^#\?]-6YPJ<5Z4SQ4V8--6.")8F6Z)6K415*J_+G++'N\
MFY7*JJJMW&HG5A`_3=D>RB8MOC1M%.^HIT:JMY*5ZJKGIA>E5<[C^U3/062U
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M4CVJN7,C;NL:N5Z&IP0Z@7H4@&S?]?:^_'7>QC)^````"`;8/U%9_P`=H/;(
M3]``"/0Z8IHM95&K$K*E:N>D;1NA7=Y)(T=O)CAO9SQSDCE)LIL<$"TLM=7S
MTB4E51,@<YB(V*>7E')E&Y54=Q1<_P!3<J]G]/6T<,5=>:^HJ8Z":VNJ7)&C
MWTTK4:YBHC<9[E%1W3E5_<9*_9OI>MJ'SRT:IO0TD"-1<HC*=^\Q./'BB(U5
M\*(9:_1%+676IN_QE5T]QEAG@CJX$8R:)LN[P1Z)ER-W>Y1<[N\O[,8EV?VY
MR7VF=7UKK=>T5U;1JK-UTRL1KI4=N[R.7"+C.,HG#'`QR;.[9-,E5/6U;JQ;
MC2W%\Z;J*^2G8C(FJF,;J(G''%55>)DTUL_MFG:VVU=)75LJT%/44T3)E8J*
MR:597YPU%SO+PZ.'6=!=+107VOO-KKZB@FN+6)6QQM8YDKF)ALB(Y%W7XX93
M@OA15XFF[0=I==DN'+5.ZE>RY+"KD5%JF1+$V3*IGH7.,\7)G]A(K+026RUT
MU!+7U5>^%NZM35.1TLG'.7*B)E3>`!^<MN7?$;^$T_M9S]&@```````````K
MW5G?:V??<7/V4980`````````7H4@&S?]?:^_'7>QC)^````"`;8/U%9_P`=
MH/;(3]``````````?G+;EWQ&_A-/[6<_1H```````````*]U9WVMGWW%S]E&
M6$``".ZTU'\EK9'=)*)U32I,UE0K'X=#&N5=(B87>1J(JJG#@AXN6J8:74UD
ML%/3I4/N39)'3I+AD+&L5R+T+O*Y&NPG#H7B;ENU!05%)2RU%90LEG9O(D-0
MDL>,N1,/PB*B[CO`GT5Z@_4%!\(I&PUE"L,JR)(Z2HW'-1L>_P!RU4[K@J*O
M%,-7/$SI?+2NYBOARYVXB*["HN6IA>KB]J<?^9.LT5U59::!\MSNMLI5269K
M4;5H_>;&]6JO0BY3AO)A=U<IGADV)=3:>AJ8J62]T"3RK&C(_A#<KOIEGA_W
M>#K\!M6NN2N;5.1U,O(U$D'^A/ROT5QW7!-UW6WCCK-X``+T*0#9O^OM??CK
MO8QD_````!`-L'ZBL_X[0>V0GZ```Y-9J"V4-\H;)5S.AK*YCG4V^Q49*K>E
MJ.Z-[PXZ3:M]PBKOA/)QRL^#S.A?RC-W+F]..M./2;@RAQX;_135B4\+)Y&K
M5/H^6;'F-)6M57-5?!C"IG&,\#KY3K,4]3%#O-55=(V-TB1,XO<U.G"=*^!/
MYGVFF2HIXITCDCY1B/W)&[KFY3.%3P+UH90``?G+;EWQ&_A-/[6<_1H`````
M``````*]U9WVMGWW%S]E&6$``#E7VW27)*.'DX)*=LV:ADV</C5CF.:B(G'*
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MW:JBU_&GPB2-_P`+N$M4SD\]RU^,(N?#P.T``%Z%(!LW_7VOOQUWL8R?@```
M`@&V#]16?\=H/;(3]```174]BAU#7I05M)/\$=2/W:N)R-6";?8YCF+G>1[=
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MUEV>%KIT```_.6W+OB-_":?VLY^C0```````````5[JSOM;/ON+G[*,L(```
M``````+T*0#9O^OM??CKO8QD_````!`-L'ZBL_X[0>V0GZ``````````_.6W
M+OB-_":?VLY^C0```````````5[JSOM;/ON+G[*,L(`````````+T*0#9O\`
MK[7WXZ[V,9/P````0#;!^HK/^.T'MD)^@`````````/SEMR[XC?PFG]K.?HT
M```````````%>ZL[[6S[[BY^RC+"`````````"]"D`V;_K[7WXZ[V,9/P```
M`0#;!^HK/^.T'MD)^@`````````/SEMR[XC?PFG]K.?HT```````````%>ZL
M[[6S[[BY^RC+"`````````"]"D`V;_K[7WXZ[V,9/P````0#;!^HK/\`CM![
M9"?H`````````#\Y;<N^(W\)I_:SGZ-```````````!3>VC5$&C=9:(U#4TL
ME3#3QU[%BC<B.7?9&U.*G#^<I8_)NX^>8/G*6/R;N/GF#YREC\F[CYY@^<I8
M_)NX^>8/G*6/R;N/GF#YREC\F[CYY@^<I8_)NX^>8/G*6/R;N/GF#YREC\F[
MCYY@^<I8_)NX^>8/G*6/R;N/GF#YREC\F[CYY@^<I8_)NX^>8/G*6/R;N/GF
M#YREC\F[CYY@^<I8_)NX^>8/G*6/R;N/GF#YREC\F[CYY@^<I8_)NX^>8%_[
M2=DQ_P`-W#SS"4["[Y%J2/5U]@@?!%6WA96QO5%<U%ACX+C]Q:X````*TV[5
MT=LT=27&5CGQTMVHYW-9TJC9-Y43]O`BGSD=*^([S_2+M#YR.E?$=Y_I%VA\
MY'2OB.\_TB[0^<CI7Q'>?Z1=H?.1TKXCO/\`2+M#YR.E?$=Y_I%VA\Y'2OB.
M\_TB[0^<CI7Q'>?Z1=H?.1TKXCO/](NT/G(Z5\1WG^D7:'SD=*^([S_2+M#Y
MR.E?$=Y_I%VA\Y'2OB.\_P!(NT/G(Z5\1WG^D7:'SD=*^([S_2+M#YR.E?$=
MY_I%VA\Y'2OB.\_TB[0^<CI7Q'>?Z1=H?.1TKXCO/](NT/G(Z5\1WG^D7:*^
AU9K2@U[JB6\6VEJ::&*B@IE94;N\KD?*[/<JO#ND/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g633134.jpg
<DESCRIPTION>G633134.JPG
<TEXT>
begin 644 g633134.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`Y1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5]"3$]'7U!/4%],24Y%+D504__;`$,`!P4&!@8%
M!P8&!@@(!PD+$@P+"@H+%Q`1#1(;%QP<&A<:&1TA*B0='R@@&1HE,B4H+"TO
M,"\=(S0X-"XW*BXO+O_```L(`0D!C`$!$0#_Q``<``$``@,!`0$`````````
M````!@<#!`4"`0C_Q`!/$``!`P0`!`(%"`<%!@,'!0`!``(#!`4&$0<2(3%!
M41,B5F%Q%!87,H&1DM$5,SAVE++2""-"H<$T4F)RHK$E8X(D)C=$1E/A<W23
M\/'_V@`(`0$``#\`P\7K]27OB36XOD-RNE-8+72M>VFML?/)/4%@?S$:UIH=
MOKV#>FMKWD%^N?T78G8+=EYN?Z;N/R/]),C=%*V`$`QN!.]@N`.SU`'<%23A
M9'-AO%*_\.8;C45=FCI&5=(VH=MT3M,)`T`.O.=ZT.@70X\U]?-+BF'4=5-2
MPY!7^@JI8?K&(%C2WX'GV?AY;40LE\N/#BIXBXE25TE31V:A%7;#5.#G0EW(
M`.VCUE:=:UL=AM<BPP7'#+EP\S".\UM55Y7-R72*9_,V4/<W1^(#]]=]1X=E
M]R*GN.:W3B)E<E[K*:7$Y2RUQPOY6QACG;/;8V&$]-'9Z]!I7]PWO4^18+8[
MQ5$.J:BF:9G`:YGC;7'[2TE=:[WRS641&[W:BH!*2(S53MCYR.^N8C?=>+3D
M-AO,LD5HO5OKY(VASVTU0R0M!Z`D-)T%U$1%%KQG^&V2XS6RZY#1TM;#KTD,
MCB'-V`1OIY$%;./YCB^1324]DOM%6SQCF=%%)ZX'GRGKKWK9H<CLE?>:RR4=
MRAFN5&-U%.TGFC&P.OWA==$0D`$GL%"#Q3X>@D'*[?L?\9_)2JT76VWJACN%
MIKH*RDD^K+`\.:3XC8\1Y+=1$7/O=XMEBM\ERN]9%24<9:'32'302=#_`#6S
M15=/7T<%;22MFIJB-LL4C>SVN&P1\05G6A+=[7%!7U#Z^#T5O!-6X/!]!IO,
M>;78ZZZ7RR7BV7VWQW*T5D571R%P9-&=M)!T?\PN@B(B(B(B(B(B*E<LL658
MUQ4FSK',>;?Z>XT?R:HIVRACXG@-:#U\#R-ZC_B!UT*C'T69;1\-;7+3TL+\
MCH;RZ[-H6O;IK7!H]&#O6QZ-IUO7<=2I1A5IRVHS#*N)%\L+;;52T'H*"WRS
M-)<6M;W=TT/[L#9U]8^`7/R6')<_P_"\_M5HBDO%KK7U)M[)-"1@EUZI/?\`
M5-/O!.M]%ZL>"Y)E,N>Y!D-";-5Y!2_):.EDD$AB:`""XCPVQ@[`_6.AT7)L
M.*YW?;C@UBO^.FVVW%)3)+6NF:X5'*X%@:`?)C1TWW)Z=E]R#%L]L=SSNSV'
M'?TG;,KDYXJMDK&"GYG$N#@?<]PZZ'8[\%=N"V-V-8A9[&][7R4=,UDCF]B_
MNXCW<Q*K/+[-:[_Q_M-NO%%%64AL+GF*4;;S!\FBK,Q[#\:QN>:>Q6>FH99F
MADCH007`'8!ZKOHB+\J9M<+5;>/N0U%XQI^04IIXVBC9$)"'&&+3]$'MU^]?
M,+K;)=>.=FJ[5:!B5-%"?_8Y06.J9.5PT!K0+N8#78AI\3I2K#;A36GC;Q,N
ME8XMIJ2CDGE(ZGE:YA.ON6.EX@<6KY8Z_-K+:[1%C]*Y[FTLK2Z62-GUB#O;
MM#>ST['079R/C+,.'MBO5AM[#>;U,ZFC@F]=D,C"`_RYNI;R]OK`GMI<Z[YW
MQ1Q._8Y9,DI[+)^E*J,?*J=CB"PO:U\>MC3F\W?6NH[J^Y/U3_@5^..&5^X:
M6NPW2GS:S"OK9*DNA(I?2/\`1\H&@_8Y>N_$*8<&KS4X1P_S#+:NAG;:'3QF
MWTTA(]+(26]"1V]9@+O^$^2ZDF?\7+5CU+G5UM=GFQZ<L>ZEC!;(R)YTUV]D
M@'8T3ON-A=O/.*%_H[MA\.(4E)619!3-EBBJ6'F<YY`:.8$<NM]?@5ZQS.LV
ML_$6DPO/8+?)^DH^>EJ:%I#0='77Q&VEO4;!UX+M<-LWO.256:Q7!M*&V>L=
M#3>BC+=M!D^MU.SZ@\E6=]S*[YO_`&?[_=;RVF;417.*!HIXRQO*'1.[$GKM
MQ4XJ;QFEMX=X3#B=%0-CFMU/\KN5?*QL-*/1MUL%P[]=G1Z#MLKE83Q$S.[Y
M!D.(355AN-RIZ&2:AKZ,DT[I1RZ!([M];R!!!"A_!2IO\&"9O5F*W5%ACIJN
M2>.H#G225`A!`(WUC([]=J3V;B4,6X*6N\TEFH8[A6U4U/2T5-&YD`<'NVXC
M9.M#MOJ2.RS5&?\`$K"*NSUF?T%MELMQD$;S2-U+3$@'1T=;`V===Z/5=+),
M\S<\5*K!\9I[7*'TS'PRU37`0DQA[I'$'J!UT->(6]PFSC)KOE&08CEL-(;E
M:QS":F;RM(#N4@^?=I!Z=-[5MHB(B(B(B(B(L=1!!4T\M-40LE@E8621R-#F
MO:1H@@]P1X+Y34\%+3QTU-#'#!$T,CCC:&M8T=``!T`65$15)<_VCK1^[[_Y
MY%;:(B+\^Y):.(EEXR7K+\8Q87*"H@9!&Z61H8X>CC#C]<'8+-+['B_$C.L]
MQZ_9;9J.R4-I>V0>AE!>_E?S\N@YQV2`.N@!_GT[-@EXJN)/$.>Z4$D%GO=%
M+3051+7!W.6]0-[Z:)Z^2CUJM'%W&<2N&`46+TM;33&6*&YLJ6!K(Y-\YT2-
M]R1L`C?8]%YSCAS\W^&N+40OENIK[;*J2H8:JH;#'/(_3GM8Y^AZO*S6]`@'
M?=<7/*[-KMF?#^?+;=16][JV,4M'32B1Q_O8^>1VB=!QT`-_X3\3^J7@F-P`
MZD%5!P!Q"ZX]CMUILDLXIJB6N,D;9@QY+.1HWT)\05-.)>*G+\*N-@@E9#/*
MUKH'.^J'L<'-!UV!UKW;5.5=HXO7S#*+AU5XQ2TE'%Z."6YOJ&%IAC(+.@)[
M:;U`).NPZK5XIVFMQW,>&5GQWT<]?04\<5+Z?36RR-D&N;RYC_W4ELEAS?,>
M*=LR_*;"VQ4%GBY(H#*'ND<.;6B.I]9V]]!H`#:T++8.)6'Y3F%/9\:@N-'?
M:ASX:V2J:R.';GEKR-[Z!Y!&M['0^?-M7#_+X.!=]QN2RRB[5%U9-%3\[-O8
M/1;=OFU_A/CX+>S?!LMJJ3A[4,Q\WFBM-NAAK;2ZH;'_`'C6CFWUUU'38W]7
MR6UP[Q#)K;Q8GO\`6XE#9K574+XV0T<C'14FVMY6NT1ZWJ=2!W<M+`<6SW'\
M=S'#ZK&=T=?35;H:T3L]>4Q<C&M&^SM#J=:WU7WZ+<EN?!:SV@T_R/(;7635
M4=/,]H#P7N]7F!(!((()Z=-'6UEOUCXG<3I;)9LGQVGL=KHY1-5U0F:\RNUH
MEK020=$Z';9ZE2:FQ6^1<?JG)!;'MLAMXA94\S>7F$36ZUO?<:[+U@V,7VW<
M9LQOU;;I(;771D4U07-(D/.P]`#OL#W"MU$1$1$1$1$1$1$1%4ES_:.M'[OO
M_GD5MHB(OA+1WT/BOHTB+@Y?BMCR^U?HR^T?RBG#_2,(<6NC?K7,UPZ@Z)49
MQ?A#AN-WB&\4M/5U-9!U@=5SF00^7*-`=/#>]*Q$1%&K[AEDOF16C(:]DYK[
M4X.IBR7E:#S<W4>/524#2(G3LB^;;S:V-^2^HB(B(B(B(B(B**Y9G^)XC5P4
M>0744D\\9EC9Z&1^V[UOU6G77S7V'/L2EQ>3*FW=@LT;S&:A\;V[<#KE#2.8
MG?@`MC$\QQO+X)YL>N<=8V!P;*T-<QS">VVN`.CUT>W0K;R3(;-C%L==+Y71
MT=&'!G.X$DN/8``$D]#T'DM7&,PQO*+?47"R76&IIJ<ZF<06&+IO;@X`@:!Z
M]NA7-L'$O"<ANXL]HOL517.YN2,QO9Z37?E+F@.Z`GIX+[D/$G"L=N_Z'N]]
MBIZX!I=&(WOY-]N8M!#?/KX=5+HI(YHF2Q/;)&]H<U[3L.!Z@@^(53W/]HZT
M?N^_^>16VB(BK2LG=E'%N*S.=NUXQ`RMFCWTEK)/U6Q_P-V1[USK7E^-8K:<
MUOD--=GPTU^?%6ME>QY,SG-:3'Y,Z]CU74I.)['76T4MRQ:\6RAO$PAH:VI:
MP-D<?J\S0=LWX;_[;4_N%1+2T,]3#22U<L;"YL$1:'R$?X1S$#9]Y"_-]RR&
M\77@)=JBY1W!LS+@UXKYY6D3;JCMK=.+AR@:UH#R5GT/$]OZ3L]+=,6O%KH;
MO(V&AKJEK.21Y^J'-!VS?AOX]NJW[WQ`%-D%3C]BQZXWZX4;`^L%(6-93[&P
MTN<=<Q\EKOXIV-N$U65BDK>6CJ&TM50N:UL\$I<&\K@3KQWW_)2#+LJH\7I[
M7/5TT\S;A7Q4,8BUMKY-Z)V>PTN'=N(<L-YNEKLF*W6]_HK0K9J4L:V-Q'-R
MCF.W'7@%ZJN)MCCQ6TY#2TM?6.N\H@HJ&*(>GEEV06:WH:(.SO7EO:]63/WU
M63TV,WS&[C8[A5Q.EI/E+F2,G#1MP#F$C8`WK_MTWRW<5A4NN3;+B-ZN@MDT
ML5:^(,:R(L<1T)/K$@;T.NEU:WB78H,1M624T-76"[.$5#101@SS2DD%FMZ!
M!!!.]?'84(GR6MO/&C"*6NL=RLM53Q5GI:>J+2V1KHB6N:YI(</5/P(4AJ>+
M$8@N%TH,4O%?8*"9T4]SA]&&>J=.<UI=S.://_LOO$VM916FQ<2[1S/-M?&^
M4MV#/0S<H>PC[6N&^Q"LR&5DT+)HG!T;VAS7#Q!&P5[1$1$1$1$1$5<\.J/)
M*G*LMR2_LK*2&IJ12T%%,2&MACV`\-[==CJ._K>:L94?G^$Y??\`B6^]6A]B
M,--;VP0MN'+-UZD[B+3H[<=$C2KZ\9'\Z\3PFGJK51T,,>1FEKX*5@B@D>/1
MGFY1TZMD=OW@^:L3&8F4']I+):2@A9%2RVIDDT<?1H=J([T.F]G_`#*]<=0*
MC,.&E!4#FHIKJ3+&YNVO(?$!L>/0D?:5"LE>ZV9CQAI;4?14[[2Q\C(SR`/)
MB#NWNDD^\^:7"EI;?9N"%9;8(V54E3'S21M',_F?&7`Z[]7.^\K[0T=+<;9Q
MPK;E3Q2UD51(&/D]9T?*^4M`)[=6M^X*Y^#,T\_"_&GU!)D^2!HV=^J'$-_Z
M0%`>(&2VS$^.UJN]W=,VE;8C&3%&7NVZ2370*Q,)XBXYFE754ED?5.EIHQ))
MZ:`QC1.AK:F2(A[*K,*#J+C-Q!HYFZ?614=7"?\`>C#.4D?:=*L<@:?H]XHC
M1ZY:?#_S6*S>-P_\,PW0[9)1=O@Y6GX?:ORU476@GX!WFP,F_P#%+?<@ZJIG
M,<'1A]7ZI.QUW[E:/&YNK7AH:.@R.B[?!RYECR.TX%G&:4&62FWBYUWZ0HZN
M6-QCJ(BWZH<`>K>VOBH=>Z*X7S`.(^3T5NJ&V^Z7."JHV.86OEAB>.:4-[Z.
M]_8?)=KB/G>/Y9'AM'C]1)6F.]T=34/9$X-IQLM:UY(T'$DZ'_"5CRA^),SC
M(9ZR^WC!+]%("*B*5QAN,>NDH8&Z/AZH/^>UAJ<QS(X/A]1>;DZTT]PKIHJJ
M^&B'I(X!KT3^76F%X+NNNP!\]X+146E_&/#9[9DMZR"G`J8I+C<)'/A,IB=J
M.(\H;TZ;`\PK#X-1L-CRD%@T_(*_FZ?6]8!5GCWI+3@_"W+JBGFDM5FK:UM:
M8V%QA9+(]HD('70U_P!O-2JLRNR93QHP4V&;Y734<=8V2KCC<(W/="3R!Q`V
M0`"?+F4/JJS&[=%>[E8\EO.$Y'#/,9+"YQFCEE!]7ECY=$/.O,#X!6%Q"NER
MFX`S5=^IA'=:RB@CEAY.4^E>]@^KX'QUX%69C]-+1V*VTDY)E@I8HWEW<N:P
M`[^T+HHB(B(B(B(BA/%LY"_"JNBQBEGFN5<]E*'0[#H6/.G/V.P`Z;\-[\%)
MK#;S:;);[8:B2H-+3LA,TCBYTA:T#F)/GI=!5SE_#)EZR*3)+-D5PL-UG@^3
MU,M*`X3LT!U&P0=`#>_`>(VL,W"#'78'!B$$]5"(*CY7'7`@S"H[<YZ:[=->
M0'78VLF.\.H\8I,CN<]WNEYOESI7QRUI`$_*&'38]GZW;N[N&]M+G4?#>IR#
MAG8K/DU?64U]H9'5458)?2S4[R]SF@N)]8AI:#H]QT/1=C$^&-LLE#?8KE7U
M-ZK+XTLKJNJ`#I&$$<H[Z[D[V>NO(+D8OP;H[)>[7<*S(KC=*2T.<ZW450`&
M4Y)WOOUZ]>@'4`^Y,HX.4=ZO=TN-%D5PM5-=RTW&CI@"RH(.]]^FSUZ@]22K
M-M-NI+3;*2V4,8CI:6)L,3/)K1H*K[H`?[1UH!&__=]_\\BMIK6M^JT#X!?4
M1%$L@Q>>JRZQ95:IXH*ZB+J>J;(#RU-*_P"LSH/K`^LWPWW4KY6Z(+1UZGHO
MI`/<`KZL8AB#GN$;`Y_5Q#1MWQ\U[(![@%>)H(9@!-$R0#L'M!U]Z]@`#0'1
M>(X((@1'#&P$[(:T#97R6G@F(,L,<A';F:#K[U[DCCD862,:YA[M<-@KXR*-
MC6M8QK6M^J`-`?!>@`.P`3D:6EO*.4]-:Z+S'#%$T-CC8QH[!K0`%Y=!`Z42
MNAC,C>SBT$C[5%\IQFIR/(+"^JGB%BMLIK):;J7U%0.D>^FN1NR?>?!2U$1$
M1$1$1$15Q26W(;GQBK+Q715-+8[11"FH@7:9522#;WZ\0.H/P:K'1$1$1$52
M7/\`:.M'[OO_`)Y%;:(B(B(B(B(B(B(B(B(B(B(B(BXV75%TI,9NE19*5]5<
MV4S_`)-$SNZ36A]Q._L7*X7V"KQO"+7;;C++)7\AFJ3(\N(D>>9S=^[>OL)\
M5+D1$1$1%4ES_:.M'[OO_GD5MHB(B(B(B(B(B(B(B(B(B(B(B*M\LM.09!Q+
MQF%D<U/C=I!N$U2R30FG!TV/H=]-#['.5D(BX.:91;L/QZJOES+C##IK(VZY
MI7GZK&[\3_D`3X*.5/%"S4?#R@S>LI:F."N/)!2,Y72O?S.'*.P_PD[\EM8#
MQ!H,PJ;A;OT=76NZT'*:BBK6<KPT]B/_`,@=QYK>S[-+9A-IBKZ^&>IEJ)A!
M34M.`9)I#X`'P]_P\2N=B'$FS9#07B>IIZJT5-F!=<*6N;RO@:`3S>\>J??L
M=NRX^+\8[+?K]0VI]HNEOAN1<+?5U<8;'5%IUH'?F-=-]>G1,KXQV;'[[76I
MEGNEQCMO+^D*JEC!CIN;0`))\R!UUUZ*R+;74MSM]+<:*42TM3$V:)X_Q-<-
M@_<55US_`&CK1^[[_P">16VB(B(B(B(B(B(B(B(B(B(B(B+4NT\]+;*N>DA;
M-5,B<8(G.#1))H\K=GMLZ'VJ&\(,=NMAQ>26_N>;W<ZJ2NK0]_-R/?T`Z'78
M#>O$J>HB_+_&.^ONV97>COEKNK[/9Z.:*WQT\!=%)5.CZ32.)`#6[\-_5'F5
MQ7W6*KX=\,S)#+#1VN]^@JI*AFF/)<)`YI\6\I</#J#Y*SK%(U_]I/)ZF"6/
MY-#:&BH>#ZK3RP]">P/3_)8^-533RY?PPKVS,EMPNIYI62`LWZ2+Q[>!^XJ'
M94U]3FO&*6W@NA9:6,E+6EPYP8>;L?\`A?\`<?)>KK+!4V'@;#0/:Z<5+/58
M?6!$D0<?Q`KU;9J>FM/'2"ODB;5&HD.G#1=M\H:1_P"HC7Q"N3@Q'-'PNQIM
M1OG^2!PZ:]4N<6_])"@/$&\5]BX[6JOMUBJKS4"Q%HI:8Z>09)-N['H%8F$9
M9>\BJZJ"Z87<K"R&,/9+5NV)23KE'JCJ.ZF:(B(B(B(B(B(B(B(B(B(B(B*M
M^(=ANV79-C5JA<P8]0U/RRYO9,`\2,T8XRW>^NS]^_`*R$1%JW2@IKI;:NVU
MC"^FJH7PRM#BTECAHC8[="H_/@6,5&'PX?/0&2SP_JHW2N+F'9(<'[WO;C]^
MNRU+%P\QW%[%=[?8;:'27"!\<QJ9W;FVT@-<\;+6]3]4=-[ZE:-FX9VD\-[;
MAF1Q1US*;FE+XBYGHY7/<[;'=QKF(!/<=^Z[F)X-C6*6RJMMHMX;#5_[29G&
M1T_0C3B>XT2-=NI\URL;X585CE]%\M=L>RL9S&'TDSGMAV-'E!/3H3WWI,FX
M4X5DM\-[NEM>ZL?R^F,4[HVS:Z#F`/7H`-C14XIX(::GBIJ>-L<,3`R-C1H-
M:!H`#R`547/]HZT?N^_^>16VB(B(B(B(B(B(B(B(B(B(B(BY637NAQRPUU[N
M,G)34D1D=YN/@T>\G0'Q4'X'V>N@L%;E-X)-VR2H^72[WZD9WZ-OW$GX$#P5
MFHB(B(B(BJ2Y_M'6C]WW_P`\BMM$1$1$1$1$1$1$1$1$1$1$1%6>1SX_Q"RB
MHX?55/72P6DQ5U744\@;%Z0'0@?Y@AW77D>VE9;&M8T,8T-:T:``T`%]1$1$
M1$1%4ES_`&CK1^[[_P">16VB(B(B(B(B(B(B(B(B(B(B(HOQ"RZDPK&I[S4Q
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M:QREK[1CCFMN-1-,6O)WIW*`>FB'#L>VU;..W>FO]BM]ZH]_)ZV!DS`>[=CL
M?>#L?8JVN?[1UH_=]_\`/(K;1$1$1$1$1$1$1$1$1$1$1$59VZX4&?YQ=*"L
ML<%3:\7JF&EK'R.V:P;#O5!TX#7CY`^(U9B(B(JAXFY+AEXJKG@>3U]QLIIX
M15BJYFQQU'J=&M/4O^L?5(&RW2J(U=R?PPP&^7*`LMUFOQC#XX@T.@!8X/('
M<[:]N_$CJ=GK86*W6WW7CKEN5T%8)K'06AK9JN+UF'38]ZUW^H_M_NK%Q;OM
MKN=7PTSBAG$]@@NCO25+HW-#?[QG4@@$?JW_`'*/5['Y?DG%R\V$FJH#:V01
MRP';97-]&?5Z==B%_;_4+4_2]OR:CX-V.T3MGN-%4-^50,ZF$,='LN\NC'.^
M`7M]XH,:AXS6.\5/H+A73O=2QR?6G#W2:+?/H]I^!VKSX0451;^&F.4M4US9
MA2!Y:[N`XEP'W."KSB#+DL/':U/Q2FH:BY_H(AK*UQ$?+SR<QZ$=58>$5/$.
M>KJAF=OLU-3",&`T#W.<7[Z[VX]-*:(B(B(B(B(B(B(B(B(B(B(N9DEZH<=L
M5=>[BYS:2CB,DG(-N/D`/,D@#WE<+AA8[39<5@EM#ZN2"YN-Q=)6`"9QE`/K
M:\0-!3!$1$7,NU@L=Y=&Z[V>@KW1@AAJJ=DA:#WUS`Z6Q-;;?/;C;)J&FDH"
MP1FF?$TQEH[-Y=:U[EI,Q^UT=IK;;9J"AMK*J-[2(:1G)S%I',YF@'_`]^RT
M\?Q"T6C$:3%I:>*OH(&$/;4Q-<V5Q<7.<6ZT/6)('@NO:[5;+13FFM5OI:*`
MN+S'31-C:7'N=`=UK6_&\?MM8ZNMUCMU)5O!#IX*9C'G?4^L!OJEQQS'[I5L
MK;E9+=653``V:HIF2/:`=@`D;[KK``#0[*I+G^T=:/W??_/(K;1$1$1$1$1$
M1$1$1$1$1$1%7W%(6&^-M6!W:LK()[W.'1?)6!VQ$0X\^^S3VWY]?!3VGBB@
M@C@A8&11M#&-'9H`T!]RR(B(B(B(B(JDN?[1UH_=]_\`/(K;1$1$1$1$1$1$
M1$1$1$1$1%7=GI[!DW$VOR6DN%3/66"(VMU.Z/44<A+BY[7>)T7-/_\`BL1$
M1$1$1$1$527/]HZT?N^_^>16VB(B(B(B(B(B(B(B(B(B(BYU_N]#8;-67>Y3
M&*CI8S)(\#9`]P\3O0"CO"W';?C^+L=;ZV6N;<Y3<'54T7HWR^E`();X>KK_
M`#4S1$1$54YC-Q0K\GKZ6PU=+CV/T-*96W&IB9(*EX:"0=[Y0"2.PT&D]>RB
M)XLY/5<,++5TT<$>1W2Y&VQU'HQR=-?WH:>F_6:.VM[Z>"EG#G)\IBSR^8%E
M]=!<:RD@;54]9%$V/G80W;2`!_OC73P/N6[QCRV\V&.P67')(H;Q?:T4T-1*
MT.$+=M!=H]-[>WN#TVH[C_$/(K"_.+)ETT5RN6/4WRN"IBA$8G:0-`@:`ZN9
M]Y[Z7(Q_.,_M=PPJZY/=*2ML^4RF-M*RG;&ZFYG`,((`/^)I[GIL=^J]9'F_
M$"YW7-;CC%SI*&SXH\1OIY(&R.JBTD/))!/^!QZ:Z:'?JKFPR^#),5M5]$8C
M-;3ME<P=FN[.`]P(*@%S_:.M'[OO_GD5MHB(B(B(B(B(B(B(B(B(B(J\XJ0V
M;(X[?@-9?76^NNTS961QPF0RQQGF<TZ^J#KH2>[?'14_@ABIX(X(6!D4;0QC
M1V:`-`?<LB(B(B_-G'3-ZFX9+\RV_+Z;'J=S!<YJ*#GEJ#H.+&[(&AL#1.M]
M3O0"99\@NO#[$\APZP7"*UXS=0'TDL7]]R#E<Y^@3L$@;/F25V<)KW7WB=EW
M$N"VUL=DI;;Z&'TL99),YK&$AH/<ZC/CXM\U@XCWF3)+1@'$RUVRM=;K=<72
M5$`:'2L8)&@DANQK<1'VA<VAL]QX@W'B;DUOH*B*DN-"VDH&U$9C=.YG(1K_
M`/B'VN'O7,M-759C4\+\6IK1<(*O'I@^XOE@+&1-C<SQ/NC\==2`OMYJZK#*
MKB?C-9:*^6?(I2^VOAA+V2-D<_Q]PD\-]00K[X96:IQ_`K%:*Q@94P4P]*S>
M^5[B7$?87:59<0;=>[IQVM5+8+W^AZXV(N%5Z$2Z:))-CE/FK#P>P9C9ZNJD
MR7,?TY#)&&Q1_)6P^C=OJ=COTZ*:(B(B(B(B(B(B(B(B(B(BXN79);,3L%5>
M[M*64T`Z-;KGD<>S&CQ)_P#SV"CF&XO037^JXB325D]=>((WT\5;&&OH8BT'
MT8`/0_Z?$DSU$1$1$18JJ!M32S4SGR1ME8YA?$\L>T$:VUPZ@^1"U;':*"Q6
MFEM-L@]#1TS.2-FR3WV22>I))))\25OHB*I+G^T=:/W??_/(K;1$1$1$1$1$
M1$1$1$1$1%YED9%&^65[61L!<YSCH-`[DGP"JVSU-EXN5TU966B=UDL5P!MU
M0Z4B.N>&D.+F:ZM!`(^/7Q"M1$1$1$1$1$1%4ES_`&CK1^[[_P">16VB(B(B
M(B(B(B(B(B(B(B$@#9[*KLWAOG$$T-EQ6[4L>*SE[;K<Z6=KY-M.C`T`^(^S
MSZ='6%8[306*TTEIMD#8*.EC$<;!X#S/F2>I/B2M]$1$1$1$1$1%4ES_`&CK
M1^[[_P">16VB(B(B(B(B(B(B(B(B(A(`V3H*L+I>J+B>R^8=C5WKJ*.D,;:N
MZ4\(?#*TDA\+7<P.SY^.CW'><XS8+7C-FIK-9Z804D`T!W<X^+G'Q<?$KK(B
M(B(B*CO[0%RS=MFN<%LIF4&.TL4,E37B74M0YSP!&P#J`"1OX=_`_.)%_O%+
MP_P2RVNXRT=7?ODM/)5,>1(UGHV<VG#J-EPV=[^];/#:IN>-\5L@X?U-ZK;I
M;F4C*NEDK93))&=,)&_?SGW>J/>MWCG=KJVHQ+%;7<*F@-]N`AGJ*9Q;(V,%
M@(!'_/O[%$[7DUZP2MXCXU)=:NY16BB%7;IJZ7TDD9=R@`D]^LK.G;;>PVN5
M9JC(<5K.&^339/=:\Y--R5]+53NDC+7N:`6@^0>#\1TZ=%ZOE1D.65W$C(X<
MHN5O9C$GHZ"FI*AS(],<[9<!WV&$_%WD-*]>'-[GR/"+)>JHM-34TS3*6C0+
MQMKC[NH*A5S_`&CK1^[[_P">16VB(B(B(B(B(B(B(B(B+%55$%)33555*R*"
M%ADDD>=-8T#9)/@`%6%/>6<7K7?+/;XKI;,?:YD<=WC<&&LT?[QC6D;#=>_L
M>NNRGV-8]:,8M,-ILM&RFI(O!O4O/BYQ[N<?,KK(B(B(B(H-QEL]ROW#F\6J
MT4KJJNG]%Z.)I`+M2L<>I('8%13B+AU_N."8?46FC$UZQ\TTYI'%H+^5C0YH
M.];!:.F^NC[EBPRU9959IE/$B\X_^C*B2@-/06Z:5I<YS6M[NZ:']V!LZ^L?
M`+GY+%DF?XAA>?VJTQ27>U5SZAUOBDZ2,$NO5<>_6('W@G6_'[9<'R3*IL_R
M"_VYUFJK_2_)**EED#RP`-(+B/#;&#L/$Z[+E6+%\YOU=@=BON-.MEOQ64R3
M5KYFN%0&N:6AH'N8T=-^)Z+[?\9SJP7'/++8\:==+=E<G/#5QRM:*?F<XN#@
M?^<CKKL"KLP2QOQK#[/8Y'M?+1TS62.:-`O[NU[MDJJ.(..T^4<=K5:JJMKJ
M.-UB+_2T4OHY`0^3IO1Z>:L3",`H</JZJJI+S>:YU1&(W-KZD2M:`=[&FC14
MS1$1$1$1$1$1$1$1$7(N&06FAN,-IDKJ<W6H8Y]/1>E`EFT"=`'ST>I4'Q>G
MX@Y/?'W;*XH+/CGHY86V$M$KJAK@6[F/V[^SL`=FR**DI:"DBHZ*GBIZ:%H9
M'%$P-:QH\`!T`6=$1$1$1$1%BJ:>"JIY::HB9+!,PQR1O&VO:1H@CQ!"^4E+
M3T=+%24D$<%/"P,CBC:&M8T=``!T`69$15)<_P!HZT?N^_\`GD5MHB(B(B(B
M(B(B(B(BTKG=K7:HA-=+C2441.@^IF;&#]KB%!&YQD%YS;]`XSC;WVNAJO17
M.YUVXXP`?6$7F?(]=^0'5=/$^'./8W=:F]QBIN%XJ'N>ZOKY/2RM!\&G6ATZ
M;[GS4U1$1$1$1$1$1$1$527/]HZT?N^_^>16VB(B(B(B(B(B(B;7(N61V.V4
M5?6UETIF04#`^J+7AYB!.AMK=GJ>@Z=57DO&%MU<Z#!\2O.02[UZ81&&`'P)
M>=D?:`NM<[5Q"RBPV@.O,6)UI,GZ1BI&B=Q&_4#'[Z'0ZZ/CWZ+7MG!K$(9X
MZV]"MO\`7M'K5%SJ72<Q][=ZU[CM66UK6M#6@!H&@!V"^HB(B(B(B(B(B(BU
M:BX4%+-'!4UM/#-)]2.25K7.^`)V5M*I+G^T=:/W??\`SR*VT1$1$1$1$3:C
MURS7$;7S"OR6U0.;W8ZJ9S#_`-(.US)N)>&,L-7?HKPVIM]+,V"5]/$]Y$CO
MJC6O'S[>]1L\:;95>K8\4R>ZO\#!0Z:?MV3_`)+LY'DF=L_1WS8P;Y8VJI&3
MRR5E6R'Y.\]XG-V#L>/7Q]RU+"SB_6WFDJKY-CUMM;)`9Z6F:Z65[/%O,=@'
MW[6"X\+:^]7"JFON?Y#4T4LKG-HJ>001M82=,(&P=#IO04EQ/A_BF*4]1#:+
M6QIJ6!E0^9YE=*`=Z/-L:]P"E4<<<3&QQL:QC1H-:-`#X+TB(B(B(B(B(B(B
M(B%?E6LM%'F(XNY)>!)-7VJ0LH7EQ'H&QE^@`#KLP#[_`!*OKA/<ZJ\<.<>N
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MK[UQAQ=S&J'-3VG$J3H"!5Y!`3[^@>%VZG/;]4XW3NILDP&BOQJB)F2W,20B
M#1T00XGFWKIY*'Y)F.?V^QUES'$W#I9:=H<VDMACEDE/,!H<S?([^Q2&X5=+
MD[*&YR\:([()Z.%TU!25448CD,8Y^O."/6)Z'MV6UB]IX<V&\Q7N?B4;M7QM
M>T.K[U&]FG#1]7?7H?$K<MUGX%6YW-3NQ1QZ]9ZR.;O_`,[BI509/PZMU.::
MWW[&Z2`GF,<%3#&W?GH'6UM_/G"A_P#5MD_CX_ZD^?.%>UMD_CXOS7"S;B/8
M+;BEUK['DEDJ;G!`7T\(JF2<[MCIRAVS\`MK&N(6,UF/6JKN>3V2"OGI(I*B
M(UD;.20M!<.4NV-'?0KI_/G"_:VR?Q\7]2?/G"_:VR?Q\7]2?/G"_:VR?Q\7
M]2?/G"_:VR?Q\7]2?/G"_:VR?Q\7]2X^7<1<=H,8NU;9\ELE1<H*9\E/"*N.
M3GD`Z#E#MGKX!,1XBX[7XQ::V\Y+9*>Y3TK)*B$U<<?)(1U'*7;'7P*['SYP
MOVMLG\?%_4GSYPOVMLG\?%_4GSYPOVMLG\?%_4GSYPOVMLG\?%_4GSYPOVML
MG\?%_4HGQ+XG6RS8C5W#%[]9:VZQOC$<`J&3%P+P'>JUVSH;4GIL\P]]-"^7
M*[(V1S&EP^71C1(Z_P")9?GSA?M;9/X^+^I/GSA?M;9/X^+^I/GSA?M;9/X^
M+^I/GSA?M;9/X^+^I/GSA?M;9/X^+^I5Q:>)UZN%7>_1/M\M)2W.:GII(V;#
MXFZY7;YM'8/<=U=:(B(J+R;AEFK+OE,.*W.V,LF4/#ZQM67B2$[)=RZ!WLN=
M]AUX;5O8M98<=QVVV2G>9(Z*G9"'N[O('4_:=E8,AQ/',D="^^V>EKG0[$;I
M6;+0?#87%^BOA[[)V[\!_-/HKX>^R=N_`?S3Z*^'OLG;_P`!_-/HKX>^R=O_
M``'\T^BOA[[)V_\``?S3Z*^'OLG;_P`!_-/HKX>^R=O_``'\T^BOA[[)V_\`
M`?S3Z*^'OLG;_P`!_-/HKX>^R=O_``'\T^BOA[[)V[\!_-/HKX>^R=N_`?S3
MZ*^'OLG;_P`!_-/HKX>^R=O_``'\T^BOA[[)V[\!_-/HKX>^R=N_`?S3Z*^'
MOLG;OP'\T^BOA[[)V[\!_-/HKX>^R=N_`?S3Z*^'OLG;_P`!_-/HKX>^R=O_
M``'\T^BOA[[)V[\!_-/HKX>^R=N_`?S3Z*^'OLG;OP'\T^BOA[[)V[\!_-/H
MKX>^R=N_`?S3Z*^'OLG;_P`!_-/HKX>^R=O_``'\T^BOA[[)V[\!_-/HKX>^
MR=N_`?S3Z*^'OLG;OP'\T^BOA[[)V[\!_-/HKX>^R=N_`?S3Z*^'OLG;_P`!
M_-/HKX>^R=N_`?S3Z*^'OLG;OP'\T^BOA[[)V[\!_-/HKX>^R=N_`?S3Z*^'
MOLG;OP'\T^BOA[[)V[\!_-22RV*T6.@;;[3;X*2D:XN$4;>@).R5TT1$1$4"
MXD7+.8:BT6K"K?&9*V0MJ;C/$7Q4C>FB1[^IV0>W;JH99.)N1VFDSFARAE%7
MW#&H@]E32-Y8YG./*&N`[>L6]@/'R6MBV>9[0Y!B'SMEH*FUY6PFG93P\CZ8
MG7(-Z'^\SH=]#WV%IWSB-GU;/E>08U);HL?QNJ;`^FGAYY*D<W*YV_LWT(Z$
M=RN_D_$+(+O<,.L&%.IJ.X7^C%>ZHJV<XAC+20W6B/\``_9T>PUW4AX/9E<\
MIMETI+ZR$7BT5CJ2I=`-,DUO3M>'4.'3ITWXJQ5"N)EURZW6NDAPVTBLN%74
M")\SV%\=*SQ>X#WD>X#9\%#,;SS*;+E.1XSF<]!<G6JV/N7RJA9R:#6AQ8X:
M'<.'@#OSVH_:>)/$"D;C.57Y]NDQN_5KJ84L,/+)3CF+0X'N>Q(V3L`]MKIY
M9G.=7#)\JH\-GH*>WXO3^EJ?3PA[ZEP&W-'?79P`Z?5[]5WZCBMR\/[%?*2S
M5-;>KU%(RFHZ=A+?31]'DGN&`[/B=?>NIP3R2[97@T5VO50R>L=4RL+VQM8.
M5I&NC>BL)17B+=<BM&,RU.*VAUSNSWMCCB#.8,!WMY&QL`#MYD*!8YE^;63B
M'28AFE7;+@VMH7U8FHV<KJ;E:YVG=!T]0CJ/$':BOTI<0!:F\0=6\XJ;G\D_
M1WHO[T1_[W-WWKIO?UO#2EF89EF-TSJ?$<$GHJ5]!;OEU3/51!YD)`<&`$'7
M1[/#N3Y+'1\1,SR3AQ:KGB]DCFOE35FCJY/1ET-+RZW)R[['F:>N]=>^EOX!
ME>7,XA7/`\MJ*"X5%/2"J9644?)R_5]5PT/!X\`>GCM6TN%F=QNUJQJOK;%;
M'W*Z,8!3TS1OF<2!LC8Z#9)^"JNU9AQ$Q_,L7M.82VVMAR%O2GIXN26C)UWZ
M#L2-[WV=UZ+CW7B5Q`JV9'EE@=;F8W8JYM,:2:'FDG;S!I<7=_$$Z(T#XZ4F
MRK/,CO%_Q?&<&EI*.LO%O%R?4UC.<11N87-;K1ZZ:=]#W"\8UQ`S.^\/+K-;
M;-#6Y=;:SY#+&T!L9_\`-Y2X;T-C0/<;[=%[X?9CE_T@U&%Y+6VR[D4?RDU=
MO:`*=PUMCM`#QUVWO7FKC7/O]95T%EKJRWT+ZZLAA<Z&F9WE?KU6_>J1?FO%
M#&JS&;EE?Z,DH[W5BG=:HX#'/3[('3QV-@]W>`/=9,HSW/*^_9><1EH*>UXH
MT?*63PA[ZDC?/YZ^J_MKH.^RM^_\3;W<[5A%'BC::EO.3#;I:AG,RF#3RNT#
MO?K!W4[Z-[;*[_"G,KQ=YLCL.5/I?TO8*CT<U1".1DK-N'-KL-%IZ].A'3NH
MUC/%*ZY/QA@L]O<UF,21S"'<0W4^C:[^\#B-Z+@=`>`Z]=J\5AK)GT])//'"
M^=\<;GMB9]9Y`WRCWGLJ`O6;\6<<M=/F-_AM=+;I:X4YLKX>68-Z]G=]Z:='
M9\#K2[F89GFUSS:YXSA$E'1BSV[Y;5/JH@]TKBUKO1CH='3VCMWWLK3K^+EW
MJN&^.5]IIZ9F1WNL^0#G9_=12-=ISP"3YLT#O7-XZ7;P3-L@@R#*,3S2:CJ+
MA9:;Y8VKIF<C9(N4.=L=.P<WP'<J*\/LXX@Y;46^5N4XE$)I]OMLIY:LQ-?Z
MVF@'J6@ZZ^]?H1$1$1$50<>^(E7A]MIK393R7>X-<X3ZW\GB!T7`?[Q/0>6B
M?)0'&H,;OW"S+<9Q..YU]_DIV5M;4U47*ZKD;(':;ZQ)[.T/'?F2L5FNT><9
M!PHL]JI:CT^.L;)<2^,M;"8^3Q]_HO\`J`[KG5ER&(VGB1A%PHZLW>ZUH-`U
MD)<)V/?T((]VB//>E(JZFGX<Y7PWR&]T\K+;2V46^LDC8Z3T,O+(2#KWR#[C
MKLI=_9\IZJHBRS*)89(J:]W1\U-Z1O*7,!<>;7EM^OB"KC5:\;<]EP?&HW6]
MC77:O<Z*E+F[$0`VZ0CQUL:'F1X!5=PREQR^X_D]AHI;E<,SO=LGEJZVJB#6
MN=KHQKBXG7,X===>_30`C]-<1E6*8%PZHZ*J%YH;FXUL;XG-$+`]WK$Z\GDG
MRY3[E(+U=H\"S+B=37>GJ`[(*5S[<]L1<V9SP[0W[C)U/ARGW*U>%-EJK'PE
MMM%7P.AJ_DLTKV/!YF>D+G@$'L=$;'FN5_9I_P#AA3__`+N?_N%;:A/%?,VX
M/B,UUCB;-6RO$%)&X;:9""=N]P`)]^M>*IK@S>,=NUYJVW6JN5PS:_PS1/JI
MH0(H&<A):T[\F]]>````ZQ5M=,_AJWA4VW5?SI-[Y?DYB.@W>^;?Q_RZ]E.[
MQ7Q<->,-QO=Y@J#;Z^QL@I98HR]KI&1QMY=_&+[.8$KF6+)KEPQX)TD@IBR]
MWVKFFHV2M_4LTT>D+3[@"!X\P)\5W_[/EXQ>6XU<$<]RK\MN$3JJOKJJ+32`
M1MC3S$Z!</#K[M`"_E&^(&3P8?BE??IXO3.@:&Q1?_<D<=-;\-GK[@5^?N$F
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MG-FY)GAN!MUODYK9:*6`/C;XASR7#9Z`G_>/D!HR^]WNGP/BUE5\NU/4BBOM
MHYJ&1L1<'OY&>H==NK2#UZ=-]U&_F]>,<X:8%DU30S<EMO#J^IB#27QQ/<PM
M<1X`B(?B'FI=B=0,MX@<0,TMUKJ+E9'VKY%%`X&%U82QFXP=;!(C/O',WS4+
MN,^*Y'38G:<#Q6:TY7%<0Z:-C'E],T$[+Y2-N`/*=GZH![+];HB(B(BU*O\`
M6#X)2_6=\%[I_P!9+\?]4E_7Q_\`]\5ZJ?U7W+W#^K9\%[6M5]V?:L=-^L/P
M*RQ_[2]*GZT?Q6<_5*Q4OZK[5F6O5_5;\5AI_P!<U9O_`)K[/]$J_J-^*\57
M^#[5\I?UOV+<6&J_5?:M6+]8SXK8D_VF-?:K]5]H61GZIOP_T6*E^J[XK86.
M?]2Y:3?K#XK9J/UD?Q_U7NH_4N7VG_5-^"\N_P!J;_RK,O,OZMWP*YZV:GZC
9/C_HLLOZI_P*\T_ZG[2O$?\`M$GVK97_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g678482.jpg
<DESCRIPTION>G678482.JPG
<TEXT>
begin 644 g678482.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@!"1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5].3U])3E1%4DY%5%]54T524U],24Y%+D504__;
M`$,`!P4&!@8%!P8&!@@(!PD+$@P+"@H+%Q`1#1(;%QP<&A<:&1TA*B0='R@@
M&1HE,B4H+"TO,"\=(S0X-"XW*BXO+O_```L(`3`"O@$!$0#_Q``<``$``@(#
M`0``````````````!08$!P$"`PC_Q`!2$```!0$%!`8&"`0$`P8$!P```0(#
M!00&$164T1(6558'$R$QD],705&1I-(4(C(V4V&2LG%T=;$C0G.!4F*A)#-7
ME>'Q"#1#<E1DEJ*CP>+_V@`(`0$``#\`V%#6&LE:&1M'(34%2UM6<N^CK72.
M_9(D7%V&)?T4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/1
M3T><J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>
MBGH\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM0
M]%/1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:
MAZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*
MU#T4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N
M5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/
M<K4/13T><J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0
M>Y6H>BGH\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2
M@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*U#T4]'G*
ME![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N5J'HIZ/.
M5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/13T>
M<J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH
M\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM0]%/
M1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*U#T4]'G*E![E:AZ*
M>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N5J'HIZ/.5*#W*U#T
M4]'G*E![E:AZ*>CSE2@]RM0]%/1YRI0>Y6H>BGH\Y4H/<K4/13T><J4'N5J'
MHIZ/.5*#W*U#T4]'G*E![E:AZ*>CSE2@]RM14.DGH[L5&0;#]!9RC8=55)0:
MD$=YEL+.[O\`R(7ZQ'VK1?UJH_L@6D``````````````````````````````
M`"\O:`````````````````````````HG2W]W*;^<1^Q8DK$?:M%_6JC^R!:0
M``````````````````,:&J+86ELK-R5%::5J';-RCU531LK]0G*%UI:TDE9D
MF[MV2[R/U'_Q"S'TF4L#05-'(4<A6U,7%4U?4/[3=[R7-@C,NTNTE+[KB["'
MI/\`2U10M9+T[L!(/-Q*J8ZMY#C6RE#Y$:%$1JO,_K%V7>WM$%;GI&D'8MW"
M&J^)E(N=IJ&J84II76H<)1W7]J>TD^WL/UBP+Z68MI"Z:HCGV)9$DN.71O/-
MI2E:4[1K-R_9V+O7WW]EWK'#'2O3UM=2T,59B9KWZFB;KTH:)LE(:4O84:B-
M5Y&E5Y&17]WL[18+66SI[/R%-%M4%17R#].]5]2RI*=AEI-ZE&9^L[KB+UG[
M.\4JFM--VQZ18ZG@96JH(0HNGDD;"&S)Q*G/KDXD^WM(C;N(_JGVW'WC*G)F
M9H^F>EB&I6M.*5$KD5T*3025N(VR))&:;R2>R79?WCO']+]'(T[;S$!7-)JH
MVJKZ)3[C9$_U&UMH^J9FG[!]I^P8D5TMII;,P=3.42WI6NHG:]Q#*VT)ZE!G
MVI(S[5'VDE'>>R=YEZYNFZ3$5TW614;9F5K/H:FNOJ&S;)MM#C9K0L[SO(C(
MO9V>O\\*)Z88BN33U-3$2%%05,?45[-0ZIM76)8,R<+92HS(_JG=?W_]1$SW
M2^\[9\GX&+6BM74T;9J=<0M*&W_K),C+L-=R5)-/^57??<)SIOFYF#L(B7B*
MY^.KD5+*3ZO95V*[%).\C([AEVGF';+2='(U%?)5$?1PM34U%,DTJ-];:F4I
M4?9W_P"*=_:1=A'ZAAU?2S&4M%0NG0]<_6$\XREBK:4VMII!*4LG+R(S._92
MFXE&HC(R(9%/TG,ULJJ@C;-2]:AMNFJ'7VB;V6V'DDI*S2:MKL(^TKK^PQ+6
M"MK2VTI7JNBI>KIT)2HE=>AP_K&KZBB3VH66R1F1_P#$5QF-72L_:Z/E;:65
M*?D79ME3-1!&GJ[W&3VE*29;%QD2;[S[_JB7LWTADJ'C;2/UDA6,+IZ2+31D
MI%U1).&HUWJ,BNV2)-YWW7*[K[A./]+%$VNEIFH&1J9!ZNJ(U=(PILU-U+-V
MTF\S(C(R,C)1?^@@4=(M;#6HM/6S)2!1K$?1/L13B4=:R\]L_P"'ZNV\SOO/
ML[?X#O&=(4I"55MJZT-)(O44;7TK14IK:6NB0ZDS,S4GL4G:,NV\SN,OS$V?
M2?121SD?'4=455'E4)<<:=:4:$MMFKKDE?<:>PB(_69D1BN2?2/5+L(5'#KE
M*J81`XH[(F3+2F4[5R5+3>9&9F7:DK_JG[1/T/2E'4JXN*K6WZBL*EH?IKZ5
M((TN5"$FDR1WJ(K[U&7V2,N_N&T0```````````````````43I;^[E-_.(_8
ML25B/M6B_K51_9`M(``````````````````"IU=B8Z0LW)V>EJFHD*2O==?-
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M[X```````````````````"B=+?W<IOYQ'[%B2L1]JT7]:J/[(%I`````````
M````````````````````````````````````````````````43I;^[E-_.(_
M8L25B/M6B_K51_9`M(``````````````````````````````````````````
M``````````````"B=+?W<IOYQ'[%B2L1]JT7]:J/[(%I`!4NDI^JI;.LU5'6
MU%,XB1HDF;*]G;2JI;0I)GWW&2C[.P4R?FY2GK)^T#5;5)>BY^DCF*,G5$TI
MA26B6DT%>1FLWE'M&5Y7)N,KKA`UL[/1\39>I9F:UYZT\>VJM<)\U=2M=13D
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M_G$?L6)*Q'VK1?UJH_L@6D`$7/PM'/4*:&N4^3!.H>N:=-!FI"B4D[R]BB(_
MXD,5ZRT._*)DW6G5/]:T^M/6J)#CK:=EMQ2>XU$5W;^2?85V*W8:SB*=^F^B
M.*9<8.G0A3RC)ALU]9LM]OU/KD2BN[2V4W?9*Z8AXBCB&GT4B7#74/*??==6
M:UNN&1$:E&??V$1?D1$1".E?O;`?Z55^U`L(````````````````````````
M```````````````````````?80^8>D_IIM=$6YD(F$534M%'O=3L.,$X;QE=
M>:C/N(SO*XKNP?05C)I=HK*1,XXQU#E;3(>4V7<E1EVW?E?W?D)P``43I;^[
ME-_.(_8L25B/M6B_K51_9`M(``BWI^'8DTQ3L@RBM4I".K,^Y2B,TI,^XE*)
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M$*7QDZC`FK4V>A(UV2DY>D8I6^]76DHS/V$17F9_D7:-?JF;16^[*20*REF%
ME?\`2%NH*0K$'_P%?_@I/VG]89#O1;T4._13<H:12F"N-7TY1&[VWWN&2_K&
M9^L_[#85/6P]-3M4U/5T33+2"0VVAU!)0DBN(B*_L(B'KBD;Q"E\9.HXQ2-X
MA2^,G49B3)1$I)D9&5Y&7K'(HG2W]W*;^<1^Q8DK$?:M%_6JC^R!:0`!J"V4
M%(OVI>BH>O;>.8D:21J&R;5UE"3!)(W#<([DI,FT$1'VF9W%>5YE4Z^CJ*N#
MLDS0TKZ7(",;*:82VI2FR154QJ;47K.]IQ=WK)-_<9#:]A26_.6PE&%;4962
M2#I5I+ZKNQ3MH6M)^LC4DRO+OV3&;:"DI:RU$`S5TS-0UU=4>PZ@EE?LH[;C
M$GN]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!
M8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;
MO0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.R
MK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#
MP6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH
M&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%C
MLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]
M`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*M
MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!
M8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;
MO0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.R
MK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#
MP6.RK>@X.S\`17X+'95O0:^EYZ'KJ]V"L%9:+G)5L]EZI.G05%1_FXX1?6/_
M`)4]O?\`P$C9;HPBJ"NQRT7T>8G5I(C<53H;88+_`(6FB*XB+VG>?\+Q<3L_
M!&=YPL=?_*HT#=Z!X+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!X)'95O02:$I0
MDD(224I*XB(KB(AR*)TM_=RF_G$?L6)*Q'VK1?UJH_L@6D````5Z5^]L!_I5
M7[4"P@```````````````````````````````````````````#4'_P`0=N9B
MR$)',P-0BGK:YU1*>N2I;:$D1_5(_:9W7W'W&*-T3R5J>E4ZV'M1:*M5#T*4
MN/MTR$LKJ]LS(FUN)(CV?JGV$7;[>PA]%0\5'0L>U'15$S24C17(:93LI+\_
MS/\`,^TQG`````*)TM_=RF_G$?L6)*Q'VK1?UJH_L@6D``4:1MNNDMBJSR:-
MH^K<ITJ2ITR><;=2HU/-INN-MO9^L=_9<?=<5\4?2:^Q14E95PR4-RU(53$(
M2_\`6>VGD-I0Y>FY)GUK:KRON(U>SMN%F9MZ4=E*&MIVV)&+J?H]0AI9K0J]
M"5H6DS(CN-*R[#[C(R_,8=I*A^FM-`.4]"]6+V*HNJ94A*KME';>M22_Z^L9
MN,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB
M6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*
M<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DL
MQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;
MS0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&
M,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6
MY3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<
MEF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ
M3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S
M0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,
M2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y
M3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<E
MF*;S0QB6Y3DLQ3>:&,2W*<EF*;S1U7-RC:%+79:12E)&9F=13$1%[?\`O11Z
MGI$GK2IJH[H^LZ]4U3*NK?D:EQHZ5D^S["B7LNJ[>XCN_B0\XZP]$354[:.R
M,I:.4K"(JFOD7Z8UGZ[FR)VYM)'W$GM_,6>SM(S9FB.B@K`U=#3J5MJ2T]37
MJ5[3,W;S/^)B7QB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:&,2W*<EF*;S0Q
MB6Y3DLQ3>:&,2W*<EF*;S0QB6Y3DLQ3>:)MM1J0E2D&A1D1FDS*\OR[!V%$Z
M6_NY3?SB/V+$E8C[5HOZU4?V0+2``-?SMC:Z2M7B^VR=U13+8J^N4EZE80DT
MO,)21&2DN$:O617K,S+ZI7PSW1U,UL;#T=94T1+L_1I8CG"4I1/.(>:6A;A;
M););#"$F17]JE'ZBONUEX6IH*Z=EJ\F4UDM5I>4VRLU):0AM+:$[1D5YW)O,
M[B[3N]0[2OWM@/\`2JOVH%A`````````````````````````````````````
M`````%<M;;"&LLPV=>ZMVL?/9IJ&F3UE14J]B$%VG_'N_,51JSMIK=+*JMLM
M45!&9*;L_2N_6=+U?27"[3_^Q-Q=W<8V+'T-'&T;5%04K5-2LIV6VF4$E*"]
MA$0R0``````%$Z6_NY3?SB/V+$E8C[5HOZU4?V0+2````*]*_>V`_P!*J_:@
M6$````````````````````````````````````````!A35<49$5\B;?6?1:=
MQ_8ONVME)JN_Z#Y-B.FKI%E+1-4C<C2-ID'DT[;7T-*D4YK4224G_,9E?ZS.
M_P!8^DK(V'B[.O.R3KKTG.U'_P`Q*UA[;SGY)_X$_P#*7JN[Q;0```````!1
M.EO[N4W\XC]BQ)6(^U:+^M5']D"T@`#7EKJ&IIK21-4S/3!5%76]8=*W5J13
MIIV6C6M/5EV&1[*4F?M<%'KK16BH82RS[4U5NO6GCVU53A.;7T=Q=2P1N-D?
M8BY+ZD$17$5R?60V;8RMJ3F;50KS[[[$97H33N/*-:B;<80YL;1]JME2E=_;
M<9$.]IF*JHM+`-TE<JC=V*H^M2VE9W;*.RY79_[#*PB>YJ?R3.@81/<U/Y)G
M0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)
MG0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y
M)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/
MY)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U
M/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<
MU/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/
M<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81
M/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@8
M1/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@
M81/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.
M@KEK9I=E6&U25L*IRK?/9IJ&GH&7*BI5[$((KS_CW?F(1JQULK<T:7+;S+T?
M';9.,1%.A&TLK[R^DF1$2C_Y"["_B,^*Z((:(F2FHZH0Q7)4:D+*C;-+9GZT
MI/ZJ3]EQ=GJ%OPB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_
M),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI
M_),Z!A$_S4_DF=!/MDI+:4K7MJ(B(U777G[1V%$Z6_NY3?SB/V+$E8C[5HOZ
MU4?V0+2``,%R,I79AB7<):JEAA=.W>KZJ4K4DU'=[3V$]OL(0+=@K.I8J*93
M#RV'&3IVVUO*NIFC63FRUZT%MDE7M+93ZB(A-0L/20[50FF-U;M2\;]0\\O:
M6\X9$6TH_P""2(B(B(B(A@2OWM@/]*J_:@6$````````````````````````
M``````````````!PM24)-2U$E)%>9F=Q$0UQ(VVE+15KT+T=4K58MM6Q4S3Y
M?]CI3]9)/_ZJ_P`B[.[O(35DK#QT!4.2M4^]*V@?+_M$I6'M.J_Y4%W-H]B4
M^KVBW``````````"B=+?W<IOYQ'[%B2L1]JT7]:J/[(%G<63:%+,E&22,S))
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M=&V5#:&5.G;8JWZ&BATU=.;J263)NJVDJ-/>?5]Q]O:5YC:E@&NIL3`(,E$9
M4+1F2F]@RO21W&G_`"]_=ZNX6(::M"F9HK=STA05]0U+OU,?34-(I*3;JJ-1
M$E9%>6T1)4;RC,C+9,B,^\A6:ZE?K(*Q[4=3NDJ#BVRF6R09FVE%53;;:R]M
M[+J[O8DS&U[#$IZ=MC)L+)<;622#IEI^RX:*=M#BTGZR-23*_P!9I,9MH*2E
MK+40#-73,U#75U1[#J"65^RCMN,2>[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH
M&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%C
MLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]
M`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*M
MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!
M8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;
MO0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.R
MK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#
MP6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH
M&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%C
MLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH*G;:1LQ9M%/14UFZ&3GJT]FA
MC&*9O;>/VF=WU$%ZU'[#%*=Z"&+0&F7M-+N,3-2OK*EJ-9;;IVTW$1-H*[_*
M17;7K]GK/:D18ZS,3&4L;2PU&;%.V3:3=92M9W>LU&5YF?>,W=Z!X+'95O0-
MWH'@L=E6]`W>@>"QV5;T#=Z!X+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!X+'9
M5O0-WH'@L=E6]`W>@>"QV5;T#=Z!X+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!
MX+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!X)'95O02:$I0DD(224I*XB(KB(AR
M*)TM_=RF_G$?L6)*Q'VK1?UJH_L@6D:4Z2HVLD;9U#L+%VCD*AJE9;JSC9E%
M`VRF]1H*XR,UJN49^PNS\QL^Q:J95DH4Z-Q]=.5&TEM3]W6&1)(OK7=FUV=M
MW9>)P``5Z5^]L!_I57[4"P@````````````````````````````````````*
M/;.V3]#7-V9LQ2(D[45*;T,&?^%2(_%>5_E27J+O/L]HRK%6.9L^=1)R%4J4
MM'7=M;).E<I?L0@O\B"]1%["_*ZW`````````````*)TM_=RF_G$?L6)*Q'V
MK1?UJH_L@66H4I##BT;&TE)F6V=R;[O6?J(?.EKWJ>UE50UDJCHWK*QFD2AU
MYV=6U>LU*,TIZMPC4DBV?M>M1W&8WK8YPWK)PKJFZ9LUT3)FBE(B:3]0NQ%W
M^7V?E<)H4R3MGU%M6K+4K5!UA-H=?755:F5[)WFKJD;!DX9)3>9;1=Y?F(A?
M2;U,?25M1"J2F3I"J8M!/]M1>\AI*%WIN0H^M;5V7W$9^SMM]G9M4J[*4=33
MIIZZ,JOHU0VA>VD[T)6E23N([C2LN\NP[R_,8%I*EREM-`.M4516*V*HNJI]
MC:^RCM^NI)7?[^L9N.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8
M[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\
M/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO
M*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:
M&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,
M_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM
M;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_
MFACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K
M3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8
M[6\K3/P_FACM;RM,_#^:&.UO*TS\/YH8[6\K3/P_FACM;RM,_#^:&.UO*TS\
M/YHH]HK>3DO4U5F;#PM6<RT9)K:IWJE(H$'WG>3AI4Y[$&9=W;W"6L=0-64H
M%L4EEYVHK*A765E<^JG4]5.>M:U==^9W%W%[S%BQVMY6F?A_-#':WE:9^'\T
M,=K>5IGX?S0QVMY6F?A_-#':WE:9^'\T,=K>5IGX?S0QVMY6F?A_-#':WE:9
M^'\T,=K>5IGX?S0QVMY6F?A_-#':WE:9^'\T,=K>5IGX?S0QVMY6F?A_-#':
MWE:9^'\T,=K>5IGX?S0QVMY6F?A_-#':WE:9^'\T,=K>5IGX?S0QVMY5F?A_
M.$VVHUH2HT*09D1FE5UY?D=P["B=+?W<IOYQ'[%B2L1]JT7]:J/[(%AK[OH5
M1?L7=4K[9W)[C[S]@^7%MM4S%(NH7T1-)?82ZUUE(\9J1>97W[/;VI,O]C'T
M;84R.QD`9&R9'0,7&R1DW]@OLD?<GV?D)X4^T,-*6ADZ:DK*&B:C:.M:JV*U
M+YJ>,DEVI)&R6R9G]6_:,MDS_@*D]T>3M=&Q%%5O425V=HTL1SFV9E4N(>:6
ME:RV;T%LL)29=O:HS]17WBR</5T5;.S$BAIJMEZM+RF6G-M+2$-);0F^XKSN
M29F?YW>H>DK][8#_`$JK]J!80``````````````````````````````````%
M3Z1;:QUA+/G+U[+CZEN$RPPV9$IU9D9W7GW$1$9F8UO"](\QTK/[N69859\M
M@W)&N6\3CK;%Y%<S<1?7.^Z\_LC;MF;/15F8EJ*AZ4F:=':9WWJ<4?>M:O\`
M,H_68EP`````````````!1.EO[N4W\XC]BQ)6(^U:+^M5']D"R5;I,TSSRD;
M9(0I1I]MQ7W#YE*TTK(*9ISM+T>QJGF2J2JTM-N=2WW)I%)4@^TC49]G:1;7
M:/H:R%0FLLK#52&&&$O43+A-,%<VB]!'<G_E]GY"9``%>E?O;`?Z55^U`L(`
M`````````````````````````````````J=J[=0MG7VX[_&D9I[L8BZ%'6U#
MA^J])?9+\U7?[BCVCL%:WI+H#7:Z18@V47N4,92()[J5F5VT\X=VV=UY7)N+
MM$IT1]%--T?O5M<[)'(2%4@FMM+75H;;OON(KS,S,R*\S]A#:```````````
M````"B=+?W<IOYQ'[%B2L1]JT7]:J/[(%DJ6B?IW63.XG$&F_P!EY7#3:[,4
ML6:*![H6H)-31$@JRC=8ZMXB*[:N<,E),_62K_XGWC9MD::0I(=EBNI*>A0V
ME+=/1,.&X5,TE)$E!N=FVKLO,R(B+N*^Z\YP:OM;;5#%L8>AI9FDIJ*CD.HK
MFCJ$I6^LZ=U>R97WDA)D@C,^PU+(O\HJM9:2T4;#V6J&YFK>?M1'MJJ5FO;*
MG<74,$;C9'V(N0^I!$79V)/O*\]F6,K*HYBU,(\^^^Q&5R$TSCZS6HFW&$.;
M!J/M5LJ4KM,S.XR'>TS%546E@&Z2N51N[%4?6I;2L[ME'9<KL_\`896$3W-3
M^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3W-
M3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3W
M-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3
MW-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$
M3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&
M$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH
M&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DS
MH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:G\D
MSH&$3W-3^29T#")[FI_),Z"*M#5.V;CU2$W;HZ.G+L(W*1F]9^Q*2*]1_D1&
M*M&JZ1K8N*^B2=7`V<<21%5U=(VBN?+UFVA)?X9&7<I7;VWD+!9GH\W8;<*(
MG'D//&9O53M(RX^\9G?>MPRO5_83V$3W-3^29T#")[FI_),Z!A$]S4_DF=`P
MB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`
MPB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=
M`PB>YJ?R3.@81/<U/Y)G0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF
M=`PB>YJ?R3.@81/\U/Y)G03[9*2VE*U[:B(B-5UUY^T=A1.EO[N4W\XC]BQ)
M6(^U:+^M5']D"T@`"*DH"+DJNAJZJE0;U'4_26U$1$9KV%)^MV=I7*/L_A[!
M#MV!L\AAVF4U4.,'3G3,H6^9E3-=83FRWZTW+))D?:9;*>VXB(3D-$4L0W4E
M3FZX[5/JJ*AYU6TMUPR(KS/^"4D1$1$1$0CY7[VP'^E5?M0+"```````````
M````````````````````#&D:QJ/H*FM?41-,-J<49J(BN(K^\^X?(=-TX](E
M3.DMBLI>JJ'=ANB52I4VC:[$D1D6V=UY>OM/W#Z-L[T?45'7IG+0UCUH+0?_
M`(VL(C2S^3+?V6R_AV_F+P`````````````````"B=+?W<IOYQ'[%B2L1]JT
M7]:J/[(%I``$8]/0S$LS#/2E*W)/%>W3*=(EJ[#/L+VW$9W?D/-%I(!:*MQ,
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ML1]JT7]:J/[(%I``&MK:N%5VCBJ>%KJ-ZNHI)I=5%]3_`(BE+;4DGS47:6PV
MK:(^[ZMQ^HAKJN874P-D6:!APEPL4V4XV23,VB35TQK;<(O7>VZNX_4DS[AM
MFP9G43=L9&F<2Y%5<FA5*X@[T.&FG;0XI)EV&6TFZ_VI,9UH*2EK+40#-73,
MU#75U1[#J"65^RCMN,2>[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK
M>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P
M6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&
M[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CL
MJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`
M\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ
M!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8
M[*MZ!N]`\%CLJWH&[T#P6.RK>@;O0/!8[*MZ!N]`\%CLJWH&[T#P6.RK>@;O
M0/!8[*MZ#`D*6QD8IM,BQ!4:G+]@JA#+9J_AM77B"M5,V$LZXW1.1-'72SY?
MX$;0T2'JAV_N^J1?5+\SN+^(@6["2]LCZVU-%06>AE&1E#QK;?7NEWEUSY%V
M?_:C_H8V%'V2LS'435#1P,<W3M%<E'T=*O>9D9F?YGVC(W>@>"QV5;T#=Z!X
M+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!X+'95O0-WH'@L=E6]`W>@>"QV5;T#
M=Z!X+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!X+'95O0-WH'@L=E6]`W>@>"QV
M5;T#=Z!X+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!X+'95O0-WH'@L=E6]`W>@
M>"QV5;T#=Z!X+'95O0-WH'@L=E6]`W>@>"QV5;T#=Z!X+'95O0-WH'@L=E6]
M`W>@>"QV5;T#=Z!X+'95O0-WH'@L=E6]`W>@>"1V5;T$FA*4))"$DE*2N(B*
MXB(<BB=+?W<IOYQ'[%B2L1]JT7]:J/[(%I``"XK[[NT<$DB,S(BO/O\`S!)$
MDB))$1%ZB%?E?O;`?Z55^U`L(````````````````````````````Z/.MLM+
M>><2VVA)J4M9W$DB[3,S/N(?&G2O23EL[;U]H(&.E):&><33T=4S2.*;42$D
M2DHN+NVMKM]=YF/HSH:L<BRMCJ`JZ.98G7VS76.W$;AWJ,TH4K\D[)7%V=@V
M$`````````````````````HG2W]W*;^<1^Q8DK$?:M%_6JC^R!:0`!49NU5?
M$S='3NP1G#OUC=$JN.H)*R<6F\E$V:?K((^PU;1'??V7%>(0NDWJJ&FK:N%4
MTB3I"JHI*7R-51>\AI*%WI(D*/K6U=FT1$H_9VVVSDVN5<DZ.JIDTU?&U/T:
MH;0YMI,S0E:5)5<1F1I67>1'?>0P;25+E+::`=:HJBL5L51=53[&U]E';]=2
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M<B+_`/E[3/U$7:8H=4NT/2'5M5$K9^8IK$]CC%`RIM#TCV]BG]IQ)I1V$9(+
MO[[_`%C8E-*/4M.W34UD)9EAI)(0VV5,E*4EW$1$[V$/7'*WE:9^'\T,=K>5
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M?UJH_L@6D``4:?H;4R%IV5MQ<>[$TY$FG<=KE)4TM1;+CQM$@]I1(4I*2VBN
MO,_7V5NIZ/9RNCH:CJ5T:56<HTLQZ^L,RJ7$/-+2I?U?J$:&$I/O.]9]Y%VW
MBRD/545?/3$@AMNKEZQ+QM-KVR:;0TEM"3/UG<DS.[VW>H>DK][8#_2JOVH%
MA```````````````````````````0%K[51-E(TJV2<4I;BNKIZ9E.V]4N>I"
M$]YGW?D7K%4A[*2MJ9.GM-;]E">I5MQ\$E6VS1^Q;GJ<=_Z%_P!"V4``````
M`````````````````HG2W]W*;^<1^Q8DK$?:M%_6JC^R!:0```!7I7[VP'^E
M5?M0+"`````````````````````````#$DY&@BJ)RNDZQBDI&_MO/N$A*?XF
M8ILYTDPS=/3T]EW&;13-<9IHZ*A=)>T9=AJ<478A!>LS_P#4O2R%C'Z:0.T]
MK*IN4M.ZFXG2+_!HD?AL)/N+_F[S[?:=]Y```````````````````````!1.
MEO[N4W\XC]BQ)6(^U:+^M5']D"T@`"GSDA745NX=E%6Z=$]&5KRZ7L)!K;-G
M95W7W_7,NT[OR&N*ZU%I*&%LP^F8?<?M/'MK>61DKZ*XNH8+;;(RN3<A]2"+
MNO2D^\NW95C:ZK5,6IA:FH>J6HRO0BG=>/:5U;C*'-@U=Y[)J45Y]MQD.UIF
M*JHM+`-TE<JC=V*H^M2VE9W;*.RY79_[#*PB>YJ?R3.@81/<U/Y)G0,(GN:G
M\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN:
MG\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(GN
M:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(G
MN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(
MGN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,
M(GN:G\DSH&$3W-3^29T#")[FI_),Z#P*CE3J3I"MD9U!%M&U]%8VR+V[-U]P
M]E14ZDC,[5O$1>LZ)G052:M9$0JC;K^DY@GR.[J6:5EYR_V;"$F?_012+66L
MDB4FS4?:>2/_`"OU,?3T3"OS)3A7F7^PI_2=9+I?M-9IMV5*@J6J9_K41M">
MT]VD9;1F1$E1E["[>T[AD=`%@+7PYRTE7F_!_2$H9;0[3H4ZY<9F9FE1&:2[
MOX_[#=.$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(G
MN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,(
MGN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0,
M(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G0
M,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/<U/Y)G
M0,(GN:G\DSH&$3W-3^29T#")[FI_),Z!A$]S4_DF=`PB>YJ?R3.@81/\U/Y)
MG03[9*2VE*U[:B(B-5UUY^T=A1.EO[N4W\XC]BQ)6(^U:+^M5']D"T@`"*JX
M6FJIVAFW'7RJ:-IQEM*5%L&ER[;O*[MOV4^XA#)L!9XJ9RE4U4+9^CG3,(4\
M?_96^L)W9;/O3<LDF1]IEL)+N(B$[$1%+%%5&P;BWJM\ZBH>=5>MUPR(KS[B
M["2DB(B(B(B$?*_>V`_TJK]J!80`````````````+P`!PHR21J49$1=IF?J$
M+$VKLU,5KE#%3T=6539&:F6*A*U$1=YW$?<)L+QYN/--)-3KB$$7>:E$7]QJ
M3I`Z;X6R,^J$9C7I-YI*3?<:>2A#9F5Y)([CVCN.\^ZZ_P#C=/T_2]T?.1E-
M7NVBIV.O;)?4+O4ZV9_Y5)21F1D.OI6LZ\5\7'V@E2]7T*)>5?\`J(OS]P;]
M6CJDWQ71I:%SV?37&:3]RC_,=52W2M6MF5-9*#BU&5Q'6RAO;/YW-H'RW&V:
MM^JWK+**.49GOIMZJHVU7H7M=KAKNNN]=]]QD/J4NBR&K5=9:67G+0J,[S17
MURB:(_R;1LD1?D+7"V9L]!)NAX2@H3]:F&$I4?\`$R*\_>)BX```````````
M```````````````43I;^[E-_.(_8L25B/M6B_K51_9`M(``#SJ'V:9ARHJ'4
M-,M)-:W'%$E*$EVF9F?<0\(R2CI:D361==35M,HS(GJ=TG$&9=Y7D=PB)=24
MVL@#4HB+JJKO/_E0)[KV?QF_U$'7L_C-_J(:-_\`B)M_:&S)Q,;9ZK^B%5H<
M==J6R)2SV3(B0DSON[[S]?=W>OQZ).E.U,I9]],G9V5GWZ9_JRK*)#2>PTWD
ME=ZDEM%[2+NNO_.^;^S'_AS:;W,>8&_LQ_X<VF]S'F`5O9@S(O1U:;W,>8/G
MBTO3-;Y-KZRHIJYR@IZ>H4A$<MI!I0E*KMA97=I]G:=_??=</H*FM_/U-,PX
MQT<SRUK;2LS6ZPVCM(C[#-?Y]GK'IOK:K_PUE<]3?..J[:6Q5<3'1G7J5Z^N
ME*9LKOX[1BL=(5O>D&@L?)53%B78=24I(Z_$F*GJ"-1$:B0CMO[;K_5?>-9=
M#/2#T@+M&_0L?2;2)=86XJEK:[8)LRN^N3BR/9]EW<=_M&\=[.D3_P`.:+_]
M0M?(!6FZ1W3^K82+8N_%GD*O_ALH'.\/23RA!_\`G?\`_@:-Z>;2V\.6CJ>6
M;PBD-@UM,T%:;C;BMHR4HUE=>HNPKC[B_B+_`-$\]TH55B*%UNDB*VG)2TL5
M$I6N-O+;([BON2=Y%VD1F=YW"Z8KTH\&LI_YD[\@8KTH\&LI_P"9._(/-^6Z
M4R9<-$-97;V3V=F1<,[[NRXMCM'R_9BT]NU6\HGJ23KGYEVL)*F7WE;+BC5<
MI"T]Q)[R/L["+U7#ZA^D]+;GU2.PS)?\?6U+EW^UQ?W'9+?2LY]9V=L:R9=R
M6J5Y9'^=YK`XKI)<*Y5OX5B_O4U$$HT_PVG.W_<1MH+)]($C!2-&OI,9?4]3
M+;*G;BV6$NWI/ZJEWFI-_=>7=>-(]&_1?;=-M*1RJ8K8)FD<-3M>2DI4@KC*
MYLSO)1GW=EY7&-_>CQMSMJ^D.V#Q^PI8FRO]?8E)>X=CZ,+).D95E?,UA'V7
M5$R\KL]G8HNP=FNBGHT;42S@:=U9?YGZIUTS_CM+.\4JVG0)`S,JW6V?EF(5
M@TDEVF)GK$7E_F3]8KNSO+V]HVI9&SD'96$HHF/2P::9O8-Y1)ZQP^TS4H_:
M9F?]A/\`7L?C(_40=<Q^*W^HASU[/XS?ZB''7,?C(_40YZ]G\9O]1!U[/XS?
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M;LA`QE>_L]=4TK3R]DKBVE((SN_*\Q("B=+?W<IOYQ'[%B2L1]JT7]:J/[(%
MI```4[I7:-VPLA>RMYA#E.Y4-H2:C4PE]M3I7%WEL$J\O65XQ>CMRGK)BU\K
M%J0J&K)!M5*XW_W;RDL-I=6CVD:BNO+L,TF+A7QL=)(0B0H*:K0@]I*7V4N$
MD^Z\KR.X8.Z]F>78G)MZ!NO9GEV)R;>@PY.PUCI2E.EK;-1BVC._ZE.ELR/\
ME)N,O>/6CL99*BIFZ6GLU%):;*Y)'2(4?O,C,_\`<>^ZUF.7(G)-_*&ZUF.7
M(G)-_*&ZUF.7(G)-_*(RHZ.[#U$FW)O67C553=UQDR1).[NO07U3_P!R$GNM
M9GEV)R3?RANM9GEV)R3?RANM9GEV)R3?R@=EK,F1EN[$]O\`^2;^4>3%C[)T
MY&3%F(=LC[3)-"V5_P#^T>NZ]F>78G)MZ!NO9GEV)R;>@;KV9Y=B<FWH.%65
MLPHKE6<B3+\Z)OY1SNO9GEV)R;?RANO9GEV)R;>@;KV9Y=B<FWH&Z]F>78G)
MMZ#C=6S&T:MW(G:/U_0F[_VCG=>S/+L5DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=
M>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\
MNQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y
M-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`
MW7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S
M/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ
M.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O
M0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7
MLSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+
ML3DV]`W7LSR[$Y-O0-U[,\NQ.3;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3
M;T#=>S/+L3DV]`W7LSR[$Y-O0-U[,\NQ.3;T$NVVAIM#32$H;01)2E)7$DB[
MB(AV%$Z6_NY3?SB/V+$E8C[5HOZU4?V0+2````1$17$5Q```%Y``!>0`````
M```!>0``7A>%Y``7E[0``"\@O+V@````%Y!>0`%Y!>0`````%X7D`!>%X```
M``%X7@``*)TM_=RF_G$?L6)*Q'VK1?UJH_L@6D`````&MK32DS1]+EC8MJ5>
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MKKIGE)B'AHFKB91ZCZV4IZ9Y#24_XB%J[?K&5Y?9]1EWF*;TH6NM59^?M`XF
MIK:5NG^@G"H0T?45-ZO\9)G<:5&=YE<9WW%V#':MA;.EMC04=>[6,R=5:)ZE
M./>09,*H5(3U:D]EQDD]H]I)W^WO%RLB5IJ?I*DX]VT55,0K%`CZ4Y4-I2AJ
MM4>UU;=Q%=<CZVSVW$HB/MN,;/&MK9R<S0=)MAJ"GE7D1LD[4$_2)2DDJV&R
M,KSNVC[57W&=W878*.JU]LZ.U-+1O/51351.5=/ACZ#)AREZLNI-'9=LD97[
M1'?WW]ACVL%::T\G:*/@'Y>23554(X[)(JF/\6DJ4O*+;0E22)-Z;B(OL]I'
M=>0M/1#-2=7+VMAI:LE5NQ]6CZ/3RJ4_2&F5).XU*3V'>9>KL[NT[QLF1;?>
MHGVZ:J52O*2>R\E"5&@_:1*(R/\`W(:+@;46MJNCFR4M45U<^Q432T3%8R@U
M.HIR<47^4KTI[.TTEV$5W8(:FMU:VH@*.NKY.0;AVZ630U*,-]KS[=_4&Z:2
M[+NPBON(S[[Q)6EZ2YE^R5FNIDZ>@K5*H52CB720ZLW/K;*4]AI3LD2U*[OK
MI27^:[Z#29*22DF1D?:1EZQ%VG.K3`2#E#6+I*AMA;B'D(2HTFE)GW*(R]7K
M(:=H+36E=L5T>R-;7R!QE8NH.9D&$J4XBXUDV:C21FE-_>9?\)$*RU;VVS]E
MZ:8EJ^NHZ7`GUT=:PU<BHK4/[*3<,B,KS0FZY78=]_K%CE[36E=G8*MFGK1P
MT-5L4*/I$>V@Z93SB4J7MW]J2-2MF^_N+N,;Y/N.X:4;G;9_1>E1F/D*F1DH
MMUIJ/+JDFIM)D>UL(21$:B*\^[M,B[Q746UM<_4RE'$U,E5P])5Q:JJHZI:J
MFF;6@OI"+KMLOK)/U7I[;N\>E%TE6F?CV86A=J*ARIEZYMF00E"GSH&")Q1H
MZRY)N;)F1*5[.XS&[K%RT?.67C92+?J7Z-]J]"ZE6TZ=QF1DL_\`B(R,C$M5
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M`C9AM$]6U\953U+'1DC4$GKC;^M](-)D1$97I)!*(KK[[KAUI;<6@K+5,V+7
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M-](LV<FW/NUC[5&JU*8I=$O_`+I%(;5YWINOVR/ZVUWWE=W=@LME;:U4[TME
M3XJQ@]1#+>HZ-I]*NWKB(E+(C_[TT)-6SWI29%[1[6@?M3$]($:]2VAJ:VF4
MW4U<E'DVE-/34R4GU7JO(U&6R1F9FI1&97$1D*`72/:J*@Z&7<DG:IZ7@JNI
M-#A$:&*A+ZB0M!7=A$DR+9[CN*^\3Y6CM<A-J(".>E).I;HXVII5LFE50T3J
M$=<9*/O]9D5W89^P9MCK3U4BU`P#4Q-NUDG)5**YR22ENII$4[25+9+9["O,
MT%?WW*5W'W6&'M_36QK7H2.9K*1%1](12R#"[U(6R9=JT[-R+^])&9[1$9&1
M7W"S]'\^Y:>Q\7-/MI;J'VS)Y">XG$*-"[ORVDG<+&`HG2W]W*;^<1^Q8DK$
M?:M%_6JC^R!:0`````5B5L?1R=J(VTSTA7HK8TE%3(;4@FT$HKEE<:#,]HN^
M\_X7#UI;*T;$I4S3M5554PZTIENLJ%)4JG0?^5M%Q(25_;]F\_69C%.P5GW8
MR9H:QM^M<F4DFOJZEW;?>N^S];N3L]FR22(BN[AGV:LU0V?.M>8=?J:RN<2Y
M553YI-QTTI)*2/9(B(B(KB(B+UB<45Z3*^Z_UBIQ5BJ>(JYNMH)F415S#A.U
M3RE-*/;(_M)(V[DG<9EW77'W=A#V8L;'4D,Y$1U574350ZIVK>9>_P`>J4K[
M1K=41JO/VD9'ZB,B&/.6!@I:R]/94OI%##,&DTTU&I*"5LG>5YFDS/M[?S/M
M.\6NG;4RPVTIU;IH223<7=M*N]9W$17_`,"(0%LK)4-KJ.FHY&KK66*=]-0E
M-*M*#-Q-^RHS-)GV7F.]99:AD92BD)9^ID#H5$Y3,/FDF6W"*[K-A*2)2^_M
M5?=>=Q$.$66H3FG)RIJ*FJE.J4U3U#RDG]$0KO)I)%LI/_FN,S]9F(BR_1O#
MV;E42=-)3-6Z@W%)16UG6MI6Y]M9)N+ZQ]MY_F8O`K$W8^CF;114_42%>W5Q
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MB%5`L6<IRJ*.%01D[1TSNP521G>9.+^V9'VWW*(U7G?>+'24U/14K-)2,H9I
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MFH8VT[-83"MILW?JWF9'WF1E?Z[QF,6`@F+08T@G[TUBZ]ND-1=2W5+02%ND
M5U^T9$789W$?:17C*L[9&C@)>6EJ:OKGJB5<)VJ)]2#2M97W&1)05UQ&9=G8
M+(HKR,B,R/VEZA0([HL@*22<KWY"9D.M6ZX[3UM9UC+JW$&A2U((B+:V5&5_
MJ'HQT7V;3&U\?4JK*I-72LT9.O.EUC++/:TE!I(KMDR([SO,[BOO'2MZ,(6M
MH%TCLG+H4]7*D:E]BH2TY45!W7+4:4W%LW?5))$1=_?VBT68@:2SD4F-HWJE
M]!.+<6]5.]8ZXI1WFI2O6>A#M:6%9M#"U,/4U=734]2G8=72.$A9I]:=JX[B
M/N/VEV"JT71=!4=(3**^6=J6ZABIIZRHJ2=>IELD9-D@U)NV2)2BV3(R[3'=
MWHPLX<30QM.NLI2I6*BGZ]ETNL>:?OZY*S-)D>U???<1EZKAD*Z/(=3KK2JV
M35$NML-JB%5%])LM;.P1),KR+ZI7D1D1^N^\Q=!5+86*HK5U-$_62TQ2'17J
M930574D2S_S]A7[5W9??W&?M,1;_`$66:?98IUKK>H*G;IJI'6D?TYMMSK$D
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MNN,BN(TI[+BN'2.L0S9TJYZS596-K>6ZZS15%4?T1EUSL4O8(KS(N\DF9E_`
M^TI^RT'2V;L]'P=&I2F*-HFR6OO6?>:C_,S,S_W$L`HG2W]W*;^<1^Q8\(*T
ML-"5MH:.4JET[ZI9]PDFPX=Z3)%QD9),KC$SO[97B9Y9WY`W]LKQ,\L[\@;^
MV5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!O[97B9Y9WY`W]LKQ,
M\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!O[97B9Y9WY
M`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!O[9
M7B9Y9WY`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SR
MSOR!O[97B9Y9WY`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#
M?VRO$SRSOR!O[97B9Y9WY`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>
M)GEG?D#?VRO$SRSOR!O[97B9Y9WY`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+.
M_(&_ME>)GEG?D#?VRO$SRSOR!O[97B9Y9WY`W]LKQ,\L[\@;^V5XF>6=^0-_
M;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!O[97B9Y9WY`W]LKQ,\L[\@;^V5XF
M>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!O[97B9Y9WY`W]LKQ,\L[\
M@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!O[97B9Y9WY`W]L
MKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!O[97B9Y
M9WY`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO$SRSOR!
MO[97B9Y9WY`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG?D#?VRO
M$SRSOR!O[97B9Y9WY`W]LKQ,\L[\@;^V5XF>6=^0-_;*\3/+._(&_ME>)GEG
M?D#?VRO$SRSOR!O[97B9Y9WY`W]LKQ,\L[\@J'21:J#E8-BGCZIRH=35)6:4
-4SMY)V5E?]G\R'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g780440.jpg
<DESCRIPTION>G780440.JPG
<TEXT>
begin 644 g780440.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`X1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5]315)624-%7T9,3U<N15!3_]L`0P`'!08&!@4'
M!@8&"`@'"0L2#`L*"@L7$!$-$AL7'!P:%QH9'2$J)!T?*"`9&B4R)2@L+2\P
M+QTC-#@T+C<J+B\N_\``"P@!=`*(`0$1`/_$`!P``0`!!0$!````````````
M```&`0(#!`4'"/_$`%<0``$#`P(#`P<(!P8#!08$!P$``@,$!1$2(083,2)!
M40<4,E)A<9$5%A<C4W*!E"0S-$*2H;$V5).RP=%68G0(=8*S\34W57/A\"5#
M8Z)E=H.TPM+3_]H`"`$!```_`/$?*+_;WB3_`+QG_P`Y4;1$1$1$1$1$1$1$
M1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$74X9_M':?^LA_SM70\HO\`
M;WB3_O&?_.5&T66EIYJNIAI::)\L\SQ''&P9<]Q.``/$E3MODMOCYG4,5VX?
MDO#<@VIER8:K6.K-/HZAX:E`98Y(97Q2L<R1CBUS7#!:1L05:BZ%BM53>[K3
M6ND?`R><D,=/((V#`)W<=AT7/(P2/!$7;X3X;N7%5V^2[7R/..4^4F:01M#6
MC)))4@JO)AQ)%;ZJNI)K3<F4L9FFCM]PCGD;&.KM+3D@>Q01=2T6.NNU+=*F
MD;&8[;3&JJ-3L$,U!NWB<N&R7NQU]E9;7US8P+C1LK8-#]68G$@9\#V3LN6B
M(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B*Y\<D>`]CFD@.&H8R#T/N5J(
MB+J<,_VCM/\`UD/^=JZ'E%_M[Q)_WC/_`)RHVB[7!M1<J3BJT5=HHG5MP@JH
MY8*=K2XRN:<AN!OOA>ATGT>W_B2.MMEUOG"5_EJA)&)XVU-/%4%V0&O&'`:N
M]W1=6Q<)5=MMO$]\NHX>JN)([TZWF6^S,%,PZ>9)(`_#7O=J&`1L,G'5;=OL
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M0<]NG4]VHY`!S@+@<>T%%1V;@J6DI(89*JS"6=T;`#*_FR#4[Q.`!GV*?W"@
MHK;7\>TU!2Q4T'S3I7\N)@:W4X0%QP.\DDE0SRK?LO`G_P#+%+_GD7GJDU5;
M^#V5]ICIN(*Z2DF'Z?*ZATNIS@>BW5V^_P`.BNI;?P:^[W*"IXBKX[=$P&CJ
M&T&I\[L;AS-79WSWE:+:3A\\,OJW7:J%\$F&T7FOU19D;\S/7&3C"W*JW\'L
MK[3'3<05TE),/T^5U#I=3G`]%NKM]_AT5U+;^#7W>Y05/$5?';HF`T=0V@U/
MG=C<.9J[.^>\K1;2</GAE]6Z[50O@DPVB\U^J+,C?F9ZXR<86Y56_@]E?:8Z
M;B"NDI)A^GRNH=+J<X'HMU=OO\.BNI;?P:^[W*"IXBKX[=$P&CJ&T&I\[L;A
MS-79WSWE:+:3A\\,OJW7:J%\$F&T7FOU19D;\S/7&3C"W*JW\'LK[3'3<05T
ME),/T^5U#I=3G`]%NKM]_AT5U+;^#7W>Y05/$5?';HF`T=0V@U/G=C<.9J[.
M^>\K1;2</GAE]6Z[50O@DPVB\U^J+,C?F9ZXR<86Y56_@]E?:8Z;B"NDI)A^
MGRNH=+J<X'HMU=OO\.BNI;?P:^[W*"IXBKX[=$P&CJ&T&I\[L;AS-79WSWE:
M+:3A\\,OJW7:J%\$F&T7FOU19D;\S/7&3C"W*JW\'LK[3'3<05TE),/T^5U#
MI=3G`]%NKM]_AT5U+;^#7W>Y05/$5?';HF`T=0V@U/G=C<.9J[.^>\K1;2</
MGAE]6Z[50O@DPVB\U^J+,C?F9ZXR<86Y56_@]E?:8Z;B"NDI)A^GRNH=+J<X
M'HMU=OO\.BNI;?P:^[W*"IXBKX[=$P&CJ&T&I\[L;AS-79WSWE:+:3A\\,OJ
MW7:J%\$F&T7FOU19D;\S/7&3C"W*JW\'LK[3'3<05TE),/T^5U#I=3G`]%NK
MM]_AT5U+;^#7W>Y05/$5?';HF`T=0V@U/G=C<.9J[.^>\K1;2</GAE]6Z[50
MO@DPVB\U^J+,C?F9ZXR<86Y56_@]E?:8Z;B"NDI)A^GRNH=+J<X'HMU=OO\`
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M@KI*28?I\KJ'2ZG.!Z+=7;[_``Z*ZEM_!K[O<H*GB*OCMT3`:.H;0:GSNQN'
M,U=G?/>5HMI.'SPR^K==JH7P28;1>:_5%F1OS,]<9.,+<JK?P>ROM,=-Q!72
M4DP_3Y74.EU.<#T6ZNWW^'174MOX-?=[E!4\15\=NB8#1U#:#4^=V-PYFKL[
MY[RM%M)P^>&7U;KM5"^"3#:+S7ZHLR-^9GKC)QA;E5;^#V5]ICIN(*Z2DF'Z
M?*ZATNIS@>BW5V^_PZ*ZEM_!K[O<H*GB*OCMT3`:.H;0:GSNQN',U=G?/>5[
M%Y'K;PY>O)Q6.XZDBEM-)*6P25T?)%*=R1#/J#CG8EHV!]^%XSQS2\)4EZ?%
MP?<JVNM^^7U409@YZ-.Q</:6C\5&T1%U.&?[1VG_`*R'_.U=#RB_V]XD_P"\
M9_\`.5&T6U;*^JM=QI;E12F*JI96S1/'[KFG(/Q"]!/E$X>-?\M_1Q:/E[F<
M[SGSF;D\W.=?(SIZ[XSU7*MO'M0?EBGXEML-]H+K4BLJ()9'0N;.,XD8]F[3
M@XQTQLMFG\HCJ'B*PW*TV&CHK?9.9YI0-D<X$R`A[GR'M.<<]?8``HKPU>ZK
MA[B"AOE&&F>DF$@8[T7CHYI]A!(/O4AC\H%<WRC1\<FA@,T3\Q4@<1&Q@CY;
M6#'0!JPV'C"FI+&[A^_6""]6MM0:J"-T[X)*>0C#M,C-])`&6D=V5O#RD5HO
MS:UMHH&VD6\VOY(`=R32$Y+"<ZM6>UKSG._L7/OW%=!569UDX?X<I[+033-G
MJ<5#ZB69[00T%[^C1D]D#KNM'@WB6;A:Z37""FCJ'2TLU,6/<0`)&Z2=O!1_
M.ZG-+QO026*VVV^\*45WJ+7&Z*AJ9*B2+0PN+@V1C"!(`3TV_JLEW\HU==+E
MQ!<)K=3LDO-MCM\K6.(;&&Z.TT>W1TZ;J/\`$W$,U_CLL<U/'"+7;H[>PL).
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M5)HCJHG.Q4-)P'C*^B.+_P"T59_X/\H7%0`G8#)52UPW+2/>%1$3WHB(B(B(
MB(J@$]`3[@J(B(JAKCN&D^X*B)UZ(B(B(B(B(B(B(B(B(B(B(JD$=01[PJ(B
M(JD$;D$?@J(B8(Z@HB(B(LU'^V4__P`UG^8+J<7_`-HJS_P?Y0N*N!QPYS>%
MJ\LU:CRAACM).96`@'NSG'XKERQ1\/T5RNU+PY-13T\)+#45W.:_+@-.`\X]
M_L6U7WRYVJ>MIJN.CJ9FT\4T'*#HVZI)N4&.R3D`D'4,;9V66WFXLXOGAN$\
M$KA;&$&!KF,/USL]DDX/=G.X6U97O=Q)Q`QSG%K9J4-!.PS".BC5!>KG0V2@
M+0QE.YD[W5<]/+.TO$[P&.T'+!C?4<_R6Y6\4UW/JA04\<C:2*-Q8RFFJ!4/
M=&'EK9&#2P8(`)!SG.`%L&]WN6&ZU=)10/AI:CS>.+EO?,?0)>YH.^EKCV1N
M2.[OZG#MR?<J>=TD]/,^&71JBC?$<8!&N-^[';]-\]0NNB(B(B(HE?*5U3>Y
M99+:+U2QP,C-+#4ADE*\DDNT$@$N!&#D$:=EK0\13"&@HK=/+-BB$SJFJHI9
MGN.MS`QS(_1.6D%Q/=ME9X+]?:X5CZ2WT\/FE'%4/IZAK^:Y[V./+&XQNT[G
MV;+)4WQM;5THIH(Y:#SJA8V5SG`\R7+ML$>BTM.#WNW66DO-TEM[+ZZ.C-K>
M)'\@9;,R-NK#M1.'..G=N!UV.RLL-^N-=64D=339AJH3)F.CFB%,[`<&E[]G
M@@XR,;CI@K2NM-#5\6U[*BTUMQ;%24Q8VFJ.5RR3)G]]NYP/'HLMON%[MX90
M5W(>V@MPK*R21SI)7#5)]6"#@NPT#4>\'KE;++I?8V4#IXZ"22YQ/-/'&UXY
M,HB,C&N)/;!`P2,8*UZKB'SX4)IZ:.2F<:)\I>YP+)99@&MV(W:`XD'V96*O
MN-TN-!1U['4T5!+=H(HXVAPE#!4:-1=G!R0<MQT/59J'B:NK*V!\=*Y]'-5F
MGY3:.;4QFLLYO-]`[C);W#OR%9#?K[+9:.Z/IZ9D-6\Y?!3R3FFC&H:G,:<N
MU$#ILWORI'9*UUPM<%6Z2G>Y^0YU.26$@D;:MQTW!W!V6^B(B(B(B(B(B(B(
MB(BUKB_1;ZIXJF4I$+\3R'#8C@X<?8#NH?;6QV>KMYK+756ZHY;VOJ(IA/#7
MD1EQ#G9R''27`N&=B,J^EXJN4E*VL?2!\4U)+4!K:.9@IRV,O:'2.[+P<8R,
M;]-EN#B"OH:<5%XBI0V>WNK*<4X=Z30"8B2=SAS=QCO\%CANU>RLJ*%M-2Q7
M*HK8J=SR7NC:[S9LCW%N=\`$``C.V>]9;A>[I0R4E!.RF%7,^7](A@DG9RV!
MIU<IAU!Q+@,$X&,YW"Z-LN,]98Y:NL:*&9@E8Z21CHVMTY`E`?@AO1V#[E'K
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MHB(LU'^V4_\`\UG^8+J<7_VBK/\`P?Y0N*M6Y4-/<J*6AJVN=!+C4&.+3L01
M@C<;@+G#AJWF*>*6>XSQS,+'LGKI)&D9!Z$['(&ZW*ZTT%?)425<',=/3BGD
MRX@%@=J'3H0[?(W5EOL])0U<E:R2JFJI(A"^:IG=(YS`<@;^"QW"PT5=5FL=
M+64\[XQ'(^DJ70F5@Z!V.N,GV[JV3AZW%L+8/.:,14_FP\TG=%JASG0['49)
M]NYW5LW#=JD[+63P0NB9!+#!.Z..:-@PUKVCJ`-O'&QRMB:RV^6FJ:=T3VLG
MJ/.G%DA:YLHQAS2/1(TC&%FM]O@H.>Z-\TLT[P^::>0R22$#`R3X`8`&RW$1
M$1$1%S*RSTM55NK!-5TU0]@CDDI:AT1D:.@=CKC)P>H\5CDX?MQ93MIQ449@
MA,#'4D[HG&,G)82.HSOOOG)SNMJ@ME%;Y'OHX1%KCCC(!)`;&"&`#V`GWK!3
M6*UTU+%2P4Y9#%5"K:T..TH.0?=[/!61</VV*H;*&S.C8]\D=,^4N@C>[.IS
M6=`3J=[!DXPK[=8Z&WS1RPNJ7\F,Q0-FG=(V!AQEK`>@V`[S@`=%N1T<$=;/
M7-8143L9&]V=BUF=.W_B*IYE3>>35ACS--"V"0DY#F`D@8Z?O'XK2M]AH*">
M&:$U+S3L+*=DT[I&T[3U#`>FPQWG&W15BL-KBBEBCIRQDM6VM>`\[RAP<#[@
M0-NBQ.X<MCIQ*?.=`J!5-@%0X1,F#M6L,Z`YW\-SMNLL5BH(JQM2SS@-;.:E
MM/SG<ELIZO#.F<DGPR<XRJ&PT`I**FA-13BA)--+!,6R1YSG#N\'.X.5NV^B
MI[?2MIJ9KA&'.<2]Q<YSG'+G$G<DDDDK91$1$1$1$1$1$1$1$18YXHJB&2">
M-LD4C2Q['#(<TC!!7-I+%0TTT,O,JY_-P1`RIJ'2LA!&#I!]FV3DXV6.'ANV
M1,,6*E\(BDABADJ'.9`QXPX1@^CD;=^!L,+:J[1;ZR&BAJ(-;**1DD`+CV2T
M8&?$8[CU5E39:"H=/(YLK)9IV5)ECE+7LE:T-#FGN.D8]N_BL7S?M_*C:QU4
MR>.5T[:ID[A/S'##G%_?D``@[8`VV"W:6WTE+0^8Q19IR'!S9"7E^K)<7$[D
MG)SGQ6G1V"@I9:>1KZN5M-^S13U#I(X-L=EI\`2!G.!T6*+AJW4YA?!YR33"
M3S6.2H<Z.#4TM(:WN':]JP6;AJ&AM]"V>26:KI:3DL#YW/BB>6:7%C3TSOOX
M';"NL7#=/045N;5/FGJ*6F$36NG<^*)Q9I>8VGIG??P.V%LCARTMIGTS8)&L
M<R!@(E<',Y(Q&6NZAS?%9(+)0Q/CE//FG94"IYTTQ>]\@86`N/?AI(`Z!6?(
M%O\`.C/FIT&H\Z-/SW<DS9SKT=,YW\,[X771$19J/]LI_P#YK/\`,%WN)*"J
MJ[W53PQ@QD@`EP'1H!_HN7\D5_V3?XPGR17_`&3?XPGR17_9-_C"?)%?]DW^
M,)\D5_V3?XPGR17_`&3?XPGR17_9-_C"?)%?]DW^,)\D5_V3?XPGR17_`&3?
MXPGR17_9-_C"?)%?]DW^,)\D5_V3?XPGR17_`&3?XPGR17_9-_C"?)%?]DW^
M,+)!8KG/)RXH6%V,X,@"V?FK>_[M'_BM3YJWO^[1_P"*U8Y^&[O!'S):=@;G
M'ZT%:WR17_9-_C"?)%?]DW^,)\D5_P!DW^,)\D5_V3?XPGR17_9-_C"?)%?]
MDW^,)\D5_P!DW^,)\D5_V3?XPGR17_9-_C"?)%?]DW^,)\D5_P!DW^,)\D5_
MV3?XPGR17_9-_C"?)%?]DW^,)\D5_P!DW^,)\D5_V3?XPKF66X/>UC8F:G'`
M[86W\U;W_=H_\5J?-6]_W:/_`!6I\U;W_=H_\5J?-6]_W:/_`!6I\U;W_=H_
M\5J?-6]_W:/_`!6I\U;W_=H_\5J?-6]_W:/_`!6I\U;W_=H_\5J?-6]_W:/_
M`!6I\U;W_=H_\5J?-6]_W:/_`!6I\U;W_=H_\5J?-6]_W:/_`!6I\U;W_=H_
M\5J?-6]_W:/_`!6I\U;W_=H_\5J?-6]_W:/_`!6I\U;W_=H_\5J?-6]_W:/_
M`!6I\U;W_=H_\5JU9;)<8I'1OA8'-ZXD!5GR17_9-_C"?)%?]DW^,)\D5_V3
M?XPGR17_`&3?XPGR17_9-_C"?)%?]DW^,)\D5_V3?XPGR17_`&3?XPGR17_9
M-_C"?)%?]DW^,)\D5_V3?XPGR17_`&3?XPGR17_9-_C"?)%?]DW^,)\D5_V3
M?XPGR17_`&3?XPGR17_9-_C"?)%?]DW^,)\D5_V3?XPGR17_`&3?XPLM+::Y
MM5`XQ-P)&D]L>(4JK/VJ;[Y6%1_B7B2GLO*IV0OJ:V?.B-@RV/`].0Y[+=QM
MU/=XJ&2\4\431Q`U]'3/:XEYIZ,$/'<.VYV,;[]ZQ,XBXF#8@;X7%C]3B:.+
MZP;=D[;#8]-]T=Q#Q.8Y&B^D.<_4U_F<.6#?LCLX(W&YWV5S^(^)7.F+;SH$
M@`8!21'E;C<;;_CGJ@XCXEUAWRUD"/06^:1;NQC7TZ]^.GL1G$?$K3`77K6(
MR2\&DB'-W[\#;PVPK!Q#Q/R@SY>)<'ZB_P`SAR1CT<:<8]O57/XBXF=S]-[T
M<QP+,4<1Y0ST&1OX;YZ*IXCXE+GD7K`='I:WS2+LNP.T-MSL=CMNKX>)N)(I
M87NND4S&-(?')2,`D.^"2W!'4=/!=FQ<:2F>&CO\,3'2EV*VG;H@9@9`D#G$
ML[^UG3T&RG(((!!!!&01WJJ+:MK]%="?$Z?BI.BY]Z_8C]X*/(BY'$%^H;%#
M`^KYCY:AY9!#&PN=(X#?W-'>3T]^R@E3Q7Q/54\;6U5'02@DO--3\P$=P!D)
MZ>.-_`+&SB/B5I@+KUK$9)>#21#F[]^!MX;85@XAXGY09\O$N#]1?YG#DC'H
MXTXQ[>JN?Q%Q,[GZ;WHYC@68HXCRAGH,C?PWST53Q'Q*7/(O6`Z/2UOFD79=
M@=H;;G8[';=&\1\2AT1-YU!C2'--)%]8=^T=MCN.FVWO5K.(>)FMA#KX7%C]
M3B:.(<P;=D[;#8]-]T=Q#Q.8Y&B^D.<_4U_F<.6#?LCLX(W&YWV5S^(^)7.F
M+;SH$@`8!21'E;C<;;_CGJJLXEXE9*V0W9D@;'HY;Z2/2YV,:SC!Z[X!`73M
M?&U=!-"R^14KJ30XS5D#7,,1&2'&/+LMQL=)SG?&.D]IJB"JIXJFEFCF@E:'
MQR1N#FO:>A!'4+,UQ:X.'4'*E[2'-#AT(RJHB(B(B(B(B(B(=@HE._FSR2>L
MXE1V^7>JIZKY+MT+16/I^?YS.PNAB&O2`0""YQ[1`!_=WZKF1RWQOFY??I'F
M-Y=)^B0@3#(.D[=D#<;;[]587WWDN9\XYP\R:A)YG!D-QZ.-.,=^>JODEO;G
M5)9?I8Q*08P*2$\C?.!EO:R-NUE5,MZUEWR]+I,/+#?-8=GXQS/1ZYWQTWZ8
M2.:]-?3N=?97B,$2--+".=N=SANV,@;8Z*QK[Z(HF'B*9SVR:G/-'`"]NW9(
MTX`V.XWW]RJ^2^.9.UO$$S#(\.8X4D)Y0W[(RW<;C<Y.WO5SYKTY\[FWV5K9
M&!K&BEA(B.W:'9W)P=CMO[`C9KT'QN-]E<UL18YII8>V[![9[.QW!P-MO>J1
MRWMOFVN_S/Y3BZ3-)".<,CLG#=O#(P=U87WWDN9\XYP\R:A)YG!D-QZ.-.,=
M^>JODEO;G5)9?I8Q*08P*2$\C?.!EO:R-NUE5,MZUEWR]+I,/+#?-8=GXQS/
M1ZYWQTWZ82.:]-?3N=?97B,$2--+".=N=SANV,@;8Z*QK[Z(HF'B*9SVR:G/
M-'`"]NW9(TX`V.XWW]RJ^2^.9.UO$$S#(\.8X4D)Y0W[(RW<;C<Y.WO5SYKT
MY\[FWV5K9&!K&BEA(B.W:'9W)P=CMO[`JLJK[#)'*VZMJ1'$6N@GIV,9,[!P
MXN8-3=\=,C;HN_9+C\IT+9GQ,@J6'144[91(89!^Z2/801TV(73A_6Q_>']5
M?6?M4WWRN%Q3=)K/8ZBNIHX9*D%L<+)WZ&.>YP`SXXSG`W.,!>5A@YU1.XZI
MZF4S32$DE[SU._=W`=P`"N1$1$1$5'-:YI:YH<TC!!&01X*8^3NY3`2V&4P"
M"EA:^B`>>9R\X<T@DY#21AW@0,;*<HKF.T/:\?ND%2\$$`CH47/O7[$?O!1Y
M%J76L-OM=97B!\YIX7RB)GI2$#.D>]>13S5%96U-PJWN=4U3@Y[=9<V(`;1L
MZ=EO=MON3N51$1$1$1.FX4J\GUT,-7-8:BH!:]IGH8]&-#1@2,!&V,N#@.N[
ME/U*+<_F44+N_3CX;+91$1$1$1$1$1$6O7R<JCF?WZ<#WG9190V5T9XBOC62
MRO<V2#6QX[+#R6X#=^A&">F^?>LJK@CJ"J(BJJ*H!<<-!)\`,JB*JHB(B(MG
MA>,LN%Z?YJV-KWP$2@G,Q$>#D9[NG=^*D\/ZV/[P_JKZS]JF^^5"_*.'.LM&
MT0&5OG\1<02.7@/(=M[<#?Q4$1$1$1$1%V.#=;>+:-S(6.#J>=CY"<.8W#2`
M!G?)`[CT[EZBB*4T#^91PN_Y0%L+GWK]B/W@H\BC/E$+/FC6LD$A9))`PB/&
M3F9G\O'V97GAW)*(B(B(B(MJT2R07ZSRQ3QPN-9'&XO;G6Q_9<P;$@D';IOC
M?"]?"[]C?JI7,[VO/\]UTD1$1$1$1$1$1%S+Y)IIV1][W?R"X*B%0]SK_>&&
MJ$H8^$-C`(,.8FG!VWSZ6V>JN=Z)]RD,U54F_LI!*Z2![HV.@<<M+2UN=OB5
MK,HZ(5%)2%DCW56[90_&@%Q#<#&_3?*K!141\VBE9*Y\U.^5SVR8TEI=T&._
M3WJUE'32BGJ&0.;%)"^1[#,`UI:[3DO/0=/;X+))10LBE?"]S624T<A:R34T
MYE#2,XW'?[UBKJ6D8RO;!'(QU),U@<Y^K6"2-QC;HK:&9L5`YKYJBD$DN6U$
M3<ZL#=IP0=LY6U-1QN?4U=6^G>2Z,-^L,3'ZF:M6<$Y('3QRL$U+;Z>&>9W,
MG8V=L;-+\8!9J.=MR/YK-3VZ."NC:Z20&2H+(7L=@E@;G5^.6CXK3D@I(FQ0
M.AF?,^G$O,8[H2W(&GU1WGWK:JK?11&>#FM$L(':;+K>\Y&068VZ[;^'BL%Q
MI::.`RT@#HVR:-;9M>1OC4"`6NV\,=5RT1%GX6;&+I?7-BE:]SJ;4]Q[+_JC
MC3MW=^YW\%*8?UL?WA_57UG[5-]\J$>4H1FT6[6)"1<8M&CH':).OLQG^2@Z
M(B(B(B(NKPBT'B^VN,,CRV&IP]I[,?8'7;OZ#HO5$12"R/U4>GU'$?ZKHKGW
MK]B/W@H\BC7E!=HX4J3YP^#,T`U-!).9F=G;N/3\5YV>J(B(B(B(L]M#C>K1
MHCBD/GT)(E(``U;D9([0ZCV]Q7L2ZUA?B6:/Q`/_`-_%=M$1$1$1$1$1$1<"
M^2:JIK`?0;_,KFJ(5&KY?O&IM.!KATF/&L_5-]/&^?#/=CN5RWGW2X/C,;JE
MVDMTG#6@D8QC(&5CBKZN&(11RX:W(:=()9GKI.,C\%8VJG:8RV0@QL,;-ALT
MYR/YGXJZ&LJ80QK).RQI8&N:"-).2"#UW5TMPK)6Z9)B1IT^B!MG4!TZ`A8G
MU,[^=JD)Y[@Z3_F(.<_S5U/5ST[',C<WEN.2Q[`YN?'!'57-KZMLDLG-U.EQ
MK#VAP=CIL1C;N6.6IGE:]LLKGA[^8[/>[&,_!7>>5.N!_.=J@;IC/JCP_FJB
MMJFP<@2=@-+!V1J#?5U8SCV*Y]?5OC$;ICC8$@`...F7=3A6U%;4U+-$L@+2
M[4<,#=3O$X&Y]ZUD1%L<+/:;G?&"HE>6OI\Q.'9BS&?1WWSU.P_%2B'];']X
M?U5]9^U3??*A7E(=IL]"/.'Q:KA$-+0?K.R_LGV=_P""@J(B(B(B(NIPBY@X
MPMH=)(UQAJ=+6CLN[`SJW[N[KNO541=>PO[4T?B`Y=I<^]?L1^\%'D4:\H!<
M.%:K3)$P\V#>0`@CG,R.AW/0>WP7G9ZHB(B(B(BSVYFN\V@>;/GQ7P.TL)!;
MAWIG'<WJ?<O8ENVE^BNC\'`M_DI(B(B(B(B(B(B(HK6R<VKF?G(+CCW=%@40
MOD+[=>*JX-HI7453`V6HGA:^5S96$,`+!DX+",8'[KLK2%WMQ>V,5#M3H>>!
MR9/U>,ZO1\!TZI'=[=*ZE;'4%QJB1".3)VR#@_N[;^.%8+Y:C"V<59Y3I.4'
M<F3=^,X]'P*NDO%MB\YYE26^;/#)OJ9.PXD@#T=]P>F55UWMS7RQNJ"'11"9
MXY,G980#GT?!P]NZJR[6][X(V5#BZ=ADB')D[31G)]'_`)3U\%9'>K9(RG>R
MJ);42&.(\F3MN&-O1V](=?%4=>[6R*69U41'%)RGNY,G9?OMZ/L/P5\EWMT;
MZECZ@M=3`&8<F3L`D`?N[[D=,]4%WMQ>V,5!U.AYX')D_5XSJ]'P'3JD=WMT
MKJ5L=07&J)$(Y,G;(.#^[MOXX5@OEJ,+9Q5GE.DY0=R9-WXSCT?`JZ2\6V+S
MGF5);YL\,F^ID[#B2`/1WW!Z9577>W-?+&ZH(=%$)GCDR=EA`.?1\'#V[JK+
MM;WO@C94.+IV&2(<F3M-&<GT?^4]?!61WJV2,IWLJB6U$ACB/)D[;AC;T=O2
M'7Q5'7NULBEF=5$1Q2<I[N3)V7[[>C[#\%D==*02U$,9GFGIVATD,--(]X&0
M-@&[]1T4@X8I*J""JJZM[M=9-S(X71Z##&&AK6D'?5L2<]YV7>A_6Q_>']5?
M6?M4WWRH7Y1RX6>ATR1-!KX\AX!+AI?LW;K\-@5!$1$1$1$1=;@][AQ;;VB<
M,#H:C,9!^LPP>SNZKU-$6]9WZ*YH[G`C_7_12-<^]?L1^\%'D4:\H#7.X5J@
MV%DIYL!TO.`!SF9/4;CJ/=WKSL]41$1$1$19:$Q"\6;FND`^4:?'+ZZM>V?9
MGK[%[(LD#^7/')ZK@?YJ6HB(B(B(B(B(BQ5,G*IY)/5:2HFBX5\O4]+4FV6V
M)CKDZGY[9)P[DQ#6&C5IW)/:(`]4Y(7.BK.(0:4RWMC^629VMHFM$V^<>EEF
M!MMD]ZM\ZXDY`8>(`9.9J=)YA'VFX]#&<>W/5725G$3O.>7?0PR.!B/F3'<E
MN3EO7M;8&3X*KJSB`OD<V]AK3$&,;YFP\M^!V\YWZ$Z>F_L1E9Q`U\!=>VN8
MQA$C?,V#F.WP[.>SU&P\/:5;'5\1!D#7WX/<R0NE/F+!SF[=G&>ST.XWW]@5
M'U?$9BE:.(`V1\FIK_,6'0S?L8SOU&YWV]JODK.('/J',O88'@"%OF;#R=QG
M?/:R`1OX^Q!6<0![3\MMTB'1I\S9O)C',SG;??3T[DCK.(&FF,E\:\1DF8>9
ML'/WR.A[.VVWO5GG7$G)##Q"#)S-3I/,(^TW'H8SC\>JNDK.(7><Z+Z&&1P,
M1\R8>2W)[.Y[6V!D^"JZLX@+Y'-O8:TQ!C&^9L/+?@=O.=^A.GIO[$96<0-?
M`77MKF,81(WS-@YCM\.SGL]1L/#VE6LJ^(@R!K[\'N9(72N\Q8.:W;LXSV>A
MW&^_L5'U?$9BE:WB`-D?)J:_S%AT,W[&,[]1N=]O:KY*WB!SZAS+X&->`(6^
M9L/)W&=\]K."-_'V*@N'$,4K)?E&"KC9#I=2R4XB$K\;.YC22S)[L$84@L]P
M;<J!E1RA#,"630<QLAAD'5A+=L]#[B%T8?UL?WA_57UG[5-]\J%^4=KG6>A+
M862!M?$27'!8-+^T-^O=W]3LH(B(B(B(B+K\'ZOG;;\"$CDU&2_&H=@>CW^_
M'<O4D19:5_+J8G^#PI8N?>OV(_>"CR*,^4-H=PI4@PR2CG4YTL.",3,[70[#
MJ?8.Y>>'JB(B(B(B+/;7EEYM!%2:?-?"W4`3JR[&C;UNGXKV)%+*5_,IHG^L
MT%941$1$1$1$1$7/O4FBCT][W`?ZJ/(H=,\.X@O3!4RR%DD.8W##8B86G#=]
MP>IZ;G\5D4ADIL6QUOU0F2.'SC2'C7S>KACKZ!Q^"LI8J6FKS2MB>Z9M,]QE
M+]B3$3Z..F_O6!EM@>YKFO<(9^2V`D[ZGG?/CIP[^2R^84$D\<4<C6GSAD1#
M)M9<TG!)V&D__?<JPLHW4[&PP21GS]D;9#)EPVZ]/Y>*L-%2O9(UF9:CZQS@
M9=,@()QAI&'#`R2#GJJ5%/31P25,XEG,<5/I:9,#M,)P3CH,;*VLI*.B\XE?
M')*P2MCC9S-.,L#B20-^N`M>MI(X[DRFIQ*6/Y>D'!<=30<>&=UO?)U'(8=`
M#/TMD#@R?F'2[/4XP';=VRQP4-'5-:YC)8FLG=&_MZB]H879Z;'LX\-UBF?!
M)9"Z"%T0\Z&6E^O]P]ZY:(B+9X6C++A>G^:MB;))`X2@GZX\O!)&<9&`.@S[
M5)X?UL?WA_57UG[5-]\J$^4EH=:+>3#))IN$1!:=H^P_M';IW=W4*#(B(B(B
M(BZW"#"[BVWN\W+PV&HS)D_598/Z]-UZFB(I;`_F01O]9H*T[U^Q'[P4>11C
MRB.8WA.I+Y)&#GTX!C&23SF8'4;'H?8O/3U1$1$1$1%GMNKY:M&DP`^?0YYP
M&,:M\9_>\._/1>Q(I'9WZJ%@]4EJWD1$1$1$1$1$7#OTF98HO5:7'\?_`$7*
M11"H<]U_O#75$4C6OA#6-&'1#E-.';#))WZG8_@KP2"".HW68550*HU8E=SR
MXNU]^3U65MQK&1B-LV`&:`=(U:?5SC./8L!J)C#%"97<N(ES&^J3WA9Y+C62
M.8YTV',>)`6M`RX?O'`W/O6.*KJ(F.9')AI>)/1!PX="/`J\7"L$98)ML.`=
MI&H`]0'8R`<GHL4E3/)&Z-\A+'!H(P.C1AOP!6W35^.=YS)*72EN7-8QX.!@
M9:[;W%8:VL?45YJV:F.!;I).7#2``<^.V5<;G6D`<T`!XD`;&T`.!R#L.JPQ
MU51$!RY7-Q)S1CN=C&5=45M341B*1XY8=J#&L#0#XX`6LB(BS\+-C%TOKFQ2
MM>YU-J>X]E_U1QIV[N_<[^"E,/ZV/[P_JKZS]JF^^5"?*46"T6_5)(PFXQ!H
M8-G'1)L=^G7QZ!09$1$1$1$74X1$?SPMA<)"\0U.@M]$=@9U?AT]J]51$4DM
M+]=#'XMRW^:LO7[$?O!1Y%&O*`]S.%:HMG$),L`U$$YS,P:=AW]/Q7G9ZHB(
MB(B(BV+:QS[U:`VG$Y%?"XM)(T@.SKV/=U_!>PHNU87]F:/P(<%UT1$1$1$1
M$1$48N4G,K93W`Z1^"U440J`\7^\%T4+&E\.ES""YXY3=W[[$'89QL![U>NI
M+14C):JE!G,U,PO>_(TOTXU`#&W78[K;KXZ&$70<F011S0@-80#G#M@<;!8G
M6J")U0YSG/C9(UC&F5D9.6AV27;;`@8"UZFBI:>FGEYSY7"8Q1%A&D]D.R?C
MC9<Q$1$1$1$1;'"SVFYWQ@J)7EKJ?,3AV8LQGT=]\]3L/Q4HA_6Q_>']5?6?
MM4WWRH7Y1WN;9Z$"<1!U?$""">8-+^STV\?P4$1$1$1$1%UN$'8XNMS?.'LU
M0U'U8!Q+A@Z^[JO4T1%V["_,4L?@X'XC_P"BS7K]B/W@H\BC7E`U?-6JTB$G
MFP?K<8QSF=,]_A[<+SL]41$1$1$19:%K'7BSB2.60"X0$",X(.O8G8[#J?9X
M+V0(NA97Z:S3Z[2/]5(41$0D`9)V4>NW&?"]I<65U[I&2#K&Q_,>/_"W)7`J
M?*SP;"2&555/C[*F=O\`'"PP^5[A"1V'NKXM^KZ8D?R)76HO*/P96/;&R]Q1
M/=T$['1?S<`/YJ54U335<0FI9XIXCT?$\.:?Q"S(B(K9'!D;GGHT$J(DEQ+C
MU)R51%#[U'\FWFLK?,YS254#9YJF-KI`V1F(].EH)&6EI&,YP[P6FV[VY[XH
MVU!+I8C,P<F3M,P3GT?`'V[+;/%%+510L%2QQK3R62"F>'S8(&DG3XXZXRL5
M3Q513T\TLM6T1/E;'*YM-(,R-!QGLYSC._19I.**:.2N%1/&_DN9YPR2E>YK
M'#LM.-/7NV6*?B&EF+X9:LN=I\\<.0_.DM':]'IIQM_)8([O;I'TS&5!+JD$
MPCDR=L`D']W;<'KA6-O=K?%%,VJ)CEDY3'<F3M/VV]'VCXJLEZMD;*A[ZDAM
M/((Y3R9.RXYV]'?T3T\%<^[VYCYXWU!#H&"24<F3LM.,'T?^8=/%&W>W.?%&
MVH)=+$9F#DR=I@!.?1\&GV[*D=XMLOFW+J2[SEY9#]3)VW`@$>CMN1UPK3?+
M4(73FK/*;)RB[DR;/QG'H^`5\EWMT3JILE06FE($PY,G8).!^[OOX90W>W![
MHS4'6V'GD<F3:/&=7H^!Z=4CN]ND?3,94$NJ03".3)VP"0?W=MP>N%8V]VM\
M44S:HF.63E,=R9.T_;;T?:/BJR7JV1LJ'OJ2&T\@CE/)D[+CG;T=_1/3P60W
M.C,L\+'3230L$CXXZ>1[@TXP0`W?TAT\5WN%Z>I93U-;4N<//)!)%$Z(QNBC
M#0&AP(#M1W)STR`%WX?UL?WA_57UG[5-]\J%^4?5\CT.D0D>?Q9YF,@:7^CG
M][W;XRH(B(B(B(B+K<'EWSMMX$D36F&HRUP&IW8&-.W=W]-EZFB(NE8WZ:IS
M/69_1;]Z_8C]X*/(HUY06%_"M4!3F?$L!T@D8Q,PZMO#K^"\[/5$1$1$1$6:
MWN:R\V<NGDAS<(`#&,EQ+O1.XV/0^SN*]C19Z%_+K(7=VH`_CLI4B(O.N*?*
M%649DI>'^'+E73M);YQ)22-A!]FV7?R'M7D%]K./;[(YURAO,C'']2RGD9$/
M<P#'QRN&+!?!TLEQ'NI)/]D^0;[_`/!+E^4D_P!D^0;[_P#!+E^4D_V5?D&^
M_P#P6Y?E)/\`9;%!;^*K=*)J"@O-+(-]4$$K#_(+U7A+RA<44^BEXEX>N53%
MT\[@HGB0?>;C#O>,'V%>N4E3%5TT53"7<N1H<W4PM./:"`0?85F1%I7:3ET,
MGB[#?BHVB+DWB]Q6R04T,$E7<'Q&:.EB<&%S0X-+BYVS1EW?X'`.%SAQ!?3K
MS::0#E!S1\H.),F!V3]7L,Y[6_0;*YE_O9?"'VRD#',/.(KG$M=O@`<OM#IN
M<=3MMO:SB"_%L!DM5&UY>1,&W!Y#&;8+3R^T>NQQT&^^U'<07\12%EIHC(V3
M$;3<'@%F^Y/+V/3;!ZG?;>^2_P![#J@1VND<QH!@+JYP+SD9U#E]G;/3/=XI
M\OWLO`-KI-!ARX^?.SS,>CCE[MS@:NN.[N2/B"^%U-S;72-#B14%M>\E@SMI
M^K[6WCA6#B'B#DM<;31";F8+1<7Z0S'4'E]<]V/Q5TG$%\`J.5:J-VEXY&JO
M>-;<G)=]7V3C&PSU*JZ_WO7*&VND+!&',)KG`NDP,@CE[#.=]SL-M]C+_>R^
M$/ME(&.8><17.):[?``Y?:'3<XZG;;>UG$%^+8#):J-KR\B8-N#R&,VP6GE]
MH]=CCH-]]J.X@OXBD++31&1LF(VFX/`+-]R>7L>FV#U.^V]\E_O8=4".UTCF
M-`,!=7.!><C.H<OL[9Z9[O%/E^]EX!M=)H,.7'SYV>9CT<<O=N<#5UQW=R1\
M07PNIN;:Z1H<2*@MKWDL&=M/U?:V\<*P<0\0<EKC::(3<S!:+B_2&8Z@\OKG
MNQ^*NDXCNL//=+9.?"QX$3*6K#I'MR<N+7AH!`P<!QSXKO4-73UU,RII96R1
MNR,@@Z7`X<TXZ$'(([B%MP_K8_O#^JOK/VJ;[Y4+\H["ZST)%.9=-?$XN!/U
M79?VMO?C?Q4$1$1$1$1%U^#VN/%MO<(6/:V&HR\G=G9'3??/0['\%ZDB(MFW
M/T5L)\78^.R[%Z_8C]X*/(HQY1!&>$ZGFB0MY]/CE]<\YF/PSU]B\]/5$1$1
M$1$6>VN<V]6@LGCA)KX02\9#@7;M&QW/0>WO"]B1`2#D=1NI?&X/C:\='`%7
M(B(B(B(B(BX]^D_4Q#VN/]%QD10^J+G\175\DD$ACY,4>AHUQLY8=I<<9W<Y
MS@,GJKU541$551$1$1$1%L\)L=#57J)L$<=.ZHCF:YKLE[WQC62,[;M'<,]=
M^JD\/ZV/[P_JKZS]JF^^5"/*4(S:+=K$A(N,6C1T#M$G7V8S_)0=$1$1$1$7
M5X1:#Q?;7&&1Y;#4X>T]F/L#KMW]!T7JB(BJUQ:X.'4'*[]X(=0:AT+FE1]%
M&O*"[1PI4GSA\&9H!J:"2<S,[.W<>GXJ$V:A;<;G#1/F,+9-1+PW5I`:7';(
MST5\U+;Y>3':*NJK:B1P:(G4N@[CNPXY/L6.:U7*&IAI9*&83S?JV!N2_P`<
M8V/M\%2HMEPIG/;/1RL+(^:XXR`S.-61MC)`SXI3VVX5+F-@HY7E\?-;M@%F
M<:LG;&1C/BL$U//!4.IIH9(YVNTNC<W#@?#"V:FTW.E=$VHH9XS*_0P%O5WJ
M^P^P[JVLMEPHHFRU='-#&YVD.>,;^!\#["M-$19[:'&]6C1'%(?/H21*0`!J
MW(R1VAU'M[BO8D12:V/UT,)[P-/P6VB(BY=TO]EM4K(;C<Z6FF>-38Y)`'N'
MB&]<++:KO:[Q"Z>UU\%7&TX+H7AV/>M],A$1$11N[R<RN>,[,`:M)$40J&O;
M?[PYU/'&USX2U[3ETHY31EVYP0=N@V'XJX]#[EW)O-A=FT#J*#D/,;-36D/&
MIHW!SUR5KOMX$;'RRL9#'&YSWL9EQQ(6@8SN21[-E5M!&V-THG:^%]/S=3HC
MJ:.8&[#/59)[93FX5<,,D_+BDTAD<)>X>_?H/'.ZP5E(VEHY&.#3-'6.B+QW
M@-!5'.91TM*600RRSL,CW2LU8&H@-`[NF_?NLD5`VLYU5%%/%3AX:(XXS*X$
MC)[QV1_J%=\E,@>/.ZG3^D<D-:PDN]$YZC`PY9Z>@I?E!D9+74_GSH@#&=1P
M,Z2<]/\`U6O-1LD8VI=)''3\MTA='#@D<PM`TYZY^`6*&AAE>_EU$DK`&D"&
M$N?OXC.!C&^ZV'VEC8GP"356"K$#>R0TY;GQV\?PPJ.LK]48;*]C72\MSIHC
M'O@D$;[@X]G=XK2KZ44KV-S)EP)+98BQS?>/]05J(BV.%F-%SOCQ3R,+G4^9
M7'LRXC/H[;8Z'<_@I1#^MC^\/ZJ^L_:IOOE0KRD.TV>A'G#XM5PB&EH/UG9?
MV3[._P#!0VWTDM?60TD&GF2G`+C@-&,DD^``)_!;<M%;G03OH;ISI(&ZG,FA
MY7,;G!+#J.>O0X.%A^2[D(89S05(BF<&QOY9PXGICW]WBMBIX?N\-?4T3:&>
M:2G.'F*,D'P(VZ'N\5RB"#@C!"(B(B+J<(N8.,+:'22-<8:G2UH[+NP,ZM^[
MNZ[KU5$1%V:I_,LL3N_LCX;+C(HUY0"X<*U6F2)AYL&\@!!'.9D=#N>@]O@H
M=P[616^]4]9,\L9'K.H#)!+'`;>\A;=OO]7+70ON];-)$(I8@\-!=$7L+=8`
M`SC*VJ&NMMOHXK8:T3"3SC74PQN#8.9&&#`(!/3)P._O6&CFMU-!/;C=2]L]
M(^+FZ'<B)YD:X!HQJP=.YQU(V6TVX6]L<%)%<('LCH6P/\ZI7/@F<)7.(<,:
M@-P0X?R6A+<*&GXHIKC3-=)2P21/([6^D#5IU$D-R#I![L+9I*NVVW+6W#SP
M3U]/4%S8GMY;(WEQ<[4/3.<8&>_=:-374\ENND(>XRU%Q;4,R#VF`29)/CV@
MN.B(L]N9KO-H'FSY\5\#M+"06X=Z9QW-ZGW+V)$7=L3\T\C/5=GXKJ$@$`G<
M]$6.HGAIJ>6IJ)&QPQ,+Y'N.`UH&23[,+R2K_P"T!P!3U1@C=<ZE@=CGQ4PT
M'V]IP./P4EI?*7PM>J5D?#=ZI*NX3R,BAIY-3'@N(!<6$!V&C)/CC&=UQ:W@
M#ANHJ9G5-K9754[R^:JJG.=-*X][CG;KT&!T\%XS>[W2^3ORD-FX8EQ;**5L
M%73L]%[PW+V#M=H8/I'H[NV7L]X\N/`=LHVR"LJ*NK+`[S2GB)<TD9P7GL=_
M4$J&V#R[V:\34]MO%NK:2>=X:VK8YLC&O)[(T@`ANX&V?Q7IOS@J+%25]374
MU34QTL)E=!``Z0Z<DAN2,[?R7CMP_P"TG6>>GY.X9@\S'05$YYCOX1@?S7N?
MD\XKCXTX7IK]'0340E<YABE.=VG!+7?O-]OO4G14)`!)Z!1*5YDE?(>KG$JQ
M$4.F8UO$-[<*>6,ND@)D><ME^I:,MVV`Z'KN#[ED.XPNF^ZYE\X;14[:D`8F
MRXD$#&0"<9V2CK&O8*>H,0B;"8\/U8?V]6Y&[3D[%7UM=&UC*>F$9:*<PN+=
M1:,OU;$[GNW/M5DUTYQFYE)&1))SBW6X#7C!/M'L6&MKWU8D#HF,#YC,<$GM
M%H!_#94BJV"!D%12LG;&28R7%I;G<C(ZCV+(;D^4RBI@9,R1X>&:BS00,#!'
M=C;'L6*2ND>UC>7&T,G,P#1@`G&V/#LA9_E1XG;+'`QNFI-2&Y)[1&"/<L<=
MP>V)D#X620B,QN821J&K4#GN(*N^46F)\#J.+D$M+8VN<W!`(&2-W==\J^2[
M2O?)((6,D=,R=K@3V7@8SCO!'<L1KHP]KHZ"G:W67/:[+P[(QC?H-^@_T6.K
MJ^?%#"V(1Q19TMUEYR>NY]W1:J(L_"SHS=+ZULLKGM=3:F.'99]4<:=^_OV&
M_BI3#^MC^\/ZJ^L_:IOOE0ORCEPL]#IDB:#7QY#P"7#2_9NW7X;`J)V2LCH+
MG#43M<Z'#XY`STM#VEI(]H!RNQ3/MU!;ZVEDN])6Q24\C:>..E.KF$;.<YS0
M6^X$[GP6Q>+O13-N5732T(-;&U@C9#)S^K26O).D!NG8C/08"SSW&W2W&N>;
MA034TU<*IL=2R4!H(':8]@U"0="/=A1&O?#)75,E.Z1T+I7N8Z4Y>6DG!=[5
MKHB(B+K<'O<.+;>T3A@=#49C(/UF&#V=W5>IHB(N@U^JSN9ZLH_W7/11KR@-
M<[A6J#862GFP'2\X`'.9D]1N.H]W>H%14LU=614E.T.EE=I:"<#WD]P`W6Y-
M;(?-IYZ*Y05GF^#*QC',(:3C4W4.T,D>W?HN<8Y!KS&\:-GY:>SW;^"W*:TW
M&HK(*-M),R:?)C$K',!&,YW'3VK792U3V2R,I9W,B_6.$3L,^]MM^*HRFJ7Q
M.F93S.B:,N>V,EH&<9)QCJJR4M5%,V"6FF9,[&F-T9#G9Z8&,E5-)5MG-.ZE
MG$XQF,QNU#/3;&>]8"""01@C8@HB++0F(7BS<UT@'RC3XY?75KVS[,]?8O9$
M1=2Q/Q/)'ZS<_#_U6I6W/5Q_;+.QWH4$]5(,]Y<QK?\`_)2A6311S1/AF8U\
M;VEKF.&0X'8@CP7RIY2O(3>Z"XS5_"$'RA;9GEPI&N`EI\GT1D]IH[B-_$=Z
MXG`,E?P!Y0;%:;W:#15<DP-0^0ASW-D:6Q@$'`:"<GVYST&/4_+-Y0G\(4?R
M=:I6F^5K262C?S>,[<P>).X;[B>X+Y?FJG34)9(XNDYQDR<GJ-SGQ.!\%A,-
M0^D%46.\W8\1!^-M1!.,_$J2^3F_6OACB^V7FY6\5]/!)E[2,F//[[!G!<WJ
M,[?R*^N:2MH+HZ.YV^;F4U=&V>&0@C4T@;X*\YI/(CP[Q!Q=<KHVX&"T0U(9
M);J9N")=+7/9K_=;EPV&2,XVPO?*"CI;?1P45%3QT]+`P,BBC;AK&CH`%L*R
M:6."&2:5P;'&TN<X]P&Y*P7&3ET4K@>K<#\=E&$1%#[TWY-OTM1,ZI=37",/
MYCF9AIW1,P07?NZF]K?`[)WR55LD;FM<V1CFN&00X$$>Q5U-]9OQ":F^LWXI
MJ;ZS?BFIOK-^*:F^LWXIJ;ZS?B$U-]9OQ34WUF_%-3?6;\4U-]9OQ":F^LWX
MIJ;ZS?BFIOK-^*:F^LWXIJ;ZS?B$U-]9OQ6*IJJ>E@?/43,9&QI<X]<`=3@;
MG\%UN%8:CS:HKYY)=%:]LD$$D)C=!&&X`<#OJ.Y.?$=%((?UL?WA_57UG[5-
M]\J%^4=KG6>A+862!M?$27'!8-+^T-^O=W]3LH70TLU;5Q4E.`993ANHX`VR
M23W``$Y6Q66YU/2MJXJNFJZ;7RW20%V&.QD`AP!W&2#T.%HN:YI`<US21D`C
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M"BJ6AUDD^68(66]Q\\89SESN87.>T?\`YFMN!MGV[*ZBO-/#66)T=88*>"&I
MUL#R!&7.D+01XX+/Y*RS72E;26YE74M=4B"LBUS2.'+<\M+=3ANT'M#(Z962
M6[1T]-411U-/#4,MSXHS33OD(+I6'1S'$Y.`X[;#)"AQW)*(BSVUY9>;014F
MGS7PMU`$ZLNQHV];I^*]B1%MVM^BNB/<26_$*(VR?G^7:Z#5D16_E#?IAL9/
M\R5ZHB+YD_[4],ZGXCX9NC8@0Z!\>?$L>'8__<O">(+U<>(;O47:Z3F:JG=E
MQZ`#N`'<!X+!4U\TU-'2##*=F#RV[!S@,:C[<*=6.DEK?(OQ0YL!+:&ZTE1S
M`.H+7,(_#4#^*@U!<)J$3B..&1LT+XG-E9J`#AC(]HZ@]QW7T;_V?+B_B#A:
MJL]?4-D?:Y6B%I/;;"X9`]K001^./!>U\)4+J*FK^8(Q)/7SSNT#KJ=V2?;I
MQE=]%RN*<_-F\8Z^93?^6Y<R"K-3PO9I2[)J*:*4D]_8!_J5K(B+F7>[T-O:
M8:ADM1-)$7BD@CYDDK,AI.GH1D@')PHY3RV-KK<]G`[X3'([EGS>G!I,NSJV
M?MDDGLY.Q6'58!1Z!Y/W:&5&IL`IZ;TL?K1V\=P'C[%FJ'V%QN37<#NF$CVN
MD/(I\5;M7I;OWQDGM8^*JZ2QNFF<[@ASG24H:^0P4_UC=(^I/;SW`;]G;KA(
M)+&)J!PX)=$YL;F-DY%/^BMR[L[/S@Y)[.?2]ZQ0OL+(*/1P$^/E3ET<7(IL
MTY[)Y@P_`S@=-^STZ),;!R*R,\!&1AG#C&*>FQ4.[7U@R_&V3UP>U[UEGDL;
MIJ\OX)=*98VF23D4_P"E;M.G=^20?6P.S[D;)8S-"[YD.:XTICYG(I_JV:2.
M2>WGIM@=GM=>JI3R6-IMKF\#OA=$]PC/(I_T3M`ZMG[`DY[.3LL.JP"CT#R?
MNT,J-38!3TWI8_6CMX[@/'V+-4/L+C<FNX'=,)'M=(>13XJW:O2W?OC)/:Q\
M55TEC=-,YW!#G.DI0U\A@I_K&Z1]2>WGN`W[.W7"026,34#AP2Z)S8W,;)R*
M?]%;EW9V?G!R3V<^E[UBA?8604>C@)\?*G+HXN139ISV3S!A^!G`Z;]GIT28
MV#D5D9X",C#.'&,4]-BH=VOK!E^-LGK@]KWK+/)8W35Y?P2Z4RQM,DG(I_TK
M=IT[OR2#ZV!V?<LU'6V>DK::IBX2GI)6TVD54=-"70-`/U78<7=!@!H(W`4D
MMEPI+K00U]%(9*>8$M<YI:=B000=P0000?!;T/ZV/[P_JKZS]JF^^5"?*2T.
MM%O)ADDTW"(@M.T?8?VCMT[N[J%%K$[1=:=_GPHGM)+)W`%K78.-6?W2=C["
MI'"^@@GH:B]4MMIIVUL9Q2/:6R1X.ISV-):`#IP=L[[+;BKFQ7"UBODB#VUK
MI1)-<!4N:W0X$YQAK"<;$]1T7*M5SCJ*3S^Y50?76Q[YX>:[M3:V]EH\=,@!
MQW#*V&U'-ML<-!6,9<S;Z9H>)A&X@/D,C`XD8=NTD9!("V::J<:>>-M9'47,
M5+'3RT]:VE+VB-H!UXP\-.0?$[[J)7F6*>[5LT#8FQ/E<6B(G1[QD#8]>@ZK
M21$1=;A!A=Q;;W>;EX;#49DR?JLL']>FZ]31$15&<''3O5$48\HCF-X3J2^2
M1@Y].`8QDD\YF!U&QZ'V+ST[9*WZNTW"DK8*&>G<*F<,,<8()=JV`]^=EJ20
MS1PLF>PMB>]S&N)V+FXU#\,CXK%D>L/BJY'3(^*S^:S`!SPV,&'GMUO#=;,X
M!;XD[[==BL&1G&1GWJF0>A'Q6W0T,U;S3&^&..%H=)+-(&,8"<#)]IV6.KII
MJ.JEI:AFB:)VE[<YP?>L*+/;=7RU:-)@!\^ASS@,8U;XS^]X=^>B]B1%EI07
M5,(;UUC^J@O"3GO\N'$!D](,F'7.P,8'\L+V9$7S7_VIC57">V14=+434]J8
M]]9,R,F.%TNG0TN\<-)QW`CQ"^<%T;!9;EQ!=J>TVBE?4UE0[2QC?YDGN`ZD
MGHOL;A#R=?-+@Z*U0"GKYY6.-R@E:.56%V,M&>F`,`GJ.N,[>55?D,MMPJ9I
M+;?YZ'ZU^JEJ:3+H,[M;LX=/'O&,+T3R3>2^EX$KJVM==1<*NHC;$UW($8C9
MU=C<DY.._H%Z9"TT]879^IE&/<[N_P!1\%T47,XF_LY=O^CF_P`A41X6,K^"
MN&I)01F@C`WST&W\L+H(B*'U8=)Q%=))6TY=&(88G,(+Q'HUZ7>':<XC/<?<
MKT1$1$1$1$1$1;/"LA-=>X/.II0R6%_*D]&'5'N&G/0XSC;!SXJ3P_K8_O#^
MJOK/VJ;[Y4)\I18+1;]4DC";C$&A@V<=$FQWZ=?'H%"Z2FGJZAE-2Q.EF?LU
MC>IVS_0+/66NOH8FRU5(^*)SM(?L6D^&02,K3Q[$6Q34-55@&GIWRATK81I'
M5[@2&^\X/P6N1W$(B(B+J<(B/YX6PN$A>(:G06^B.P,ZOPZ>U>JHB(L\3/T2
M>3P+&_S6!%&O*`]S.%:HMG$),L`U$$YS,P:=AW]/Q4.X?AIY;M"^K(%+3YJ)
M@3U:P:M/O)`'XJ34%?2UM3;:^&>9D]'<FF5U46!QBF?EV,=P=GW:EGI9ZR1]
MI9<'-='#=*AM0V4,PTZ06!WOW]ZP<-S5$T-+733O>)ZS]),7*B8QHTC$Q<-V
MXZ-``QGO6,15T#:>&TMIXX63SMKVRAO+:>8<<W.^C1C'XXW5:F8U%'#+5O:^
MG^0W!CL-_6"0!P;WZ@,;*V\\[E7OSGD_(_*/R;HT:-6IO+Y>-\Z<ZOQRK;U5
MB>3B6D,D1I88XG4T;0T-:[6P$MQWX+LGO6IPIJBIJR>GI&U]09(XI*-[@`Z$
M[E^#U((`!Z-ZE:?%5)#37!DE/5/JV3L,CJA\C7F1^HZO1Z8V'X9&Q7$1;%M8
MY]ZM`;3B<BOA<6DD:0'9U['NZ_@O841;UH9KKF'N:"[_`._BH39X>3Y=[R.Y
M]%S/BV+_`&7K*(OD/RE\>WZHH[QPC<?T22*;EOUQG55`/&=^@W!.K]X8``4)
M\G_D^X@XYK^5;(#%1,=B>NE:1%%[,_O._P"4;^X;KZW\F7DWLW`-`YM*?.KE
M.T"HK9&X<\>JT?NM]G?WD[*=KF7:T07'$K7N@JF##)F=<>#A^\/8?PPH[5F[
M6=O,KV&>!N[:BEC<_0!U#V]0/:,^U>?57'5ZNMXNEOLSQ71N:/,J>C[4K7[!
MP>.K6]^HX`&?8O<X>9RF<W',TC5IZ9QOA7KE<4''#-X/A13?^6Y<NVTO)X+L
MD>G!@I(`?X`"M=$10^>,MO\`>'FD,0>^$B4DGGXB:-0STQZ.W@KSL"5WY;7`
MV:2+S.J9$V+7YT7Y:.QJSC'3.W5:+[?ED$D;FL8:=DLKY78:TN)&/Y=%C^3I
MPZ36^&.-C6N,KG]@AWHX(ZY59+95,+`0QQ>YC1I?GTP2T^XX5IMU2)',=RVE
MLIB)<\`9`R3GPQW^Y7MMD\CF"*2"1CV.>V1K^SAOI;GIA6LM\SPW3)!J?DQ,
MU]J4#.[1^!QG&5I(B(B(B+:X7<\W"]-,\;VM?!IC:.U'F,YU'&^>HW/X*30_
MK8_O#^JOK/VJ;[Y4+\H[W-L]"!.(@ZOB!!!/,&E_9Z;>/X*/\'#/$=&"POR)
M!I'5WU3]EVK324[:.&&:TSVVF=<*4R,JW%S:G<MT]IK<8!)./Q[EAM-H#!'Y
M];RS7>H(!SH\$L.O4W?NZ>Q76Z*CN0IS5T=(QK+H:=C8HQ&',Y;G-C)'4%S6
MC)WW.ZW[$:UT="^NM\=(\WJG:`VG$.<,?D:0!TZ9_F5K4M';VT-"TT<LU/-1
MNEG>RC8[+^UJ//+@6%I`V]G0Y4''0*J(B+K<(.QQ=;F^</9JAJ/JP#B7#!U]
MW5>IHB(N@&:;,Y_KR@_Z+GHHUY0-7S5JM(A)YL'ZW&,<YG3/?X>W"@%/3SU5
M0RGIH7S3//98P9)[]EFK;97T3&/K**:%CCAKGLV)\,K5:PO<&,87..P:&Y)_
M!4(&=QO[E3`\!\%ECIIY,ED#W8C,IPW]P=7>X>*QX`WP/@F/8J$`]0"JX'@B
M++0M8Z\6<21RR`7"`@1G!!U[$['8=3[/!>R!$77L+,OFD\`&KBU%LY'E2H;L
MQN&U5KFB>?\`F8]F/Y._DIHHI>;M<[A=)N'>&R(:F'3Y]<96!S*,.&0UK3Z<
MI;N!Z+007=P/,M7&D-II9;9Q-)</E:GFEBBYE"X25[.<YD9B#6XD<6Z,Z!WY
MV"RW*\\$WJVFJO5K%0]DXHS1UML<^I;*YNL1B(M+LEO:&-L;Y6>CXOX5HZ.D
MI;-3U$K7-DT45OMTA?"&.#7ZXFMS'AQ`[0&Y627CZR4I:;E3W6VQ.U!LU=;I
MH8RX-+M(<6^D0TX'4XP%>.-:0@$6+B3!_P#X-/\`_P"J'CJR-II9'1W%M3',
MV'S%U#**E[W-+FAL1&3EK7'/3#3OLCN/.'1!#*)*U\DC9'NIXJ&:2:$1NTR&
M1C6DLTNV.<>S*QR<=<,0U.8Y)Y*=PB,U?#2/=3Q<P`LYDH&&Y#FG?ID9PM^Z
M\4T%NN#[=YI<ZNICC;)*VBH9)Q&'9TZBT$`G!V6[8KS1WNEEJ*1M1'RI3#+%
M40.ADC>`#@M<`1LX'\5N5],RMH:FCE_5SQ.B=CP<,'^JI40,-$^GC:`T,TM:
M.[`V461$4,D$0XBOAC;*'F2#F%^-)/);C3[,8S[<K,=P0NP;C2"N%>V.I,S0
M,,+FAF0T#?OQMT6+S^"2F;2SQR"/E1LU,QD.878(!ZCM'9;$4L==%+2-C>(&
M-C$;0]O,[.1G!P#Z1R,[;*Z>OBI*IS(V:VBECC`U`Z)&C8Y&QQD]%@%SC=+2
M.DA);%&0_H27ENG6`=LC#>O@KYKK$^%K/TB1[8I8M<I&7:\;[=,8Z*D%VT4\
M#"^I:^%A8&1O`8_K@D]1U[NN%QT1$1$1%M<+AXN%Z)BA:TO@TO81K?\`5G.H
M9VQW;#;Q4FA_6Q_>']5?6?M4WWRH7Y1]7R/0Z1"1Y_%GF8R!I?Z.?WO=OC*@
MK7.:0YKBTCH0<%5>]\A!D>]Y'34XG'Q5SYII"'232O(Q@N>21CHK,G&,G&<X
MRKWS3/=J?-*]PQNYY)VZ*@EE$3HA*\1N.7,#CI)\2.A5B(B(NMP>7?.VW@21
M-:8:C+7`:G=@8T[=W?TV7J:(B+LU3.798F_=/QW7&11KR@L+^%:H"G,^)8#I
M!(QB9AU;>'7\%%>$=/SBI-0);B7..N.4]=.R06JKMGF].VJAII;A21U7G$C3
MV#JTZ2T`-WR"3XA=.W1TD=WM\K:$,G9<FP-/F'F[6@AV6G+CJ<,`AW4=YW"U
M;?1T#J:W22T+7OK99141QT!DW#\<MKM0Y6&[_CD[+%;J>@,]AH?,*:2*N9-S
MI9&9D<`^0-(.>R0&C<*DC8ZRW6[GTD(;'8II6O;'C#VN=C?V=<>)/BK;C10L
MEO-%\FPPT-'2NEIZIL9#B1IT.,G[VO/3IOMT2\048DXBHXK?2PLH61/@=''A
MX<7L!R[J00X[=/!1%$19K>YK+S9RZ>2'-P@`,8R7$N]$[C8]#[.XKV-$4@LC
M--&7>NXG_1;KX(GS13.8#)'G0[PR,%9%"KY0T</E%X7KXJ6*.KJ&U<<T[6`/
MD:V(:0X]X'=E0JAAM#KQ3U</FK[Q\\YHZI[7!TS8P:CEM=OD-P-AL-EV8*FF
M'E2K*,U$7G+KM%*(=8UE@MC@7:>NG)QGIE8^#/\`WJ\1_=J/_-B7"CI>#9>#
M/.H7VV;B1H#Y/KP^H:[SAH>2TDD'?!..]=/RFOHQQI;?.)F-JF,H31M=+I=J
M->P2:!G<Z,Y]BZ%Q_P#?+0__`-#_`/MZQ:_`3V.X]XPC:\%\;ZC6T'=N9W$9
M\,C<*/<,/9)Y#N)G1N:\:-.6G.XIX01^!!"E]SKJ:J@\I,]!613".W!A?!('
M:'MIY,C(.Q'AU4TX:M5NL]GIZ2V4<-+`6B0LB;@%Q`RX^)/BNJBB=5'RJF6/
MU7''N6)$4/N+C3\35-/-5O>^MB;44T+@<,8QH8]K3T)U8<0/6RKT1-N]$1$1
M$1$1$)`!<2``,DD]`MKA*)Q?=+@:4PMJIV-BD+\\]C&!HD`[FDDX\0,]ZDT/
MZV/[P_JKZS]JF^^5"_*.PNL]"13F737Q.+@3]5V7]K;WXW\5!$1$1$1$1=?@
M]KCQ;;W"%CVMAJ,O)W9V1TWWST.Q_!>I(B*YC2][6#JX@+O7@`4&!T#FA1]%
M&/*((SPG4\T2%O/I\<OKGG,Q^&>OL7G[7.8[4QSFN'>TX*H'O#',#G!CL:F@
M[''3(666KJI71NEJIY'1?JR^1Q+/=D[?@JBLK!S@*NH'/.9<2N^L^]OO^*Q"
M21I86R/!9Z)#CV?=X*[SB?E-BY\O*;G2S6=(SUP/;WJKJFH?`VF?43.@:<MB
M,A+&GV#H%:9)"7DR/)?Z1+CVO?XJQ$19[:YS;U:"R>.$FOA!+QD.!=NT;'<]
M![>\+V)$4IH&<NCA;_R@_'=;"+C7^P4UZ=1RR557255(]SX*BDDT2,U-TN&X
M(((/0CP7$D\GULFF?5U%TN\UPS&8:U\[>;`6.+@6X8!U<<Z@<@X6S\TJS.KY
MZ<1YZ9U4V?\`R5K,X"IZ62.KME]NU%<OK>?6M='))4ZW!SM8>PMZ@8P!C&%9
M6<`LNCX_E[B&Z7.*(/,4<C8(N6]S2W6'1QM=D`Y&^,X.-ELGA&O<YCG\:7U[
MV>BY\=(7-]Q,&RM/`U*[74RWJ[278S,F9<W21B>,L:YK6M`9HTZ7O!&G?4<[
MX6;YKW3_`(YX@_AI?_\`BL-3P4^OA-+=N*;Y7T+R.;22.@8R8`YTN+(FNP>\
M`C*UHO)U00VU]IAOM\BM;VF-U''-$UCHSU82(]1!&V<YQWJ<,:UC&L8,-:,`
M>`544?O4>BL#^Y[0?QZ+G(BT[K24%;;ZB&YQ1/HRP\TR'2&MZDZLC3TSG(Z*
M'PS\#O$DT/$-7)'3TXC<65L[F!OH!_3#G9([0R<[K+$>#F2TC1?:YSX8C4-#
MJR<\R/=V7[=H8[COC;"LB;P;)'201\07%WG$I?"[SZHU2$=DMR1Z.1T.!WJC
MYN"I8)YOG!7"*IG#-3*NH;H>-]+-LM&_=MC`[E?,_@UCZU\E]KF\EHIY@*N?
M$9]$$`#TLM](9[SWJH=P=%.T&^5I?2T^MS75<Y!C(SJ=MAQP\>WIX*V`<'9H
M867ZX/<<SPZJV<F4=^HD;M[!V/M\58T\%S4[`SB"X:*N?$;A6U`<7C;2TXRU
MO;&VPZ>"NFFX++:VH??ZUK'/$,FFKJ`(G=<,`'9/9.X]OBKWG@Z*:?7?:X/I
M8!'*TUDY#0>R'';=W:':&3G?N2(\',EI&B^USGPQ&H:'5DYYD>[LOV[0QW'?
M&V%9$W@V2.D@CX@N+O.)2^%WGU1JD([);DCT<CH<#O5'S<%2P3S?."N$53.&
M:F5=0W0\;Z6;9:-^[;&!W*^9_!K'UKY+[7-Y+13S`5<^(SZ((`'I9;Z0SWGO
M50[@Z*=H-\K2^EI];FNJYR#&1G4[;#CAX]O3P5L`X.S0PLOUP>XYGAU5LY,H
M[]1(W;V#L?;XJQIX+FIV!G$%PT5<^(W"MJ`XO&VEIQEK>V-MAT\%MT]/P7<9
MZD/N#:UDD@A?2UE4\PEX.0UL<F`3V>[/?XJ7L8R-C8XV-8QHPUK1@`#N`'19
M8?UL?WA_57UG[5-]\J$>4H1FT6[6)"1<8M&CH':).OLQG^2@Z(B(B(B(NKPB
MT'B^VN,,CRV&IP]I[,?8'7;OZ#HO5$1%M6UFNNA'@=7P77O7[$?O!1Y%&O*"
M[1PI4GSA\&9H!J:"2<S,[.W<>GXKSL]41$1$1$19[:'&]6C1'%(?/H21*0`!
MJW(R1VAU'M[BO8D5S&E[VL'5Q`4N````Z!51$1$1$1$1%RK['F&.7U78^/\`
MZ+AHBB%Y8VNXC<:BDF#+?"&0OD=]7(Z09>X-Q@X`#<Y/5PP%D:7]EK2[;8`'
M^BR<NHS(W1+F+>08/8WZGPW5KA*&ASM8:_."<X=C^J#FEKI!K+6X!=DX&>@5
MH<_(`<[/0;K8FI*^!FN:GJ(V`^D]C@`5KZG>L[?VJY_-8]S)-;7@X<'9!]Q5
MSV5$>2]LK=+M!)R,'P]_L5K1*X.+=9#!J.,]D=,^SJ@$KFO<-9:W!<1G`R=L
MJW4[?M.WZ[]4UOZZW?%-3MNT[;IOT34[UG?%-3O6=O[4UOW[;M^NZPU5/!61
M&&L@BJ(C^Y,P/;\"NCPG4O='76Z:KEJ9J.?.N4;B.3+V-SGM8&1G;8!2.'];
M']X?U5]9^U3??*A7E(=IL]"/.'Q:KA$-+0?K.R_LGV=_X*"HB(B(B(BZG"+F
M#C"VATDC7&&ITM:.R[L#.K?N[NNZ]51$73L;,U+W^JS^JWKU^Q'[P4>11KR@
M%PX5JM,D3#S8-Y`"".<S(Z'<]![?!>=GJB(B(B(B+/;F:[S:!YL^?%?`[2PD
M%N'>F<=S>I]R]B1;5M9S*Z$>!U?!2=$10#BQGE%H#+56"MHJ^F!)\W?2@3-'
M@-\/_D?85Y?/Y4^.*>9\%0^EBF8</CDH]+FGV@G(5GTL\9?WBB_*C_=/I9XR
M_O%%^5'^Z?2SQE_>*+\J/]T^EGC+^\47Y4?[JGTL\98R:BAQ_P!*/]U-N$+K
MY4.)-%09**AMSM_.9Z/=X_Y&YR[W[#VKUFG9)'!&R64RR-:`YY:!J/C@;!9$
M1:UQCYM%,WO#<C\-U%T10R0Q'B*^B-TI>)(.8'XT@\EN-/LQC/MRLWN4G,C&
MOCG<1INI:U_L&C#O_P!Y_DL)@A89HI]!=04\;,.87M#B<O<6CK@G'@J2MB@H
MJQ\%,'MS`\L?&X-:2';AI.<>&?%<ZOB9#7Q!D?*UMC>Z/U'$`D;K=N-53PUU
MR:SSETDKI(R'N&@9=N<=3[%94T44<]XTP$1P:>5L<-R\#^F5GN;&2UEV;)2,
MCY.9&S`$.+M0QD]^<K+4P4[JVJEE@=+BME#M(+MA'D$C(R`=R.JQ-9'#'4SL
MB@?')1%PT-<UK\2-&2T[CW=#A6>;4\D?-Y#6F2&G>6MR&@NDTNP/:`J^;4=1
M-/"8(X&15K(0YF0=!+@023OT&ZUY6,DH*Z5U!'3R0RL8PM:1C).6G)W.W5<E
M$1%M<+N>;A>FF>-[6O@TQM':CS&<ZCC?/4;G\%)H?UL?WA_57UG[5-]\J%^4
M<N%GH=,D30:^/(>`2X:7[-VZ_#8%01$1$1$1$76X/>X<6V]HG#`Z&HS&0?K,
M,'L[NJ]31$7<L+,0RR>L['P'_P!5EO7[$?O!1Y%&O*`USN%:H-A9*>;`=+S@
M`<YF3U&XZCW=Z\[/5$1$1$1$66A,0O%FYKI`/E&GQR^NK7MGV9Z^Q>R(NG8F
M9J7O]5N/BN\B(BX]]X:L5_9INUM@J7`8;(1A[?<X;CXKS*^>1:)SS)8KL8@3
M^IJVZP/<YN_Q!4:J?(_Q7%GE2VZ<?\LSF_U:L47DCXP>[#V4$8]9U3G^C5UZ
M#R+79\S/E"\4<,/[W(8Y[OPS@+T7A_R<<*V0LE90^>5+=Q-5GF$'Q#?1'X!3
M,`#HB(BH0""#T*B4K#'*^,]6N(5B*'SR%U_O##5F4,?"!$01R,Q-.D9ZY]+;
MQ60`DX`R5F=%5AHUPSZ6#;+'8:.OX*UD\[)><R:1LI_?#CJ/XJK:FI9(Z1E1
M*V1QR7!YR3XE62&0R.=(7<S.7%V<Y]JM<YSG%SB7.)R23DE97U-2]@C?42N8
M!@-+R0!X822IJ)&".2HE>P'.ESR1GQ5!/.':Q-(':M6=9SJ\?>DD\\KG/DFD
M>YPTN+G$Y'A[E3FRXQS'X``QJ/0'(^!1LKP[427@N#G-<20XCQ\5N5=R=/3N
M@:R1K7D%QDF=)TZ`9Z#=<]$1%M<+AXN%Z)BA:TO@TO81K?\`5G.H9VQW;#;Q
M4FA_6Q_>']5?6?M4WWRH7Y1VN=9Z$MA9(&U\1)<<%@TO[0WZ]W?U.R@B(B(B
M(B(NOP?J^=MOP(2.349+\:AV!Z/?[\=R]21$4EM3-%#%XNR[XE8[U^Q'[P4>
M11GRAM#N%*D&&24<ZG.EAP1B9G:Z'8=3[!W+SP]41$1$1$19[:\LO-H(J33Y
MKX6Z@"=678T;>MT_%>Q(NY868@ED]9V/@/\`ZKJHB(B(B(B(B(HY=X]%<\]S
MP'+111"HU?+]XU.IRW7#I$8&L?5-]/&^?#/=CN5X)!R#@KIS33NM%&#42]N:
M5KB7G<=GJLTM)2OJ*VB9!RC3#:8O))PX#M`[;YR,85E1!3%UPACIN4:/=K]9
M)=AX;AV=M\Y&,+>JJ:EEN%0Q\;#435,C0)7.9K&0!RW#;.?%1L@@D'J-E1$1
M$1$1$6SPNS3<;V_S5\>IU/\`7$G3-B,]/N]#CQ4GA_6Q_>']5?6?M4WWRH3Y
M26AUHMY,,DFFX1$%IVC[#^T=NG=W=0H,B(B(B(B+K<(,+N+;>[S<O#8:C,F3
M]5E@_KTW7J:(G78=5+H6<N)C/5:`M*]?L1^\%'D48\HCF-X3J2^21@Y].`8Q
MDD\YF!U&QZ'V+ST]41$1$1$19[;J^6K1I,`/GT.><!C&K?&?WO#OST7L2*2V
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M6UCGWJT!M.)R*^%Q:21I`=G7L>[K^"]A3&=AU4NB9RXF,]5H"O1$1$1$1$1$
M1:5VCYE#)XMPX?@HVBQ55/35,+HJN"&>$[N9,P/;^(.RB4T7`$@N#I+E0Z2]
MKZHMNCP&'4<;B3L;G&!@=RN?!P(9IM5?1\U]*"\?*3Q]1I!#L:]A@`ZAOWYW
M588.!3-0<FOHW2.C<VE`N3SS&Y<#@:^UN7;G)V]BQ0P^3X04;HKE0F%LYY#O
ME1Y#I.R2W/,[1]'8YZ]-TEI_)^*>L;+<:)L3)QYP3=)!HD[0`)YG9_>[.PVZ
M;+)/!P(9J\2U]&)'1M=4CY2>W0S+2#C7V!NW<8Z^U&0<"&:'37T9E?2D1@7)
M_:ATD%P&O?8.[77;.=E2GAX#S;G07"B<=;FTF+D]W,=JW`[?;.2-CGKA8N1Y
M/&T?_M*B%,RH]/Y5DP)<>B7<S/0>CG'L66HI^`\W%L]?1M(>UU6#<WMY;M1Q
MGM]C<XP,>"J^#@0S3:J^CYKZ4%X^4GCZC2"'8U[#`!U#?OSNJPP<"F:@Y-?1
MND=&YM*!<GGF-RX'`U]K<NW.3M[%BAA\GP@HW17*A,+9SR'?*CR'2=DEN>9V
MCZ.QSUZ;I+3^3\4]8V6XT38F3CS@FZ2#1)V@`3S.S^]V=AMTV62>#@0S5XEK
MZ,2.C:ZI'RD]NAF6D'&OL#=NXQU]J,@X$,T.FOHS*^E(C`N3^U#I(+@->^P=
MVNNV<[*E/#P'FW.@N%$XZW-I,7)[N8[5N!V^V<D;'/7"VK/;N"ZDM%M;;J]T
M$Y<W54>=&.7'=K<X@X'=[U)\YWSE7P_K8_O#^JOK/VJ;[Y4+\H[W-L]"!.(@
MZOB!!!/,&E_9Z;>/X*"(B(B(B(BZW"#L<76YOG#V:H:CZL`XEPP=?=U7J:(M
M^S,U5H=ZC2?]/]5(ES[U^Q'[P4>11KR@:OFK5:1"3S8/UN,8YS.F>_P]N%YV
M>J(B(B(B(LM"UCKQ9Q)'+(!<("!&<$'7L3L=AU/L\%[(%GHV<RKA9W%XRI4B
M(B(B(B(B(B*V1H?&YAZ.!"B+@6N+3U!P510^]OCN5^EI)/.>100B.2(OQ!,Z
M5N3J;^_AF!OD=L]ZI%###&V**&*.-HPUC&!K0/``+8\UFQJ\UDQCKRCT^"Q:
M6[=EOP32WU6_`*X1:O1BU;@;-SOW*@8"[`8"X[8#=RKI8'PNTRP&-V.CV8./
MQ5FEOJMV]B:6^JWX!5<P`]I@!.^[>JII;ZK?@FENW9;M[%7EC2#RQISC.G;*
MII;ZK?@FEOJM^":6^JWX)I;ZK=O8M>LH*&M8QE91PSM8\/8'L]%P[P>H/M"[
M/"U9)+!5T-56NJZNCF(?(]I#M#\OC!/0D-.,CP4@A_6Q_>']5?6?M4WWRH7Y
M1]7R/0Z1"1Y_%GF8R!I?Z.?WO=OC*@B(B(B(B(NMP>7?.VW@21-:8:C+7`:G
M=@8T[=W?TV7J:(NQ86?KI/<T+LKGWK]B/W@H\BC7E!87\*U0%.9\2P'2"1C$
MS#JV\.OX+SL]41$1$1$19K>YK+S9RZ>2'-P@`,8R7$N]$[C8]#[.XKV-="RL
MU5H=ZC2?]%(41$1$1$1$1$1%&+E'RZZ4=Q.H?BM50^=^KB"\M\ZDET20CE.!
MQ#]2TX&_0^EMC<J]WHGW+O7>I#*F5@K*]K@QHT,/U?H#;TNGX*SS>B87QFDU
M<NC94:N8X%SL-./=NK32TPQ4F&)D1IHY"))'"-CG$CN[1Z;!;D%+!#7,,.IK
M144C@T.=I&H$G8_RSN%RK<Y\=PDE9$Z0,;(7!CM+@W!!<T^(SE;U/30UK*5K
M:J66D$SP6RMP]IT:L`@G(..[O5L-+;YY('@,<T\W6V`O#2&LU#!<-C_]%ABI
MJ:>%E<(=$$;9.?&UQP'#T0"=]]0'X%7U4%/3T_G3XN>0R!@;(]V&ZH]1)P<]
MV`.@61M)0QQLEEB;'SIBT13N?J8!C8:1UWSO[-E1E%1D>;QL#YW&32)2Z-[P
M"=)9^[W;@]^5S*GL04T/>&<QWO=O_0-6LB(BVN%R\W"]`RPN:'P:6,`UL^K.
M=1QOGNR3MX*30_K8_O#^JOK/VJ;[Y4+\H["ZST)%.9=-?$XN!(Y79?VMO?C?
MQ4$1$1$1$1%U^#VN/%MO<(6/:V&HR\G=G9'3??/0['\%ZDB*169FFB#O7<3_
M`*?Z+?7/O7[$?O!1Y%&/*((SPG4\T2%O/I\<OKGG,Q^&>OL7GIZHB(B(B(BV
M+:Y[;U:"R>.(FOA!+QD.!=NT;'<]![>\+V%=FPL_72>YH781$1$1$1$1$1$7
M$OT>)8I?$%I_#_U7)40J"\W^\!TL+VA\.EL8`<P<INS]MR3N,YV(]RN6[\IW
M'1H\^GT8TXU;8\%K\^8DGFOR6",[]6^'NV"OBK*J(@QU#VX8&=<]D=`JNK:Q
MQ:YU3*2TM()=OEN<'\,E88Y9(I1+'(YD@.0YIP05EEK*N5\<DE0\NC.6$'&D
M^(QT59*VKED;(^HD+V@M!SC`/7XK"V21L3XFO<(WD%S0=CCIE98ZRKB>7QU#
MPXM#2<YR!T'X*L5=61%YCJ96EYU..K.3X^_VJC*VKCA,#*B1L9R-(/CU]V5B
MED=+(Z1^-1\!@=,*Q$1%M<+M>+A>G&"-C7/@TR-/:DQ&<ZAG;'0;#\5)H?UL
M?WA_57UG[5-]\J&^4B.-W#\$TC928:Z!S.7W.+BS?V8><J!(B(B(B(B[G`].
M)N*FS.@D/FU'(YLN>PUSW-;CIN2`>_N*]-1%*Z-G+I86>#1E9ES[U^Q'[P4>
M1<'CB,/X2NQ-1)`(H.<9(VZB`PAYVR,@AI!]A*\TR'=II!:=P1X(B(B(B(BZ
MO"=(ZMXHHP60/AI&NJI0\Y<UP[,9:,Y](G?ILO5%(K,S31-=Z[B?]/\`1;Z(
MB(B(B(B(B(BY]ZCUT1=WL<#_`**/*(5#7MO]X<ZGCC:Y\):]IRZ4<IHR[<X(
M.W0;#\5<I%)3?_ACK?JAYD<(J-(>-?-ZN&.OH''X+4?248#X1')S&T8J>89.
M_2'8QCINMJI@II)ZEK1)#$V.FUMC.K(<6]V-\`_'=8FV^CEJ*?0T\A[WM<^&
M<2`@-+AU&6NVZ$+#3TM-5Q0SQ02L:)"R1G-&X#-6=1Z=-UE\PHW&GD'ZM\,S
MW-AFUC+!MAQ"I%24,QI&B"1CJJ)[P>;D1ENKIMOG3WKBC<`HB(B(B+8X68T7
M.^/%/(PN=3YE<>S+B,^CMMCH=S^"E$/ZV/[P_JKZS]JF^^5J5,$-5334U0P/
MAF88Y&$D:FD8(R-^B\FO=FJN')71S\Q]I:&-@KYI6DN)V#).F'9V!Z$8WRM3
M!QG!QXHB?@GX(B?@GX(`3T!5L3:BKJ74%M@%7<.7S!3-D#2&Y`U.)V:W)ZG\
M,KU#A>PPV*BD:"7U=2X2U4A?J!?C&ENP[#>@VZ==RNVBOA9S)6,]9P'\U+D7
M/O7[$?O!1Y%1P#FEK@'-(P01D$>Y>8<3</U5GJWU5*RHJ[;42N>2UH/F6V<.
M[S'G.'8[(V.V"N*TA[`]A#F.`(<W<$>.57\$_!$3\$_!$3\%;K'G5-2`.=4U
M+^7#$UI+GGV`=P[ST`ZKT?@NQ26B@DGKH8&72K.JH,3BX!H)T,U=^D'J,`DD
MJ2*5TC.72Q,\&A9D1$1$1$1$1$1%CJ(^;!)'ZS2%$E#[E&VCXFJLPN8ROBCF
M$[G]E\C1RS&!W$-:TXW)R3W+(,@@CJ-^BS"IJ!5&K$CN>7%VOOR>J&IJ"XN,
MAR8^43C]S&,?!9#7UA(/.<"&M;D``X:<MW]GBL]/=*AE5%-*=38RYP;&T,[1
M:1JV'7?JL'RA6:HG<T`Q@Z0UC0W<;[`8.>_*J^X5CVM:9>RT.:T!@&D.&"!@
M;#V+$RIJ&&(MD<#"TM9MZ(.<_P!2L./8F#X)@^"8/@F#X)@^!3!\$P?!,'P3
M!\%L<'!L\-?=8Y)G15D^F-CQ@!L68]3=^CB''.RD\/ZV/[P_JKZL'SJ;8^F5
MAP?`K'44\-3!)3U,#)H)6EDD<C`YKVGJ"#U"X=3P=PW423RNM38Y)P!(^"1\
M1.",8TN&.@Z86(<$<.AX=YG49$7*_;)L8QC.-7I?\W5&<$<.,,!%'4'DDENJ
MLF.=\]KM=K\5:.!>&Q$(_-*K2'Z\^>S9SCQU9Q[.BN?P/PX_GYHZD<YP<[36
M3#!SGLX=V1OT".X(X<+GN-'49?'RSBKFP!@#(&K8[=1OU\4;P1PZUT3A1U&8
MFEC<U<Q!&_4:MSOU/L\%1G`W#C&PM%)5$1/UMS6S$D[=>UVAMT.W7Q5'<"\-
MNCDC-)58>_62*V8$'?H=6PWZ#;IX+*."N&^9.]]M=*)QI>R2>5S,9!V:78'3
MN78M]MH+;%RK?0P4K"&M(AC#<AHPW)ZG`\5M8/@4P?`I@^!6W;&@UT1=L&Y=
MO[E).9'Z[?BG,C]=OQ7/O+V&B/;;Z0[U']3?7;\0FIOKM^(34WUV_$*A+"""
MYA!V()&ZX$O"/"\CH7-M5/#R7E[!3O="W).3D,(!!\"%KC@CA@1"/S>HTA^O
M/G\V<X\=><>SHKG\%<,OY^:>8<YP<[372C!SGLX?V1OT".X+X9+GN---E\?+
M.*V7`&`,@:]CMU&_7Q56\%\--=$X4TV8FEC<ULI!&_4:]SOU/L\%:S@GAEC8
M6BGG(B?K;FNE))VZ]OM#;H=NOBJ.X(X8=')&:>?#WZR17S`@[]#KV&_0;=/!
M7/X+X9>Z=QII@9@`[%;*`,$'LC7V>G<@X+X9#P[S:;(BY7[;+C&,9QK]+_FZ
MJL7!O#43Z=[::0F`DM#ZR5P.^>T"[M?CE=2TV>S6>-T=KH:6D:\Y=RP,N/M)
M.5T=3?7;\0KX=,DT;-3>TX#J%+.9'Z[?BJ\R/UV_%.9'Z[?BG,C]=OQ3F1^N
MWXIS(_7;\4YD?KM^*<R/UV_%.9'Z[?BG,C]=OQ3F1^NWXIS(_7;\4YD?KM^*
M<R/UV_%.9'Z[?BG,C]=OQ3F1^NWXIS(_7;\4YD?KM^*<R/UV_%.9'Z[?BHM6
MAD=7,P.;C42-QT.ZYMQH+;=*?S:Y4E+5PAVH,G8UX!\1GH?:%S9>&;-+YSJ-
M6/.'!S]-PE;@@D]G#^R-^@P%5W#5F<^1Y-5F2(1'%?*`&X`R!KV=L.T-^N^Y
M1G#5F8^!X-5F%A8W-?*00<^D-?:.YW.3T\`K8^%[*QD#&NK"('F1NJXS$D[>
MD2_M#8;'(Z^)5'<+61T4L1=6Z9).8XBXS`@[]#KR!N=AMT\`KY.&K-(^I>XU
M0-0`'Z:^4`8(/9`?V>G=CO\`%!PU9@\/S59$/)_;Y<:<8SC7Z7_-USOE4CX9
MLT;J9S35DTY)9JKY3G)SVLO[7_BSX*P<*V00MAU5NELG,!^4IM6<8QG7G'LZ
M*^3ABRR><ZC5CSAP>_3<)A@@D]G#^R-^@P%5W#5F<^1Y-5F2(1'%?*`&X`R!
MKV=L.T-^N^Y1G#5F8^!X-5F%A8W-?*00<^D-?:.YW.3T\`K8^%[*QD#&NK"(
M'F1NJXS$D[>D2_M#8;'(Z^)5'<+61T4L1=6Z9).8XBXS`@[]#KR!N=AMT\`K
MY.&K-(^I>XU0-0`'Z:^4`8(/9`?V>G=CO\4'#5F#P_-5D0\G]OEQIQC.-?I?
M\W7.^52/AFS1NIG--633DEFJOE.<G/:R_M?^+/@D7"_#[(V1RT@JFLEYK!65
M#ZC2_&,C6X_#IWKN:F>LWXA7PN;SH^TWTAWCQ7R7Q]Q5Q-3<;\004_$-TBAC
MN$S6,95O#6@/.`!G8*/?/'BS_B:[_G)/]T^>/%G_`!-=_P`Y)_NGSQXL_P")
MKO\`G)/]T^>/%G_$UW_.2?[I\\>+/^)KO^<D_P!T^>/%G_$UW_.2?[I\\>+/
M^)KO^<D_W3YX\6?\37?\Y)_NGSQXL_XFN_YR3_=/GCQ9_P`37?\`.2?[I\\>
M+/\`B:[_`)R3_=/GCQ9_Q-=_SDG^Z?/'BS_B:[_G)/\`=/GCQ9_Q-=_SDG^Z
M?/'BS_B:[_G)/]T^>/%G_$UW_.2?[K6K^(K_`'&G--<+S7U<&H.Y<]0YX!&<
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M6_UW?%-;_7=\5T^&7N/$=I!<?VR'O_\`U&K?\HO]O>)/^\9_\Y4;1%TJZR76
MWT%+7U]%+2T]42*<S#0Z4#JYK3N6[CM8QGO7-1$1$1$1$1$1$1$1$1$1$1$1
M$1$1$1$1$1$1%).)^&?D6U</W:GK/.Z.\4G/8_EZ.7(UVF2([G.DXW[\]`EV
MX9%KX3L5\GK":J[NF=%2"/T(6$-#R[/[SLX&.@ZKBU=OKJ(,-915%.'^B98G
M,U>[(W78XNX:?P_7TE)'4.J^?;X*TN$6G0)&!Q&,G89QG^BC[8WN8Y[6.+68
MU$#8>]9V4%=)2NK&4<[J9OI3"-Q8/>[&%K+U"X\`\&V:.W,OO'TU%5UE%#6<
MEMG?*&-D;D=IK]^_X**\:\)U/"]W91"JCKZ6>E96TU7`TALT#_1?@].ARN$V
MAK750I&TDYJ2,B$1G6=L^CC/3=6R4=7%.ZGDIIF3M&71N80X>\=5B9&^35H8
MYVD:G8&<#Q*ZEYM=-3WM]NLM9+=8L,Y<HI7Q.D)8"1RSVMB2/;C/>J6NUQ27
MVEMMZGFM<,D@;-,ZF?(^)I[^6.T?<%IPT5155+X*&&:J<"<"*,N<0#UP-UC-
M/.V<TYAD$P.#&6G4#X8ZJ]]'5QTS*N2EF;3O.&2NC(8X^P]"M=$1=3AG^T=I
M_P"LA_SM70\HO]O>)/\`O&?_`#E1M%ZEY(>,>!^&:IAXDX7%35:\LN8/.,7A
M]4[88]9NZZOEBN]CN'&EMXKAMU-?+#*PL<Z.OE`J"!^K>/2@<W.0T`9&_>5`
M*6]\,15]WGGX-BGIJH8HZ<U\K11'!W#AN_J/2\%I.N=E/#++:WAV-MW$FHW7
MSJ34YN2=/*]'I@9]BWZJ^<+RW>VU<'!4,%#3L(JJ(7"9PJSCJ7G=GN"MI;WP
MQ%7W>>?@V*>FJABCIS7RM%$<'<.&[^H]+P6DZYV4\,LMK>'8VW<2:C=?.I-3
MFY)T\KT>F!GV+?JKYPO+=[;5P<%0P4-.PBJHA<)G"K..I>=V>X*VEO?#$5?=
MYY^#8IZ:J&*.G-?*T41P=PX;OZCTO!:3KG93PRRVMX=C;=Q)J-U\ZDU.;DG3
MRO1Z8&?8M^JOG"\MWMM7!P5#!0T["*JB%PF<*LXZEYW9[@K:6]\,15]WGGX-
MBGIJH8HZ<U\K11'!W#AN_J/2\%I.N=E/#++:WAV-MW$FHW7SJ34YN2=/*]'I
M@9]BWZJ^<+RW>VU<'!4,%#3L(JJ(7"9PJSCJ7G=GN"MI;WPQ%7W>>?@V*>FJ
MABCIS7RM%$<'<.&[^H]+P6DZYV4\,LMK>'8VW<2:C=?.I-3FY)T\KT>F!GV+
M?JKYPO+=[;5P<%0P4-.PBJHA<)G"K..I>=V>X*VEO?#$5?=YY^#8IZ:J&*.G
M-?*T41P=PX;OZCTO!:3KG93PRRVMX=C;=Q)J-U\ZDU.;DG3RO1Z8&?8M^JOG
M"\MWMM7!P5#!0T["*JB%PF<*LXZEYW9[@K:6]\,15]WGGX-BGIJH8HZ<U\K1
M1'!W#AN_J/2\%I.N=E/#++:WAV-MW$FHW7SJ34YN2=/*]'I@9]BWZJ^<+RW>
MVU<'!4,%#3L(JJ(7"9PJSCJ7G=GN"MI;WPQ%7W>>?@V*>FJABCIS7RM%$<'<
M.&[^H]+P6DZYV4\,LMK>'8VW<2:C=?.I-3FY)T\KT>F!GV+?JKYPO+=[;5P<
M%0P4-.PBJHA<)G"K..I>=V>X*VEO?#$5?=YY^#8IZ:J&*.G-?*T41P=PX;OZ
MCTO!:3KG93PRRVMX=C;=Q)J-U\ZDU.;DG3RO1Z8&?8M^JOG"\MWMM7!P5#!0
MT["*JB%PF<*LXZEYW9[@K:6]\,15]WGGX-BGIJH8HZ<U\K11'!W#AN_J/2\%
MI.N=E/#++:WAV-MW$FHW7SJ34YN2=/*]'I@9]BWZJ^<+RW>VU<'!4,%#3L(J
MJ(7"9PJSCJ7G=GN"MI;WPQ%7W>>?@V*>FJABCIS7RM%$<'<.&[^H]+P6DZYV
M4\,LMK>'8VW<2:C=?.I-3FY)T\KT>F!GV+?JKYPO+=[;5P<%0P4-.PBJHA<)
MG"K..I>=V>X*VEO?#$5?=YY^#8IZ:J&*.G-?*T41P=PX;OZCTO!:3KG93PRR
MVMX=C;=Q)J-U\ZDU.;DG3RO1Z8&?8M^JOG"\MWMM7!P5#!0T["*JB%PF<*LX
MZEYW9[@K:6]\,15]WGGX-BGIJH8HZ<U\K11'!W#AN_J/2\%I.N=E/#++:WAV
M-MW$FHW7SJ34YN2=/*]'I@9]BWZJ^<+RW>VU<'!4,%#3L(JJ(7"9PJSCJ7G=
MGN"MI;WPQ%7W>>?@V*>FJABCIS7RM%$<'<.&[^H]+P6DZYV4\,LMK>'8VW<2
M:C=?.I-3FY)T\KT>F!GV+?JKYPO+=[;5P<%0P4-.PBJHA<)G"K..I>=V>X*V
MEO?#$5?=YY^#8IZ:J&*.G-?*T41P=PX;OZCTO!:3KG93PRRVMX=C;=Q)J-U\
MZDU.;DG3RO1Z8&?8M^JOG"\MWMM7!P5#!0T["*JB%PF<*LXZEYW9[@K:6]\,
M15]WGGX-BGIJH8HZ<U\K11'!W#AN_J/2\%I.N=E/#++:WAV-MW$FHW7SJ34Y
MN2=/*]'I@9]BWZJ^<+RW>VU<'!4,%#3L(JJ(7"9PJSCJ7G=GN"MI;WPQ%7W>
M>?@V*>FJABCIS7RM%$<'<.&[^H]+P6DZYV4\,LMK>'8VW<2:C=?.I-3FY)T\
MKT>F!GV+?JKYPO+=[;5P<%0P4-.PBJHA<)G"K..I>=V>X*VEO?#$5?=YY^#8
MIZ:J&*.G-?*T41P=PX;OZCTO!<Z>X6E_#M/;X[$R.ZQS%\ES%2\NE9OAG+]$
M=1N-]ER%ZAP?13\:>3NOX5IVF6Z6JNBK:%H&28I7"*5H]@):XKN5-74UOECC
MH^'IJ*&DX:HW4=/45D9EBIXJ>(B2;2/2<':G#'?A9ZRX4UW\EW'+1Q7>^)?-
M31RMGN5.8XX7F;'U6I[B"03D;;+><"[BJZ-`))\G9``[_P!&8H+P+"7>3/RA
MOD#FP.;;HS)C89J1G^6Z]1O]SM]D\HM/:*3C6\TM+1OIX(.':2U/EIY8BUOU
M>!(!)K!/:TYR[V+Y[XF92Q<27:.A@D@I&5<S88I&Z71L#SAI'<0-L>Q>O^4:
M\<'4%1PY#?>#9;O5_(-$X5#;H^G&G0<-TM:>F^^>]8."^,JV\7SBZ^,I*:E;
M;^%)H:"D:W7'3QQOCT-[7I8.^_4KF4?$-]@\F5XXJI+E4GB"OO4=)6W$.//9
M3MAU,:']6@NVR,>B`NK9>+*V'A#AGC'B&:2KK:"_OHFU$_:EJ:%\.9F.<=W@
M9."<XSA:/$5F^CWAGBR%A(FO5P^3J!YZNH68E<\'O#@Z)OQ4DO\`=6V7RE<:
MUU1!=8:*2VT5-+=K8P.FMY?#"6NR2,!Q;IZ@^"I9Q6UO%GD[NK>)QQ':A<9:
M>&NJ*=T56Q^-3HY"XDN`SD')QNHK<;G<N&O)I;*KANLGH9KG=JP7"KI7&.35
M&6B*,O&X&DEV,[J7\&5%1=[WY*;]=W&2\U$U=`^HD_654$;"(W//[V,N;D]5
M%>">*+[Q*>-*"]W*:LM[N'ZR=E'([,,+XP#&8V=&:>[3A>0HB+J<,_VCM/\`
MUD/^=JZ'E%_M[Q)_WC/_`)RHVB)DXQE$1$1$1$1$1$1$1$1$1$1$1$1$1$1$
M1$1$1$1=?AGB.\\+W/Y4L5:ZDK.6Z/F!C7=EW48<"/\`T6.R7RZV.[Q7BV5;
MH:Z,N(DP'9R"'`@Y!!!.05()_*1Q5-2U=$:JD9054#H)*.*AA9`0=R[EAH&O
M(]+K[5S8>,N)(+W1WR&Y.9<*2G92Q2MC;CE-;I#"W&'#3L<@Y[UMW7C_`(HN
M=LJK3/6P16VJ:ULM)34D4,1TN#P0UC1@Z@,GJ<8Z;+/2^4KB^FHX*:.X0F2G
MBY,%5)21/J868QI;,6ZQ@$@;Y'<H:YSGN+W.+G$Y))R25T;W>[G?9J::Z5//
MDIJ:.EB.AK=,3!AK=@,X\>JMM-XN-H97LM]1R6U]*^DJ!H#M<3B"YNXV]$;C
M=;G#?%%ZX;=4_)=4UL-4T,J()HF313`;C4QX+3CN.,A4XDXGO/$CZ<W6I:^*
MF864\$,388H6GJ&L8`T9[]MU9?.)+U?H+;3W:N?4Q6Z`4U*'-`Y<8[MAOT&Y
MR=@NE3\?<4P7RKO8N+7UE9"V"I$D$;HYXVM#6M=&6Z2`&CN5:OC_`(HJ;G:[
MEY]%#+:W%U%'!31QPP$]2(VMTY/?D;K7L/&5_L4553T53"^EJW\R>FJJ>.>%
M[_6T/!`/M"OEXXXGEXCI.(W7,_*5&W13/$3`R!F"-+(\:6C!.P'>N5:+S<K.
M^LDMU1R75E-)23G0UVN)XP]NXVSXC=<Y$1=3AG^T=I_ZR'_.U=3RAL!X\XDZ
M_P#M&?\`SE1SEM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3EM\2G+;XE.6WQ*<MOB4
MY;?$IRV^)3EM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3EM\2G+;XE.6WQ*<MOB4Y;
M?$IRV^)3EM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3EM\2G+;XE.6WQ*<MOB4Y;?$
MIRV^)3EM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3EM\2G+;XE.6WQ*<MOB4Y;?$IR
MV^)3EM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3EM\2G+;XE.6WQ*<MOB4Y;?$IRV^
M)3EM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3EM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3
IEM\2G+;XE.6WQ*<MOB4Y;?$IRV^)3EM\2NGPTP#B*TG?]LA_\QJ__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g253173.jpg
<DESCRIPTION>G253173.JPG
<TEXT>
begin 644 g253173.jpg
M_]C_X``02D9)1@`!`0$!KP&O``#__@`V1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5])0T%.3E]&3$]7+D504__;`$,`!P4&!@8%!P8&
M!@@(!PD+$@P+"@H+%Q`1#1(;%QP<&A<:&1TA*B0='R@@&1HE,B4H+"TO,"\=
M(S0X-"XW*BXO+O_```L(`0$"A@$!$0#_Q``=``$``00#`0``````````````
M!00&!P@"`PD!_\0`4!```0,#`@,#!0L)!0<$`@,``0(#!``%$082$R$Q!Q1!
M"!4B46$C,C8W5'-UD[*ST18U1G%T@82QPS-"8I&4%Q@D4E.ATB56<I(F0S1$
MHO_:``@!`0``/P#9&E*4I2E*58=WTT-7:IDM:GM`-JM"F'[1);=4A3CBDY=W
M85SP4IQD#]]3:-(6)&KUZP3&6+RMK@J>XJMNW:$XVYQT`J-A=F^DH=BNUACP
M74V^ZK#DMLR%DK4"",'.1T\*Y3>SK2LVVV.V2(+JHME5NA)$A8+9R#S.?2Z#
MK4@C2%B1J]>L$QE^>5M<%3W%5MV[0G&W..@%1L+LVTE"L5VL,>`ZFWW58<EM
MF0LE:@01@YR.GA7*;V=:4FVVQVV1!=5%LJMT)(D+!;.0>9SZ70=:D$:0L2-7
MKU@F,OSRMK@J>XJMNW:$XVYQT`J-A=FVDH5BNUACP'4V^ZK#DMLR%DK4"",'
M.1T\*Y3>SK2LVVV.V2(+JHME5NA)$A8+9R#S.?2Z#K4@C2%B1J]>L$QE^>5M
M<%3W%5MV[0G&W..@%1L+LVTE"L5VL,>`ZFWW58<EMF0LE:@01@YR.GA7*;V=
M:5FVVQVR1!=5%LJMT)(D+!;.0>9SZ70=:D6])6-O5DC5J8RQ>'V.[N.\56"C
M`&-N<?W14)V?6:#IF\:BT]:+#(@6QA3$AN6XZMQ,M;B#OVE7+T=H'(GKX5?=
M*4I2E6+J"WZ6NG:-8&;E!E.WR)&7-AOI<*6VTH<3D$!7,Y(\#4C$T+IN)<+[
M<6(;B9-\0MN<HO+/$"LYP,^CU/2J)?9EI!>DT:25`=\T(D=Y2UWA>>)SY[LY
M\3RJ0EZ)T[+O=GOC\1Q4^T-):B+#R@$)3G`(S@]3UKA$T+IN)<;[<6(CB9-\
M0MN<HOK/$"LYP,^CU/2J)?9EI!>DT:35`=\T(D=Y2UWA>>)SY[LY\3RJ0EZ(
MT[+O=GOC\1Q4^T-):B+#R@$)3G`(S@]3UKA$T+IN)<+[<6(CB9-\0MN<HOK/
M$"L[L#/H]3TJB7V9:07I-&DU0'?-")'>4M=X7GB<^>[.?$\JD)>B-/2[W9[X
M_$<5/M#26HBP\H!"4YP",X/4]:X1-"Z;B7"^W%B&XF3?$+;G*+RSQ`K.<#/H
M]3TJB7V9:07I-&DU0'?-")'>4M=X7GB<^>[.?$\JD)>B=.R[W9[X_$<5/M#2
M6HBP\H!"4YP",X/4]:X1-"Z;B7"^W%B&XF3?$+;G*+RSQ`K.<#/H]3TJB7V9
M:07I-&DU0'?-")'>4M=X7GB<^>[.?$\JD)>B=.R[W9[X_$<5/M#26HBP\H!"
M4YP",X/4]:X1-"Z;B7"^W%B&XF3?$+;G*+RSQ`K.<#/H]3TJB7V9:07I-&DE
M0'?-")'>4M=X7GB<^>[.?$\JD)>B-/2[W9[X_$<5/M#26HBP\H!"4YP",X/4
M]:X1-"Z;B7"^W%B&XF3?$+;G*+RSQ`K.<#/H]3TJB7V9:07I-&DU0'?-")'>
M4M=X7GB<^>[.?$\JC]>Z6T6'[!>KXU,0_!D18<)R.X<I/$'#20>1&[J>N*R,
M*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*MNSQUMZPU'(-_3+0ZW%";:',F#A"L
MDISRW]>@SCQKI[1WY;&EUJA+DI?7+B-`17N$XH+D-I4E*\C:2"1G(ZU9<"_W
M2Q/:CD\&Z)3"1%CBV76<9+O'==VH>24[B&B%`>B3N*2,`CG/1]77V3-8LS4"
M.W/>EJ:;D2&W66EMI9XI5PU`.!7]W!Y=3DCE7"VZ[G2+5<Y<J!&:>A6EZ<I"
M'2I)6V\^V4Y('H^X@Y]M?6M;W)Z[+;:M>^$S/:@NX:=W94E&YSB8X:0DK'HD
MY(!/4@5"W'6VH9-ANK>R/;+HB,V^TVIIU*TCCI0K:5#8\C"A[HVK&2.0R#5R
M0-5W)>K19KA&CQ8ZY+L=E:VW1QMJ"0IMT`MJ42E66R0I('B0:OBE*4I4#:V+
MRC5%]>F7!EZU.(CB%%2?38(2KB%0Q_>.".9Z>%3U*4I2E04AZ\C6$-AJWLJL
MRH3JGI93Z:'@M.U`.>A&3T\.M3M8GLNL9*M7&Y/OS5V:ZNR(D=E3*PRUP1EE
M:%*`22[L>Z'GE'JKB]J[4;$RVWR4B(8LVQKDQH3+Z@CB./QDM\4GKM#H](#Q
M4`.E=QU#JJUWJ_-2$MS7!-C-!,=IU]$=HQBHJ2RD[U94!D)R1G=TJ\X$E_4N
ME84R+/:C/2`VXIZ(5+0"E0WI&X)5_=*3D`CF".56Y)U7<K5=8UI'`G,1YD.W
MOO!E\J4IS8E2U.`<-"LK!X>5''B,BJ"!K&\V6R-W"Z-,3H3KUR0V4O*[QEA3
M[B=V>6"EHIY>]]'KSQ>EAG7AUUYF\IM@6([3[8AO*4K"LY!2KG@$<E=%<^0Q
M5M-:ROGF6'>G85KX%T:;5!8$E0<0IQUM"`O(])(#@*BGWI&,'(-=RM4Z@\[I
MT\F+;3<Q.$=3^]?!V&.IX+V^^"L)*2G/J.:Z['?[UJ3N$.8ABWHN,1R4VY#=
M67&E,/MI4DDXR%[O9@9!S4KJLW:TZ7M[-MG[I:9D&,N1(RI3B5/MH5G'/GGG
M["?&J:#JJY/3;=(>B1$VJXW%^WLA+BN.A3?$`6K/HD$LJR!S`(YGG47VAZ@O
MW<=2Q;(MB*BU1F''9"G%)>)<.3P\<AA(\>I..76JF'J.[^<408;+#B%S+DX^
M[)=6HMLQWT)P@>)(<Y#(`Q5!'[1+L;6BY.V5):EPA)C#8ZTEM:G&TH0M:T@+
M!#J25HY#:>7,&NZ]:CU%:KU!$]VWF/%3,>DM0EJ)?0B.'$@I5S0K.[`)(/(^
MRNV7K'4$!#;$B!;'9LN-&D10T\L(`=D-LE*R1GEQ4D*'7!Y"JUO5=T9O3>FY
MD.*;PJ8R@<)2@VN,IHN+>&>?H['$?_+;ZZOBK>UD_*8M\-42R-W9:I\=*FEM
M;PTDK&7<8Y%`YY\*N$4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*5:=B=L2]=ZK:
M@Q9"+PAN'W]U:LMN)*%<+:,\L#.>0_?5R3HT66REJ8VAQI+B'`%]`M*@I)_6
M%`']U4=PL5FNCKDB?;X\E;L8Q5J6G.]DJ"MA]8R`1ZCS%4HTIITPNZ"V-%HO
MB1NW*WET#:%[\[MVWEG/3ETJ/@:`TXQ:HUNF6]B8B.EYM!6C:.$MQ2^&0#@I
M!5T.>F>M2ITQ83<TW0VQ@S$J0L.$'WR4[4J(S@J`Y!1&1ZZIVM&Z9:CR8R+/
M'#,EDL.-G)'#)W%"03Z*<\\)P,@>H5W1-,6"#/3<8]N:;DI45I7DG"RG:5X)
MQN(Y%6,GGD\ZFZ4I2E6G8FK&G7>JW84J0N[K;A]_96GW-M(0KA;3CGD9SS/[
MJNRE*4I2K<DQU'74"3Y^2VE-O>1YJXF"\2M/NVW//;TSCQZU<+K:76UMK&4+
M!21G&0:H%V6U+ML6V*@L]RB%I3#..31;(*"GU8(&*CV=&Z89+Y;LL4!]E<=:
M2DD%I2@I38!.`G(!P,#-$Z-TTEI3:;4V-SR7RL+7Q.(E)2%[\[MVTD9STY5,
MP(46WPV84&.VQ&93M;;;&`D5&2=+6"3<3<7[8RN474/[SG^U3C:YC.-XVCTL
M9Y=:1=*Z>B2W);%IC)><#@42G</=#ES`/(%7B0.?C2!I>P6](3#MC302XVX"
M"204`A',G.$@G`Z#)P*X(TCII"9:$V:+LEH4VZ@HRDH4K<I(!Y)!5Z6$XYX/
M4540-/6:WJ:7$@-MK:>4^E>2I7$4G8I942224\LG/+E7?#M%MA*C+BPVVE1F
MUM,E(]XE:@I0'ZRD']U<[K;8-V@NP+C'1(BNXW-JS@D$$'ES!!`((]54<;3=
MCBW0W5BVLHF[E+#@!Y*4,*4!G`4H#FH#)\37&[Z7L%YD=XN=L9DNE`;45Y]-
M(.Y(4`?2P>8SG!Z55Q[3;HTD2F(C;;X+Q"P.>75!3G_V4E)/ZJH(VD--1D24
M,V:*&Y+2F'$%&Y/#4<J0`>24D\R!@9QZJ^M:3T\TE@(M;.6'S(0LE15Q"G:5
M%1.593Z/,D8`'04A:3T[!0I$6U,-A1:/B<!M6]L#)Y)2H9"1R!\*,6#&K']2
M2I"'GNZ]TBH2R$EEHJ"E@JR2HE0'/E@<L<R:G:@-7L7)^!$3;+JU;G4SHZG'
M'5[`XV%C>V#CJH<@/&I^E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2H*UOWE>J+X
MS,MS+-J;1',*4D>F^2E7$"CG^Z<`<AU\:K+W:8UYB"+*6\E`5O!:7L.<$=?U
M*-8Y<U;<&-71+=&N*EQ//(MRF'0PE)0$$$!`)>)!`/$)2DYY#!%0E@U/=+5H
M^V^:KPS<5^:)+SL8LI5W`MJ2$K.WTL#<00HG=CECG60;5>PVS=$,ZC9OSS>!
M%'"0@K=X)7P@M&$.$[2K"1E(//PJUVM5SA:8,A&L(\E<QN&J8L16]MN#KF%K
MW`;4CGL"7,D$9.0"*J(=\OMSO#=HB:B!C(D3FQ<&HS2E2$--L*3U!1E*W5I)
M2,'9X&NS3;\[4JK?!U!+3-CS[-'NA;#*6PT]OZ)VC.WF.2B>8ZX.*R1$CM1(
MK,5A.UIE"6T#.<)`P/\`L*[:4I2K;L\A;FL-1QS8$Q$--Q2FY!O!G90K(*L<
M]G3J<9\*N2E*4I2K4ENV0=HUM9=BR#>U6Q]3+X5[DED.(W)(S[XG&.7@>=77
M4!9]76"\7!^WV^=Q'VDE8RVI*74#`*FU$`+2"1DI)',>L5WP=2V*?;I=RC7)
ME42(G=(<)*0TG:%Y4"`0-I!SX@U*,/-R&&WVE;FW$A:3@C((R.1KLJDNEQA6
MF`]<+C(3'BL@%;BLX&2`.GM(%1L'5FGI[$IZ+=&7$Q=O'&%!384<))21G!/0
MXQ4[FF:Z6)4>0I]##R'%,.<)T).=B\`[3ZCA0/[Z[J506J[VZ[MO.VV2)#3+
MI:4M*3MW#J`2,']8R*KZ4I2E*M3M!39%6NWB_+DHCBYQ2R8^,E[B#A@_X=W7
MV5=8I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4JV[/'6WK#4<@W],M#K<4)MH<R8
M.$*R2G/+?UZ#./&K@>>98"2\ZAL*4$)*U`943@`9\2?"NM;<-#X<6AA+SG11
M`"E;>?7J<=?97V.W%`XT=#6'0#O;`],8Y<QUY5P7W&"R@K[O':#@2C("`%J.
MT`>TDX]N:ZT/6H-.J0Y$#3CQ9<(*<*=W;2@^M6>6.N>5<1-L[$YJUB7";F;?
M<XO$0',$9Y(ZXP,\AX5RAS[5)DNQH4R&[(CC:XTRXE2V@#C!`.1SJJ6^PV\T
MRX\A+KN>&A2@"O`R<#QP*IX]SMLF8]!CW"*]+9SQ6&WDJ6W@X])(.1S]=5#C
M[+;C33CJ$..DI;2I0!60"2`/'D"?W51IO5G7<3:TW:"JX`D&*)""[D#)&S.>
MG/I4A2H&UL7E&J+Z],N#+UJ<1'$**D^FP0E7$*AC^\<$<ST\*GJ4I2E*@I#U
MY&L(;#5O959E0G5/2RGTT/!:=J`<]",GIX=:G%#*2,`\NA\:PE:Q?(ZKI;;+
M;[LS%7%5&<AS&MPM[RTM-MAI[:"M(W*\5)"$`\JO*\Z4CKU)I\1HKPMW!X$Y
MMO\`LGD,`*CI='B$KSCU]#D<JAWX6HU:RD.N+N*71=FEQUM,.J;,/"<IXG$#
M248"PI)259.1DX-6^B%JIQB6Y'B7B._(M,Q#J$ID[VWRI!;277%D..#T\+0E
M*?43G`R+K"V=ST2[!MD:4^EA^.XEI!6^ZH)D(6K&25*.`35M:E\Z:@FS+I:;
M+<XR(UM5$2Z^PIAY]Q<AE>$(.%%*4MJ))`]]R\:Z+E9;VE*YW_J9#]^D=\22
M^]_P@+G!PTA:3P]Q02$<\<SD`BNMN!=4QF!>H^HYL+N,A,)$;B-NMO%]10%!
M*U*0>&6PA3BCM`.[!S7)%KF1;U-3*MMX\V.WA4B<F/Q5%U*XJ`VK*.:TAP+W
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MBOEM]M+JBT2K#+RE*:`V<SDI)/+QK(5*M[63\IBWPU1+(W=EJGQTJ:6UO#22
ML9=QCD4#GGPJX12E*4I2E*4I2E*4I2E*4I2E*4I2E*4I5IV)VQ+UWJMJ#%D(
MO"&X??W5JRVXDH5PMHSRP,YY#]]?>T**[,M5NCLK>;4J[0LN,CTVQQTY4.1Q
M@>/A5D7"--5?8D:;+N;K,:X7&%%=6I140Y%0IM)4!S])2@"?5C)Q45;;Q)9L
MZ8D.\W=$V)8X!MD1I*E!V40M*D*24^EZ24I*5<@G)Y8R+ZU!+9%RCH+LF2Q!
MD/W28E8.&^`RG:VGD.6]Q"AUY@\_513=/<#3VD7I+#KMRC7&(ZX=RB$../I6
M\K:#C.5*](C(&>8!-=$^;8I>LTVAD-P4,7-N7(>4TLNS9@`"$(.TA*!Z(4O(
MZ;0,9-16@P+==;5)<4^M$2W31+BF,I!M.7$N%"E8RZ<C:-V2=NX=35Y76WL'
M7VFKRPTZIUUJ2A;RE*(2CA`I`!Y(!//D!D]>E6_IFY:=F:C8>A[+?!M+4I$*
M*EASBO[CEUU>4\D^B2E.259W'G@5<%X@Q9&LM)7R.TXXXXMY!=)60AHQG"!M
M/)&21GD"3C/05;]C#D+5S;=MFS9#\F[RUW"#*MR$".VH+/%#@3N`R&PDE9"@
MKD!X94I5IV)JQIUWJMV%*D+NZVX??V5I]S;2$*X6TXYY&<\S^ZKLI2E*4JW)
M,=1UU`D^?DMI3;WD>:N)@O$K3[MMSSV],X\>M7'5`J[VA#:G%7.$E"5A"E%]
M``41D`G/7'/%=KMQ@-/MQW9L=#[A"4-J=2%*)Z`#.37Q=QM[<AR.N;&2^T@N
M+;+J0I"0,[B,Y`QXUV*E1$[]TAD;`DJRL>B%>]SZL^'KJ.N6HK1;X<^4N8T]
MW!LN/M,+2MQ`!P<ISRY^NJ]J=!=EN0VI<=<IOW[*7$E:?UISD=173?+I$LEI
MEW6:5B-%;+B]B=RL>P5UV.[Q[S%>?99>94P^Y&=:>"=R'$'"AE)(//Q!-==N
MU%9;A',B/<(_#[PY&!6XE.YQ"]A`Y\^?3UY'KKN<G6:<U+B+EPI#:4E$EHNH
M4`DY20L9Y`\QSKA$FV&#:V^Z2[?'MS!#*.$XA+3>.B!@X'ZJI7-3VP:@;L:"
M77S%[VXZA:.&RUSPI1*@>>/`'ES.!SJ0\ZVL14R_.,3NRB0'N,G82.OI9Q7;
M'GP9+[L>/,CNOM'W1MMQ*E(_6`<C]]5-,"OA0E12HI!*3E)(Z'&*^TJ`U>Q<
MGX$1-LNK5N=3.CJ<<=7L#C86-[8..JAR`\:GZ4I2E*4I2E*4I2E*4I2E*4I2
ME*4I2E*@K6_>5ZHOC,RW,LVIM$<PI21Z;Y*5<0*.?[IP!R'7QJ=I5,U!BLS9
M$YMD)DR$H0ZYDY4$9VC]VY7^=5-*8IBE,4IBE*MNSR%N:PU''-@3$0TW%*;D
M&\&=E"L@JQSV=.IQGPJY*4I2E*M26[9!VC6UEV+(-[5;'U,OA7N260XC<DC/
MOB<8Y>!YU=9K$K>A;G;X&G518+2W(L)^/,8CK925.N%)XF74*2K.TI)P%8/+
M/,5WHT%,19KG&,2*Y,7$MS$9Q3F\I+`&["R`<`@X/+/J%<FM%7)R_/-SHR78
M"[K)G*?X[82IIT+&W`;XI5M7L*2K;@9]0JCL>@]1L72V2;B]'<;<<0FYX7G>
MW%V]SP/$DHRK]9JE3HG5#T=:'HC#;GFJ7#4$.,(:XCBD*`;2VA)#>4$Y65*R
M1GQ)N.SZ;O$/6QN"8K34#O<MYPN+;>24N9(4R=G%;6HD%0*BCD<>&+CUO;[C
M<["Y$MR4NE3C9?C*=+7>F0KW1K>/>[D\L_NY9S4+V<6?4%D,V'<&0Q:-J?-L
M42$N]T0%+RV<)&3S!W9/+`Z@DTEFTE,:O3+\RU0>#"<N:X[BBE84I]]MQI82
M!E)`"DGQ&.76K<1H74<F,MF5!CH"K0J"MLN,);WEYE92A#;:<-80O&XJ5SY^
MLSU^T?-7=9TNWP0EA<V/(:[F\VRXWMCJ;4M*5I+9/,)*5C!23X@50/:&OTBR
MNLNL6Y$PVF+&`8"6D*4U*4Z6\!)2`4;4D[=N2>6.55]KT?-=N\2?<8""QYR5
M+=9DN-.'E%4TE92A"6PK<1[T'D`2<].W2&FKS:=2B0N(RQ`0B2E06XV]C>X%
M)X"]H=2DD%2DN*(S@#UUD:E*4JU.T%-D5:[>+\N2B.+G%+)CXR7N(.&#_AW=
M?95UBE*4I2E*4I2E*4I2E*4I2E*4I2E*4I2K1DVK54>XZDN=INL5QV<F,FWQ
M9W$4Q&V##A(2>15D^]]0S51*3K@LV7NCU@#HQYUXK;Q2KFG/`P>7+=[[/A54
MR-5?E)(4\Y:#I[A^X(0ASO07@>^).S&=W09Z5'QD=H'F&:F4_IPWPN#NBFVG
MN[A'+.\$[B??=.72NZ4G7!9LO='K`'1CSKQ6WBE7-.>!@\N6[WV?"JID:J_*
M20IYRT'3W#]P0A#G>@O`]\2=F,[N@STJ/C)[018)PE/:<-\X@[HIMI[NX1RS
MO!.XGWW3ETJ+MER[1;B_W?N5EA&!,$>:Y(:?VRV]J%%R/TP.:QSR,@<^M7(R
M-5?E)(4\Y:#I[A^X(0ASO07@>^).S&=W09Z5'QD=H'F&:F4_IPWPN#NBFVGN
M[A'+.\$[B??=.72NZ4G7!9LO='K`'1CSKQ6WBE7-.>!@\N6[WV?"JID:J_*2
M0IYRT'3W#]P0A#G>@O`]\2=F,[N@STJ/C([0/,,U,I_3AOA<'=%-M/=W".6=
MX)W$^^Z<NE=TI.N"S9>Z/6`.C'G7BMO%*N:<\#!Y<MWOL^%5=KB7QK45[ES[
M@T]:7PP($9(PIC:DAPJ..>Y1!ZGIX5-TI2E*5`W9K4JK[;7;2;.+8GE-[TVX
M9!3GF&BDX'+U^-<8R=7^=KH93EF-K+:O-Z6T.\8+Y8XI)VD=<[:HTI[0OR;6
ME3VF_P`H>/Z*@V_W7A<NHSNW=?955)3K+OUG,5VR"&$)\YAQ#O$4KENX.#@#
MKC=[*Y1DZO\`.UT,IRS&UEM7F]+:'>,%\L<4D[2.N=M4:4]H7Y-K2I[3?Y0\
M?T5!M_NO"Y=1G=NZ^RJJ2G67?K.8KMD$,(3YS#B'>(I7+=P<'`'7&[V5'P;E
MK!>M+W:942"+2U##]OE)8=&Y:E8"%J)VDC!)"?`BNY*>T+\FUI4]IO\`*'C^
MBH-O]UX7+J,[MW7V5524ZR[]9S%=L@AA"?.8<0[Q%*Y;N#@X`ZXW>RN49.K_
M`#M=#*<LQM9;5YO2VAWC!?+'%).TCKG;5&E/:%^3:TJ>TW^4/']%0;?[KPN7
M49W;NOLJJDIUEWZSF*[9!#"$^<PXAWB*5RW<'!P!UQN]E<HR=7^=KH93EF-K
M+:O-Z6T.\8+Y8XI)VD=<[:HTI[0OR;6E3VF_RAX_HJ#;_=>%RZC.[=U]E54E
M.LN_6<Q7;((80GSF'$.\12N6[@X.`.N-WLKE&3J_SM=#*<LQM9;5YO2VAWC!
M?+'%).TCKG;5&E/:%^3:TJ>TW^4/']%0;?[KPN749W;NOLJJDIUEWZSF*[9!
M#"$^<PXAWB*5RW<'!P!UQN]E<HR=7^=KH93EF-K+:O-Z6T.\8+Y8XI)VD=<[
M:HTI[0OR;6E3VF_RAX_HJ#;_`'7A<NHSNW=?97V\0]62WK,AIK3C\-OAN7!$
MQEQ2BZD@E3/4)QS*2KF#BKKI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4H:
M@M/,WAJ=?%72X,RF')I5"0VK)89V)]!7(8.[<?'KUJ=I2E*4I2E*4I2E*4I2
MH*.S>1K"8^[<&5694)I+40*]-#P6K<LC'0C`Z^'2IVE*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*'I5J:.:LC=UU4JTR9#TA=T*IR71@-O<
M-'HIY#*=NT^/,GG5UTI2E*4I2E*4I2E*4I5J1&K(.T:Y/-2I!O9MC"7F"GW-
M+/$7M4#CWQ.<\_`<JNNE*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4IFF:9IFF
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M[8E*1V9:D4A12H0U8(.".8K1PSYV3_QDCZU7XT[_`#OEDCZU7XU\[_.^62/K
M5?C3O\[Y9(^M5^-._P`[Y9(^M5^-._SOEDCZU7XT[_.^62/K5?C3O\[Y9(^M
M5^-._P`[Y9(^M5^-._SOEDCZU7XT[_.^62/K5?C3O\[Y9(^M5^-._P`[Y9(^
MM5^-._SOEDCZU7XT[_.^62/K5?C6QODG2'W_`,J>,\XYCNN-ZB<?VOKK8VE*
M4JFN1Q;Y1'_17]DUYW]_G?+)'UJOQIW^=\LD?6J_&G?YWRR1]:K\:=_G?+)'
MUJOQKYW^=\LD?6J_&G?YWRR1]:K\:^]_G?+)'UJOQKYW^=\LD?6J_&G?YWRR
M1]:K\:=_G?+)'UJOQIW^=\LD?6J_&G?YWRR1]:K\:=_G?+)'UJOQIW^=\LD?
M6J_&G?YWRR1]:K\:RCV!2Y3NL9H=D.K`MSAPI9/_`.QJL2BLPW"RV6+>;I?)
M-KCO0K-IZWRDP@G8V_(=;:0DK"<$IW+*E8()QUYU9D[54*[VB;#NFGK8W+]%
M4*5;HK<53*@>:5A``6@ISR/,''.KRTMIJW/:1AZ?E6Q#E[U+'D3(DM37IQBW
M_P#QD!6.0<+;H/K"DU3:+LEANG9M(A71EF/<IU[,2%<%@),=X,!2$+5C.Q2@
M4GU%0/A7W3]BCLQ]"Q+E:V43%ZK=AS$.LI*E)2I@%M?+F`2KD>7,^NI2#IBR
MR>U&P7>V6]E>G;C<W(S\)Q(6B+(1NWLJ'3:0`M/^$X_NUA1?OU?KKY2E*4%>
MA&BO@=8/HZ/]TFINAZ5:FCFK(W==5*M,F0](7="J<ET8#;W#1Z*>0RG;M/CS
M)YU==*PWY4'Q;M?2+/V5UK%H+S&-6VTZCX?FS>KB<7/#W;3LWXY[-^W=CPS5
M[:K@75.F+C)N^F;#*B!2.YWC3R6$MQU;NBRUU01R],9SCG7?K/15DGZCGL6N
M\18=Q;M34Q%K;AJ2C"(B%K!<&$I4H!2NAZ\SDU`:5T#`U"+?&;U*E-TG)RB.
MQ!<D-LDDA(==2<(/+)&#M!!-4:-$M(T["NDR]M-3+BIUJWP&XZW%R'6W>&4;
MAZ*021@GU]*D[MV8OPHET3'NJI-SM;2W9<8P'FVBE']IPWE#:LIZ]!D`XS4O
MIG1=FM-YGP+I>(DN]1K3+<?MBX:E(;7W92@`X?1*T923R&"#@Y%8A-*4I2E*
MW1\G/XJ;7\](^]564J5:D1JR#M&N3S4J0;V;8PEY@I]S2SQ%[5`X]\3G//P'
M*KKI5D=LOQ8:E_8U?S%:.V^6J!<&)J&6'E,N!8;D-AQM>#T4D\B/8:RI.U:6
M=!6F]HTOI43)5PE1W#YE9V[$(;*<#'(Y6>=0$'0,9]VVVV;J2-#O]T:;=BP#
M&6M/NHRTEQP<D*4".6#C(SBNJ%HBWMVBV7+4.IFK0+BZ\RRT8BWE)6VYL65[
M2-J0<<^9]G*K=GV>59-4.V2XH3WB)+X#H'-*B%8R/6#U_4:D>TN-'B=H.HXL
M1AIB.U<'D-M-("4H2%'``'(#V5<:^RJ8E*X!N*_/Z8_','N#O")X?$+?>,;=
M^WPQC/+.:AHNAG9-VL45NXM]QND#OYFEH[6&TI47MPSS*"VH'GSP/74I:>S)
MV9#M9E75<6==6DO0F?-[SK>Q9(;+KJ?1;W8_Q8!!.*H-56INVZ!TQQ833%Q[
M_<F9*P@!:BVIH!*B.NTE6/5DU8]*4I6R/DD?I5_"_P!6MDJ4I2J6Y_FZ7\RO
M[)KSF\:SM8;%`>M-CCJL]H79Y-E<DS&5M)\[//!*SO:!]U(W!)04^AMSGQJG
MT'98TBQ:3";58EQ+@\\FZBY-I[W*2'"/^&W>F0$8">%SWYS4=HRTH_)V5)M=
MMLJ)AO1C+=U(AL)+&T;6T%ST=X.[>$^F,IQ5AZ\AP8&L[W"MD1^)"9EN(98?
M24K0D'D,'GCU9YXQ61NUS2L.9J.SHTW;F8BGI"+0^RPV$([QM;6A>`/[R'A_
M]#55JRTV>9.A'3,.VQH;>F)SF]R&ESO"6%NHXGA[HH(R%]03FJ.^VBU-Z7O;
M[5MB(=;TM9GT+2RD%+BUMA:P<<E*R<GJ<U#ZET4EJ^7N;?KO!MEMB/L1N/$@
M$!UY;*5A#;*#@83S420/'J:H3V=AM<Z2_J"(W:(T%BXHG<%PAZ.ZO8"E&,A6
M[(VGQ&,^-0.KM/,V)5M>AW)-Q@7&*)4>0&2T2G>I!"D$G!"DGQ-6]2E*RGY/
MOPRF_1SGWK58LJ_UZ[CJU`Y,<MBI%KEVEBUS8:W-JG$(:0DJ2H`[5!2`I)P>
ME4DB]Z2M]LG0]/6>X*?N"0R[+N;K3JF&MP*@TE*0`HX'I'F!TQFJF]=I6HG+
M\95ANUSMEJ8+2(=O1*4&VVVTI"4E*3M.=O/UY-<=7ZPM=WM5QM]LMCT1$N]&
MZ@+6DALJ9VK0,?XR2/9BI)_M+1-3HM^?;UKGV2XB9,?00#-P6P%'_'M:`)/4
MC-4>A>T'\F-6S;H]"5+M<Q]3[D0D;DK"E*;<23R"TDXSZBH>-8_4<J)]9KY2
ME*4%>A&BO@=8/HZ/]TFINAZ5;FEW'UW'48>L;=N2FX$-O(:V&:GAI]U)_O'^
M[G_#5QTK#?E0?%NU](L_976K&EKO'LMW3+FVUFXPUMK9?C.\MZ%I*3M5@[5#
M.0H="!5QC4FF;+:KQ&TM;[L)-UBF&ZY<I#:T-,E04K:E"1N4<`9/3P%=CVN8
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M3/4U/R[XT_HVV:?2PL.Q)LB2ITD;5!Q+8``]8V'_`#JYH>M+";C9=17&TSG;
M]:66&T):?2F/(6R`&EKR"I.`$Y`Y';X9J3N=PTZ]H31DO4D:=)D%Z>_B$\AO
M?F0"4+W`[02<@CISY'PL&^W]^^:JEZBEMI2[*E&0IM'1(W9"1^H`"KCU?>M#
MWZX7>],Q-0,W2:XX^A*GF2RAQ1R,@)W;<^W-2UR[3&+DMZYR?R@%Q>CEM<)J
MZK;@EW9MXH2G"@/[VP'&?''*K?MFM#"T)-TV8I5,<*VH\O=C@QW2A3S>/\1;
M3_\`97KJ<A=HT9<&SBYG4"'[7'1&[O;[FJ/&F(1R1O`YH.,!13U`\#SJU;]J
M1%VTS9[28ZT/PI4R0XX5E07QE((`R2>6P\R3G-6U2E*5LCY)'Z5?PO\`5K9*
ME*4JEN?YNE_,K^R:\YJR5"US8$7&TZFEVBX.:BMD=EEI+<I*8KJFD;&UJ&W>
M.0!*0<$CP!JE@ZNT\^S89-_M=R?N5C0EJ/W22AIJ0A+JG$A8*2I)RH@E/4>J
MN+VL+/J"$Y&U=`GJ4BX29[+EL>0WZ3Y"G$*"TD8RD8(YCG5N:QOR]2ZCF7I4
M81@_L2AD**N&A"`A`*C[XA*1D^)J]W>TYDWG4MQ1;72+@EIZ`%K&8DIMDLAW
MV^BM?_\`GU5&0=<Q(T*#'5!>4J/IZ9:%$*'-;RG"%_J&\<NO*OMRUU$F66XV
MY,%Y*Y5DM]L2HK&$JCJ05*/L.WE^NJN^Z\L^HY%YBW>W346N;*9FL&,X@/,/
M(9#1SD;5)4D=.6,`U2W77<*7:;M:(UL>8ANVN);((6Z%K0AE\.E3AP,J42KH
M`!G'A5NZAOC5UM6G8+;"VU6N$J,M2B"%DO+7D>S"P/W5`4I2LI^3[\,IOT<Y
M]ZU6+*N")I.[RM)S-5M(;\W17@TL%7NA]Z"H)QS2"M`)\"H5;],4IBI/3EEF
M:AO<*RP"T)4MSAMEU6U.<9YG!]55$#3<^Y*@-6YV)*E3$OK$9MX<1I+0)47`
M<;?122.?,"H3%,5)ZBLLS3]U7:YY:,A#;3AX2MR<.-I6GG@>"A492@KT(T5\
M#K!]'1_NDU-T-0&G&+DU/ORIUU:FM.3BJ,VVO<8K>Q/N:ACD<Y./;4_2L-^5
M!\6[7TBS]E=:L:5L,G4U\8L\1^.P\ZAQ?$D$A"4H0I:B<`GHD^%3)T.M^',D
M6?4EDN[L1A4AV-$<=#O#3S4I*7&T[L#F0#G'A5G8IBJSN2?-7?\`OL7?Q^#W
M7<>-C;G?C&-OAG.<^%?+7;Y5UN4.V0D!R5+>0PR@J`W+40$C)Y#F:ZI<9V)*
M?BO`!UEQ3:\'(R#@_P`JZ<5-HTY+3YL7-DQ(#%RC.28[TAST"A!6.>T$@E2"
MD#'4CI4)BF*4I2MT?)S^*FU_/2/O55E*E0$=BY#6<V0N[,KMJH+26X`7Z;;@
M6K<X4XY`C`S[*GZ59';+\6&I?V-7\Q6B[+2GGT,I("EK"03TR3BK_E]ETUFX
MO6AC5&FY=X:<+7F]J6M+RW!_<3O0E)5[,\ZQ^ZTXTZMIU"D.(44J2H8*2.1!
M%<*8IBJR3"0Q`ARQ-BNJD[]S#:B7&-IQZ8(P,]1@GEZJHZ4I2E*5LCY)'Z5?
MPO\`5K9*E*4JEN?YNE_,K^R:\YO&I:]V.79V;4])<96FY0DS60V22E!6I("L
M@<\H/3/A738[1.OMWB6BVM)<F2G`VTDK"02?63R%4!202.7*OF*8IBI!5GG)
ML3=]4VD0')2HB5[ADN)0%$8Z\@H<_;4?2E*4I64_)]^&4WZ.<^]:K%R$*<6E
M"$E2E'`2!DD^JL]M2-*6&]6C2%SOTIM$.WKM-PB-P0ME;LGF\HN\0$;5J1SV
MG'"'6K><@WO1>EDMV*(AR\IO,F%<Y`A(?6C8$<%`W)5M2K*U#'OO6<557=5]
ML%D7/LMF@1;Y)O#[-U1"AMR$Q5!#9:92%!80D[EG`_O9'A@==_EW#3^CI\CS
M5:+;>)5_DQ)8CQ6W0RV8S2E-(*MVT95G`.0<@8Z5==U9L<2YR=.,6ZZR[$BW
M%QJ(S9HO`6T(^1(3+4L*SN]/>3G.4X\*Z-%OW6!K;0]ILT!DZ<D0(TA;C<%"
MPZLM$O.J=VE06ES(]\-N`*I.SQ;D1/9^Y"0E#\J)?$.%#8*G,!12.F3S2G'^
M5<+.XQ;M+:?EMHN7?[HZ_P"<%1+''F]XD\8C@N\10*"$XP@`#"B:C;F7;':K
MQ,T5:`Q(5J%^+);<B-2GHK6Q):9(PM(25%SH3DI`R<5:_;;Q/]H]QXK0:<[O
M$WMA.T(5W9K(QX8/+%6#2@KT(T5\#K!]'1_NDU-T/2K5T>FR)NNJC:5R52#<
MR9X>]ZE_AHY(_P`.W;^_-752L-^5!\6[7TBS]E=:^=BZD([0H2W&^(A,6:5(
MR1N'=7<C(Z9Z5/:=FVNZ:?OZ=&Z>C6K4K<->4J?=D+?B$8>#&]7HN`'GR)*2
M<8J\K"8D&V:.AVB!>Y=OFP652&(,&,[$F.DGCI?<<Y@@Y2=Q&T`$8ZU!0D7R
M/;--(T%;%.6N7)D)N"41T2`7!(4`W(5@C:&MF,G;C)'KJO6PAJ9*[I9XT]3?
M:$\&H:U(;2Z`VHA`4KD.G('EG'*J@2;@_>-(7PW&Z(::U&Q%+5[MZ(\MOB'"
MTH=3@.-XR%#`P2#XU!7V[WZR:6U!<25Q[T]J9V(Z_(CI+P8,?DC*TY2"`GIX
M`5=L6%<8XN6G[@+E)AM65]/"8M:&K6DB,2GAN$E3AS@A0P2K)Z5$V.1=9JNS
MDRE2'[;YCG@*<25-%Y+4I(&>FX(`Y=<"J.SJOL:?H6W:;@!W3,Z'$5.#<1+K
M,A9/_%<992>:3N!R1M`&,=:C[A=UZ8T_IUS2KS+#4F]7%H24LH6MUA#K>Q.X
M@DIPKIXU8?:9'8B=H.I8\9I#3+=Q>"&T#"4C>>0'@*M>E*W1\G/XJ;7\](^]
M564J5:D1-C_VC7)32Y/GPVQ@/)..$&.(O:1R]]G.?W5==*LCME^+#4O[&K^8
MK1VW?G&-\\C[0K*6IM(ZGN';!=)$:U3V(ANZGC/<84AAEL.9+I<("0D`9SGP
MJ2O5UN*H,_4'9ZRMQ^X:AG=]?BQ@Z\$$I,=)]$E*%`K5CH3GU5W7U\Z?C:\N
M-I9BQ+HRY:-ZVF4'NLA;2^.$<B$'=D''3)%5R;M+FZTM5DD)C*MMWTT)D]@1
MFP)+ZH*W"ZK"<E6Y*3GPQRJM[/(URA'1UO=-R=M\UAIQQBW6M!@J0X23WA]9
M.]9!PK`Y<DCF*B+`Q'8M^DBJ''7PH.H%<-YD+22C<4Y21SQ@=:LW4MSF7_LN
MM5WN[HDW!J\R(J'RVE*@UP6E!'H@<@23[*QS2E*4I6R/DD?I5_"_U:V2I2E*
MI;G^;I?S*_LFO.<=16=(*DM,6V46&'7(W9\Z\T'FDN)2XE]92K:H$9!YU5:/
MN\^X73LNO4Z27+C)N$^(])VI2IUH</:A1`&0-Q_SKA9'Y-OTDQ<%-ZC%_DW*
M0B[.6Z`T_(#@VAIMX.#<D%/,)Q@DG-4-YN2].P];W2P6]JTS&KQ":0E;3+JX
MY4RYQ0G;N0G*@>23RSCEBI*U7&0-;Z3TRE+";/<;!'7-C)CHQ)4J&I14LXR3
MD#GGEBOFEEQ[=I/22;)&OCPG-J$H6N!'D-R)'%(4V^7.8PG:-IY;3D>)J!U;
M(F*[,;C&M3,EFSQ]42VE1D*#B(S.UM2$*4@E.T+)P<D$]":P]2E*4I64_)]^
M&4WZ.<^]:K%S;BVG$N-K4AQ!"DJ2<$$="#7)]YZ0^Y(?<6Z\XHK6XM14I2CS
M))/4^VJYF_7QB4_,8O$]J2^`EUY$E:5N`=`I0.3^^NN!=KI;G77;?<I<1QT8
M<6P^ILK'M((S^^NA<N4XQW9<EY3'$+O#*R4[R,%6.F2`.?6N\7B["W>;!<YG
M</DW'5PO7[S./^U?8]YN\:((4>Z36HH7O#+<A:4!7_-M!QGVUULW*XL*BJ9G
MR6S$)5'*'5#@DG)*,'T23ZJ[X]]O<5<ER->)[*Y*BI]3<E:2\3U*B#Z1Y^-=
M,"Z7*W*=7;[A*B*=3M<+#RFRM/J.",BJ=]YZ0X77W5NN$`%2U%1.!@<S[*ZZ
M4%>A&BO@=8/HZ/\`=)J;H>E6]IE^4]<-0)D61NWH;GE+3J6]AF)V)]U)QZ1S
MRS_AJX:5AORH/BW:^D6?LKK4-EYUAP.,.K;<`("D**3@C!YCV&OL=]^,\E^.
MZXRZGWJVU%*A^HBNUF?-8CNQF)C[;#O]HVAQ24K_`%@'!JZM.ZOMEJMC$65I
MEJ6^PHJ2\W,<8#XW;DA]">3H!Z=#CE5MW2[3[G.ES94A1<E25RW$I)">*HDE
M0'0'G77+N-PFK;7,G29"V_>*==4LI_5D\JX29TV5N[S+?>WJ"U<1Q2LJQC)R
M>N.6?57-=RN"V&HZYTE3+7]FV75%*.6.0S@<O57%NX3FF4,M39"&FR5(0EU0
M2DD$$@9Y9!(/ZZ,SYS,9R(S,D-QW/?M(=4$+_6`<&NHOO%MMHO.%MLE2$E1P
MDGJ0/#H*^/.NONK>><6XXL[E+6HDJ/K)/6N%*5NCY.?Q4VOYZ1]ZJLI4JWHS
M\HZVG1U61MN*F`TI-S#6%.J*U9:*L<PD<\>&?;5PTJR.V7XL-2_L:OYBM%,D
M*R"00>1%5TF[W:4R6)-SF/,GJAQ]:DG]Q.*Z8<Z;!4I<*6_'4L;5%EPH)'J.
M#74'W@VXT'G`VX0I:=QPHCH2/'J:YB9+#J'A)>#B$<-*^(<I3C&T'P&.6/57
M--PGHBB&F;(3&!W!D.J"`<YSMSC.:XIFS$A(3+?`2%!(#AY!7O@.?CX^NNHO
M.E@1RZO@A16&]QVA1&,XZ9P.M<*4I2E*V1\DC]*OX7^K6R5*4I5+<_S=+^97
M]DUYS5W]\E@`=Y>P&N"!Q#_9_P#+_P#'V=*^)DR4I92E]T)945M@+/H*.,D>
MH\AT]5=S=TN34AZ2W<)2'WN3CB7E!2_UG.3^^J?CO<);/%7PEJ"E(W'"E#."
M1XGF?\ZYB9+#S;XE/!UM(0A8<.Y*0,``^`QRKE&GS8K;K468^RVZ,.);<4D+
M'M`/.N")4EN.[&;D.I8=(+C:5D)7CID=#732E*4I64_)]^&4WZ.<^]:K%@K.
M%]T])A7QFWV?LEC72U%B,H2RU*'%WLH4OW8.!"?24H9Q@8Y]*LR\:,A/ZFU$
MBRW:%&T[;9"6^_S726TJ5[UL%"5*6<A0&`<A)-4?Y`W1,]]EVX6QNWLPTSC=
M%/*,4L*5L2L$)*B2OT=NW=D$8Y56P]$38<^-AVRW6--MTR5'=#SA:4AI"]RA
MA(4%`I.`1U&#CG5$YH62S;6)4F^6:/,?@B>U;WGUH?<9*=R<$HV;BD9"=V?#
MKRJ8NG9\P^=+1+!<H;DRXV<SI`=<<2,I+BE+RI``3A&T#KE)SRYF%1HMLKEK
M<U;IYJ$PZEE,Q3SI;?64;R$!+96=H/,E(&>6354GLXNR9]WBR[I:(;%J6PF3
M,D/J#.'DE32DD))(4`/#/,<NN.@Z#DH@1Y$B_66/*E1#,C0GWUH=>:]+:H$H
MV#<$D@%0/3H3BK-I2@KT(T5\#K!]'1_NDU-T-0&G&+DU/ORIUU:FM.3BJ,VV
MO<8K>Q/N:ACD<Y./;4_2L-^5!\6[7TBS]E=:Q:";L;VK;:WJ-;:+8I:N(75%
M+95M.P+(YA!7M"B/#-7IJZVSV=-S9%\T5:F6<H,"[V`-\%"MPREQ3:R%)*<X
MW>EG'.K9E:'E1KU=H"IS)BV^WFXF:$G8ZR4)4V4CUK*T)`]9]E5>H-!,V&*Z
MB=J2&BZLQT2%PEL.HWI4$DAMTC8XH!0.`>>#CI4QJ;0-L<U"B+8[BTQ;XUHC
MS9S[K+I2RE3;?IX])2U+4O(2.F<<@*B4]G,N5=K5$MMWAR(=S3(+$UQMQE*5
M,H*W$+2I.Y)``/0@@@^NOIT+9_-L6\_EO;_-#[ZHO>3$?"@^`%%'#VYQM4#N
MY#]]6IJ2S2]/7V?9)Q;5)AO*:6ILY2HCQ'L(YU&4I2E*5NCY.?Q4VOYZ1]ZJ
MLI4J`CL7(:SFR%W9E=M5!:2W`"_3;<"U;G"G'($8&?94_2K([9?BPU+^QJ_F
M*T;@I2N?'0M(4E3J00?$;A66-3W^Q1-?7'3$S1.G?,S5P5%4N-%+,E+>_;N2
MXE7OAUZ8..E1DS0<O<WI^,[;^>IW[2U)<9(>4I*$8*EC^Y@@[0.1)J.9T'%>
M5)?1JB&NVP@VW+F-Q7UA$A14`RA(3N6?0)W`;<>-=2^S^2W<UMO7:(W9T01<
M3=2ASA]W*]@.S;OW[_1V8SGV<ZFM+Z+TR\[>').HH=PA)LDB7&>8;<"F5H(2
M5+;Y*24]0#R4""*B(&@FWQ;(TW4EO@72[(0[`A/-.J+B%DALK6E)2WOQR!SR
M()QFNH:(;AV6+=+]?X=K,MQUEF,XRXXZ5M.\-P':,)`ZY)JDFZ,G0']4-S7V
MVD6`A#KA!(>6IP);2C_Y#*@?4#5JTI2E*V1\DC]*OX7^K6R5*4I5+<_S=+^9
M7]DUYS>-7CVA08<'\E^YQFF.\6"(^[PTXXCBM^Y1]9.!SJY+UH>-=+U*=CO1
M[5;+?9K?(DK;C+=.YUE',-M@DY422>@ZGK5O1-#IES[@6-007;-!9:?>N33;
MBT@.$!".&E)7Q"<@IQRP<GE52GLYF.W)EF/=X:K=(@OSV;@XAQM!;9)#H4DI
MW)4G!R"/5ZZ[&=`VU=O%U<UA#;M3\I4:),,)\H=4D)W*7A/N0RL#TNN">@JP
MY;/=I3T<NM.\):D<1I6Y"\'&4GQ!\#752E*4I2LI^3[\,IOT<Y]ZU6+!60+U
MKUU.O$:ALRWEPTL1F5Q9(]S?0EA#;C:T9(*5;5#]X/6I>T:UL5F\_P!IL-PN
MMIML^0U,ARFHZ''(RPDA3*T%7IH]+`4#GT0>?.J^%>CJ]V^V@+O]WMSEK80_
M+#3:Y3;C;VX.HC@C+>]>"@$D`[B?5V7:=:=((TO$<3<4);LER:+<I@-R-SY=
M2A:V\^@%$Y`R2$XZU&6?6MBB6*/"FW"YS[<W!+3EAFQ&WVU/["G<V^I6YI&X
MA8VC(QCGUKHAZQT^VC3\M;DT2X-@E6A]@,`IW*0\$+2O=S!+HR,#&/&J'1>I
M;-:M..PU3I5GNQDJ<7.C6YJ6M]K:`EL*6I):VJ!.1US[*K-7ZYM%\CZN,=,X
M.W==L6SQTI*AW=M2'-Y!ZDD$$=<GI53IW6MC@66%#FW&YR[:U%4W)L$N(W(9
M>=P>;;RE99220?13E.#C-8H/6E*"O0C17P.L'T='^Z34W0]*M71Z;(FZZJ-I
M7)5(-S)GA[WJ7^&CDC_#MV_OS5U4K#?E0?%NU](L_976K&EKG"M5V3(N5L:N
M,%;:V7XZ\`E"TE)4A1!VK&<@^!%7,G4.E;':+W%TPS>GY-VB]S6;D6DMLM%0
M42$HSO7Z.`3C',U+:NN4NV=FEDLERC=WO4Q`;>W'W0P&5J6P%#PRIPX]8;3[
M*X/:^L[>G;G:XHO;T:;"$=JT37DO1(;A`'$;6HE?HD%20`GF>9P.?:SVCVUB
M<),9-YB]^M#%OGKC/):=86RE`0XPL')]YS"L9!(KH;[083-]M$QV3J"Z,P8\
MM#C]QEEQQU;S*FQM;*BEM*<CH23SSX"K37?8ZM"1-.!IWO+-U=G%SEL*%-(0
M!Z\Y0?\`.N.O;Y'U)K"[7R*TXTQ,?+J$.XW)&`,''+PJWJ4I2E*W1\G/XJ;7
M\](^]564J5:D1-C_`-HUR4TN3Y\-L8#R3CA!CB+VD<O?9SG]U772K([9?BPU
M+^QJ_F*T9BNI9EM/*!*4.)40/8<UDFZ:F[/Y&JY>K4P+]+GN2S,;A/EEN.7-
MVX!2@5**0?`#GZZZ++VA,L*M,FZL2'YC&I7+W*<:"0'`M*`4I!/7*3[,8JDT
MEK<6B!>+4[*NT&-/D)E-R[6]PWV7$[A@C("T$*YIR.8!JKD:[M\N=/ASA>IM
MFG6Y$%]^7,XTLJ0YQ0\-Q*4^F/[,$#'CGG758]3:0M$IV(Q;+CYNDVJ3`ERP
M4=Z>4Z0=^S.P!.T`)SZR2:YQM6Z9?FZ?O5VAW1=SLC++*&8ZFPS+#!]Q*E$[
MFS@)"L!6<<L9J(U5JC\I;39(7=UB?'D3'7R`-BU2'N(`GGGETYU<7:A<Y$?3
MM@L$Z-W:^.,-R;R@GTRMM!9CA?J5PAN(_P`0K%U*4I2MD?)(_2K^%_JULE2E
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M[>;T7MJH9N'N8;Y^EQ-O7IRQ7<57R)>8:8&G;>(4P!VY2DR`AQ#N,'T0GW3D
M`,DUVQINJ%S;NW(LD-N*RA1M[J9FY4E0SM"T[?0SR]>*K-.R+S*MJ7;];F($
MTK4"RQ(XR0GP.[`ZUB_RH/BW:^D6?LKK4"E"2>IS2E*4I2E*4I6Z/DY_%3:_
MGI'WJJOA4O4(U*B(FTQ38RWE4WO7NH7@\N'CIG`SFJ*+<-8+@79R3I^"W+9/
M_`-)G;DR!D^^5M]#P]?6J>0]JAJ'`N<32MK7>Y'N4Y)F!/";!.T!S;E8YYQX
M9-2JI>H!J9$1-IBFQEO*IO>O=0O!Y</'3.!G--/2]0R7)HOMIBP4-N8C%B5Q
MN*CGS5R&T].7MJ"[9?BPU+^QJ_F*T3/4TI2E*4H22<DYI2E*4K9'R2/TJ_A?
MZM;)4I2E4MS_`#=+^97]DUYS4I2E*4I2E*4I64_)]^&4WZ.<^]:K%@K+]\M5
MHD]JKMNNDV&Q:;/;XPCLRI`81)2AALH:WGD`M2LD^HJ(YUP[7F9K^EM(72X7
M:V3));DH7W.0E85ND+4.&!_^M(`3RY#`%0>N7GM/NV71UKW-.VE+4F2IL>D[
M/<2E:E<NNP%*$^K:?6:[KB]^2=JOC%SEF7JZ_-<*8T#N3":4L.+XI\7E*2/1
M'O1G)R<"/U`GC]FFDICPP^U*G1&U$<U,@MK`_4%.+_SJR:4I2E*"O0C17P.L
M'T='^Z34W2H#6&IH6E+='N5R!$-<IJ.ZX#_9!9(WGV`XS[,U.H6EQ"5H4%)4
M,A23D$>NN58;\J#XMVOI%G[*ZU#9:<?>0RTA2W'%!*$I&2HGD`*O;M#T9$TR
MW">MLYR:SQ'(4U:@,,S6MO%0,?W?2!'CR-=FENSF]W)M<^Z6NX1;5W"1*1)"
M`,E#2EHSGHE12!G'//(UTZ%[/;YJ6X6IURUSTV25)0V[,:0!A&["E)SU`]>"
M!4?"T-JBYL/S+39)LN&AUQM+J$9WE)Y[1U4?U`U0:4L;^H]36RPLKX2YDA+)
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M<CP4J3&;5T:"E%1`_6HDUV/7FZ/7KSZ[-=7<^.)'>5'*N(#D*_7D"IJY:_UA
M=(4B#/OLA^-(3M=0L)],9SS.,U1ZBO3=PA6:UPVUMP+9&X:`O&YQU9WNN''3
M*C@?X4IJ!I2E*4H*]!]%?`VP?1T?[I-8[>\H'0K+SC2V;ON0HI.(R>H./^>N
MO_>%T'_T;Q_I4_\`G5B=L7:WI76.BW;-:6[@F4J0TX"^P$IPDG/,*-37DX]H
M_?(Z-%7J0.\,I_\`3G5GFX@=6L^M(YCV9'@*V%K#?E0?%NU](L_976MW9J_;
M+?J07RZNL!JT,.3FF758[P^@>Y-I]9*RD_J2:N&)J6R:CT]J*P2K7;[*X\@W
M..^)3RP[,;ZI)=6K!6A2T\L9./94ZN?9WM:WG62=1VUJVW&TR$,QU/\`NZ5K
MBE`84V!E.U0P"?1(`P>8KHL<VTS-2:"U,=0VZ#"M,2+&ELR']CS*V<A0",94
ME>=V1R](YQ@URTM<;5)@69JZSM/R;?%DODK?E+A3K6"ZI9+2TJRX#G>G"3Z1
MQRK'^EIENMW:)9YYE+\V1KNR[QWAZ7"2\#N4/7M&35WWQF%=++-TY$U!9VY<
M6^/SB5S$I8EM/(2$K2X?1*D8((/,9./&K8[2KE`N.HF>X2DS$1($6&Y+0#MD
MN--)0I8SS()&`3UQ5\3Y]EFV>?*O%RLLAPV@-Q[M`DKCSWEAL)0R['"B%\P$
M*R`-HSGI4J_JFS.WN+JFW_DC'8;A(P_)+ZIK"DL!LLE@.I"SR*1@;2#DGK5+
M`U!9Y3>D;E#_`"39-KA1V'G[FX^F3"<:))4EM#B>*DGTD[0222#6.=+W*-_M
M-M%WDNLL1?/34EQS;PVVT<8*)P2=J0/#)P*D]8W*!*TA%C1IC#KZ;[<7RVA8
M*@VL-;58]1P<'V58%*W1\G/XJ;7\](^]55;K/M<TMHZ]KLMV;N*I26T.$L,)
M4G"NG,J%0'^\+H/_`*-X_P!*G_SI_O"Z#_Z-X_TJ?_.L$]E/:&YHO5[LIQ3B
MK).=*9C(\$E1VN`?\R<_O&16ZL9]F5':DQW4NL.H"VW$'(4DC((/J(JS>V7X
ML-2_L:OYBM$SU-*4I2E*4I2E*5LCY)'Z5?PO]6LP:_[0[#H/N'GM$Q7?=_"[
MNT%^\VYSDC'OA5F_[PN@_P#HWC_2I_\`.A\H70>/[&\?Z5/_`)U@P=HYM?:[
M.UI90\J#*DDNL.#:IY@XW)(SR/+(]1`K<FRW2%>K5$NUN>#T.4V'&ECQ!]?J
M/@1X$&NRY_FZ7\RO[)KSFI2E*4I2E*4I2LI^3[\,IOT<Y]ZU6+*4I2E*4I2E
M*"O0?17P-L'T=&^[36@-S_.,KYY?VC5-2NZ')D0I3,N*\MF0RL.-N(.%(4#D
M$'U@UN]V0Z^CZ[TVE]U2$7>+AN:RGEZ7@L#_`)58S[#D>%6UY4'Q;M?2+/V5
MUJ"E*E'"02<$X`\*^K2MM12M)2H=01@T"'"A2PE10G`*@.0STKCD^NF32F3Z
MZ5]`*B$C))Y`5R<:=:P'$+1G.`H$>.*^*0M`3N2I(4,IR,9'KKC2E*W1\G/X
MJ;7\](^]56"?*5^,Y_\`8V/Y&L24I6QWDW=HVQ:-#WA\[5$FVNK/0]2R3_W3
M^\>JLO=LOQ7ZE_8U?S%:)GJ:4I2E*4I2E*4K9'R2/TJ_A?ZM/*W_`$4_BOZ5
M:W4I6>/)P[0A:+D-'W9_$":YF&M1Y-/'^Y[`O[7ZS6T-S_-TKYE?V37G-2E*
M4I2E*4I2E93\GWX93?HYS[UJL64I2E*4I2E*4%>@^BO@;8/HZ-]VFM`;G^<9
M7SR_M&J:E*RYY.-MU#*U\U-M#JF(,5!\X.$90MH]&R/$J(Y>K&?"LQ^4_P#%
MLU](L_976J^G;P+-(E.F&W*3(BN1BAQ12`%C&>7JQTZ'H>57I9;5`UD_>]12
MK)>93KTTJ[O`?0PQ&2KTB5OO!0)R<!/(X!/2KCD6"Q:7M':'9YRKA(MD>3:7
M$)9<;#R]Z'%I05X*>6\@J`.<<ASJW'-%Z>05W_O-R.F$VA%SX6Y'>MRGN`&=
MV-O]H"=^WWOAFK.U"C3A,5[3RYZ4.(/'C32E:V5@XY.)"0H$8/08Z5<SMAT=
M98]HB:C>N_?[C";FKDQ%-\&(ET$M@ME)4X0,%6%)ZX'2JF'I72D69IZQWIZ[
M+NEZ8CO"3$6VEF*'S[D"A22ISD4E7I)ZX'2NQC1VF[5$M)U&JZORY]SDVTH@
MO-MI:++B$%>5(5GW_O>6?6*^W#3&G;:SJ==K?NBKII.4UQG7G$!J6.\!I6U*
M1N;(."#N5^ZK0U5J>?J>1'?GI2%M<7!22<EQY;IZ]!E9`'LJ^8NE;9<G]/,7
M2YSI)=TVB7%B+FM,*=<+ZTAAIQP;4)`RO!R3SQUY6;KVR1[#>6X<>!=H(4PE
MQ<>YA)<0HD@[5I`2XCED*`'B/"K9I2MT?)S^*FU_/2/O55@GRE?C.?\`V-C^
M1K$E*57V*%<KA>8,*T(<7<77DICAHX4%YY$'PQUSX8S6Z':8U.8[&KPS<Y")
M,]%L"9#R$[4N.#;N4!X9.:T@/4TI2E*4I2E*4I6R/DD?I5_"_P!6GE;_`**?
MQ7]*M;J4JIMT69-GQHEO:<=F/.)0RAOWRED\@/;FM_;<Q<XVCV(]YDIDW)N#
MMDO)&`MP(](_Y^/CUKSYI2E*4I2E*4I2LI^3[\,IOT<Y]ZU6+*4I2E*4I2E*
M"O0?17P-L'T=&^[36@5R_.,KYY?VC5+2I'3]FN&H+S$L]K8+TR4X$-H\/:2?
M``9)/@!6]79[I"!HK34:S0@%N#TY#^,%]T^^4?Y`>``JP_*@^+=KZ19^RNM0
M*NBSZK1#L(L5QL4"ZPVY"Y+`DK=06G%)"5'+:T[@0E/(YZ5)/]HTV8]>3<K+
M:Y;%W$42F"EQM([NC:@H*5@H./5_+E5-^7EP-P<<7;X"K6N"+:;7M4&!&"MP
M0#NWY"O2W[MV[)SX51W#4[4T,1S8K>U;XL9UB-%07,-*<YETJ*MREYY\SCD!
MC%5T#7;\=JV.R;-;9MSM309@SI`65M(3G8"@*"%[,G;N!QRSG%?8&O'V!:Y,
MRR6ZX72U(#<*?)XF]M*22C<E*@E>PGT2H>K.<5'R=77"5$LT>0AIQ5LFOS4N
MJSN><=6A2MW/UH'3UFN<K5\V0O5BU18X.I'`Y(QN]R/'#WH<_6,<\\JMCQJ[
MD:T=6F$Q.L]OFQ(]K3;%,/!7IMI<4X%[@0I*PI75)'+E4=J743U\%O8$1B%!
MM['`BQ62I26TE14<J62HDJ)/,_JQ4%2E;H^3G\5-K^>D?>JK!/E*_&<_^QL?
MR-8DI2ML/)V[.?,EM3JR[L%-TFMXBMK'-AD^./!2O^R<>LU?G;+\6&I?V-7\
MQ6B9ZFE*4I2E*4I2E*V1\DC]*OX7^K3RMOT4_BOZ5:W4I6S'DU=GW!;_`"WN
MS'NC@*+<A:>:4]%._OY@>S)\16P-S_-TKYE?V37G-2E*4I2E*4I2E93\GWX9
M3?HYS[UJL64I2E*4I2E*4%>@^BO@=8/HZ/\`=)J.7V<Z$6M2UZ2M"E*.23%3
MS-?/]F^@O_:%G_TJ:QGV^Z-TM9>SUZ;:-/V^'*$IE(=882E6"3D9%2_8%V<#
M2UG%^NS`%[GM@A*ASC,GF$>Q1Y%7[AX&LQUAORH/BW:^D6?LKK4:'%DS9342
M''=D275!+;32"M:SZ@!S)J3EZ7U+#E,0Y>G[G'DR`I3+3L1:5N!(RHI!&3@<
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M;U-,Z[:?M\V44A)=?8"U$#H,FJ'_`&;Z"_\`:%G_`-*FG^S?07_M"S_Z5-:Y
M=B79NG5&J9-XN<;_`-!MLA0""/1D.@\F_P#XCD3^X>-;=@8&!5D=LOQ8:E_8
MU?S%:)GJ:4I2E*4I2E*4K9'R2/TJ_A?ZM9[ONF[#J#@>>[1#N'`W<+O+07LS
MC.,],X'^51'^S?07_M"S_P"E37P]F^@L'_\`$;/_`*5-:\1>S=K5';9?+1%A
MIBZ?M\O?*#*=B$-X&&TXY`J.1^K)\*VRCLM1F&H[#:6V6DA"$(&`E(&``/4!
M73<_S=+^97]DUYS4I2E*4I2E*4I64_)]^&4WZ.<^]:K%E*4I2E*4I2E!7H1H
MKX'6#Z.C_=)J;I4?>+/`O+<9JXL!YJ/(1)0A7O2M!RDD>(!YX]E2%*PWY4'Q
M;M?2+/V5UKCV8(C+U,H2+DN$1#?X81)3&5)64$!@/*&&]^2-Q\/::O?45[;T
M]IO3SL%$")<[9?5RC"9NHG*".&C!6L*/)6T@A/+&.A)K[,<TY;M0:<T_9]0-
MPK7,N:KR].84G,8+R([9)R$J0C(Y\DE9)Z5W79Z#"T9>(+K,&WRGKA!?;9-]
M3<'GDI6K<LD**1C<.@!YDGD!4C<)MHEW66VO4;$!"]=.2$RV7D%3:.`=KB2<
M@`JP`LC`)SX5'79^#"T9>(+S,&WRG;A!?;9-]3<'GD)6O<LD**1C<.@!YDGD
M!7/4DQ4?4NO[Y<+_``I=DN,.5&AI:N"'^\+6`&4I;2HD;"`<D`)V]>8S7O7B
MSO7?6$%HP)TV9%M18;<N)BIDMMQT!QM+R5`;@K!VDC.T^(Q6.>U&X)ER;-&+
M5O;=AP0TI$2:J6IH%:E);6ZHG<I.>@)`!`SRP+$I2E*5NCY.?Q4VOYZ1]ZJL
MI4I4=8K/;[#:V+7;&`S%9!VI',DDDDD^))))-2-61VR_%AJ7]C5_,5HF>II2
ME*4I2E*4I2MD?)(_2K^%_JULE2E1UJL\"U.SWH;.UV=)5)D+)R5K(`_R```%
M2-4MS_-TOYE?V37G-2E*4I2E*4I2E93\GWX93?HYS[UJL64I2E*4I2E*4%>A
M&BO@=8/HZ/\`=)J;I2E*PWY4'Q;M?2+/V5UJ!2E,TI2E*4I2E*W1\G/XJ;7\
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M`ZP?1T?[I-3=*4I6&_*@^+=KZ19^RNM0*4I2E*4I2E*4K='R<_BIM?STC[U5
M92I2E*LCME^+#4O[&K^8K1,]32E*4I2E*4I2E;(^21^E7\+_`%:V2I2E*I;G
M^;I?S*_LFO.:E*4I2E*4I2E*RGY/OPRF_1SGWK58LI2E*4I2E*4H*]"-%?`Z
MP?1T?[I-3=*4I6&_*@^+=KZ19^RNM0*4I2E*4I2E*4K='R<_BIM?STC[U592
MI2E*LCME^+#4O[&K^8K1,]32E*4I2E*4I2E;(^21^E7\+_5K9*E*4JEN?YNE
M_,K^R:\YJ4I2E*4I2E*4K*?D^_#*;]'.?>M5BRE*4I2E*4I2@KT(T5\#K!]'
M1_NDU-TI2E8;\J#XMVOI%G[*ZU`I2E*4I2E*4I2MT?)S^*FU_/2/O55E*E*4
MJR.V7XL-2_L:OYBM$SU-*4I2E*4I2E*5LCY)'Z5?PO\`5K9*E*4JEN?YNE_,
MK^R:\YJ4I2E*4I2E*4K*?D^_#*;]'.?>M5BRE*4I2E*4I2@KT(T5\#K!]'1_
MNDU-TI2E8;\J#XMVOI%G[*ZU`I2E*4I2E*4I2MT?)S^*FU_/2/O55E*E*4JR
M.V7XL-2_L:OYBM$SU-*4I2E*4I2E*5LCY)'Z5?PO]6MDJ4I2J6Y_FZ7\RO[)
9KSFI2E*4I2E*4I2LI^3[\,IOT<Y]ZU7_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g827049.jpg
<DESCRIPTION>G827049.JPG
<TEXT>
begin 644 g827049.jpg
M_]C_X``02D9)1@`!`0$!KP&O``#__@`S1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5]214=?0D%2+D504__;`$,`!P4&!@8%!P8&!@@(
M!PD+$@P+"@H+%Q`1#1(;%QP<&A<:&1TA*B0='R@@&1HE,B4H+"TO,"\=(S0X
M-"XW*BXO+O_```L(`=8"A@$!$0#_Q``=``$``00#`0``````````````!P,$
M!08""`D!_\0`4Q```0,#`@$#"P\+!`(!!`,``0`"`P0%$082(0<3,108(C4W
M05%SLK/2%18R-E5687%UDI.4L<'3"!<S4G)T@8*#D=$C-$)7)%-4)4-BH46C
MXO_:``@!`0``/P";/7A;?_15?-;_`)3UX6W_`-%5\UO^4]>%M_\`15?-;_E/
M7A;?_15?-;_E/7A;?_15?-;_`)6H:HY;-+::N0MU=07:24Q-ES#%&6X.?"\>
M!8;KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3K
MC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>
MYE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^
MAB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$
M3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=
M%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE
M\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB
M_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3K
MC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>
MYE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^
MAB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$
M3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC-%>YE\^AB_$3KC-
M%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE
M\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB
M_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3K
MC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>
MYE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^AB_$3KC=%>YE\^
MAB_$3KC=%>YE\^AB_$7UOY1>BG'`ME\^AB_$5RB(B@+EK]N,?[G%]KE'B(B(
MB(B(B+ZQKGN#&M+G$X``R25)?*!HFU633U/46J262OMD\=#>@Y^YHG?$V0%O
M@:#O9\;5S]9ME_4F]IGJS^E/^Y\/[/P+1M/5=EHZV22^6B:YTQC+6PPU9IB'
MY&';MKLC&1C'?6\<H=+HBQ".W6_3%<VLJ[=!5Q53[H7"$RL#L%FSLL='2,_`
ML))R=:BCA>#U`;@R'GWVL5L9K&Q[=Q)ASG.WCM]ECO*WM6AKS<+327ET]MHK
M95E[8:JNK8X&.>UVTM[(YSD'ACH&>A82]VBX6*Z3VJZ4Y@JX2`]A((P1D$$<
M""""".!!6<UE9*"TVK2E31M>)+C:Q55!<_(,G./;P\`PT<%;6'2-SO-ODN;9
M[?0V]LO,BJN%6RGC?)C.QI<>R..)QT=]4[CI*_6VFN516T?--MM1'353=[2Z
M-TC2YAP#Q:X#@X<#P\*N*'1&H*Q]"&001,JZ,UXEGG9&R*F#BWG9'$]@W(X9
MZ>\LSIK0CSK?3EJO1AJ;5=9BV.JH*ELD4S1G<&R-[X.`1TC^*U/3E%!<-2VJ
MWU`<8*FMBAD#3@[7/#3@_$5OES@Y/8=95NE*C3]QHH8:^2A]4HKD7NCVO+!(
M8W,P1WR,]'05@)-`7EEZO5N?+1P4]IJ#3U%=5SM@@W9.T!SCQ+@,@#)PK<:$
MU&^_PV*"DBGJZBG=54SH9V/BJ(@TNWQR`[7##3W^D8Z5>'DYOH@BK.J[.;<X
MELE>+E$:>%XQF-[P<!_$=CQSTC(5E'H;4!OM;9988():*(35-1-.UM/%$0"V
M0RYV[2'-P1TY5_0:)N%+J:T4%;0PW:FN,<DE,:&N8(ZEK6NSMF&0"TMX@\>&
M.^K.U:%O5QM5)>#-;J*VU9>R&IKJV.!CWM=M+.R.=V<\,=`ST)3Z#O[JNY4U
M:VDMC;;,(*J:X53((F2'):P.)[(D`D;<\./0L+?;-7V*YOMMRA$<[`UP+'A[
M'L<,M<UPR'-((((6\W.ET?IVQ:8FK=-5-RJKG;A5RR"Y.A`=O<W`:&G]56NJ
M-#'UW4MITS%*8ZVW0W'F:N5H-$Q[-[Q*\X`#>DDXX$=]8.YZ-O-#-0,A;37&
M*OEYBEGMT[:B.67(!C#F]#N(X'!XYZ%?U7)W?X::NJ(I;75MM\+YJYM)<(I7
M4H;TAX!X'I'#/$$+[+HVOKIK>RBM\=OA-IAKJFIK*Y@AV.)'.EYP&!QP`SB<
M^%9'3/)I65^IX;3=*NDBI)J.6JAJJ>MB+*AK6/VF-Q.'@/;AV.+1DG'2L)3Z
M&OT]FK;VP4?J92/FCDJC5Q\V7Q@$M:<]F3GL<9W=Y7#N3O4+:-TKC0"L;3=5
MNMIJV=6"+;NW<SG=['LL=..\LIZP64ULT5<Q)!<)+U5\U-117"(&3,K6L:P@
MDC(.'$YV$C..A86CT9<KB:ZK:ZAM=O@JGTPFN-:R)G.`_HVN/LW`=.!CXLKA
M3:#U-4WNNLD5`TUU'3]52M,[`PPY;B1KR=KFX>#D'&./>*5VAK]3U-LAI6TE
MR;<Y3!2S6^I9/')*,99N!X$9!.<<#GH5:IT)=*8TDAJK=5TDM7'22ST%8RH;
M3R/.`U^T\._@]!P>*O[A06+J?73(+48Y[;*P4<AE.(HVU#(L;,<7$9)<2>D\
M.^L!K.AIJ*[QOI(A#!64=-6-B&<1F6)KRT9[P)./@PL`B(B(B(B(B(B(B(N<
M7LC\2[>HB(H"Y:_;C'^YQ?:Y1XB(B(B(B(BVWDS;;(]5T]SO$\$=%:XWU[F2
MO#>>=&-S(VY]DYS]HQX,K;M/ZRH=45-_L-WM=EM#=002OEKF/E8#5-S+$]YD
MD<T#?D=`]ETJ[-VM7NE2=S_J/],W]/\`^KI]G_\`CTJ&>^5(/*)=*%^J;!6T
M\T%9#36NWB01/#QN9&W<PX[_``P1WEM,=+3T_*E)RA.U!;#IWJY]S;.RMC,S
MFG+A"(<\YOX[,;?#WECKG9*K47)OHH4%30PR,EN+^IJJKCIQM=..R:7D-.,8
M(''HX86L\IE=0U-YMU'0U<5:VUVREH)*N(Y9/)&S#G-/?:"=H/?#?`MFOUBC
MU/IO1LE!J'3L+J.T"">*LND4,C'\Z]V"UQST$+(V^1IT;;].4-/I&ZW.S5E2
MVICN-4S8YDA:YLT,AD8US>!:[!)[$<,*W%]H;OK6\:=N5XM?J9=;9';36P1&
M"EAFB:UT3QN<<M8]NS=GB./`%7EOU7;+C?M96JD;:WPU%)3T5FCNC@*:2*F>
M`V-SL@`O:"X9(&[&5<6F]Q6[4^AZ"ZU&F[<VFN,M7/2VP-YJD#FAH<^;G'-)
M=CV(Z`!D\<*(])S10:OLM1/*R.&.X0/>]YPUK1(TDD]X84B7[2ENJ-?7345P
MU?IN*R27.6L<Z"XLFG=$92[:V-F7%Q'#"X76ZQ\H-FOM-05-+2W*34$ETCI:
MRI9!ST#XA&T![R&ES-HR,]#B0KZW7&VVB73]@GNU#)56NQW5M3415#71,EF9
M(YD+9,X<1D#@2-SL!:5U92_FB]3^JHNJ_7!SW,;QOV=38W;>G&>&?"MX<ZQW
M2]7.2.6V7*OCL=M;14577B&EJ)&Q1B0/<'M#G,`X,+AQSWPLQ2W&VQ73D\JI
MZ_3U,RWON$-;';YV-@I9'L<YK>+N(Q_S&07<,G@HOU+6TTW)YHBCBJHGST_5
MYFA:\%T1=,TMW#O9`X9Z5(]UN?5VH]4^HEPTY>(IZFE>^T75T0@G8*=K>>BF
M<]H#VG+2&D'![_0HUY3&6:+4<4=F?%L;1P"HB@JG5$,$^WLXXI"3E@X8XD#B
M`MEU#KF[VC3NC*/3M^$38[0!41P.8\LEYU_!W`X.,<#\"V3UPV>?5E56NJK/
M-6:DTO`U[ZIXZGZM[`OCFVD;-QCP<XP<95&AU)%IVKTW!>AIZWL;=C534-EC
M$Q@;S+HQ.^1LCVY[/.P<<-SPX!8C2.F*NQ4^M)ZJYVRH8_3U8R#J.MCG-0W+
M3O`8XEK>`/98.2!CIQD:>Z-EDMD5HO%EEJ1I:BIWVRY"-]-7.:]Q?"][G!K'
MMX.&2#GOA5*.2P4.N=+;7VRV5\E!71UU+25_.T=-+)%*V(->7.:PNW#(#L`D
M>%:+>Y8Z;DXM%F?5P.JZ:\UIG@BG;)M[")H=V)(()#L.Z#QP5*5I-EMNJ0ZB
M.EXK-/2R14EUGKQ-75CWTY:-Q=(3$=QP[+6`#L<\>.J662EBMW);4RW"A9':
M+U)'7!U5&'0%U4QP)&<[=K2=P[''?5M>H(]8:?HZ"S7"W"LM5SKS-3U%9'3\
M['-('LF8Y[@UPP-IP<C`[Q60JKQ:H1=[8R[TLTE!HIMJ-0R4;*BH$['.9&[_
M`)@!Q:,=(:<<%BM(W.DI])Z<A]<4-HK(=333]4;1*ZG:8(PV1T>>+"X8)/#I
M\"N]8BD9I*X5-VHM/6N_&IAZC-@KFN;6`$E[Y(HWN8`!@AV&G)Z%&USO-9<*
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M0`._U'!SMQW\>(X+&=;30^^VH^I-]-.MIH??;4?4F^FG6TT/OMJ/J3?33K::
M'WVU'U)OIIUM-#[[:CZDWTTZVFA]]M1]2;Z:=;30^^VH^I-]-.MIH??;4?4F
M^FG6TT/OMJ/J3?33K::'WVU'U)OIIUM-#[[:CZDWTTZVFA]]M1]2;Z:=;30^
M^VH^I-]-.MIH??;4?4F^FG6TT/OMJ/J3?33K::'WVU'U)OIIUM-#[[:CZDWT
MTZVFA]]M1]2;Z:N[5^3T+3<J6YV_6=3#64LK989!0M.UP.0<%^#\16Q5W)`V
M>WUM'172W6LW!NRMGH;5LDG9D.+,NE(8TD`D-`SCP+4NMIH??;4?4F^FG6TT
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M1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$4.(B(I`T/VF=XYWW+8T1$1$1$1$1$1
M$1$1$1$1$1$1$1$1$1$1$1$1$1:MKBQ::N%"^[:D%0*>W0R2%\59-!M9C+LB
M-S<]'?6N\F^FJVDTS<;G25$]KK+WMGIH)Y'U;:"+'^DW$CB7.(.YV3TNQWE=
M\D3:V.AU+!<*]]=50W^KC?4O:&F0C9QVC@WXAP"S&L[U5T<=+9;+M=?KHXQ4
MH<,M@8/TD[Q^JP'/PN+1WUC.1]DT6D'4\]745;X+C6P\_4.W/>&U#V@D^'@M
M[1$1$1$1$4.(B(I`T/VF=XYWW+8T6)K-2:>H:I]'6WZV4U4S&Z&:KC8]N1D9
M:3D<%<-N]J=<S:6W*D-Q#.<-*)F\Z&^'9G.%?(B(B(B(B(B(B(B(B(B(B(B(
MB(B(B(B(B(B(M!Y0)+=J2QS6`7`4[)*F+JK?"\[XF2!SV#`Z3MQX%L`U/96M
M#1.\`<`!$[A_^EKVEZJW6-E]!N(D?<;G45T9;`_$8DQAIR.)&%;34VEKU1V]
M^KXZ:Z76GAYM]3'3R1M.3D[0,8'1P7SD[HM-Z0I*JEI9&&HJZJ1[I(HI`"PR
M.,;#G]5KL*241$1$1$1%#B(B*0-#]IG>.=]RV-%HVI;;;[WK"W666VTSXN9=
M<+A,ZG:72L8YK8HBXCH<[)([XCQT$K`,EH^JJ:RC;ZXV:I?5/BV_ZO-&5SS+
MX=A@(;NZ/^/3P4FW*.MEMU1%;JB.FK'1D0S21\XV-^.!+<C(^!:7H.ZZDEU5
MJC3VH;C2USK6RD?%-3TW,`\ZU[CD9/@'?6_HB(B(B(B(B(B(B(B(B(B(B(B(
MB(B(B(B(BB2X]L*OQS_**MT15:3_`'<'C&_:%+R(B(B(B(BAQ$1%(&A^TSO'
M.^Y;&B+Y@9S@9\*^J/=)]UGE!\1;/-2*0D1$1$1$1$1$1$1$1$1$1$1$1$1$
M1$1$1$11)<>V%7XY_E%6Z(JM)_NX/&-^T*7D1$1$1$1%#B(B*0-#]IG>.=]R
MV-$1%'ND^ZSR@^(MGFI%(2(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(HDN/;
M"K\<_P`HJW1%5I/]W!XQOVA2\B(B(B(B(H<1$12!H?M,[QSON6QHB(H]TGW6
M>4'Q%L\U(I"1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1%$EQ[85?CG^45;HB
MJTG^[@\8W[0I>1$1$1$1$4.(B(I`T/VF=XYWW+8T1$4>Z3[K/*#XBV>:D4A(
MB(B(B(B(B(B(B(B(B(B(B(B(BB?5>L87ZVK[!4ZJFT_;[93Q.D=1Q-DJ*F:0
M%W#+'X8Q@!.&]+ADKE%?-17!FE-.0ZBI99[JZJFFO5N#'%])#[$M#F[6R.W-
M:[@0TAV%L6C;E<8M1:@TI<ZZ6X.MH@GIJR9K6R20RM)VOV@-+FN:1D`9&%RN
M]%J6Z7^N:^\U5AL-)3QF":DYDOJ9#DO<XO:[:Q@P,8&22<JYY.+S6W[2-)<:
M^2.:<OEBZIC;M;4M9(YC90.\'!H=PX<>'!;2B(B(HDN/;"K\<_RBK=$56D_W
M<'C&_:%+R(B(B(B(BAQ$1%(&A^TSO'.^Y;&BUN]ZMI;565%*VW7"N-)"V>L?
M1Q->*6-Q."X%P+B<$[6!QP,XZ,_#JZA%VZA%)6FF%4VB=<`QO,"H(&(_9;LY
M(&[;MW'&<K95'ND^ZSR@^(MGFI%(2(B(B(B(B(B(B(B(B(B(B(B(B+XXAK2Y
MQ`:!DD]Y1C*R?3?*#>]245J=>:2]4T#7&BGAYZGDB!;M+9'M[!PVG(/2.(Z%
M@;18KQ89+)J5L%/4U<-=7S55HI:J,NA@JB"&1N<0TEA:"1D`Y=@K/6F:\4]?
MJO6?J3&;A7"G@H+1-6Q1RF*(8R]X):TN+W.QDX``[ZQVM#>[OJJ:*NT]->=+
MT\<?4U)372G@BJ),9>^8.>'/`.`&GL>!)!RI%TQ<!56NF;-;H[3,`6-H!/%(
M8VMX#'-DMQ@9P.A9M$1$11)<>V%7XY_E%6Z(JM)_NX/&-^T*7D1$1$1$1%#B
M(B*0-#]IG>.=]RV-%%FK-)5T^H+[74UEDKZFYPP=05T=6(O4Z=C-F\Y<",8:
M[<P.)P6D+(&S7ULLEA]3C)12WIES-SYU@8(Q*V=S2S.[?O:6@!NW!!SWEO-S
MH8+G;ZFWU7.<Q41F-_-O+'8/3APX@_"%&W)K:*.Q<HVO+90<]U/'%;BWGIG2
MNR8Y"<N<22I31$1$1$1$1$1$1$1$1$1$1$1$16UR[75?B7^25$8`P.`Z/`ON
M!X!_9,#P#^R8'@']EF=)@>K])P'_`"\DJ2T1$1%$EQ[85?CG^45;HBJTG^[@
M\8W[0I>1$1$1$1$4.(B(I`T/VF=XYWW+8T1$4>Z3[K/*#XBV>:D4A(B(B(B(
MB(B(B(B(B(B(B(B(B(K:Y=KJOQ+_`"2HD'0/B7U$68TGV_I/YO)*DM$1$11)
M<>V%7XY_E%6Z(JM)_NX/&-^T*7D1$1$1$1%#B(B*0-#]IG>.=]RV-$1%'ND^
MZSR@^(MGFI%(2(B(B(B(B(B(B(B(B(B(B(B(B*VN7:ZK\2_R2HD'0/B7U$68
MTGV_I/YO)*DM$1$11)<>V%7XY_E%6Z(JM)_NX/&-^T*7D1$1$1$1%#B(B*0-
M#]IG>.=]RV-$1%'ND^ZSR@^(MGFI%(2(B(B(B(B(B(B(B(B(HTUYJR>VZMI[
M*-445@IA;S5R35%*V=TCS)L:UK2X'H:XDCP*M<;_`':*V:9M-JU!17*YW^J?
M'%=64[>;9"UKGOD;&'$.(:`T<<9/'P+(:7NUVIM5W+2-\KF7">&DBKZ6K$+8
MG21/<YCFO:WL<M<WI'2#\"Q.O-63VW5M/91JBBL%,+>:N2:HI6SND>9-C6M:
M7`]#7$D>!;II>66>R4U1+>J>\\Z"]M;3Q-C9*TDXP&DCAT=/>671$1%;7+M=
M5^)?Y)42#H'Q+ZB+,:3[?TG\WDE26B(B(HDN/;"K\<_RBK=$56D_W<'C&_:%
M+R(B(B(B(BAQ$1%(&A^TSO'.^Y;&B(BCW2?=9Y0?$6SS4BD)$1$1$1$1$6(U
M1?:;3UHEN$\;YG[FQ4]/'[.HF<<,C:/"3_;B>@+4V:^K*G26F+E0VJ*2\:AD
M$-+2OG+8HW8<7.>_&=K0TG@,GO+*Z;U'<9]0UNE]04=+3W>GIF5D;Z.5SX9X
M'.+=PW`.!#A@@_`5RU+J*Y07^ATSI^CI:B[5%.^KD?5R.9#3P-(;N.T%Q)<0
M`!\)*NM':@EOE+715M*RENEMJG4=;"Q^]@D:`0YCB`2QS7`C(!XX[RV)$1$1
M:5?KK56+4SJZ31]5<J>:E;%%7VNG$U2TAQ)BD!((9QR".&<Y6C6W3-^M,-JU
M9ZB3!U+?JRX^H\)#IJ>DJ(]A:UH."]N-VT'OD=/!;);'76JU3?\`7?J!<(X8
M;5'0T-%.SFJBJ+7ND>=A]CEQ`&>E9&[7FML]^9<Y]%5E;#4T4;&5=M@;-51.
MR2Z&09!#>.01PSE<^2VT7"UV:Y2W"CZ@]4;G45T%`2":2)Y&V,XX`\"2!P&5
MNR(B(K:Y=KJOQ+_)*B0=`^)?419C2?;^D_F\DJ2T1$1%$EQ[85?CG^45;HBJ
MTG^[@\8W[0I>1$1$1$1$4.(B(I`T/VF=XYWW+8T6@W75];3:MJ+4*FAHZ&FD
MIHGRU-%42![I!G!E81''TM`W=\_P5=NI;SU;'<'14?J))=G6IL(:[GP1(8A*
M7YQ@R-(V;>`.<]Y;=<*ZDMM#/7UT[(*6GC,DLK^AC1TDJ-^3F[VV^<I.O;E:
M:R*KHY(K<&31'+7$1R`_V*E%$1$1$1$1$6B:HL>JJO5M'>[:;/44E#3%M-3U
MTDK>:F=G?+AC2"[;AH)Z!G'2H^LC.8Y*-'5&HWS6UE+51NH;I0#+J#(<!).'
MC&TG+2,%N",X65T>Z/U\W_6[[W4WFU6^S"GFN9A`9,\/YQS8FL:`6L:T>QSV
M3CQ)*R]SNM!:.4BVZNN,_4UCNUA%)%63-+61RB7G6M>3[#<UQQG'$861Y,LU
M]=JS4L3'B@NUS#J-[FD<]%'&UG.#/':X@X^);^B(B(HSDO\`>!(\"O?@.('8
MM\/Q+CZX+S_\^3YK?\)ZX+S_`//D^:W_``GK@O/_`,^3YK?\+)Z<O%SJKS3P
M5%6^2)V[+2!Q[$GP+>T1$16UR[75?B7^25$@Z!\2^HBS&D^W])_-Y)4EHB(B
M*)+CVPJ_'/\`**MT15:3_=P>,;]H4O(B(B(B(B*'$1$4@:'[3.\<[[EL:+5+
M]IJZ7:6LI77XLLM<YAJ*1].'R-`P',BDW#8UV..6N())!&>'!NDJD7-N;MFR
MLN)N;:+F/]03DEV.<W>PYPE^-N<]_"VQS&O86/:'-(P01D%1[H^-D7*OR@,C
M8UC1!;,!HP/T4BD1$1$1$1$1%PF)$3R#@[3]BBL72Y8'_P!0JOI7?Y0W2Y'I
MN%4?ZI07.Y#HN%2/BE*^&YW(\#7U)^.4J[M5QN#[G1QOKJAS'3,!:9"01D<%
M)J(B(BAZ7]+)^T?M7%$68TGV_I/YO)*DM$1$5M<NUU7XE_DE1(.@?$OJ(LQI
M/M_2?S>25):(B(BB2X]L*OQS_**MT15:3_=P>,;]H4O(B(B(B(B*'$1$4@:'
M[3.\<[[EL:(B*/=)]UGE!\1;/-2*0D1$1$1$1$7";]#)^R?L4/#H"^HBO+/V
MVH?'L^T*5T1$1%#TOZ63]H_:N*(LQI/M_2?S>25):(B(K:Y=KJOQ+_)*B0=`
M^)?419C2?;^D_F\DJ2T1$1%$EQ[85?CG^45;HBJTG^[@\8W[0I>1$1$1$1$4
M.+B][(V.DD>UC&@ESG'``'22M9K;SJ25V;)I@S4__&>MJ&P;QX0S.X#X\?$J
MEOO=WC>&:AL+K>PD`54,[9H03^MCBSXSP^$+9%(&A^TSO'.^Y;&B(BCW2?=9
MY0?$6SS4BD)$1$1$1$1%PF_0R?LG[%#PZ`OJ(KRS]MJ'Q[/M"E=$1$10]+^E
MD_:/VKBB+,:3[?TG\WDE26B(B*VN7:ZK\2_R2HD'0/B7U$68TGV_I/YO)*DM
M$1$11)<>V%7XY_E%6Z(JM)_NX/&-^T*7D1$1$1$1%#B^.:US2UP#FGI!&05J
M^K-1MT^Z:HGK(&,CI3)'2O9E]5*7$`-=G@!PSC)X]Y4=(5NH:CF&:@FI)G5M
M(ZJ$$<6Q].W<``X=\.#N_P"`CBMO4@:'[3.\<[[EL:(B*/=)]UGE!\1;/-2*
M0D1<)9(X8GRRO:R-C2YSW'`:!Q))\"Q[[]9663U>?=*5MJV<YU69!S9;G`.[
MX^"^6&_V;4%/)4V:XP5D4;]DAC=Q8[IP0>(_BLC+)'#$^65[61L:7.>XX#0.
M))/@5&WUU'<J*&NH*F*II9F[HY8G;FO'A!5RB(B+A-^AD_9/V*'AT!?417EG
M[;4/CV?:%*Z(B(BAZ7]+)^T?M7%$68TGV_I/YO)*DM$1$5M<NUU7XE_DE1(.
M@?$OJ(LQI/M_2?S>25):(B(BZZWOE%TG2WFX4TU?,V6*IE8\"F><$/(/'"L?
MSF:.]T)_JS_\)^<S1WNA/]6?_A/SF:.]T)_JS_\`"N;=RCZ1GN%)#%7S&229
MC6CJ9XR2X#P+L>B(B(B(B(H<1:;K.XUK;C1VNWZ5@O=1S1JLS@;8@';<C/?S
MCO\`@7S2T][J;]43WC2U-:7R4Y/5#`'/F<'-X%V3T#O+<U(&A^TSO'.^Y;&B
M(BCW2?=9Y0?$6SS4BD)$48<I6HK7)>Z32-UN`H+4Z(5=QE>'#JB/<0RG:0#[
M(@EY_5&/^2T[2E?1W72G)1;F3,FIH;GLJV=YLS(I'QM.>!XD''P!;_$XP\MT
ML4'".ITVV6I#?^3V5&V-Q^'#G#XE8\I6HK7)>Z32-UN`H+4Z(5=QE>'#JB/<
M0RG:0#[(@EY_5&/^2O>0VXT==R:V6*EJ&RR4D`AG:`?]-^2<'^!"D)$1$7";
M]#)^R?L4/#H"^HBO+/VVH?'L^T*5T1$1%#TOZ63]H_:N*(LQI/M_2?S>25):
M(B(K:Y=KJOQ+_)*B0=`^)?419C2?;^D_F\DJ2T1$1"O/?6OMQO\`\HU'G7+"
M(BR6F_;#:OWN'RPO1$(B(B(B(B*'$6A<HU-2MFH[G6ZIGLL<4;HHQ3M<Z25Q
M.78`(X8`7#D[@IIJR>Y4>K:F]QB$PNCJ0YKX27`@X<3P.T_V4@*0-#]IG>.=
M]RV-%%>N=9=3ZEHJ"*Y36^EM]PI14AL;P:LO>-S<@?HVL.3^LXX_XG-PRHK1
M+3ZB]4ZTU<NHG6]],9W<R*?GW0B/FL[00T!^[&[.>.."D&Y5$]);JBII:.2M
MGBC+V4\;@UTI`X-!/`$_"HWY-:ZLN/*-KRKK[5/:ZA\5N#J6=[7O8!'(`26D
MCCTJ4T7&1VUCG#O`E:.=953AQHH>(_7*U9\-O.E:#3+:26.FMY8^CJ&5!$]/
M(PDMD:_&-PR>]C!QA?;>&4C+N^:6NK*^ZP]3U%PGJ<3MC`(:V,L:`P#)(P.G
MBMBH]4U%+104;:82,AB;$'RRN<]P`QEQ[YX<2J6C[FVST-KT[0T@%'!M@C=)
M*7/#2>^<#)XJ141$1<)OT,G[)^Q0\.@+ZB*\L_;:A\>S[0I71$1$4/2_I9/V
MC]JXHBS&D^W])_-Y)4EHB(BMKEVNJ_$O\DJ)!T#XE]1%F-)]OZ3^;R2I+1$1
M$*\]]:^W&_\`RC4>=<L(B+):;]L-J_>X?+"]$0B(B(B(B(H<1:OJJ&Z0545S
MMNGJ2]%L7,OAEQSD79$Y9D'@<\1T\`N&EX[I4UKKE<M.TEDVQ&)D<>.=ER0<
MNP!AHQP!XY*VM2!H?M,[QSON6QHK:MH:6N9$RJA$C8IF3L!)&U[#N:>'@(RL
M:W2]D;>?5D49ZLYPS?I7\WSI;M,G-YV;]O#=C..^LVH]TGW6>4'Q%L\U(I"1
M<)OT,G[)^Q0\.@+ZB*\L_;:A\>S[0I71$1%PF_0R?LG[%#PZ`OJ(KRS]MJ'Q
M[/M"E=$1$10]+^ED_:/VKBB+,:3[?TG\WDE26B(B*VN7:ZK\2_R2HD'0/B1$
M69TGV_I/YO)*DM$1$0KSWUK[<;_\HU'G7+"(BR6F_;#:OWN'RPO1$(B(B(B(
MB*'%;7%K7V^J8^I=3,,+PZ=IP8AM/9`]['3_``4;5L%AJZ:W4K^4ET;:.`QF
M6.IP^9Q<3EW'H`(`Z2LKHBAME+>I7T&KI+VXTK@Z.23>8AO;Q!R<>!;ZI`T/
MVF=XYWW+8T1$4>Z3[K/*#XBV>:D4A(N$WZ&3]D_8H>'0%]1%>6?MM0^/9]H4
MKHB(BX3?H9/V3]BAX=`7U$5Y9^VU#X]GVA2NB(B(H>E_2R?M'[5Q1%F-)]OZ
M3^;R2I+1$1%B-6S2T^E;W40O+)8J"=['#O.$;B"NCWYP=8C_`/G9_F,]%/SA
M:Q]W9_F,]%/SA:Q]W9_F,]%/SA:Q]W9_F,]%;]R(ZQU+=>4VRT-PNTL]-)SV
M^-S6@'$+R.@>$!=ND1$1"O/?6OMQO_RC4>=<L(B+):;]L-J_>X?+"]$0B(B(
MB(B(H<5G=S"VTU[JEKW0"GD,C6'#BW:<@?#C*B<7?0^!CD[KR,<#S'_^ELFA
M:W3]5>YFV?351:)6TKB]TK=HD;O;P`R<\>^I`4@:'[3.\<[[EL:(B*/=)]UG
ME!\1;/-2*0D7";]#)^R?L4/#H"^HBO+/VVH?'L^T*5T1$1<)OT,G[)^Q0^`<
M#@?[)@^`_P!DP?`?[)@^`_V5Y:`?5:AX'].SO?"%*Z(B(BAZ7]+)^T?M7%$6
M8TGV_I/YO)*DM$1$6$UK[3M0?)U1YIR\]RB(I)_)^[K5A_K^8>N[2(B(A7GO
MK7VXW_Y1J/.N6$1%DM-^V&U?O</EA>B(1$1$1$1$4.*A7-G?15#:41&H,3A&
M)1EA=CAN^#/2M3K#RCOIK>RBDMC*H0$UCGC+"_<<!O3_`,<9QP5SIQFLVW1S
MM3R44D'4[A$:8#@[<W.>`/0MJ4@:'[3.\<[[EL:(B*/=)]UGE!\1;/-2*0D7
M";]#)^R?L4/#H"^HBO+/VVH?'L^T*5T1$16URX6ZJ\2_R2O.OJJI_P#D2_/*
M=55/_P`B7YY3JJI_^1+\\IU54_\`R)?GE;)R=U-0[7VF&NGD(-TI@07G_P!K
M5WY1$1$4/2_I9/VC]JXHBS&D^W])_-Y)4EHB(BPFM?:=J#Y.J/-.7GN41%)/
MY/W=:L/]?S#UW:1$1$*\]]:^W&__`"C4>=<L(B+):;]L-J_>X?+"]$0B(B(B
M(B(H<11WRC24[;K;X[EJ>JM%O?3O(;2[B]TH<.+@WCC!QGPA4^3WU'-]G=;-
M3UUY=U(X/;5,<.;&]O$%WA\"DA2!H?M,[QSON6QHK"IO-HI;A!;:JZ4<-=/@
MPTTD[6R29X#:TG)Z"OHNUK-T-H%QI#<@S>:3GF\Z&^'9G.%?*/=)]UGE!\1;
M/-2*0D7";]#)^R?L4/#H"^HBO+/VVH?'L^T*5T1$16MS[75?B7^25YS(B+9.
M3GN@:8^5*;SK5W_1$1$77V?6FE&3RM=?Z,.#W`@EW#C\2I^O;27O@HO[N_PG
MKVTE[X*+^[O\)Z]M)>^"B_N[_"V'0FJ-/7'55#1T-XIJBHDW[(V$Y=ACB>]X
M`IE1$1%A-:^T[4'R=4>:<O/<HB*2?R?NZU8?Z_F'KNTB(B(5Y[ZU]N-_^4:C
MSKEA$19+3?MAM7[W#Y87HB$1$1$1$1%#B+1M9PW(7ZBK+9I>GO+FTCXY>?`+
M6@OR,9X9X'^!*YZ0==GWF0W+25'96"F<&R4[!F0[V]B2/[X6[*0-#]IG>.=]
MRV-%$^OJVUOEN5OI#%374U]-)44$\&Z:[XYLQ\PX.R!@;=S0=I:[.WB49+1]
M5T]F:&^N-FJGU3XMN)>9,KG\[X=A@(;NZ/\`CT\%)MRCK9;=416ZHCIJQT9$
M,TD?.-8_'`EN1D?`HWY-8+K3<HVO(KU7P5U>(K=OGA@YEKAS<F`&Y.,#X5*:
M+A-^AD_9/V*'AT!?417EG[;4/CV?:%*Z(B(K6Y]KJOQ+_)*\YD1%LG)SW0-,
M?*E-YUJ[_HB(B%><UR)]4:KC_P#>?Y15KD^%,GPID^%23^3]W6K#_7\P]=VD
M1$1836OM.U!\G5'FG+SW*(BDG\G[NM6'^OYAZ[M(B(B%>>^M?;C?_E&H\ZY8
M1$62TW[8;5^]P^6%Z(A$1$1$1$10XN$L;)HGQ2M#HWM+7-/?!6M5L>LZ)VVU
MRVRYT_\`QZMW1S-^`N:=KOCX'PJI04^J*_L;[+;Z.E/LJ>AW.?+\#GD]B/#M
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M1"O/?6OMQO\`\HU'G7+"(BR6F_;#:OWN'RPO1$(B(B(B(B*'$1$4@:'[3.\<
M[[EL:(B*/=)]UGE!\1;/-2*0D5K<^UU7XE_DE><R(BV3DY[H&F/E2F\ZU=_T
M1$16=WD9%;*M\CVL:(G9<XX'05TNTM746FI8*2Y30.J><E%53NI&;J8-:X_I
M>DN)`X#(P5HUYN,]VNE3<:@_ZD[R['ZH[P'P`8"LE7JJ2JI"QM53RPE[0]@D
M86[FD9!&>D+.\G/=`TQ\J4WG6KO^B(B(5YRW/MC5>.?Y15LB*2?R?NZU8?Z_
MF'KNTB(B+":U]IVH/DZH\TY>>Y1$4D_D_=UJP_U_,/7=I$1$0KSWUK[<;_\`
M*-1YURPB(LEIOVPVK][A\L+T1"(B(B(B(BAQ$1%(&A^TSO'.^Y;&B(BCW2?=
M9Y0?$6SS4BD)%:W/M=5^)?Y)7G,B(MDY.>Z!ICY4IO.M7?\`1$165?<::C='
M$][75,N1#"#V4A`S@?Y/!8J>CJZRCEK[F7Q'J61O4+7[HVY!XNX=D<8^(C@O
M/\DDY)))[Z^(LU0Z@JH0V*NBBN5,R)T3(:S+Q&"0>P.<M.0.CP+8]"4MGGUI
MIFHMM7)%)!5035$-7@%SFR,RV(CV1/$@?!CBN\,%1!4!_,31R;'%KMC@=I'2
M#X"JJ(B(5YRW/MC5>.?Y15LB*2?R?NZU8?Z_F'KNTB(B+":U]IVH/DZH\TY>
M>Y1$4D_D_=UJP_U_,/7=I$1$0KSWUK[<;_\`*-1YURPB(LEIOVPVK][A\L+T
M1"(B(B(B(BAQ$1%(&A^TSO'.^Y;&BUJ[:PMEKN$U)-3ULL=,(S65,,.Z*DW^
MQYPYST<3@'`XG`7)FKK:Z\>IG,U88:@TC:PQ?^.ZH`R8@[.=W`CHQD$9SP6Q
MJ/=)]UGE!\1;/-2*0D5K<^UU7XE_DE><R(BV3DY[H&F/E2F\ZU=_T1%B:BZ.
MEG%-:HV5<C91'4.$@#8!TDGX<9P!WU6MMM;2-WSSOJZG+B9Y@-PST@?JCAT!
M5KGVNJO$O\DKSF1$6R<G/=`TQ\J4WG6KO75V:GE+Y*21]#4/>'OFIL-+R,^R
MX8(XGI5*2X5UOYU]RI.<@YP-BDI&N>0TYXO;TC'#B,]/0LK#/!/OYF9DFQVU
MVUP.T^`^`JHB(5YRW/MC5>.?Y15LB*2?R?NZU8?Z_F'KNTB(B+":U]IVH/DZ
MH\TY>>Y1$4D_D_=UJP_U_,/7=I$1$0KSWUK[<;_\HU'G7+"(BR6F_;#:OWN'
MRPO1$(B(B(B(B*'$1$4@:'[3.\<[[EL:*/=1T]YN&H:BEJ[#<I[`QT3A'0/I
MV-KG``ET[GR-?M:<`,`&=O$D':N+;9>C4PV`VJ84\5]=<_5'>SF3"9G3@>RW
M;]QV8VX[^<+>KG0P7*W5%OJN<YBHC,;^;>6.P1QPX<0?A"C;DUM%'8N4;7EL
MH.>ZGCBMQ;STSI79,<A.7.))4IHK6Y]KJOQ+_)*\YD1%LG)SW0-,?*E-YUJ[
M_HJ5340TL#YZB5L<3!ESW'``6(D=6WDRPPNFHJ#L',JHGC?..D[?U1Q''I67
MIZ>&G8601,C:7%QV@#)/23\)556MS[75?B7^25YS(B+9.3GN@:8^5*;SK5W_
M`$6,J[/!)SCZ.1]!42/#WS4P#2\C/LN&".)Z52DN%=;^>DN5+SE.)`V*2D:Y
M[MISQ>WO8X<1X>A92&>&;?S,K'[#M=M<#M/@/@*J(5YRW/MC5>.?Y15LB*2?
MR?NZU8?Z_F'KNTB(B+":U]IVH/DZH\TY>>Y1$4D_D_=UJP_U_,/7=I$1$0KS
MWUK[<;_\HU'G7+"(BR6F_;#:OWN'RPO1$(B(B(B(B*'$1$4@:'[3.\<[[EL:
M(B*/=)]UGE!\1;/-2*0D5K<^UU7XE_DE><R(BV3DY[H&F/E2F\ZU=_U95]Q@
MH\1D\Y5/:YT5.TC?+@9P`59P4-172-J[J2&/C`]3R0^-ASG)..R/`'X%F0`!
M@#`1%:W/M=5^)?Y)7G,B(MDY.>Z!ICY4IO.M7?\`1$6,J[/!)SDE'(^@J)'A
M[YJ8!KGD9QNX8(XG@J,MQKK?S\ERI=]*'@12TK2]VTYXO;WL8&2/#T+*0SPS
MAW,RL?M=M=M.=I\!\!7G5<^V-5XY_E%6R(I)_)^[K5A_K^8>N[2(B(L)K7VG
M:@^3JCS3EY[E$123^3]W6K#_`%_,/7=I$1$0KSWUK[<;_P#*-1YURPB(LEIO
MVPVK][A\L+T1"(B(B(B(BAQ$1%(&A^TSO'.^Y;&B(BCW2?=9Y0?$6SS4BD)%
M:W/M=5^)?Y)7G,B(MDY.>Z!ICY4IO.M7>)]]CJ7QPVQO/;JA]/+*YP8('-.#
MP=Q)[X`&'8X%7%LHZ>E=_KU;:RX1M_U)Y-O.`..<?_BWP!9!E1`]X8R:-SBW
M>`'`G;X?B^%&5-.]S6LGC<YV=H#@2<=/]N^@J("V1PFCVQDAYW##2.D'P*BV
MXT+JB:F;5Q&:&%L\C=P[&-V=KC\!VNX_`K6LN%'4,N%##,'U$5&)W-`.-CP\
M-.>@Y+'='@7GBB(MDY.>Z!ICY4IO.M7>.IU38Z6ODH)ZQS)HYV4\A,$G-LD>
M&EC3)MV`G<WI/?"R[JFG:X-=/&'%^P`N&2[P?'\"^/J:=A<'SQM+<9!>!C)P
M/[E):JGA+A+/&QS6&0@N&0T=)QX%;4EVH*NG-5#4#J;:QPF<"UCFO:'-+7'`
M(((Z/BZ5>&6(2,C,C`]^=K21DXZ<!8N:V4=29IK?/U)4ND!DGI2W+G-[SN\>
MGB"NC=1:+?=*X06JO+;@XR&:*M+8FEX=T,?T'.>`/@Z5A&6NX/EYH4LF\Q.F
M:"W&]C1DN;X1@$\%9(I)_)^[K5A_K^8>N[2(B(L)K7VG:@^3JCS3EY[E$123
M^3]W6K#_`%_,/7=I$1$0KSWUK[<;_P#*-1YURPB(LEIOVPVK][A\L+T1"(B(
MB(B(BAQ$1%(&A^TSO'.^Y;&B(BCW2?=9Y0?$6SS4BD)%:W/M=5^)?Y)7G,B*
MM1TM36U,=+20233R'#(XVY)/Q+?-`TUMM>L=,-FDCK:^JK(6.B;N;U"XR-`<
M21Q>./#'`X78^LT#7U3;O)+%0R5$M++%1/>[]$XU<LK".'8X8Z,9'$8QWE3K
M]$W*MCK*"2SV\NDJII9;F^<\Y5125+)-A`&?8#:0[(&QNWIX4+UR?W6JK;K%
M1LB9%-U0ZFF:^.-K(WTQB9!@,YS:"<8W;`T`@9X++^L62GO$E;;Z:BI0+E33
MPOC&UT<+(-D@&!P)<2<=_/%8BQ\GMR94VTW"GA,5+)2BI8^2,LJN:;+F3:R-
MN>R>W!?EQR[/1QX'0EWI8YXH;703-EB@87L<S<UD=9-+L:'MVYYM\6-P+/\`
M3P1P"S6B]-76PTMYDN38F,DI'11!D@=P$U3(/8M:`-LS1@`#(/`#"Z1(B+9.
M3GN@:8^5*;SK5W/CTBRHO-ZKKE)-)!4UT=3!3-J'"%VR&)K2]@P"0]F<'(X-
M6I^L"NH[/!006BW5,LUFCH3(9=O4E7DE]0"1D[BYKBX=GF-O\+M_)W+(T.GI
MJ">=S;KSTT@RZ5\[\PN=PXD#/[)/!<?67=Y96TU514<TLE5'4R75\NYXC$#8
MW0$$;B"06X]B6N)/'@K6RZ+O-N@M\]79J&LAIQ&'VLS-V.<*2.'?Q&PD.8X\
M>](3T\#<V;0%RHH(9:@4<MQBK+?*R?>261PL:'L:XC(`[)H\(Z<9PLQR<Z>N
M=A?6LJJ2"FIGQ0QL8'LD>7M+MW9L:W<S#AM+P9.G<>A=(KEVQJO'/\HK:=*Z
ML@M0@?<VUU<ZF#FTL9>W9`'``EN<G.!CP`9\*UV_5%NJ[G-4VREDIJ>4[N9>
M0=CCT@8[W@6.4D_D_=UJP_U_,/7=I$1$6$UK[3M0?)U1YIR\]RB(I)_)^[K5
MA_K^8>N[2(B(A7GOK7VXW_Y1J/.N6$1%DM-^V&U?O</EA>B(1$1$1$1$4.(B
M(I`T/VF=XYWW+8T1$4>Z3[K/*#XBV>:D4A(K6Y]KJOQ+_)*\YD61M-IJ+B\.
MW"GHVR-9+5R@B*+/1N/>5_/=:>VP"BL8V31OD#[FQSFR5##D8`_XMQWN/'BJ
MO)QEW*%I<$\3=:7C_5:NWE5RA3T="^Y5%C`HWBL;3;*H&21].YP(<W:`T.#'
M$')QC!`RKI^L[A3B>>KLL+*2CJXZ&L?'5[G,F>UI&QNP;F@R,!.0>)(!`XVU
M+KRXR-@GJ+!%%3O@HJJ0MK=SF153^;9@;!EX=DD9Q@<"3P5K>=?76&S,N%%:
M:=C:Z-\MO?+4%Q<UDC&GG&AO8DM=N&"?`<%7;=:US(;D8;9U6;6VHJ:XRU#8
MRR-E1-&&QX9AYQ"\C.W@!DY*'E`D9&^KDM#6T#FUO4\AJPUTCJ<D'<"T!C78
MX')([X5"CU?77FX,HC3MI8Q'715#&AQ$CF10/8YI>QCP,3'I:/XC!72-$1;)
MR<]T#3'RI3>=:N[>K]3C344,CZ&2I$[)1$&/#2^=K08XAPZ7\0#WL=]:G<N4
M&LG#JBQTS7LVQ\US\@YN7,]/&\\&EP+3,YG3C+7''`!5F:[N=MAF?=+8R=DE
M7704CXIP'O?%4&-C'-V@-:<AN[)/#)'%5X=77RGO]9:ZVW4TDW5HA:UM4&Q4
M\;:6.:1^\L!=G<<`@<<#@.*IT7*6Q\,M16VOF*>,0O=+',YS6LE9*6<7,:''
M=%LRW+27C#BJU%R@5-SEHJ:VV,&IJ&EKQ456QL$S8C))$XAA.6]BW('2X<%N
M-BN3+Q9+==HXG1,K*>.<1N.2T.:#@GX,KSUN?;&J\<_RBK9$4D_D_=UJP_U_
M,/7=I$1$6$UK[3M0?)U1YIR\]RB(I)_)^[K5A_K^8>N[2(B(A7GOK7VXW_Y1
MJ/.N6$1%DM-^V&U?O</EA>B(1$1$1$1$4.(B(I`T/VF=XYWW+8T6NW.^5]'J
MNS69ELS0UYD#JUTK<!S8W/#&M!SGL>)(QCX5BV:HNQKXZQU+2>H,MT=:VX+N
MJ`\/,0E)]CM,C2W;C."#GO+;ZVLI:"CFK:V>.GIH6%\LLCMK6-'22>\%'')]
M<[?>.4S7M?:ZV"LI)(;:&S0/#V.(CD!P1X"I.16MS[75?B7^25YS*I3.B941
M/GC,D+7@O8UVTN;GB,][XUDKO>9*TR4]+'U%;.<WQT4;R6-.`,\>DG`R?"L2
MMEY.#CE!TN?!=:4__P!K5W3MVB=/T4,D513BJDF-0'.F<2")9"]X#<X&<@$@
M`D`962J-/6*JN3KE-1,?5;@]YWNVN>&[6N<S.TN#3@.(R!T%<VV.RF(0MH8-
M@A@B#1_ZXG;HA\33Q"LWZ2TR]E47V^,QU3'QO'.OVAKW!S@P;L,RX`G9C)`/
M2%P.F]+US2UUN!;#(^%P)D9SA+][FNXCG&EYW8.YI))\*O*K3MBJH.I:BW0/
MC//'80?_`+IS(1Q[Y.<^'P*V];UDM\%96T5(!4F.5SIG2OD<YSF!KB2XDDD,
M:">D[1E>?R(BV3DY[H&F/E2F\ZU=]:ZWT5P%.*VFCGZGG;41;QG9(WV+A\(6
M+DTIIU]'U$;5"VGV/C#&99M:Z02NP001EX#LCCD95C40Z-GAAHJF"G+97N8R
M&5CP[=4N>#EIXC>YC^)[X)5PZRZ7M$3:J6DB:V68-,TSGRNDDE#81N<XDN+A
MM;D]["^P:0TS'%-3MMS'LD9%%(R65\FYL;MT;3N<>#3['P#@."OX+%9Z>IZI
M@M\,<_/2S[VMP><D&)'?&X`95[1TM/0T<%'21-BIX&-CBC;T,:!@`?P7G9<^
MV-5XY_E%6R(I)_)^[K5A_K^8>N[2(B(L)K7VG:@^3JCS3EY[E$123^3]W6K#
M_7\P]=VD1$1"O/?6OMQO_P`HU'G7+"(BR6F_;#:OWN'RPO1$(B(B(B(B*'$1
M$4@:'[3.\<[[EL:+%W*U=6W6SW#G]GJ=-)+LVYYS=$Z/&<\,;L_P6";I2N%R
M9&;G$;$RY&Z-INISSW/%Q?LYS=C9SA+_`&.>]G"VZ6*.:)T,T;9(WC:YCP"'
M#P$%1WHJG@I>537\--#'#$(;;AD;0UH_TI.\%(Z*UN?:ZK\2_P`DKSF1$6R<
MG/=`TQ\J4WG6KN+J.QUU5J:2N]1HKI')#3,I)9*CFNH)&2N<]W2'#(+3EF22
MW:>"U2UZ(OYJVBLMS(Z>=U,ZL;SL89(Z.JYQ_L27/!83@O)<>(..@_-1Z-K;
M;93-26^($S5,<T<$A:98Y*Z%T$>6\=K6`C'0P9PJM[T;>Z^.LCIK)#2T%1/4
MR4]$U\)-*YT$<;7$.)C:'.:]Q+0YS<C;@N<L?J"AJ[3;B_4%+'4R5%+<.8IY
MIQEDSXX=D@<>!>-KF@-)?V66@\5L-#I"Y<U3W$4D7JB:YDQDDE,<@@ZA$1C+
M@"YN7]('Q\2%?Z(L=QL5EO%/540I:5T;>88\Q\Z2(L.+^:.P]``<`'.P2X97
M1U$1;)R<]T#3'RI3>=:N_P"HMN&C-12WZHE@J6"V/J^9:SGB#U',_GJGA^MS
M@#6__BK2GT'<7W&WNKK533-_\1U3.Z1KAB*HJ'N80>+LMDB^`AN#T+9XM.5\
M6DX;/$R*-\-X;4QL:X;8X&UW.M`[PQ&!AOP86M1:/O[*6`T=OAH[I;Z-Q?5N
MJ`X7.L;*R2-[L');ECR2_!'.$`8R5L>@]+W&PUE9U?4<_!#$V"A<9"YVQQ,L
MI=GOF1Y`^!H6\%><MS[8U7CG^45;(BDG\G[NM6'^OYAZ[M(B(BPFM?:=J#Y.
MJ/-.7GN41%)/Y/W=:L/]?S#UW:1$1$*\]]:^W&__`"C4>=<L(B+):;]L-J_>
MX?+"]$0B(B(B(B(H<1$12!H?M,[QSON6QHB(H]TGW6>4'Q%L\U(I"16MS[75
M?B7^25YS(B+9.3GV_P"F/E2F\ZU=U:W6%-2"I+J.5W,7%]`<.'%S:<S;OBP,
M?&L?3:YJ9Y*:D]0G,KZUM*^DA-2-KF3,D?E[@WL-K87Y`#N]C.5CH.466EI6
MMN%`)*QKZF2:)L@:YL3*J2%K8P`><?AAX9;G'3DX5677]R%7#4-L;&6AT5?)
MSDE4P22"G<&Y&<-8"[([(]!SPQQMI.4L-JJ1\E,UD/.5-,^*)Q>)IFL@=%MD
M<UNUI$W%S@`,$DX`)O+MRE4ULJ*YC[:^=E&^2"00S9DYUD>\]B6@!G2T/)Z>
M\`<K8*.\37*FOM)5T/4E70$Q2,;*)&D.B#VD.P.\[!&.!!Z>E>?Z(BV3DY[H
M&F/E2F\ZU=V[_J;U(N<5%U`^>,4<]=4SB0-$,,6-QQTN<=PP!_<+"6_E`EN%
M334%)91+75+VB(-JAS.UT3Y,NDV<".;(<`TX)&,@JG#RETU0ZEZEM4LO.QT^
M^(2CGFR3-W-:UF"'-!+0YV1C.<'!7*'E-ML[I&P4%0\M:V1G^HQHD9S#I9'`
MN(`#"PL.2.RPN5EUM47J]VZDB@B@C=/-%4!CS*U^*=DK"UY:T_\`/!X=(X9&
M"JMYUM4TL%=/26DNI8JB>AAJ7S`;JF-CCQ9C]'N:6[LYR.C'%;'I6HK*K35J
MJJ]Y?5S4L4DKCMXN<T$^Q`'?[P7GY<^V-5XY_E%6R(I)_)^[K5A_K^8>N[2(
MB(L)K7VG:@^3JCS3EY[E$123^3]W6K#_`%_,/7=I$1$0KSWUK[<;_P#*-1YU
MRPB(LEIOVPVK][A\L+T1"(B(B(B(BAQ$1%(&A^TSO'.^Y;&B(BCW2?=9Y0?$
M6SS4BD)%:W/M=5^)?Y)7G,B(MDY.>Z!ICY4IO.M7=VX:<TX^KGNE=3@/!=42
M[IWMC#N;,;I-F[:'<WEI=C.%1K+5I6H]3HI&-:^K9$RBDAE>UY$+'OCV/:<M
MVM<\YR,@D<<JJW1^G.8IX8J-S(H"X!L=1(T/#I#(YK\.[,%Y+L.R,D^$JI7:
M2T]74\--44!,,//;&ME>W]*=TF<$9R[CQZ"`1C`7"#26G8^J7]2.F=4-D9,Z
M>HDE,F]C6/R7./%S6,!_9"I-TUIJY-ZJ=2RRQU49)BEFF:U^6!A>8W$=F6C!
M<1N^'BLG4T='!!=JJGC:V>J873O!)WN;'M&?B:`%YX(B+9.3GN@:8^5*;SK5
MWRGMUOJ*PU,]/').:=],2[CF)Y!<TCH():/[+'V[3=CM\\,U/`]T\3]\4DU1
M)*]N&&/`+G$X#7$`=`R>^N$&EM/T]122P4IB-+L;'&R=XC)8#L+F;L.<T'@7
M`D</`%;U6F](45!,ZIH*2"DAIZB*1SG$-9%,_?*"<\`YW'/>[V%6M-AL%-6.
MN-+#.ZJ;,YIFJ9I7O,@;S;CF0\26M`SWP!A5)M+6&:OEJY:0NDE<^5\?//$9
M>YA8Z3F\[0\M)&[&>)XJ_CJ;=0.H+5'(R-TK3'31#)RV-HR`?@&.E>>ES[8U
M7CG^45;(BDG\G[NM6'^OYAZ[M(B(BPFM?:=J#Y.J/-.7GN41%)/Y/W=:L/\`
M7\P]=VD1$1"O/?6OMQO_`,HU'G7+"(BR6F_;#:OWN'RPO1$(B(B(B(B*'$1$
M4@:'[3.\<[[EL:(B*/=)]UGE!\1;/-2*0D5K<^UU7XE_DE><R(BV3DY]O^F/
ME2F\ZU=J+WI&^7#5%;6FWQ.AGFG89=\>U\#Z1T3,EV9#AY:2S@P8R`3Q61NF
MF+S6Z4T]04$++=5T=%-$]ID`YE[J5\8P69_Y.Z1T9RK&JTC=ZEM7/:+9%8F/
M?3QQ48F;@`QR15$G8$M!+)1CODQ-)P5<G3]TLW)[JZ&KD,U8^CFIZ4QO<YW4
M\4)C@^'<0-QQQRXJE0:.J:G4-#6362"ALL4T4CZ`S->'R,@D'/%K20<O?&./
M$[`YP!PJ=HTI>J1U(ROM,5=5B.D$-P=5#-!S8/.`<=QXY<-O!Y?AV`%=:+TW
M=+)#<9KA$^$^IK*>3#H@VIF:'%TN(QQZ?9O[,Y.1P729$1;+R<=T'2_RK3>=
M:NS/K:O%UI;EZGVH4E4^JO`?<7S[75#)#-''%T[@-SF.XC:`P$')68JM'5=/
M<)H;;:(&!U522T-P9*T=00QAO.1AI[+)+9#AN0XRG<1Q5E#R?5L%#`8:*E96
MQ6NC8V02<15LFW22;OUMN!OZ2.'0J-PT1>:NU55"+1`*H4-9%4U3IF'U4E>\
M.B)XYX$;LOQM/`<,E7%7I*\OCK3-98JV.IBK(Z.G=4,:+?)),7LDXG`PTM&6
M9<WFP`#E<IM$WN&CDJ*>*FGN[YK@9:A\I:Z=DL3VQ@N!!`+MIV@C!X\.E5]'
MZ4O%MO\`3U4M'U/00U,DS&N,+2UKZ9D>-D78M.YAR!GI!R3E=-+GVQJO'/\`
M**MD123^3]W6K#_7\P]=VD1$1836OM.U!\G5'FG+SW*(BDG\G[NM6'^OYAZ[
MM(B(B%>>^M?;C?\`Y1J/.N6$1%DM-^V&U?O</EA>B(1$1$1$1$4.(B(I`T/V
MF=XYWW+8T1$4>Z3[K/*#XBV>:D4A(K6Y]KJOQ+_)*\YD1%LG)SW0-,?*E-YU
MJ[_K$:DO!LM#%4,I'U4LU3#31Q->&Y?(\,'$\``3Q^!:\-;54DM30TUC,MSH
MFSOK(.J@&1MC+?8/V]F7;P6@AO?SM5DSE`<ZGJJBAM\U?&R&JK=TDC8=D$7-
MD@<#EQ$@P#TG.2.E<9^4"NHC<9*RSQFDAKY*>*?G^;8V-L,<@WN((:]V_`SA
MN>!<,9,B12-EB9(WV+VAPX@\#\2H7/M=5^)?Y)7G,B(MDY.>Z!ICY4IO.M7?
M]%I%3KZGAM='7,ME1*:J"29D37M![&HB@VY/#),H/Q`K&7?7=SIY*F&FM\;;
MA2OYF2F?('0D]44[-PDP'>QG&.`Z3GHX[%I[57JO>Z^TRT/4D]+O.Q\PYS:U
MY9ES"`0#P<"W<T@CB#P6T(5YRW/MC5>.?Y15LB*2?R?NZU8?Z_F'KNTB(B+"
M:U]IVH/DZH\TY>>Y1$4D_D_=UJP_U_,/7=I$1$0KSWUK[<;_`/*-1YURPB(L
MEIOVPVK][A\L+T1"(B(B(B(BAQ$1%(&A^TSO'.^Y;&B+0-427"LNFH!%=JV@
M;9;9'54S:>38UTKN=<7R#_FT<TUNT\/9=\\-I9<Y_6W'=Q035$[J1M1U+3XW
MO<6AVQN2./''%1'IW5US@Y1M9UK-$7^:6IBH`^FC;%SD&V-X!?V>.RSD8)Z.
M\MS]?EY_ZWU1\R'TT]?EY_ZWU1\R'TU1J];WJ>EFA')QJ@%\;F@ED/201^NN
MK'YJ^4+WIW#Y@_RGYJ^4+WIW'Y@_RGYJ^4+WIW'Y@_RGYJ^4+WIW'Y@_RLKI
M;D]U[9M36B[3Z0N<D5%615#V,8W<X,>'$#)Z>"[,>OR\_P#6^J/F0^FL1J34
M-RO]%#1U/)YJMD4=5#4G:R(%W-O#P,B0$9(Z1Q"LGU%.^F;3GDLU<`.=#Y&S
MALDHE(,@D>)=SPX@9#B>@*E3:IHI;Q=+3%R5WSGA2EM1%&Z/?S<^-P+=X#6N
MYL8P>]WE5JJFGJ9IYI.2W5[7SD\X8J@1[@6-8YO8S#L7-8P.'0=H)XA;##KB
MZPQ,AAY,]31Q,:&L8V.$!H`P`!OZ%PJ];WJ>EFA')QJ@%\;F@ED/201^NNK'
MYJ^4+WIW#Y@_RGYJ^4+WIW'Y@_RGYJ^4+WIW'Y@_RGYJ^4+WIW'Y@_RLKI;D
M]U[9M36B[3Z0N<D5%615#V,8W<X,>'$#)Z>"[,>OR\_];ZH^9#Z:>OR\_P#6
M^J/F0^FM=CJJ1DSYAR3:H+G9`#GL+6`RME+6-YW#1SC&NP,#(5I+J6AN=[NU
MNDY+M0NK.:9+4<U,ULPYQS7!QP\;>,+""#G+>]W\I:[P;56.K*+DNU6R8M<Q
MF]['MB:YVYS6-=*0P%P!(;C.!X%F?7Y>?^M]4?,A]-/7Y>?^M]4?,A]-=6*O
MDPY09ZJ:9NDKB`][G`%@[YSX51_-7RA>].X_,'^4_-7RA>].X_,'^4_-7RA>
M].X_,'^5M?)EH_7&D=;6W4%;HR[3T]+SFZ.%C-YW1N:,9<!TN78+U^7G_K?5
M'S(?33U^7G_K?5'S(?33U^7G_K?5'S(?36/CY4+C)>Y[0WD]U":B&G9.Z,&+
MG`USB`2W=@#ATY/Q!9#U^7G_`*WU1\R'TT]?EY_ZWU1\R'TUC[_J^^W.Q7.V
MQ<G6IF255++`USF0X!<PM!/9]'%=8OS5\H7O3N'S!_E/S5\H7O3N/S!_E/S5
M\H7O3N/S!_E/S5\H7O3N/S!_E;7R9:/UQI'6UMU!6Z,NT]/2\YNCA8S>=T;F
MC&7`=+EV"]?EY_ZWU1\R'TT]?EY_ZWU1\R'TT]?EY_ZWU1\R'TU9LY3JM]TE
MM+-`ZD-=%"V=\`;#N:QQ(#O9]!(*O/7Y>?\`K?5'S(?33U^7G_K?5'S(?33U
M^7G_`*WU1\R'\1=8M0<G.OKG?;G<8M(W-D=552SM:YC<@.>7`'!Z>*Q_YJ^4
M+WIW'Y@_RGYJ^4+WIW'Y@_RGYJ^4+WIW'Y@_RKNU<FG*!172CK)-(W)S()V2
M.#6-R0UP)QQ^!=HO7Y>?^M]4?,A_$3U^7G_K?5'S(?33U^7G_K?5'S(?35_I
M;6GJ[>ZRR5%@N=IK::G94N96A@W,<XM!&UQ[X*W!$1$1$4.(B(I`T/VF=XYW
MW+8T18*^:6M%\J&U%?%.7\WS,G,U#XA/%G/-R!I&]F<\#X3X3G.-:&M#6@``
M8`"Q])9K;1W:X7>GI]E=<&Q-J9=Q/.",$,X$X&`3T+(X'@"8'@"8'@"IRRPP
MM#I7LC:2`"X@#/@XH^2)CF,>]C7/.&@D`N/P>%#)$)1$7LYPC<&9&2/#A&R1
M.D?$U["]F-S01EN>C([RJ8'@"8'@"8'@"8'@"QU/9K=3WBLO,-/MKZN*.*:7
M>3N:S.T8S@8W'H"R.!X`F!X`F!X`N$LD4,9DE>QC&]+G$`#^*^/EA9LWR,;O
M(:W)`W'P#PHZ2)LC(W/8'OSM:2,NQTX'?7++-VW(W8SCX%RP/`$P/`$P/`$P
M/`%CJ>S6ZGO%9>8:?;7U<4<4TN\G<UF=HQG`QN/0%D<#P!,#P!,#P!<)9(H8
MS)*]C&-Z7.(`'\5\?+#&&N>]C0XAK22!DGH`1TD3'LC<]C7OSM:2`7?$.^G.
MP\[S.]G.[=VS(SCPX\"J8'@"8'@"8'@"8'@"QT=FMT=[GOC*?%QG@9322[SQ
MC:26C&<=)/'&5D<#P!,#P!,#P!<)7Q11NDE<QC&C)<X@`?Q7Q\L#&->^2-K'
M$!KB0`2>A'21,>R-SV->_.UI(!=\0[Z<[#SO,\XSG<;MF1NQX<>!5,#P!,#P
M!,#P!,#P!8Z.S6Z.]SWQE/BXSP,II)=YXQM)+1C..DGCC*R.!X`F!X`F!X`N
M+W,C8Y[RUK6C))X`!<'3P-A$[I8Q$<$/+AM.>CBOLDD49:)'L;O.UNX@9/@'
MPKF=HQG'%?<#P!,#P!,#P!,#P!8^*SVZ*]SWQE/BXSP,II)=[N,;22T8SCI)
MXXRL@B(B(B*'$1$4@:'[3.\<[[EL:(B(B(H^Y19K*+G;H:VCI;I<7P3"FH:^
M:..D8TE@=/(7CAC@T8!=V1`'21JU?16REM5\@O%92UE;;M/THM56]X+LB-^)
M("3D$S`#+>/!@)/!7U4VD-1<JVK%.-51Z@I(J=[B.?:PN@VL;WPPQF3('8D%
M^>^N>EFVYE7I"II>9]7ZFJJVW1[".>D`9*91*>DALHCQNZ.Q`4LHB(B(M)Y1
MJBS0"TBZ4[:^8S/-);9I8XX*AX8<NE,G8AK`2<GH)&`3@+3H+=8Z:"II-15%
MLJ*:GL3YZ$MD#X("Z>=TH@)_]>86!PPX!K>CH5*I,$MEO==>"PZK@BMQH7S'
M_P`B-Y@A+!'GB-TQE!V])W`K=Z.C92\J-7*R:HD-3:0]PEF<]K")\88"<,'P
M#`6ZHB(B(M)Y1JBS0"TBZ4[:^8S/-);9I8XX*AX8<NE,G8AK`2<GH)&`3@+5
M:&VV2"2FH-3SVNIML5EGFI?]0/IHG&=[I1"7?^MIB8'#!`'>Z%C7FGGTY>:R
M_N:[44%GH)+=)4'_`,B-Y@:6&(GL@XS[@=O$G@5FXHK/<=9AMNZD95TUV,]7
M=JJH8*E\K>#J6%H[,L'!ASAH`(&X\1*XZ$1$1$6F<HU19H*6V>JT/5KC5$TM
MN?)&R*JE$;L<X9.QV-&7Y/00.!.`=4MEMLT=5;*#4C[1/:?4^MJ(8A*V2DAD
M=.'/9&7</].-P:#P(&[``X##PNII]*W:LOCV.OU/:*%]KEJ'9G83"#$Z(GL@
MYTV<XXD\"LW>!9S?[;<[9U#)4MO[8:Z21Q%QY_?LYN,GCS0!XMZ#&#CAQ4MC
MH1$1$1:GRB36>&S4IO+9)X361\U1->QK:R49+8G[\-V<-QW$#L,GP'3K5;[2
MVNLM/>O4A]HJI+A4MH8I6S45-.>:+(AGL7%K.==T`9<\@`+'VP66KMTAU(^&
M6DAL#Y+8ZL=G;&*B<<Y&7?\`+FQ3]D.RQM7VZ5VH)JW2=5>K/=G"CJZ!M/LY
MO9-*Z+_5D=EX)>22T`C@`X]+N$V#H"(B(B(B(B*'$1$4@:'[3.\<[[EL:(B(
MB(K.MMENKW-=74%+4N8,-,T+7D#X,A<7VFUR&D,EMI'&C_VQ=`T\Q^QP['H[
MV%4?;Z"2OCN+Z*G=6QMV,J'1-,C6^`.QD#X$AM]!!635T%%3QU<X`EG9$T/D
M`Z-S@,G^*ND1$1$5K6V^AKVL;745/4M8<M$T37AOQ9"HR6:T20T\$EKHG14S
M]\#'4["V)WZS1CL3\(5::W4$]9!6ST5/+5P9$,[XFN?'GIVN(R/X*OS<?.\]
MS;><V[=^...G&?`N:(B(B*UK;?0U[6-KJ*GJ6L.6B:)KPWXLA49;-:)::"EE
MM=$^G@?OBB=3L+8W?K-&,`\>D*M46Z@J:JGJZFBIYJFG),,LD37/B/?VDC(_
M@J0L]I%5U8+71=4[]_/<PS?N\.[&<_"K]$1$1%;5M!15[&LK:.GJ6-.6MFB:
M\`_!D*A)9;/+21T4MJHGTL;^<9"ZG86-=^L&XP#QZ56J+=05-33U5114TM13
M',,LD37/B_9)&6_P7'U,MOJCZI]04O5^W;U3S+>=QC&-^,X_BKQ$1$1%;UE'
M25T0AK:6&HC!W!DT8>,^'!5N^RV=]$:!]JH749?O-.:=AC+O#MQC/PJK5VRW
M5@@;5T%+.*=P=")86OYIPZ"W(X'XE</BCDV\Y&U^UP<W<,X(Z"/A7-$1$1$1
M$1%#B(B*0-#]IG>.=]RV-$1$1$1$1$1$1$1$1$1,CPHF1X5BKE?[1;))(ZVM
M9$]C6.+<%Q[+=M``!))V/.!QPTGH"NK?<:*Y1ODH:ADS&%H+F'(.6AP(/?!:
MX$'OY5VB(B(B9'A1<7/8P`N<&@D`$GOG@`O@EC+@P/:7'.!GCPZ?M"YHB(B(
MB(B(B(B(B(B(B(BAQ$1%(&A^TSO'.^Y;&B(B(B(B(B(B(B(B(HAY?-=7_1%)
M9);%)`QU7),V7GH@_(:&D8ST=)5'D!U]J'7'J[ZNR4[^H^8YKF80S&[?G..G
MV(4BWR[U\%TH[/9Z.GJ*^>)]0XU4SHHXXF.:TG+6N)<2\``#PD]''2K[77"\
M:>M.HX:^ZV>IJKE3T$U'3U@,;&FKYE__`!XN(SQ^);)IR2KIM87NRR7"JJJ6
MCM]$^+JF3>[<]T^YQ..).UO]@M;VWBMIM:7F'4URI:JU5]2VD8)6FG:V.)CP
MUT9!!:23GOX/`A7T5#?KU'ZIT0AI1=(*.LD<YSF.#>9<U\37MRYC@2WLAQVN
M<`0>(V'2UKGH*VXR24T5-"64U/#%%G;B*(`D9X[<N+1GCAJV5$11_6ZGNT-5
M41LDAVLD<UN8^\"<+>Z=[GT\4CO9.8"?C(6HQZJNKV5%X]1X7:<ADJ&/G94_
M^0UD.\.E,9:`6ET9``=NX@XZ0.=*[4.H(HX+M1OM-+/$VIBJK9<,R,/#_1DR
MP'.'9RW+>!XCAG3[#6W>#1VE;R^^W*HJ[I=*.&HY^;<W89G-<UHQP!&`?B6U
M:P-75:KTO9XKI6T5+5QUCYC22\VYY8QA;DXZ`7%8:"HN?JO+9*RJFN4-HO,;
M8JB;#7/;)2.=$V1S1TME>T;@,\6GI7S3MJJK;?J#F[7-;HIZP2LIG\UF*-M-
M(V4?Z>06;C"`YW9N.">@*4$1$1$1$1$1$1$1$1$1$10XB(BD#0_:9WCG?<MC
M1$1$1$1$1$1$1$1$6LZST1I[6D5)%?Z22H;2N<Z(,F='@N`!]B1GH"X:+T)I
MO1?5GK?I)*?JO9SV^9TF[;G'LB<>R*I:VL]UKY[;76=G_DTID:Y\=8:67:[;
MEH=L>TM.WBUS>\"""./VP:2BIM(VNQW1W./I*AM63%*YP$K9C,T;G<7`.(&3
MQ=C)Z55O.C:*Z7::["Z7B@JIH60RF@K70![6%Q;D#I(WN_NK>70%HFEK.=K+
MJ^DK9>>JJ/JQPAG<0T'>T8)!#1D9P>_TK;V-:QH8QH:T#``&``OJ(B+"RZ:M
M$LCY'P/+GN+G'G'=)Z>^LPQC6,:QOL6@`+61HNU=7NJ'S5KZ0S25`MSI\THE
MD!#W;,9X[G'!.T%Q(`*KV'2U'9:H5,==<:MT<'4U.*NHYQM/%D'8P8'@;Q.7
M'`X\%1J-%VB73=%IYKZR"DHI62P20SEDL;VN+FD/''.25:NT)1.ZE>^]W]]3
M2OD?#4ON#GRL#VM:YH<0>Q(:.'A6>L5DH+'224]$V0F64S32S2&22:0XR][C
MQ)X`?```,`+)X&<X1$1$1$1$1$1$1$1$1$1$4.(B(I`T/VF=XYWW+8T1$1$1
M$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$10XB(BD#0_:9WCG?<
MMC5G'<[=))S4==3NDW!NUL@)R2X#A\)8X#P[2K2U:BLUWJ7TUOKFS2M89``Q
MS0]@=M+V$@![<\-S<CHX\5ETRBMZJMI:1],RIG9$ZIE$,(=PWO()#1\.&G^R
M4M;2U3ZF.GG;*ZFEYF8-X['[0[:?APX'^*X5UQHJ`%U94,A8(WRE[\AK6,`+
MB3T`#(Z5:6W4-HN9`HZHO>9!$8WQ/8]KBPO&6N`(!:"02,'O++95M<*ZDMM%
M+6UT[(*:(9?(\\!DX`^$DD`#I).%0M5WM]V9,ZAG+W0OV2QOC=&^-V,@.8X!
MS<@@\1Q"R&4RF46,NU\MEH=`RX5/-/GW&)@8Y[G!N"X@-!/#(_NKRBJZ:NI(
M:RCG9/33,#XY8SEKVGH(*KY7"66.&)\LKVLC8TN<]QP&@<22>\D4L<T3)8GM
M?&]H<U[3D.!X@@KFJ53404L)FJ9F11`@%[W8`).!Q^-4J.OHJYI=1U44[0`2
M8W!W`YQT?$?[%6%UU)9K351TMPJS%-(,L;S+W;^!.!M:<G#2<=/!5I+[:8[9
M471];&VBIG.9-*<X8YIVD$8SD'AA<[5>+;=A-U!5-E="X-E9@M?&3Q&YI`(S
MWLCBLAD>%8R[7RV6AT,==4%LLP<8XHXGRR/#1EQ#6`G`R,G&!D>%7E'5TU=2
MPUE'.R>GF8'QRQG+7-/0057RJ-54PTE/)4SN+8HV[G.VDX'Q#BJV5A:34]DJ
M[D;93U;GU@.'1<S("WIQDEN`#M.">G'!9K*MZNLI:/F.J9FQ<_*V&/=_R>[H
M:/A.%<93*M/5*AS6CJF/-%_N>/Z+L`_C_*05:6C4-FO#W1VZN9-(V,2["US'
M%AZ'`.`):?"."RV4RJ,53#+-/#&XF2%P;(-I&"0"/CX$="K*G43PTT+IZB5D
M43>+GO.`/XJA17&@KL]15D-1@9/-O#N&2.]\(*N9)&QQND>2&M!).,\`L%2Z
MOT]5R.CAN`+FR-B=NBD:&O<YK0TDM&'$O;PZ>(5>ZZDLMIJA2W&O9!+S8F(<
MUQ#&9(W.(!#6Y!XG`X++,>R1C9&/:YC@"'`Y!'A7+*PU!J6R7"M%%25[))G;
M^;[%P;+L]EL>1M?CO[2<+,IE4::IIZN!L]+/'-"_.V2-P<TX..!'PA*JIIZ.
MFEJJJ9D-/"TODDD=M:QHXDDGH"LK3?+7=WRQT-07R1!KGQR1/C>UKL[7;7@'
M:<'!Q@X*NZZLI:"DFK*R9L-/"TODD=T-'A*N%A8=3V2>Z&U15;G5H=M,7,R`
MCB0"3MP`2TX/0<%9K*MZNLIJ-L3ZJ9L39960L+O^3W'#6_&2<*XRBM6W"C=/
M50-J&&6D#3.WOQ@C(S_`95E9]1V6\R<U;J^.:3FQ,&;7-<Z,]#VAP&6\1Q'#
MB%E\IE48ZF&2>:G8\F6';O&T\,C(^-5D1$4.(B(I`T/VF=XYWW+8UK4&FS!3
M0L9/'SS.9:YQCX.;%*Z1G#PG(!_CA:.S36I11]1T5#74U+%2ADU)/61OC=B6
M(NAI9,F1C',8\=F0,%@P,$BX-FU'2U%PJK99:B"@JH:R"DMK:F-AI721PAKR
M-VUK2^-YPTG;NR!Q('UNDKG"YE=<+9)<@:Z,U5(*AKG3TS:5K&@!S@TALV7E
MA(R1GC@+A!IG4/J[;)W44T$,;Z1\+FU#930Q1C_4A,KG;B#Q!`:X.W=/#(W&
M\VF:MTB*6@I.I*ZG:RHHX9)`[FYHW![&EV3WVX)ST$K1[KI#4DE#1'F#-45%
M//)4-A,9--732B0R!SG-V[<[0]NX@,X#CQO3H^\1QU#C2,JY:MMS%8V>J.VI
M$DK>8:2#D#8'8QC83WN*X>HVJ09ZB&:Y4E)&YSHY;C-')51XI*ANXNBR7L:^
M2/:"7.R''P+#Z8H&7^Y1Q6VA,=JIS;7U<3:QLD<A$=3SA):XAQ)=$7`\79!<
M.*VX:?N\.CK72-@$M9;+D*ME*91B2)E0YS(PXG`/-ENW)P"`#A4[M0W>[5\%
MQK--[K7'4CG;=NBZHJF"%P:^7L]C@U[NQ87<!V73@+"T&B+W)'$^YTYDE;44
M.S=5EQBIFN//1;L\>P<&._7`[X5C+I^\>J%VM$=JGGJ8Z-K;;*VJ#66_=5U)
MBD&7<-K-GL<N`;MQ@JK7Z6U74W*Z21T,L3JP5<4DL4S&!X=-&Z)W.<X7N&QC
ML9#=A.UH`XJ]U!9KG:)Y(K.6TCKA='T='"R;`%/44\;97M:#P+'QNDQ\#CW^
M.V7G3]757NP/H:NIHZ2AIJF%\\#V<XW<(@P=FUV?8GCCO!:/0:1U/3/M,=1"
M\.IXZ5K*F$QYIN:D>93N+\CG!V1#6NW[L'&.%"Q6&^5VG[34T5IJ*>)UMIC<
M&OJQNNIYZ)Y;G=G/-MD&7[3V>SHZ,K'HROKZFO?46LT]K=35OJ?02SC%+)((
MPS+6N+1DB5P`R&[^&"ONE=.WN@U#:*L6:6EACABCGY^6-S8XVTP80QS'[@=X
M_1$/9GLP0>B55C;[;GW.C9#'.(9&2LD:\L#L8/@((S@G&1C.%I.JK0VSVRDF
MJ:AM30BKIF544CA&:M@?*YP>YQVDE\C7'<0T[<$]EA-'T=9<+)I>MAA<(*:\
M5M20^;>60.ZI9'AV3N'9L`QD8Z."HW"VZE=9;_88M/32"JKZBIAJA50ACFNG
MYQHP7[@2.'$=*VBRTEPGU/<[[64)H(I:6&DA@?(U\CPQTCR]VPEH_28`R3P/
MAPJ;+!>6WL5QOKS2]4&7J?=-C9G.W])M_P#UCX%1OU!<X-2&\45+4U,<]NZB
M<:-T0GIW"0O#F\Z0TAV<'IP6MX'O:@S2^KI)[:ZOA'/M$`9+3"$"C+:F1[W!
MP+=NYA9DL8=^""`JGK-U!3VB!E)"8ZJ2VB.NQ.'.GE%3&\M=EPW$QB5H).,'
M;D`JBS1=_EIJN;J:6-PI*CJ"G=.V,4TKY<M#6,<6L['<1@D-WD`]Y;/IJT5U
M)J"2>KLTHJN?JWSW8U0VU$;Y,Q-#`278;M&UP`9L.,YXU+[8[U4RZMEM[N:D
MKZ"FAI9!+L+G,YW>W(XLR'`;N]G/>6IU5IGAU-;P[3-4RR5$TKF682Q\2VFP
MYY:'\W@N+>Q+N);NZ5L<UGU!!H[3,+Z9U?<K=54\\\+:ANXM:79:'O(#BT$#
M)/'"QESLNI+UJ**OJK94TL4KZ;F_]2%SZ-C'GG1S@?EH>TG@T.W!V#C'"C4:
M7U0ZCB=7-=6MI:EM-U-EDW5-'%'(V-Y8][6EQ>\.<"X'@#Q("RVF--7JAT]?
MJ*M#GU-;2QQQ.DF#W.<*5L9#G#P.&W/?QGX585]AU-<[?1MBMS[?+;K0:/#Z
MI@DJG/=#O8US"0QNV%PW$@Y>.`QE4)=(7*NKJN2*T/HK.YE4:6WR3M`AE,,;
M6OVM<6C+PX@`G:1NX$JA6Z0OT38::&W<]12MI75#.<;+F<02-DD+'O#7DN+,
MN=GB`X`D9%S9-)7ZI=:F:@IGRTL;&BHAFJ0\.<*&.([@'$.'.-<?CP[I4@:5
MIJVBTS:*.XDFM@HXHYRY^\[PP!W9=_B.E5[U1.N-O?2LD:QQ?&\.<W(RU[7=
M'\JTZ]:3K(8*=\'.7.%E4R2KI>QC?51E^Y[>\TC(8[:2`<.'0<+'T6G[A'<6
M2S:8G,;C3^IX]4!BV-;*XO!=NRW((=A@<#GF\[6A9.XV2\-ME]-/1=43S7ZG
MN$$+96M,L3'4Y/$D`'_3=P*^2'4DM[KKL-)S_P#DVQM&R"6K@P'MDD.7D//8
MD/'0">!X+,PV"O@T=;+%3W+F:JCIX(75#2\;MC0#C:YIP<>%7%EM-?1VZJI:
MZYOJI)B=LN7DL!;CAO<X_#TK4Q;M4OTG1::I;1%15=!0/I_5"21A;O;"8V.I
MRUQ<TN)XN<!M!/252HK1>:&^4]VMNGZJBM,,S-UJ;41[WNYB5CI0-^S&YT0/
M99.PNQGIH6?1]];3TM1<:<NN$#K5L>ZIW&,1O'5.TYX9:7`_K#AQ6.H='3VN
MQW"LKX#:W6VWYHI7U(V1SLGGD,@#7$`.:8AD\2"1CI"VD66ZW7DZFCE8UMXN
M+A<)()GG:V0R-E$!)Z&@`1_P5.^4U\O=935DNFC';:>6(U-'))%U36-&\N:2
M'EAC:XL=L<>R(/1PSK%;I'4$]MN--/8Y:HU5,8[7&ZK9BUM,[W<VXEW3L+.+
M=WL=G0!G8[%8+[3ZXDN%4R1L(J*N1]4"P"HBD/\`I1DAQ<_:-N`6M#=G`G/'
M*WVS7FIK-3SVV3F)*VSPTM+,)-I$K73D\1Q;^D;V7P_`M.K+5407^UXTQ4PV
M6HJ0#9A.P\ZYE+-OD(#]F"3&,%W9%F3QQG8G6>_Q:&LM*ZD=57&BK:>I=3"H
M:7"-D^\1[W$`EK,-SGCM6,O5HU-?+Y%7RVNII&/ZF9"#)"YU'LE)D=O#^PW-
M(]B'%P&TX5.JTOJ<TQZH!JH:.KCIHJ8N;-U50QB0M<YCW-:7%TC,ASAPB!X\
M`LOHO3EXME#=HZ]KB^JI((XS)*U[@6QN!:2/U=P;_#I/2L/5:>U1<;)9Z5EM
M?036FT]3$OJF!]4]PB:^-CF..QI;&[LB0<EO#I*J#25?77![A9W4=C=//)';
MI9F`1DTP8'%C7%H#I.(:"0"-W`E6DVD+[3T]!`RWF>FD@H37LYULQ?4,9,)9
M"Q[VMD)<Z/)<2#@'#BT8J6'2%_GDM,>H*5\E%!3LCJ(9JD/:YS:8Q\0'$.&[
MC_8]Y2)I6FK:+3-HH[B2:V"CBCG+G[SO#`'=EW^(Z5ED1%#B(B*0-#]IG>.=
M]RV-$1$1$1?&M:T8:T`=/`+ZB(B$`D''$(B(B(OC@'`AP!!Z05]``&!T(B(B
=(B(B(B(B(B(B(B(B$`C!&0B(B(B(B(B(B(B__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g275610.jpg
<DESCRIPTION>G275610.JPG
<TEXT>
begin 644 g275610.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`U1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5]-1TU47TQ)3D4N15!3_]L`0P`'!08&!@4'!@8&
M"`@'"0L2#`L*"@L7$!$-$AL7'!P:%QH9'2$J)!T?*"`9&B4R)2@L+2\P+QTC
M-#@T+C<J+B\N_\``"P@!,P':`0$1`/_$`!P``0`"`P$!`0`````````````%
M!@,$!P(!"/_$`%$0``$#`P("`PP&!P4%!@<```$``@,$!1$&$B$Q!Q-!%!88
M(E%55F&3E-'3%3(T<7.Q(S9"=8&1LS,U0Z&R%R528I(D5%=TTN((969R@I7!
M_]H`"`$!```_`+[],W;SC4?]:?3-V\XU'_6M>:KJYY.LEJYWOQC/6.'Y%8^N
MG_[Q/[5WQ7.^F&^7JTVNVRVR[UU(^2=[7NAJ'M+@&C@>*Y)W]:S]*KQ[X_XI
MW]:S]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*KQ[X_P"*=_6L_2J\>^/^*=_6L_2J
M\>^/^*=_6L_2J\>^/^*=_6L_2J\>^/\`BG?UK/TJO'OC_BG?UK/TJO'OC_BG
M?UK/TJO'OC_BG?SK/TJO'OC_`(IW\ZS]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*K
MQ[X_XIW]:S]*KQ[X_P"*=_6L_2J\>^/^*=_6L_2J\>^/^*=_6L_2J\>^/^*=
M_6L_2J\>^/\`BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/TJO
M'OC_`(IW]:S]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*KQ[X_P"*
M=_6L_2J\>^/^*=_6L_2J\>^/^*=_6L_2J\>^/^*=_6L_2J\>^/\`BG?UK/TJ
MO'OC_BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/TJO'OC_`(IW]:S]*KQ[X_XI
MW]:S]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*KQ[X_P"*=_.L_2J\>^/^*=_6L_2J
M\>^/^*=_6L_2J\>^/^*=_6L_2J\>^/\`BG?UK/TJO'OC_BG?UK/TJO'OC_BG
M?UK/TJO'OC_BG?UK/TJO'OC_`(IW]:S]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*K
MQ[X_XIW]:S]*KQ[X_P"*=_6L_2J\>^/^*=_6L_2J\>^/^*_5.C[E<9])6*>>
MNJ))9+?`][WR$ESC&TDD]I6DB(N6].O]S6G_`,R__0%Q%$1$1$1!S"Z]>=0P
M:5TSHZ&CTKIFK=6VD5$\U=;&2R/?UCVYW<#R`4;>],0ZJ@TI=M+VJ&AJ[Z^>
MFJ*&)Y;#%-"072-W$[6%AW$=F"H*NT6&VFON=FU#:[TRW`&LCI.M:^)I.W>!
M(QN]F<`EN<9'8IH]%->+N[3YU%93?S"9XK>'R[I&;-_URP,:2W)P2#@94+7Z
M)ECL\-VM=ZMMVIW5K*"4TQD9U4SAEH/6-;EIP?&'!;DO1^UT5V9;M4VBXW"U
M4\E354=.)LAD>.LVO<P,=MSV'CC@MVIT5>;W/9*2-UDI7=[C+DU\;3`TP-<[
M+I78XR<R7<L#GP454Z#J74-NK[+>;?>*>MN+;8'4W6,ZNI<`6M<)&-."/VN7
M!8[[HZFME)<I8-4VBNJK;((ZJDC$L4H._8=HD8T/P[GMSPX\EL]$='25VKS!
M6TL-3#W!6.ZN9@>W<('D'![00"%ZZ&Z*CN'2';:2OI8:JF?#4ET4S`]I(IY"
M,@\.!`/\%JT&B72V"W:AN>H+7:[;7NDCA=4&5[R]CMI&QC''UYY`<SDX6>3H
M[N=+>KY;[E<*"AI;*V-]97RN>Z$-DQU>W:TN<7@@@8SS\BG+UHOK]-Z&MEA=
M;[C6W.JK]E;2@L$\8,>"\N:'`,`?D.'BX*K5PT:([1772TZAM=Y9;]O=D='U
MK7Q-+MH>`]C=[-Q`W-SS'8O6K]#RZ3@+;C?;5)<`YG_8*=[W2ACV[@\Y:`!C
MUYXCRJZ]%-GLEWT%?*&X4-(^NN-<R@HJN2-I?!,Z![X]KB,@%[&CA_Q+ST!V
M"UU-ZGKK_;8:N&2=MLIX*F(/;U[VO>]VTCFUD1_Z@J-;=+4M3;(KI=-2VNT0
MU,KXZ>.<2R22;2-SBV)KMHR<9=C/8I%W1K=XKEJ&BJKC;*6.Q"%]74S2N$9C
MEXL>W#22,$'&,\0`"5KUN@ZN.IL`H+O;:ZBOAD;2UK7NBB:8W8DW]8UI;MY\
MN7)>:_1D3+#<;W9]26V[P6UT8JV4S)F.C$CMK7?I&-#ANX</*I.CZ+ZNINM/
M8#J.RP:AE8UYMDKI0^/+=VUSPPLW@<2T$E0UKT>9[33WB[WRW6:BJY'QTCJL
M2O=4%APXM;&QQ#0>!<<#*WH.C>[=V7N&MN-MHJ>S,AFJ:J61SHG0R\621EK2
M7@C!`QDY`QE;#^CED?T5/+J^R,H+N,6^I(G(J';MKF[1'N9AV`2X`<1Z\1\6
MA*Z%]TDO=RH;116VM-!-4U)>]KYQG+&-C:YSC@9Y8`(RMB'HWN]1=S;Z6X6R
M6!UN=<X:X3.;!-3M."0XMR"#G(<!C!6"LT7%3VVAO,&I;966B:N%#/5PLG`I
MI=N[QFN8'$;<G+0>2S],-BM.G==U]MLTL(I8PS%/&'YISL;XKBX>,3];()'C
M<\Y"HR(B(B(B(@YK]A:)_4S3W[MI_P"DU>41%RWIU_N:T_\`F7_Z`N(HB(B(
MB(.874KH-(:DL&E&5.M:6V5-NM@I9X):&HD(=UCG<"QN.3O*L]%K?3MBO&F+
M7;C55E@M,55%4UABZN6I?4M+9)6L)X!HV[0>/#UJ+H:O3FDK+J7Z.U#'>:^Z
MT9MU/'!2RQ-CA<YI?)(9&C#L-`#6YXGFI[OQT[_MS[Z?I#_<_<O5]T=4_P"M
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M>JN"GFCHZ2"WS1.>]\;F`O<\!K0`XDX)5>U!>+=5]'FCK/3U&^NM\M<ZIBV.
M&P2/86<2,'(!Y*Y:EU7IG4%WUA:W784UON\=!-2W%T$CF,FIXFM+7M`W[3XP
MR`<$`\EZM.M=-Z8[PX*2XRW)MH=<&5\L-.YFT5&T;HP\#=CF,@9QQ`RM'4&J
MV,T]>:1VNQ=WU;1!34]!:VTP<S<"YT[G1-(&!]5A/'MPJQTKWFW7_7-?=+54
M=T4<L5.UDFPMR6P,:[@0#S:0L]CU'2VOH^JZ*"KZN\MO=+74\>QWU8V.\;.,
M<'8X9RKU%KG25+TB:9K+?5/@L<534W2N>8G>)4U##N9M`R0S#6@@>7'!0FG;
M[8J+25LBM6H;;8;NQ\SKE+4VHU-1.2[+#%)L<``W@&Y;QYGCE;FK]:Z=NW^T
M6:DKWN-[IK:*-LD+FOD=$6=8'<,`C:>W!["5HV'46D/HKH^H+Z]L\%LGN#ZV
M%\#I&1&0M,+G-_;;D9+0>0_@I&YZQH6Z+U'9:G5E%=*JM%.^BAH+6::GB,<S
M7D']&SQB!Y,8'/)4]8H;'<NFFAU#/<*FCNDTPGGL<U%(V>GGZHEVYY`9U0P7
M[LYQCAVJLV36D,NB[+9H-44]@K;4Z6)XJ[?W3%4Q/>7A[2(WEKAD@C`!X<5@
MO&L;376K7E,Z\5E9)7TU!3T,M7`UCZCJ907D-C:&L;S(!XXP,DJ'K;_:9=/=
M'5&RJS/:'SFM;L=^B#JD/;QQQ\7CPRKG/K^VU0U/;;;J.*TOEODURHJVHH3/
M#4QR``L<TL<YAX`@[?*"M'OUM/TI<HZO4=1<8QIFLH(ZJ2D$,<E3+QVQ1L8"
MUF<<7\<Y/!4Z&\VYG13+834?[R-^CK!#L/&(0%I=G&/K'&,Y67I=N5GO>M:N
M^V6YMK*>X-9*YO4OC=`X-#=CMP&3XN<C(XJCHB(B(B(B#FOV%HG]3-/?NVG_
M`*35Y1$5;UEH.[Z]I:6BM%11PR4DCI9#5/<T$$8&-K3QR%4/!RUKYSL?MI?E
MIX.6M?.=C]M+\M/!RUKYSL?MI?EIX.6M?.=C]M+\M/!RUKYSL?MI?EIX.6M?
M.=C]M+\M/!RUKYSL?MI?EIX.6M?.=C]M+\M/!RUKYSL?MI?EIX.6M?.=C]M+
M\M/!RUKYSL?MI?EIX.>M?.=C]M+\M/!RUKYSL?MI?EIX.>M?.=C]M+\M/!SU
MKYSL?MI?EIX.>M?.=C]M+\M/!SUKYSL?MI?EIX.>M?.=C]M+\M/!SUKYSL?M
MI?EIX.>M?.=C]M+\M/!RUKYSL?MI?EIX.>M?.=C]M+\M/!SUKYSL?MI?EIX.
M>M?.=C]M+\M/!SUKYSL?MI?EIX.>M?.=C]M+\M/!SUKYSL?MI?EIX.>M?.=C
M]M+\M/!SUKYSL?MI?EIX.>M?.=C]M+\M/!SUKYSL?MI?EIX.>M?.=C]M+\M/
M!SUKYSL?MI?EJS2=%W3+);/HM^M*$T?5=08^ZI<F/&-A=U>[&.&,\E6?!SUK
MYSL?MI?EIX.>M?.=C]M+\M/!SUKYSL?MI?EIX.>M?.=C]M+\M/!SUKYSL?MI
M?EIX.>M?.=C]M+\M/!SUKYSL?MI?EIX.6M?.=C]M+\M/!RUKYSL?MI?EIX.6
MM?.=C]M+\M/!RUKYSL?MI?EIX.6M?.=C]M+\M/!RUKYSL?MI?EIX.6M?.=C]
MM+\M/!RUKYSL?MI?EIX.6M?.=C]M+\M/!RUKYSL?MI?EIX.6M?.=C]M+\M/!
MRUKYSL?MI?EIX.>M?.=C]M+\M=XT[I&Y6W3]JMU1+3.FI:2*"0L<2TN:P-.,
MCED*M(B*U:"^VU?X3?S5Y1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$7'$
M1%:M!?;:O\)OYJ\HB(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B+CB(BM6@O
MMM7^$W\U>41$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1%QQ$16K07VVK_";
M^:O*(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(BXXB(K5H+[;5_A-_-7E$1
M$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1<<1$5JT%]MJ_PF_FKRB+XTAPR"
M"/4OJ(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(N.(B*U:"^VU?X3?S5Y5+Z1
M*!MV^@;8^OMU.V6OZSJJ^-SV5&V)Y#-K2W=Q(=@N'U?X*!^E<=$5P=01T]OD
MACJ8O]WN(88XYBR2:'CG:1EP/'&>9YK8IA/:K[J"GT6+:VBIZ.DGDIY"[J&/
M+9L[-G)SFMB)\HP>U7NPUYNMCMMS=&(S5TL4Y8#G;O8'8SVXRM]$1$1$1$1$
M1$1$1$1$1$1$1$1$1$1$1$1%QQ$16K07VVK_``F_FKRM>NH:*X0&GKZ2"J@)
M!,<\8>TD<C@C"^,H:)@B#*2!HBC,,>V,#8PXRT<.#>`X#AP'D6E/;Z"VV6N@
MM]%3TD3HI'%D$38VD[3QP`./!8-#_J7I[]VTW])JG41$1$1$1$1$1$1$1$1$
M1$1$1$1$1$59AUQIF;5TND8[G$Z[QLW&+L)[6!W(O`XEO/'W'%F1$1<<1$5J
MT%]MJ_PF_FKRB+3NW]UUOX$G^DJ.T/\`J7I[]VTW])JG41$1$1$1$1$1$1$1
M$1$1$1$1%#ZCU+8M,TL57?;E#10RRMB8Z0GQG'LP./K)Y`<2I9DC)(VR1N#F
M.&6N:<@CR@J,U#?[3IVTU%VNU9'3TD#<N<3DN/8UH[2>0`57MO2SH*MLD%W?
MJ"EHV2`YIZEX;.PCF#&,G^(R#V%:E5TJVVIII3I>QWV_S[3U7<MOD;$YW9N>
MX#`]>"N==&&O>EC4]PO%%34-OJ'-F+WU%Q8^.*A/+JL-XGEP;S&#DKI/>AK:
MZ9-_Z0JJ")W.GLE,RE#?ND=N>H"Q]!=@M6MF:@-=4U-%!MF@I9G9<)P<[G/_
M`&AGB!Y3QX#CV-$1%QQ$16K07VVK_";^:O*C[[=J2QVFJNE:YP@IV;BU@W.>
M>0:T=KB<`#M)6K)J*A@TM'J6H$L=(^FCJ0S&Y_C@%K0!S<2X#[RM6&^-NE#>
M:.:BGH:^BA(GIIBUQ:'QES'!S26D$`C@>8(6?0_ZEZ>_=M-_2:IU$1$1$1$1
M$1$1$1$1$1$1$1:U=74=OI7U=?5PTM,P9?+-(&,;]Y/!?G_4W3U5Q:WI*+35
MM%PL\<AA>`/TE<XG&8B,X`/U>!SQSV8Z*V7I6O(!93V'35.\?XKGUM0S^`VL
M50UYT+7K5,--5U.M:BX7>-X8Y]9"V.!L1/C;(XQXI[?7C!QS5IH.AG1$%#3T
MU72UU;)%&V,S2U\[2[`_X6O#0/4!A?;ET+]'M7;JFDI[&RCEF9M9412/+XCV
M.&YQ'QY+>Z.NC6P:)M3*>."*MN+CNGKI8AO>[R-SG:T=@!^_)5[P%BAIX(#(
M8(8XS*\R/V-`WN/-QQS/`<5E1$1$7'$1%:M!?;:O\)OYJ\JK:QTY7WR2CGH[
MNZD=1ME='"8&R,?(YNT/.>1`+@#V;B5%G3]_=H"ATR]T$E9!0PN%2]P:P3Q/
MC<R(M`.6^+C=ZLXXKQ4:=DO'?#==26V.%M1%&*>E;.7.8(HY!O<YA`))D=P\
M@':>%CT/QT7IX_\`RVF_I-4ZB(B(B(B(B(B(B(B(B(B+XYS6M+G$!H&23V*-
MH[_9*VV?2U+=:.6WY<#4MF;U8(.#XV<<"JG<^E32T3Y:6RRU&H+BT';2VF!U
M1N/9E[1M`SVY7*=$ZTZ6]4:RO%EA$=!OES4OJ:3>VTM&1AK21DG@,.SD\?*5
MU:AZ,+*^J9<-3U=;J:X-XB2Z2;XF'_DA'B-'JP5;7V.SOK:&N=;*7NJA:YM+
M+U0#H0[F&^122(B(B(B(B+CB(BM6@OMM7^$W\U>41:=V_NNM_`D_TE1VA_U+
MT]^[:;^DU3J(B(B(B(B(B(B(B\1RQ2;NKD:[:XM=M.<$<Q]Z]Y56[_-*]],^
MEC=X&W."/K'M<X!@/:S<>&X#B6^3[CC[<-?Z)M^15:JM#'#FQM4Q[OY-)*YA
MK+_X@+7;+S;Z?3U*+I;\A]94N:Z/<SEMBSCB.>2,<,>L74=*-`\!U/I35]2P
M@'?%9I"/\\*H=)72_>;5IX36;25\MLTTHC;6W:B$<3!SX#)RXXX!V/X\E+Z8
MUITDZLL5'<+1H^V4;)HQ_P!KN-:X1R.[7-C:W=M)Y9/\2L]]T7T@ZGM%70WG
M7%)1Q5$1:ZEMEOVL<>P.D<[?MSS`QD*O=%G0C26JD?5:U@@N%67GJ:(N+X(1
MG&XCDYQP/4!CMY=KH:&BM].VFH*2"E@;]6*",,:/X#@LS(8F222,C8U\A!>X
M-`+B!@9/;P7M$1$1$1$1$1<<6*HG@IH'U%3-'#"P9=)(X-:T>LG@%7>_K2?7
M=5],1XSCK.JDZO\`Z]N/\U8J:H@JH&5%+/'/`_BV2)X<UWW$*WZ"^VU?X3?S
M5Y1%IW;^ZZW\"3_25':'_4O3W[MIOZ35.HB(B(B(B(B(JYJ[6>G=(LHWWVX-
MI^ZY1%$W&YQ\KB!QVCM/8L=SU[HNUMS6ZHM49QG:*EKW$?\`VM)/^2HNM>F:
MW4NFZRLTE1UUSJ&C:VJ-#*RFASPWN>YHR!G@.TX6MT>](^OM3Z;IYZ31#*^:
M,F*:X2US:6&5P_:#2TDGR[>&<\N2L-7#TOW2GFA%1I>RLE86B2'KJB:/(Y@D
M!N?7@KG_`$4='/2+0RWF.YZDK[%1OJ"'-@+)7U4@/&5I>#@$?M<S_!=''1E3
MS'=<]8:NN&?K,ENCF,/_`.+`WU_S59IN@/3,.LOIA\TL]G#=XMLQ+\RY_:>3
MES.W!XD\SC@NG6[2NF;8!]'Z?M=*1VPTD;3_`#`7R\Z6T_>ZVWUUUM5/55-O
M?UE,^1O&,_\`]';@Y&0#S4WA:MRM]#=**6AN-)#54DHQ)#,P/8[CGB#ZUL1L
M9&QL<;6L8T`-:T8``[`O2(B(B(B(B(B(B+CBC[G06VH+*VXTS)VTC'/:)1O8
MSADNV<B[`YD9\B@JC5KQ3T`H;#55#ZFE=6OIB]C'14S3]<CB"3S#5-VJBM;/
M]Y6VF9`VMC;([JAL;("-P<6#ANX\\95\T%]MJ_PF_FKRH#5C;KW''+;ZZHI(
M8BY]1W'3MFJ9`!XK(PX%N2XC.0>`[.:@X]2W4]&%-?B^E==IH8HRYH_1LF?*
MV(ES>PM<[QF]A!"Q5%[K;0_45HN4E?=8Z>&)T$\-)UDV)8I,B01-`P'1G#L#
MZP'9E6/0_#1>GOW;3?TFJ=1$1$1$1`<\D7D/87.:'`N;S&>2UKC<K?;(#4W*
MNIJ.!O.2HE;&T?Q<0N)WWI_MU)K**UVBVNNMH;F*6H@.9)I3]7JAR(SPX_6S
MPY<;B*GI3OX_[/16G2E(_P#;JG=VU0'E#&X8#ZB56-6]!@U&ZFK:W5]RJ[MU
MC14556UKFNB[6L8T`,QQ(XD<3E=)T[HG2VG:2"GM=DHHW0L#>O="UTS_`%N>
M1DDJ?J*>"IIY*:HB9+!*PL?&\9:YI&"".T+Q0T=+;Z2&BH:>*GIH6AD<430U
MK&CD`!R6PB(B(B(B(B(B(B(B(B(BXXL52R*2FFCF.(GQN:\YQAI!!X]G#*YA
M25MB@I*ML.H;O--/3QTD=8VUN/5TS.`8S#<'(SXWEXKI=N;`RWTC*4.%.V%@
MB#@00P-&W.>W&%<]!?;:O\)OYJ\J)O5DANLM)4=V5='54CG&&>ED#7`.&'`A
MP+7`C','D",+1&C[2+-]"%U2ZW&!\3X3,?'<]X>92[GUF[+MV>9*^Q6*GM-!
M>:D5-35UE9$73U-4X.>\-C+6M\4```9P`.TGF5FT/^I>GOW;3?TFJ=1$1$15
M'I"UY9="6IE;='NDGF.VGI(B.LF/;C/(#/$GAR[2%#Q]+^CZJ"(VDW*[54D8
M?W);Z&265N>QW`-!_BH_4E_Z3;[9:R#2^C9K.9(CLK+A5QMGQCB&1#.UYY`D
M\/\`-5;H>MG2Y#I=S!6T=!1]<XT\-XII))@,G=@`@M;G/`]N2.'._P#T3THR
M>-)J^Q0D_L16ESFC^)?E<LTAT>])K^D"^/NVH;A;J65P[MN5-)@UK3Q8(L\C
MCMQX@X>I=:MW1;HREG%766U]VK>VINLSJI[OX/.W_)31TAIDWRCOHLU(VXT<
M1B@F9&&[&GU#AD<<'&1DXYJ?1$1$1$1$1$1$1$1$1$1$1$7'%BJ(VS4\T+F[
MFR1N81G&001C/9S5&M=\U);XJ6Q&DL<E93Q-A;%],-;(0T8&6>7`'P5Z@=*Z
M&-T[`R8M!>UKMP:['$`]O'M5NT%]MJ_PF_FKRB+3NW]UUOX$G^DJ.T/^I>GO
MW;3?TFJ=1$1$4;?[W;-/6J>ZW>LCI:.`9?(\_P`@!VD]@'$KEE=I&X]+;?I7
M5#)[+9F,<+30M8WND%V/TTI(X9`X,^[[ST_3.G[5IBS4]GL],V"DA'`<W/=V
MN<>UQ[2I;"(B(B(B(B(B(B(B(B(B(B(B(B(BXXL54)74L[8';9C&X1GR.P<'
M^>%S*.IT8W3C;/46T.O8I^K?3=QN[J=4[>)#\9SNX[LX72;<VH9;J1E6[=4M
M@C$ISG+PT;O\\JYZ"^VU?X3?S5Y6C=;K;;13MJ;G6P4D+GAC72O#=SCR`\IX
M'@/(LT=;1RT(N$=5`^C,?6BH;(#&68SNW<L8XY4<ZZ6Z[V*MJ;96P5<(BD:7
MPO#@#M)P?(<$'^(6/0_ZEZ>_=M-_2:IU$1$7/-=]+&E]%W6"UW!\]35/:7S1
MTH#S`W&6[LD<3PP.>./+&=;3NG;CJZX4FL-:LC,;,2VJS,<)(*5I&6RR=CY2
M#SY#_(=,1$1$1$1$1$1$1$1$1$1$1$1$1$1%QQ5_45VIK55TSZJOK86/AD:(
MJ>E,S7$X`>2`<%O8.U4_Z:;S[^-1YQC/T/\`^U=)H7;Z*F?UKY=T3#UCV[7/
MX#B1V$\\*XZ"^VU?X3?S5Y5.U]>:*Q_1M6:6&6[.?)'0RSL>8J?+?'D>6@D-
MQ@8'%Q(`QDD0=?#0-Z,A9K--/=!U(J3L@<UU3&VI:Z?#0`!G+P&>0X&5Z'=E
MXK]6W73U:VEHYHH&=TS4AD94.9%)O#07-Y!T8W>K'8K=H?\`4O3V/-M-_2:I
MU$1%7M9:KMFD[8VLKNLEGF>(J6D@&Z:JE/)C&]I]?8N:1=$!U==X]7:YEZFX
MU,S99K92-:(F1!N&Q.>.+G<MSNWB!V$=HIH(:6GBIJ:)D4$30R..-H:UC0,`
M`#D`%D1$1$1$1$1$1$1$1$1$1$1$1$1$1%QQ0&H!42U=-3TU^K[8\PR2D4U.
M)&R-;@DDD<".P=N53_IS_P"NM2__`*G_`-JZ10NWT5,_K7R[HFGK)&[7/R!Q
M([">>%<=!?;:O\)OYJ\HBT[M_==;^`__`$E1VA_U+T]^[:;^DU3J(BH6I.D_
M3=GKZRRTTDMRO\(:V*W4K"Y\TKC@1AP&`1S=Y!Z^"^Z.TI7/N`U=K)T55J25
MN(HF\8;;&?\`#B'EX^,[F?+VF^(B(B(B(B(B(B(B(B(B(B(B(B(B(B(N.+'4
M&9M/,8!F8,<8VGD78.W_`#PN>T-7!445//6])]73U<D;730]TPQ]6\CQF[2,
MC!R,>I=`I,&E@+:@U#>K;B8D$R#'ULC@<\_XJX:"^VU?X3?S5Y1%IW;^ZZW\
M"3_25':'_4O3W[MIOZ35.HBKNM-4T6EK4*J:-]36SNZJBH8N,M5,>3&C\SV#
M^"Y+H+H/EHM2TNJ-0U<;7M/=;;?3.?\`H9R\N#3(22YK1CMXG.<@<>^(B(B(
MB(B(B(B(B(B(B(B(B(B(B(B(BXXL-9&9J.HB!<#)$]@(&2"6D</6J!9RVEM5
M)2U71K5OFAA;&][:6%V\@8+LGCD\^/E70*4YI87"`P`L;B(@#J^'U>'#AR5O
MT%]MJ_PF_FKRH35M^9IRQU-S-%4UKXV.+(*=A)<0TNXGDQN&G+CP'K.`?=WO
MD-KT[)>YH7R-;$QS88^+GN>0&L&?*YP&?6HQM_?44U\MUVIX:"OHH1O#9]\3
MVR1N<TL>0TGZK@00.+3V+>T/^I>GOW;3?TFJ=10&L=46[2=FDN=P+WDN$<%/
M$,RU$I^K&P=I/^7-5[16F+C4W4ZWU@T.O\\>VFI`<QVR$_X;?*\CZSO*2!VY
MZ`B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(N.*-NML[N,<T-=5457$"(YZ=_('F
M',.6O'#D1]V%%&AUG_9#4%JZOEUWT<>L^_;NVY4I:K6:%SYZBOJJZLD:&OGJ
M'=@XX:P8:P9[`/O)5]T%]MJ_PF_FKRH[4-#)=+!=+;"]K)*NDE@8Y_)I>PM!
M..SBHJ_V2X72Q&S15$$#.YF;9R"YS:B-[',.WD699QXY4=+II]7'?[IJ>DMM
M5-51,ZJF;'UT<#8HW@$%[02XE[SG`P,!36A_U+T]^[:;^DU3JJG29J"?3.B;
MI=J.>FBKHXPVF[H!(=(3@-`'%SN>!RSSX97'^@6S:KNVHI]1:NIZFHIZ$2QT
MC[D]_60U#GYD,;'<NT$\,'@.W'Z+1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1<
M<1$5JT%]MJ_PF_FKRB+3NW]UUOX$G^DJ.T/^I>GOW;3?TFK;U!>K=IZT55XN
MU0V"CIF;WO/'[@!VDG@!VE4;2MHN6KKS!KC55.^"GB\:S6>4<*5IY32#ME=S
M'_"/X8Z6B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B+CB(BM6@OMM7^$W\U>41:
M=V_NNM_`D_TE<\NNNJ'0717I^Y5,+ZBIFM]/%2T[<@22=2T\7=@',G^2@^CZ
MM_VN71NJ+V8V6ZSR-92V9I+V"?;DSR$@!QX^*.S'\^UHB(B(B(B(B(B(B(B(
MB(B(B(B(B(B(B(B+CB(BM6@OMM7^$W\U>55=3R5%3J&P6)M;/2TM8*B:=U/*
M8Y).J:W:P.'$#+\G&"=N.65#?3MU9T7&X]WAUP$AH^['-`/VKJ.M(Y;MOC<L
M9[$=77"T56IK-#%<KU34\$+XFF9CY8!)%)NW/D>TN;F,'F2-QQPQC0H7&_='
M=KL=TT)=ZZAEMM.PN;+2@.Q&W#VDS`@]H.`0IG3LS].6>GM%HZ/[U3T=.W#6
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MWR.-TL<(/64IR][PQHX3=KG`?Q6SWQ7?T(OGM:3YR\RZFND43Y9-%7QK&-+G
M'K:3@`,G_&6*BU97UU%3UU+HR^24]1$V6)_64HW,<`0<&;(X$+/WQ7?T(OGM
M:3YRUJ+6-97=T]RZ.O<G<T[Z>7])2C;(W&X<9N/,<>2V>^*[^A%\]K2?.6LW
M6%8ZXOM@T;>^ZV0MJ'1]92\(W.+0<]=CFT\.?!;/?%=_0B^>UI/G+6JM85M)
M/1P5&C;XR2LE,,`ZRE.]X8Y^/[;AXK''CY%L]\5W]"+Y[6D^<M:Y:PK+905%
MPKM&WR*EIV%\C^LI3M:.W`FR5L]\5W]"+Y[6D^>OHU%=\@=Y%\]K2?/6I;=8
MUESHHJZAT=?)::7.Q_64HS@D'@9L\P5M=\5W]"+Y[6D^<M:#6-945M70PZ.O
M;JBDV=<SK*7Q=[=S>/7<<@=BV>^*[^A%\]K2?.6M-K"LAKZ:WR:.O;:JI9(^
M)G64OC-9MW'/78&-S?YK9[XKOZ$7SVM)\Y:U?K"MM\#9ZO1M\CC=+'"#UE*<
MO>\,:.$W:YP'\5L]\5W]"+Y[6D^<O,NIKI%$^6315\:QC2YQZVDX`#)_QEBH
MM65]=14]=2Z,ODE/41-EB?UE*-S'`$'!FR.!"S]\5W]"+Y[6D^<M:BUC65W=
M/<NCKW)W-.^GE_24HVR-QN'&;CS''DMGOBN_H1?/:TGSEK-UA6.N+[8-&WON
MMD+:AT?64O"-SBT'/78YM/#GP6SWQ7?T(OGM:3YR^P:GG^DJ"@K]-W6W]W2N
MAAFG=`YF\,<_!V2.(X,=V*RHB+CB(BM6@OMM7^$W\U>5'7>ST%W;`*R.3K*=
MYDAFAE?%)$X@M):]A#AD$@\>(*UQIFR"W-MG<+>X&TKJ,4V]W5F(D$@MS@G(
M^L?&Y\>)6:U6.W6IE2*6*1SZIP=/+/*^:24AH:-SWDD@```9P%(0QQ0Q,AAC
M;'&QH:QC6X#0.``'8%[6.&&&'?U,4<>]Y>_8T#<X\R?*?6LBQB&$3FH$3.N+
M0PR;1N+020,^3)/#UK(L<D,,CXGR1,>Z)VZ,N:"6.P1D>0X)'W$K)P6.>&&H
MA?#/$R6)XPYCVAS7#R$'FLB+'!##3Q-AIXHXHV\F,:&@<<\@LBQQPPQR2R1Q
M,;)*09'-:`7D#`)/;P`"R+&Z&%TT<[XF.EC!#'EH+F@XR`>S.!G[@LBQS0PS
ML#)HF2-#@X->T$9!R#]X(!'W+(OCFM>TM<T%I&"".!"\PQQ0Q,AAC;'$QH:Q
MC1@-`X``=@7M8X888=_4Q,CWO+W[6@;G'F3Y3ZUD6,0PB<U`B8)BT,,FT;BT
M$D#//&2>'K618Y(89'Q/DB8]T3MT9<T$L=@C(\AP2/XE9%CGAAJ(7PSQ,EB>
M,.8]H<UP\A!YK(BQP0PT\38:>)D4;>3&-#0.W@`LBQLAA9+),R*-LLF-[PT`
MOQP&3VX618WPPNFCG?$QTL8(8\M!<T'&0#V9P/Y!9%CFAAG8&31,D:'!P#V@
M@$'(/'M!`(]:R+XYK7-+7-!:1@@C@0O,,<4,3(88VQQ,:&L8UN`T#@`!V!>U
MCBAAAW]3%''O>7OV-`W./,GRGUK(L?4PB<U`B9UQ:&&3:-Q:"2!GR9)X>M9%
MCDAAD?$^2)CW1.W1ES02QV",CR'!(_B5D1$7'$1%:M!?;:O\)OYJ\HBI_215
M5,-KM='#52TD-QNE-15-1"XL?'$]QW;7#ZI<0&;NS=Y5#0T]+8M;T=CTQ7.B
MCKJ"J[KIC.ZH%++&(S'-M<X[3X^".&[(\F5(:4NM5;;#5.NLUQNT[+O5TQEA
MIG2O($S@#L8#M:`,<.`X!5XW"YTM)1ZKBN-;+7U5WJZ66C?,]T!B:9VMC$6<
M-+>J:[(`=];).5*:1-717736+M6US+U:)*JL;4SNE:96]2X2L!/B`]:YNUN&
MXV\."B8J6W7>Q7[4M]N\]+=HZZL@@J.['PBWF%[VQ,8T.#0<-#B"#NW'.1P6
M*>Y7*HM5HU4;C7OJG24'=W<]5U<%J#FQ&1DE/N_2;^L)^J2`YO(-"LU^N;KU
M>[/86_2M#22U<[*EVV6D?/U<3G-:R08):2,Y:>(;Y"JQ;I+C=W7F@K-17&)M
MBI)^XZF*I=&Z1S:B=C9I"W`DVMA8TAV6GQLC)4S=JVIOK=!VVXSRT]'>HG3U
MS8'NB,SVTXD$.YI!#22XD`Y(9CRK[9HW4^I[YIG3%X=%0"A@J6/W=U"AJ#-(
MQ[&[R<;@S.PG@03CBI/2%[EI]%:9DKF7*OJJNF8UTT4#YR7=KI'`':#GF?6H
M#3LMS`TG<(K[5R5>HJ6<UC9I3-$V3JC(U[(W':S8X!N&X!!P<GBK+H::XML-
MR%;62W&LI[C6QB608,FV5P:`!P`X``#@%09>Y*;HUI-="\3=]D].VNCJ'5;\
MS3;@74XCW;2SCU>P-X#U\58+C-4T>IK9=*:YW"KIJB[.IZJJ95;J:G'C1BD-
M.'<7;@T;PW(=Q)[%MU=6[5>HZ:W&IO-JH66Z:I#1UM%,Z42-8'GD2UH.0#XI
M+N(*UK977VO'1Y>*F\2=37894TL<08V9YI9G=87#B02T$-Y=OD4CJ:-MYUU:
M=.7&:9EI=;YZTP1RNC%5,R2-H:XM():T.+MN>)()SA5^EEJS;M;VC3=_EBMU
MM9'-1537=TF(/IW.?"U[B>`(!!R2W=CR*SU6HYK;I"EE93UT]<^T&HCF;3/E
MC#VP[AUCP,#)':>*K$PDM8HZ9^KKC#07&T"LKJF2=\T@<V6$%T1))C=*)7,`
M9VXVMRIJ@J;U:=&:INL4-P9'#'/4VFGN3W2U#&-A!`?N)=@O#B&N)<`<''(0
M=52VW3]ITW?+7=ZB:^U511%\DE8][[G'-(QLNYA<000\N&!XN!C"W+955%LU
M1;*EEQN=QMU?25$KJ[NCNB&XR!O6-;%`UQZLM:'8V@`@8XDK[?*VHOE1J"LC
MN%UM3;3:(ZNBCW24SF2DS.,DD9QO'Z)K=K@6XSPXY7RWRW&Y7VAJ:"X72JN3
MJJ*:O+7OCH:&G+`74Q83L<_!'(%^2'$M'!;MPIZ._P"N+U0:AGD%MM-OIYH*
M;NA\,9ZSK.LG=M(W8V!H)X-P>TY4#-67F;HZU"ZVZAJ(X;1754-/5M_225-.
MQP+6]:3GADLWC).WGGBK?KV_S4-JN%%1MKJ:J+(P*X4SNIB:^1C'.$N-NX!Q
M('E"A):9U-?;CI9M_N1H@*:JIZ8USNZ)WEDY?3-G<[>`>J:_ZV0-PR`>&!U\
MN]#T2WBK%34PW.BFFIG.J']=+1-Z_;XS^(D,<;@=_$'';Q7J\TMJT==;"ZQW
M62GJJFH,%<R>L?/UM.897&>1KW'BPQ[]_#DX9P5EL-74V+44\,LMZK+?):Q4
M1223.K3<7A[`Z:)@+C'@2#+!@$.&!AJUKU<*VJCU-J2&XW&DJ+/-3"AI'/?$
MT,,<4A;)#P#C(9'-\8$C`Q@A;=NEJ:76-EG@N=?76^YNJ0^O=5]9353]KG,A
M9"'$1E@8<.``PP@DER]=QVW4.H]5RZGK)6PVJIBI::'NN2G931.B8_K?%<WQ
MGN>?'/'Q0`H^@K[_`%NE-)70W^<QMN\5+-M8`:Z,59B:]S^>',`)`X.SY"K%
MK*]2R=39*87&C,]PI:6>K$+XFF-[QN$<N,;C]7(.1NX<54K]J2KL%-J#3$%V
MJV;)WMIJ^;?-)2P]S,E<SK#DN?O?M;N.0'9)\7C.7R\35VA=+/I[A-%#=ZJB
MI*NLC<YDC8W\'X=S:7.&S=_S<.Q:=P;;=-:E;:;'>S;*.LMM5W?NJ3,V@>SJ
MNKGP]QV._28XX#LM/'"W;!<I]/WJ_6^LIKZ^FB;3OIJ:21]QE>UQD:Z=K@7.
M#7%@&TG@1G`W86D*VLB,.J77:N%0_4,E#+2&5YA[F$KHNKZGD'!K0_(&[.>.
M#A9=":NDONM*X3W"395T$<]/0%CFMI@))!@Y'URW:7'RG:/JK#345LOT&I;W
MJ*[3TU93W.IHJ>85CX!;Q&[;$&`.`#B-K\X.XNXY'!;5KK[_`'!G1U>:RZ2Q
MQW!K!543(@QLLAI)7E[CS(R`0WD.![`I+45T==;K:;#']*4---<'PU4NR2E,
MS60RO#(Y>!(<Y@R6G.!ZU4#+J.IGJJ:&JK+A0V05L3]EZ=1SRM9-XA<6@F1P
M8US`78!(.79RNNVJK@N%KHZ^F+S!4P,FC,GUMKF@C/KP5MHN.(B*U:"^VU?X
M3?S5Y1%K7&AH[G134%PIHZFEG;MDBE;N:X>L*(LNC]/62O=<;90NAJW,,;YC
M/(]SV\.#BYQW`;1C/+LQE3%)1TM&R1E-"V-LLKYGAO[3W'+G?>2<J.@TU8Z>
M\R7J&WL;7O<YYDW.P'.&'.#<[0X@8+@`3VE?;+IJQV2>:>UV]E/)*-I(<YVU
MN2=K02=C<DG:W`]2TKQH?2MYJYJNY6>*>6?'7#>]K92!@%[00UQ'82"1P\BR
MR:/T[+7P7"6W"2JA$6'OE>=YC&&.>,X>YO##G`D8'%2%XL]NO5*VEN5/UL;)
M!*PA[F.8\<G-<TAS3Q(R".94=5:-TS54]'3S6B'J:.,Q0L87,&PD$L=M(WM)
M&2UV03Q*D;O9[9>:#N"YT<=13;@X,.06.')S2,%I'8000M6PZ8LFGY:F6T49
MIWU.#.>M>\RD$G<[<3EWC'QCQ[.Q25#1TM!20T='"V&GA:&QQMY-'D"CK9IF
MQVNX37"@M[(:F7=EP<XAH<[<X-:3A@)XD-`R>:D:2CIJ-LC*6%L3997S/#?V
MGN.7.^\DY5=J]`Z2JZMU9+:&=>Z7KP62R,:R7.>L:T.#6OR,[@`?6MYNE=/M
MO1O8ML8KS(9M^YVWK,;>LV9V[\<-V,^M9KYIZSWUL(NM&)^IW=6X/<QP#AAS
M<M(.T@#+>1QQ"W'4%$[N/--&!1NW4X#<"(["SQ0.7BN(^XK6O=CM5\ABBNE(
MV<0OZR)P<YCXW>5KVD.:>S@5KV?2]BLM#56^V4#8*.JR9H0]SFO);M)()/$C
MF>9[5+0T\,--'311-;!&P1M8!P#0,`?R5=9H32;*66D%GB,,KF.+7/>=NPDL
M#279:UI)(:W`'8%*V:R6RRT\E/;:;J(I';WMWN=DXQGQB>P*(AT%I."N@KX+
M0R*H@EZV!S)9`('9R>K;NVL!/,-`!'`\%NVS2NG[5<7W&@ML<-2[>`0YQ;&'
M'+@QI.UF3Q.T#*R7C35CO-5#57*WLGFA;M:XN<W<W(=M<`0'MR,[79&>Q:T6
MCM-PW,W2&V,CK#.:DR-D>,RDY+L;L9)]2SWW3-CO[XI+K0B:6)KF,D;(^-X:
M[ZS=S"#M/:,X*]46F[+1662Q4U`QEK?NS2Y)8`XY(`)X#/'`X<5(UE)35U)-
M1U<#)J:=ACDC>,M>TC!!'D4(W1FFVVUUN^C08'3-G+G2R&7K&C#7]:7;P0.`
M.[@.')2=OM%LMUL%JI*.*.AVN:82-P<'9+MV<[LY.2<YSQ4-0:#TI;ZV&NI+
M4V.HA!;&_KI';&$$%@!<0&$./B#Q?5P"WK'I>Q6&:2:U6]D$CV"/=O<_:P'(
M8W<3M;G]EN!ZE]K=-6.NNT5WJK>R2MBV8DW.`<6'+"YH.UQ:3D%P..S"\4&E
M;!;[H^ZT=MCBK'%[@X.<6L+SEY8PG:PN[2T#/:O-\TCIV^U(J;K;&3S=7U3G
MA[F&1F<['[2-[<_LNR.:VZ6Q6JEMM':XJ1O<=&]CZ>)SBX1EKMS,9.?%/(=F
M`%L7.W45UH)K?<*=D]+,`'QN[<'(.1Q!!`((X@C*P4-DM=!;9+92TC64DN_K
M&%Q<9"[ZQ<XDEQ/:225EJ;7;JJU.M%31PRV]T0B-.]N6%@&`,>K`_DH:AT-I
M:AEJ):>UM+ZF%U/.999)>NC(`+'[W'<,`8!Y=G-2%CT]:+$V86NDZHS;>L>Z
M1\CWAHPT%SR3@#.!G`R<+PS35C9>G7MMO8+@YQ>9-SL;RW:7AF=H>6\-V,XX
M94BVCIFUSJ\0M%4^(0NE[2P$D-^[+B?XJ$O.BM+WJLDK+G:(IYI0T39>YK9M
MOU=[6D!^.S<#A2T=KH8X;?%U.]M!@TQD<7.C(869R3DG:XC)\J\W>TV^\TG<
MEQIQ-"'MD;AQ8YCQR<US2"TCR@@J*JM$:6JZ>EIIK/"8J:,Q1M:YS,L)W.8X
MM(+VD\2'9!))/-6)C&1L:QC0UC1@-:,`#R+TBXXB(K5H+[;5_A-_-7E$1$1$
M1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1<<1$5JT%]MJ_PF_FKRB(B(B(B(B(B
MK^J+S=[1W-]%Z8K+UUN[K.YIHX^JQC&=Y&<Y/+R*`[\M6_\`AE>/?*?_`-2Y
MGIGI4Z0JSI'NEMFTO45<#0X.M,8:R2C#>3M[L`YR,EQP<C&."Z9WYZM_\,KQ
M[Y3_`/J7O45;7W?13'W&V5UEEJ+E24\E.:G$O5NJ8VG#XCPR">1RHNYU?>+>
M:BFM%34U5-+;#/W%6U<DS8INZ(HHW]8\N<UKNM=D9X[,@9RI"NU1J.CNHT_U
M5KEN)JZ6,5`:]L0BF9,23'N+@YI@=PW8<".79AIM8WV%M-4W**TMI9);A3O(
M=)&&OIA(>L+CG:QW5.R,$MR#EW):U/J^Y5SY**X4K7;)+9*Q[::HHL]=5B)V
M&O=O<T$9!X!W(MQD+99J_48BIJUU%;98*N2X0P0-<Z-^^G$A872..T!W5$'@
M,9!R>2FM$:AKKTZN@N38XJJF$3C":2:EE8'@_6CDSD9:<.:YP.#RPH"MN4S>
MC'4U2*Z05$-7<(FR=:=['"J>UK0<Y!P6@#[EOLU3?#="74]O^C1?#:=@#^N<
M-O"3=G`(.!MP<CM')5VMUA?(8K/JNKCIG4<UFK:Z"AIGO!SF'8V1Q)#B`\>,
M`,'=@*7FU9JF,&C%OI15R5=)!!45%/+!&1*7AV8RXO\`%V9SG#@<<""MCI-%
MZ?8K'%05;HKJZX1N#J8N8V21D,LFS&<['.8!@YX%07?7-7ZM9J*EK`RSPVBI
M$44TI9"^1L<,SGOP#C!E:S."1M=PRI"#6]_?W72]R4SJMDUOCB=/1STC3W1(
M^-V6/)?AI82#PSG&`L\VK[W$]]O>*$U\5?/3%T%'/4&5C&1N#F0,.0/TK0XN
M?AOKW`+6[^;]6:>J+O04UL@[BL<-TJ&51>>M<\2'8T@C:`(G<3GB0.S*VX-:
M7FIN\L=-:Q)107"&AD:('Y.X,WR=;NV-P9!AA!)#>8)`6&VZIU;<'6P1Q6:,
M7.*LDA+F2NZD0/#1N\;QMV1P&W;_`,W):T72%>JR$U-#9VO;3T5'4S0MB>_K
M731B1S1*"&Q!K3P+@<GR#BI6'4]_DN$1=#;FT$UZJ+4QH:\RC8)-LI.<<X\%
MN.7'(Y*4Z-JFYUNB;15W>I945<T(>Z1K2,@GAG).3Y2K2B(B(B(B(N.(B*U:
M"^VU?X3?S5Y1$1$1$1$1$1$P/(L,=+31U,M5'3Q-J)@ULDK6`.>&YV@GF<9.
M/)E9L#R+3NULH;O026^XTS9Z60M+HW$@$M(<#PX\"`?X*/H=*:=H**MHJ:T4
MS:>N&VJ:YN_KQC&'%V21@G@3P62BTU8Z$,%-;HF.9.*@/)+G=8&E@<7$DDAI
M(&3P"R2V"S2PM@EMT#X@^9X8YN1F4.$AQ_S![L_>5JT>D=.T3S)3VN)LAZO,
MCBYSCU;P]@))).US01Y,+;=8;.^GBIGVZ!\$1E<R-S<M!E#A)P//<'NS]Y2S
MV.U65LHMM&V`R[0]VXN<X-&&@EQ)P!R'(9*TY]'Z9GNQN\UFIGUQE;,Z0M.'
M2-Y/+<[2X<.)&>`6_P#0]L_[E%]J[LY?XW_']ZT(-(::@FFFBLU*'31RQ/&T
MEI9(<R,VDX#7'B0!@KW0Z5T_0?9;9"QW6QS;SESB^,$,.XDGQ03@9P,E2E31
MTU4ZG?40MD=3RB:(N_8>`1N'KPXC^*C6Z8T^RD;1-M-**9K)XQ$&>+MF.91C
MR./->*/2>GJ.1TM/;(FRN=&]TCBYSG&-VZ,EQ))VGEGDO5=I>PU\AEJK;$^0
MROE+P7-<7/:UKLD$<"&-!'([0JYJ/HZHKK&RBI30T=L%)W)U`H]SXF%Y<>K<
M'#'/@'!S6D`@`YS8W:5T^^XQW)]KA=5QNC>)'9.7L&UCR,X+FC`#B,C`X\%M
MT]FM=-W+U%%%'W*R1D&!_9M>07@?>0%'SZ/TS.ZF,UFIGBGBCA8T@[>KC.6-
M<,X<&GD'9PI%MHMK>KVT<8ZNJ=6-X<IG;LO^\[G?S7VTVJWV>D[CME*RFIM[
MGB-F=H+CDX'9Q[.2WD1$1$1$1%QQ$16K07VVK_";^:O*(B(B(B(B(B(B(B(B
M(B(B(B(B(B(B(B(B(B(BXXB(K5H+[;5_A-_-7E$1$1$1$1$1$1$1$1$1$1$1
M$1$1$1$1$1$1$1<<1$5JT%]MJ_PF_FKRB(B(B(B(B(B(B(B(B(B(B(B(B(B(
MB(B(B(B(N.(B*U:"^VU?X3?S5Y1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$
$1$7_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g800564.jpg
<DESCRIPTION>G800564.JPG
<TEXT>
begin 644 g800564.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`X1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5]315)624-%7TQ)3D4N15!3_]L`0P`'!08&!@4'
M!@8&"`@'"0L2#`L*"@L7$!$-$AL7'!P:%QH9'2$J)!T?*"`9&B4R)2@L+2\P
M+QTC-#@T+C<J+B\N_\``"P@!,P':`0$1`/_$`!P``0`"`P$!`0``````````
M```$!@,%!P(!"/_$`%`0``$#`P("`PP(`P4$"`<```$``@,$!1$&$B$Q!Q-!
M%!88(E%55F&3E-'3%2,R-'%S@;$V=*$S0E)BD1=4<L$D-4-UDK*STB4F15."
MHO#_V@`(`0$``#\`OOTS=O.-1_XT^F;MYQJ/_&H\U75SR=9+5SO?C&>L</V*
MQ]=/_O$_M7?%<[Z8;Y>K3:[;+;+O74CY)WM>Z&H>TN`:.!XKDG?UK/TJO'OC
M_BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/TJO'OC_`(IW]:S]*KQ[X_XIW]:S
M]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*KQ[X_P"*=_6L_2J\>^/^*=_6L_2J\>^/
M^*=_6L_2J\>^/^*=_6L_2J\>^/\`BG?SK/TJO'OC_BG?UK/TJO'OC_BG?UK/
MTJO'OC_BG?UK/TJO'OC_`(IW]:S]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*KQ[X_
MXIW]:S]*KQ[X_P"*=_6L_2J\>^/^*=_6L_2J\>^/^*=_.L_2J\>^/^*=_.L_
M2J\>^/\`BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/TJO'OC_
M`(IW]:S]*KQ[X_XIW]:S]*KQ[X_XIW\ZS]*KQ[X_XIW\ZS]*KQ[X_P"*=_6L
M_2J\>^/^*=_6L_2J\>^/^*=_6L_2J\>^/^*=_6L_2J\>^/\`BG?UK/TJO'OC
M_BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/TJO'OC_`(IW]:S]*KQ[X_XIW]:S
M]*KQ[X_XIW]:S]*KQ[X_XIW]:S]*KQ[X_P"*=_6L_2J\>^/^*=_6L_2J\>^/
M^*=_6L_2J\>^/^*=_6L_2J\>^/\`BG?UK/TJO'OC_BG?UK/TJO'OC_BG?UK/
MTJO'OC_BG?UK/TJO'OC_`(IW]:S]*KQ[X_XIW]:S]*KQ[X_XK]4Z/N5QGTE8
MIYZZHDEDM\#WO?(27.,;223VE0D1%RWIU_ZFM/\`,O\`_(%Q%$1$1$1%/L-M
MDO%[MUIA<&RUM3'3M<>0+W!H/]5TRX7NKI-45FEM":-MU716V1\)B?:FUL]6
M(W;7R2.+2[!/DP`"`M;6Z-9J#6=QH[?;Y],1LMIN,E+=HG1"':&]8!G)ZO<7
M$$]@Y*!2Z*M$D===*G5U-3Z=@J!207'N.5SJN78'%K(?M8:#Q)QV>5?*GH^J
M!)5.HKM2UM&+5)=:*IB8X-K(HW8>T`\6O;XV6GEM*Q5'1]=HK+I:Z,EBE.H)
MQ!%`T'?"YSL,W?\`$,D>H+=ZCT;INSZ$DK(KY!57:GO,]&9602@3%C69B&?%
M&,EV[D0<96XUMT?6BOUY>[9:M06RDNSY)):2SQ4SPP,;'OV&0#8QY`)V\>S)
M!*YEHZFEK-6V.DA;3.EGKX(V-JH^LB)+P`'M_O-X\1VA66#1-/4T%=J&\ZAH
M+1;XKK-0/Q3O>XR-`=]7&WF/&Y<,`<3R5>U?IU^FKG#2]VP5M-4TT=72U4((
M;-"\9:[!X@\#D'EA=`T;;[B_0U)5Z)L]JNM[-1-]*"H@BJ*F%@QU09')_<(R
M26@DG\%HKU9I=3ZQH;936(:=NTM-NN<-1%W/3Q/8'.?,UO-C-@#B,<\X4.Y:
M-H#:Y+IIS4M/>J6FGBAK,4TE.^`R'#';7_:82,9';CAQ6RN_1HRWU=UM46IZ
M"LO5NIYZF6AAB?GJX]IQO/#>6DNVC.-ISQ6/0.D:RIDL5W9+;B^X5E134U+7
MTYFCD;'`7/D+>1:"0!_FP>Q:^SZ/M\EDH[SJ/4U/9*>O<]M$QU-).^8,.USR
M&?98'<,GF0>'!9XNC]]+67CO@O=';+9:YHX)*YK75#9GR-W1B)K.+\M\;LP.
M:TFJ].FQ244U/7PW&V7"$ST=;"QS&RM#BUP+7<6N#@005T+2E-<X>BZBK]/Z
M.HKW<)+M/%.^2T-K7MC$;"W^Z2!DE?=2:,-_O&D+>VWT6G]17:@J)J^C9$88
MXG1[W,<8_P#LR]K>(X`>15:FT3;)YJ^I.KJ(6*WLB%3<VTTI:9GYQ%&S&Z0Y
M:>/`8&5F_P!G9JJFG^AK]27&AK:6IFH:AD3V&>6!NY\!8>+),<1G((PHNB]+
M558VSWQLU&&S7RFMU-!5PF5D\CB'.+F]K&@MW#MSA9:;1]+/'<;QJ&_4EDM[
M*^6CA<RE?*9Y6G+@R-G$,:".)/#("WFHM$MJI]&V>UU-L(DL\M54W*(%L+HF
MRRN,SS@.X,`'$9&,*OUNBJ*6CBN&G-207FA%7%254@I9('TSY"0QQ8_FTX/$
M'F,86QJ>C:"GOM59W:JH'R6Z*HJ+J^*"1S:**-S0#P'CN=N'BMY<B56=3V&@
MM<-)66F_TMXH*K>ULD;'0RQO;C+7Q.\9O,8/(JO(B(B(B(B(.:_86B?X,T]_
MW;3_`/I-7E$1<MZ=?^IK3_,O_P#(%Q%$1$1$1%+M5?/:[G1W*E(%123LGC)[
M'-<'#^H71[M%I*]7RHU19]<,L'=[G355'/!/U].]QS(UAC&U[<Y(XCL!6PNN
ML=,U-TK9Z2NJ#3/T<^U1&I8XRNG!P&N(SQ(&<YQQYJLV2HL=\T6S35TO45GK
M**ODJZ:>HB>^&9DC&M>QQ8"6N!8"#C!R0MQ%JNQV.^:,MM!7.N%HLS)H:VLZ
MIS!.*EQZ[:P\=K6NP,C)(SA;NW:^TQ27^_E\[Y+9;HZ>73P<QQ#YJ6%T,61C
M(W!Y<2<<E2(Z^V5G1<ZW3W:*&ZTEXDKNYY6/+JECXXV>*X`C.6DG)"WPU581
MTZ5.J>[O_@[ZF9[:CJG\6NA<T';C=S(')4;1%=2VS6>G[E72]524MQIYII-I
M.UC9&EQP.)X`\EO=17VUUFC)+;3U.^K.HJNM$>QP^I?&P-=DC'$@\.:@Z\NU
M!=1ION"?K>X[)2TD_BENR5F[<WB..,CB."F6>ETI=M/T##>X-/7^BDD$TM1'
M*Z.LC+LL>',#MKV\6XQQ&#Y5=8ND*TVO4NF(?IFHN<-MMU105=[ZDE[C-DAS
M6O\`&<V,EN-W,`\%!U/JV0V":WU_2!]/2553"6P4-$(861,>'%TI=$UQ=D##
M6GA@Y)Y+05FK:2BZ8:O5EOE[HMYNDDV0TCKH'N(>,$9\9A(P1VK?Q:KTO;^D
MC3;+=7O.E;#2R4\%2Z)^7N>R1SWEN-V2^0#EV!:2-VG-4Z8T_27#4D%CN%GC
MDI91502R,FA,CI&O86`^,-Y!:<9X*Q::U?9+=17_`$YIJ_OT]3OK8JJWUU;3
M]>V8-CZN1L@VN+-Q&\<.')5'I,U!]-5%LIN^.HOKZ*!S9:IT#88>L<[+A$P,
M:[:`&C+N)()X!#J6.FZ,K;9J"YSP7..ZSSRQ0N>P]6Z-@:2X8!X@\,J-T>7R
MFMNLXKM>JQ[8NYJICYG[I'%SZ>1C<XR3ES@%(TI76>OTK=-)7BZ-M7754-=2
M5DD3GQ=8QCV%C]H+@"U_`@'B%LJC4ENTG1Z9MFG;HVZS6RYONE35QQNCB=(0
MQHB9N`<6[6$$D#.Y;*]:ITO#KG1T-BJG#3%GKVUKY71.:0^2H$LF6XR=K0U@
MX?W."@SU^G=56)]HK+_#:*FWW2KJJ2:IAD=#4PSEI()8TEK@6`\1Q!6_MVL]
M,:?OFFX;9>IY:&"Q3VNHN`I"'4\CY'N$HC=]H!Q:[''Q3Y>"C7S6+F6^FHKC
MKXWZ26X4\KHZ*C$-/%#&\.+I"8FN<_(&`WE@YSD+2T5\M,G2=J6\Q:DK+,VK
MJ:J6W7.G:[8USI2YG6LVEQC<W((QD'&0O'25>;7<K7:X7W*W7C4$<LKZFY4%
M%W,QT1#=D;O%;O<"''=MX9QY5SE$1$1$1$1!S7["T3_!FGO^[:?_`-)J\HB*
MMZRT'=]>TM+16BHHX9*21TLAJGN:"",#&UIXY"J'@Y:U\YV/VTORT\'+6OG.
MQ^VE^6G@Y:U\YV/VTORT\'+6OG.Q^VE^6G@Y:U\YV/VTORT\'+6OG.Q^VE^6
MG@Y:U\YV/VTORT\'+6OG.Q^VE^6G@Y:U\YV/VTORT\'+6OG.Q^VE^6G@Y:U\
MYV/VTORT\'+6OG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@YZU\YV/VTO
MRT\'/6OG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@YZU\YV/VTORT\'/6
MOG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^V
ME^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@Y
MZU\YV/VTORT\'/6OG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@YZU\YV/
MVTORT\'/6OG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@YZU\YV/VTORT\
M'/6OG.Q^VE^6G@YZU\YV/VTORT\'/6OG.Q^VE^6G@Y:U\YV/VTORT\'+6OG.
MQ^VE^6G@Y:U\YV/VTORT\'+6OG.Q^VE^6G@Y:U\YV/VTORT\'+6OG.Q^VE^6
MG@Y:U\YV/VTORT\'+6OG.Q^VE^6G@Y:U\YV/VTORT\'+6OG.Q^VE^6G@Y:U\
MYV/VTORT\'+6OG.Q^VE^6G@Y:U\YV/VTORT\'/6OG.Q^VE^6N\:=TC<K;I^U
M6ZHEIG34M)%!(6.):7-8&G&1RR%6D1%:M!??:O\`*;^ZO*(B(B(B(B(B(B(B
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M>>'K&%;9KW2T5FI;G<=S&3-CR*>-]0`YS<X'5@DCU\E-MU=2W.@I[A0S":EJ
M&"2*0`@.:>1X\5)1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1%QQ$16K07WVK
M_*;^ZO*KFH-,FZUIK:6\5MLJ)*8TD[Z81NZV$DG:0]KL$$NPX8(R>:W=!1P6
M^@IJ"E:64]-$R*-I.<-:``,_@%7^C7^`[#_*,5H1$1$1$1$1$1$1$1$1$1$1
M$1$1$1$1$1$1%QQ$16K07WVK_*;^ZO*(55^C3^`[#_*,5H1$1$1$1$1$1$1$
M1$1$1$1$1$1%$NERH+3037"Y5<5+20C=)-*[:UHY<2I$,L<T3)H9&R1/:',>
MPY#@>((/:%[RM)8M4V"_SW"GM%TIZN2@EZFH;&[[#O\`F.S(X9!\BSUNH+#0
MY[MO5NIL?_>JF,_<KF^ING+2=EU'0VJGD%RHWG_IE=22!\=."/%VXSUGE..0
M\IX+=?[4+=58^@]-ZFO#7?9DI;8]L9]>^3:,*H=)^I.DZMTA7.M6CZJRT;6Y
MJ*EU7')4F+MVL9Q;ZSQ(&>7-77H<J-6U.B*.35\0;58^H<_(F?#@;3(.QW]2
M,$\5?$1<<1?,A?5:M!??:O\`*;^ZO*(55^C3^`[#_*,5H1$1$1$1$1$1$1$1
M$1$1$RB@WB[VRR4+[A=JZ"CI&$!TLSPUH).`,J8R1DD;9&/#F.&X.:<@CRY6
MHOFI[!8J2>JNMVI*:.%I<YKI6[SCL#<Y)]0"Y_I[IST==J222<5M)6-E<R.C
M%.^>25O]UPV`CB.8/(\./,[;O]O]P;_\O='5^J<\I+B8Z&,^OQR3C]%S2^U/
M335=*5JZFF90N='FGAC>9:)D/#K.M=PW'EGMSMV]BZ8=/=)=1QFZ0Z.D':*2
MRL)_0O<?PY<E5.D;HKU9J'3QC[]JV[UL#Q+'2U4<<$,AY'[`&'<>!.0.7;E;
M72_1)+;K#0T-=K;5`FACP8Z"XN@@C).2UC0,XX]O].2VS^BRTRQ/CGU#JJ<O
M:6N?)>)27`\./8?]%3=$=`5HM5=<I=2S"[4[G[*.%CWQMZOGND#2,N]62!C/
M'(QT:CZ-]!T>.ITE:21R,E,V0_\`[94>[=&.B[K>;;=I[+3QRT'V8H6-CBE'
M,"1@&'`'B/ZY'!74``8QP7W"(B+CBUMVCNLP9%;ZRGHHB"9JE[.L>P>1C3XO
ME\9W+R%5*HFL]/!35LNO;X>Z2XQ3,FW,<&G#G;!'@-!X9(QZU;+1'=8=T==7
M4]?3EH=#4M9U<CL]CFCQ3PXAPQGR*^Z"^^U?Y3?W5Y7QS@WF0/Q7TJK]&G\!
MV'^48K0B(B(B(B(B(B(B(B(B*+<KA16N@J+C<*F.GI*=ADEED.&M:.U<RL73
MGHJZ,JNNDJZ2:*8QPP&G?+)4,_NN:&`\^T'DMGW^W^Y<-.='E\J1GA-<7,H(
MR/*-Y+B/T7+ZJW]-53TLTU62*.22++)(R9:&GIR?&8>QQ!Y@^,78(X8(ZD=,
M](U1DS])4=.T_P!RDLL0Q^KG$JG])71'J;45GB,6LJZ[5]/+N93U^R*$@\"0
M&`8<!VG.>(X95@L'0UIVELU'0WVJN5WEAC#7=973,A!\C(VN`#1G@%OZ?HPZ
M/Z>%\,>D[86N:6DR1;W8(QP<[)!]8.5ZT#T>Z>T-#5-L\,CIZEY,E1.0Z39G
MQ6`XX-']>9RKCA$1$1$1$1$7'%K;\VGJ+566^:MAI75=/)$U\D@;C<TC(R>.
M,JFP0W!L5762FR]W"VQVJE@9<&=6(^.^4GL!X';SP,*[V:E%#9Z"A$HF%/3Q
MQ=8.3]K0,_KA7?07WVK_`"F_NKRN3])$4M=K&*DJQ9WVZ"RS5,;+PYS8#)UF
M'EN",/#=OC\2P'(!RKI;9[I5:/LU398XHZB6F@?LN;WO+6%@)#G-XE_+B>?%
M8NC+=W@:?W8W=QLSCEG'%6E$1$1$1$1$1$1%\<YK6ESB`T#))[%JK+J*QWRB
MEKK3=*:KI8I'122QO\5KAS!__N(XC@M9=ND#15IW"OU1:XWMYQMJ&R/'_P"+
M<G^BY8_I]A?KQELHK-4U=A<.I:Z*)QJI9#R>QAQXIY!IXG.?4KU_M,8[A#H7
M6TC_`/#]$%G]7.`5)Z4>EO4=LL43[+I2]V:264,?776C:UK.W:T9<"3@\^0S
MCCRW^GKKTIZTLM)7PLM&F*.HC!$TD+ZBH?\`YVQNPUK3Q(W9.,?BMJSHMM=<
M\3:LO%WU)+G.RNJ2V!I\K8F8:/ZJ7H'HTTWH>HKJJUQ225-4\XFG(<^*/.1&
MT]@'EYGMY*\X1$1$1$1$1$1$1$7'%IM36NGN%KJG_1M)65T5/)W+W1"V3:\M
M.`-P\N%12WH\[U.Y.Y:/Z0[EZOJ.H/=G7[<8QC=NW_I^BZ+9&5$=FM\=9&V.
MI;31ME8T`!KPT9``Y<5>-!??:O\`*;^ZO*B5]MM]R;&RX4--5MC=O8)XFR!K
MO*,@X/K4LJK]&G\!V'^48K0B(B(B(B(B(B+GG2CTH6C05/#&^,5UTF(+*-DF
MTAF>+W'CM'/'E/JR1%HND^IU%3MDT5HV[W<.X&HJ-E)3-=VCK'$Y([0`L=UT
MMTAZPM]10:BU%;[);ZAI:^DM$#I7O;_A?*\CAY0T<1P5=Z.N@BVVJ.JEU@8K
MK,Z3$-/&]XA:T'@\CAN<?(>`]:ZS:=+:;L^/HJPVVC(_O04S&N_U`RO;M-V-
MVHF:D=;*<WAD/4MJMOCAG[9QPSSQPSA;=1J^AHKC2/HZ^EAJ::3&^*9@>UV#
MD9!X<P"I(``P$1$1$1$1$1$1$1$1%QQ1+K42T=KK:N"$S2P0/D9$/[[FM)`_
MHJ[;[=J>X45+<6ZKB#JB)L@=#:XG`;AG`<3D@9PK5"V1D,;)9.LD:T![]NW<
M<<3CLSY%;=!??:O\IO[J\HA57Z-/X#L/\HQ6A$1$1$1$1%%I+C05L4LU)603
MQPR.BD?'('!CVG#FDCD1VA56\=)FC;9.:1MV;<*[DVDMK#52N/DPS(!_$A<=
MH^D?I5NG29-;+=9.YC/'MCM=PA<UE+%S$TAX'.#DG.#G`')=1[QM27CQM5Z[
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MI#CGLX+G5;4PP6^WU--J.9TT]!+3&?Z+=(7TC7<)"P$;=O\`CY'.<+H5IIX*
M2U4-+2R];3PT\;(I,YWM#0`?U'%7;07WVK_*;^ZO*U.I+_;=-VMUSNLQC@#V
MQ@-;N<]SC@!H',]OX`GD%MBJOT:?P'8?Y1BM"(B(B(J#?.E?15CU++I^XW/J
MYX8G233-87QQN'_9DC)WXXX`]7/@HG?1K/57B:/L'T9;W_\`U>]M+-S?\44`
M\9WE!=@+77CH7MVH:.234FH;K<[V\-`N,CPT1`');'$/%:T\>''RKH^G;';-
M.6BFM%HI6T]'`W#6#F3VN)[2>9)6S1$1$1$1$1$1$1$1$1$1$1$1$1<<4*\T
MT599Z^DGF$,,]/)&^4G`8TM(+OTYKG\%7&V*MJ9M2:8?<7T,=MIME9]6R$9W
M/.>.XYSM'#@N@6:FBH[/04E/,)H8*>.-DH.0]H:`'?KS5WT%]]J_RF_NKRJ#
MTC:3O-_CJ:JUW*$2"@?30T<U.'C<\^,]KR\;7$`-R0<`'',JUUMIBN=MAHKL
M]\[F%KGO@D?3[G@<QL<"!Q/#)_5:GHS`;H'3[1R%&P!6E$1$4*\72@LUMJ+G
M<ZJ.FHZ=A?)+(<!H_P"9[`.9*HD/3%HVKH*>>V25UQKJC/5VVDI725.0<$%H
MX-_$G"8Z3-4GB:71UL=V#%57/'_DCS^I"TM'T#:7I]34EYFK*VM@B;OFI:LA
M_=$^<]8YPQP[2W'$]N,@]B1$1$1$1$1$1$1$1$1$1$1$1$1$1<<6.H<UE/*]
MT3I6M828VMW%XQR`[2>6%2;K66^NM=52-T+=W/FB<Q@=:V1@.(PT[L^+@X.>
MQ6ZT1U4-IH8:TM-7'3QMF+>1>&@.QCUJ[:"^^U?Y3?W5Y1"JOT:?P'8?Y1BM
M"(BBW"X4-MB9-<*R"ECDD;$Q\T@8'/<<-:">TGL59U/KZR6.K^BH!/=;XX?5
MVRWLZV8G_-C@P>MV."JMUT9JOI&I@W6M9'9;5GK(;10;996OP0UTLQ&"1G[+
M>'X+>]%?1Q;=`6N2..7NNYU..Z:LMV[@#P:T=C1_J3^F+ZB(B(B(B(B(B(B(
MB(B(B(B(B(B(B(N.*%>JF:BL]PK*:/K)X*>26-F,[G-:2!_15(VB'O8^GSJ.
MY=W=R=T]W"L/5[]F[&S[&W/#;CU*VV:IFK+/05=3'U<\]/')(S&-KBT$C_4J
M[Z"^^U?Y3?W5Y1"JOT:?P'8?Y1BM"(M??+S:[#;9KG=ZV&CHXAXTDKL#/D'E
M)[`.)7Y_Z1--ZUZ6JBEO5GH)J&QP;(J2GN$PB=,'..ZH$>/%&,<R20!CR+LW
M1_HVW:,L-/;J5D<M7MS55G5!LE0\G)+CS(XX`).!A6I$1$1$1$1$1$1$1$1$
M1$1$1$1$1$1$7'%&N-7%06^JKI\F*FB?*\#GAH)/[*ATUBJ*ET5SCT-88W2@
M3-9)7OP,C()8&[,_HNA0F0PQF9C62EHWM:<@.QQ`/:,JVZ"^^U?Y3?W5Y1"J
MOT:?P'8?Y1BM"'@N,W/IULS=0U-@L=LFNE3N9!1S-F;'%45!=MV[G?98.'C<
M<\>&,$V2QZ&JJZY1:BU[61W:[L.ZGHV#_H=#ZHV'[3O\[N/^F5T)$1$1$1$1
M$1$1$1$1$1$1$1$1$1$1$1%QQ5K6DK*:@[HGU"ZUTW5R,=&(8I.Z3MSM&\<\
M`C';E5BCKZ"BM<3*?I.>V&&`%D+H8'/:`W(9Q!.1RQGU+H-JG%5:Z*J#I'":
M!DFZ5H:\Y:#EP'`'R@*ZZ"^^U?Y3?W5Y50UM=+U:V25=+76NV6VFIS*^IKF&
M4U$V3M@:T.:1G',9)R`!S6W^FA3V.AN=QHZN&2HCC+Z>"FDG?$]S<EI:QI=P
M.1G"UW1F0[0.GW#.#1L/$85I55U]JMNF+;$VEIC6WJOD[GMU"S[4\I[3Y&MY
MD^3\56-"]$EGL5UAU-=7FOU"]IEF<X-$,<[G%SGQL`&,9P/)C(P2NHHB(B(B
M(B(B(B(B(B(B(B(B(B(B(B(B(BXXM3?J2X54&VB-',PL<R6DK&'9,UPP</;X
MS#C(SQ'']5JHZR]Q1LIV:&8',:&-(K8#$`!@>,1NQ^F5N;4R\ETD]VEI6;AA
ME+2M);'ZR]W%Q_0!7S07WVK_`"F_NKRJKJ#2DUVOU+>X+Y4T<]+"8H6""&9D
M9)R7M$C3M>>`)''`QY59H&/C@BCEE,LC6@.D<`"\XXG`X#/J5;Z-/X#L/\HQ
M;34E]MVF[+5WFZS]524S-SCS+CR#6CM<3@`>M5#0-BN5?<I=>:JBVW>L9LHJ
M-W$6ZF/)@_SNYN/KQY5T-$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1<<1$5JT
M%]]J_P`IO[J\HA7.+3J>W:/Z(K5?+GUCH(:.,-9&W+I'G@UH\F3VG@%3NCS4
M8Z7]3MKKY%%3TEA:R>GM3"Y[))W$@3O<0`=O(-\O'\>\(B(B(B(B(B(B(B(B
M(B(B(B(B(B(B(B(B(N.(B*U:"^^U?Y3?W5Y1"J=H2BI+CT;6BAKJ>.HI9Z%K
M)8I&Y:]IY@A;+2&D['H^U_1ECI!!"7E[W..Y\CCVN<>)QR'D`6_1$1$1$1$1
M$1$1$1$1$1$1$1$1$1$1$1$1<<1$5JT%]]J_RF_NKRB%5?HT_@.P_P`HQ6A$
M1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$7'$1%:M!??:O\IO[J\KGNK:2VW35
MDU%?IBV@IK*^JIP9#&(Y.L(DE:01XS&B/!YMW>M;NRS:@K=$V*IIZBE9=9J2
MGDG?6PN>"3&"[+6N:0XGU^55_0U)KF#2-GACJ;+`QE,T"*IHINL9ZG?6#C^@
M6^ZK7OG#3ON4_P`U0HJC7\EWJK<9K"UD$$4PJ#13['E[G@M'UO,;`3Q_O!3>
MJU[YPT[[E/\`-4&ZU.OZ".G>V6Q5)FJ8H"V.BG\0/>&EY^MY-SD_\E.ZK7GG
M#3ON4_S5]ZK7GG#3ON4_S5`LE5K^Z6R"NDDL5(Z7=F&6BGW,PXCC]:.>,_JI
MW5:]\X:=]RG^:H+:G7[KU+;.ML08RF9.*GN*?8XN>YNS^UYC;GGVA3NJU[YP
MT[[E/\U0KM4:_M]*R=DUAJ2Z>&'9'13Y`?(UA=_:G@T.W'U`J;U6O/.&G?<I
M_FK[U6O/.&G?<I_FJ!9JG7]RH&U;Y;#2N,DC.JEHI]PVR.8#_:C@=N1ZB%.Z
MK7OG#3ON4_S5![JU_P#3?T7UMBV=R]T=T]PS[,[]NS^UYXX\_P!%.ZK7OG#3
MON4_S5!O-3K^VT#JMDMAJG"2-G5144^X[I&L)_M3P&[)]04_JM>><-.^Y3_-
M3JM>><-.^Y3_`#5!M-1K^X4KYWS6&F+9YH=DE%/DADCF!W]J.#MNX>HA3>JU
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M/\U0;54Z_KXZA[Y;%3&&IE@#9**?QPQY:'CZWD[&1_S4[JM>^<-.^Y3_`#5"
MEJ-?QWBEMPFL+F3P2S&H%%/L86.8`T_6\W;R1Q_NE3>JU[YPT[[E/\U0;U4Z
M_MEIJ[A'+8:M]/&7B"*BGW2$=@^M/']%/ZK7GG#3ON4_S5\ZK7OG#3ON4_S5
M!M=5K^O[LW2V*G[GJI*<=90S_6!N,/'UO(Y_IS4[JM>^<-.^Y3_-4&HJ=?PW
M:BMXEL3VU,<KS.VBGVQ;-N`?K>;MW#_A/-3NJU[YPT[[E/\`-4.\3Z_MUIK;
M@R:PU3Z:!\H@CHI]TI:"=H^M/$XQR4ML>O2T'N_3HR,X[BG^:OO5:]\X:=]R
MG^:IVF*V[5<-?%>8865-)5N@$D$;V1S-#6N#VAQ)QXQ',\6E;M%QQ$16K07W
MVK_*;^ZO*@W.T6J["$72VTE:(';XNZ(6R;'>49'`K-75M';J22LKZJ&EI8QE
M\T\@8QH]9/`+';+E;KK2BKME=35E/N+>MIY1(W(YC(/-28I(YHVRQ/:^-PRU
MS3D$?BL<-72SR3105,4DD+MLK6/#C&?(X#D?Q7VEJJ:LBZZDJ(IXLD;XGAXR
M.8R%$NU[LUF;&Z[W6BH&RDB,U4[8M^.>-Q&5GEN%####/-6T\<4Q`B>^5H;(
M3RVDGCGU*2YS6M+G$!H&23P`"BBXV_N+N_NZF[CY]?UK>KYX^UG'-2F.:]H>
MQP<UPR"#D$+65%_L5-<V6JIO-!#<),!E+)4,;*[/+#2<\>SRK8NEC;(R-TC0
M]^=K2<%V.>/*O%754U'%UU741019`WRO#6Y/(9*]OEB8&%\C6[W!K<G&2>0'
MK7M:RW7^Q7.JEI+;>:"KJ803)%3U#)'L`.#D`Y''@IE/64E3)-'3U,,KX7;9
M6QO#C&?(X#D?Q26KI89XJ>6HB9/-GJXW/`<_'/`YG]%DZV/K>IZQO6;=VS/'
M'+./(O%74TU'32559414]/$TNDEE>&M8/*2>`"CVJ[6N[P.J+5<:2NA:[:Z2
MFF;(T.\A+2<%2XI(Y6;XGM>W)&6G(R#@_P!5CCJZ66HEIHJF)\\..LC:\%S,
M\LCF/U2EJZ6K:]U+4PSM8XL<8GAP:X<P<<CZE'NMXM-GB9-=KG24,3W;6OJ9
MFQAQYX!<1DKVZYVYM%%7.KZ44DN#'.9FB-^>6'9P<J7D$9SP45EQM[Z1]:RN
MIG4K,[IA*TL;CGEV<!2(I8YHF2PR-DC>-S7L.0X>4$<UKJ[4%BM];%05]YH*
M6KEQU<$U2QCWY.!AI.3D\%LGR1L<QKWM:YYVM!.-QQG`\O`'_1>*FHIZ2!U1
M53QPPL^U)(\-:W\2>"QSUU%3MA=/5P1"8AL1?(&]83R#<GB?P4E:NDU!8JVX
M26VCO-!45T6=]-%4L=(W'/+0<\.WR*;#64DU1+30U,,D\..LC8\%S,\L@<1^
MJ3U=+3R0QSU$43YG;8FO>&E[O(T'F?P05E(:ON(5,/=6W?U/6#?M\NWGCUK)
M/+%3POGGD9%%&TN>][@UK0.9)/(*%:;U:+S')):+I1U[(R`]U+.V0-)X@':3
MA38Y(Y03&]KPUQ:=IS@C@1^*QBKI35&C%3$:D-WF$/&\-\NWGCUK*'M+RP.!
M<`"1GB,J+<[I;;33BJNEPIJ*`N#1)4RMC:7'D,D\_4D=TMLEN;<X[A2NH'-W
M-J1,TQ$9QG?G&/U4J-[)&-DC<U['`%KFG((/:"L5+5TM6U[J6IBG:QQ8XQO#
M@UPY@XY'U+*Q[7@EC@X`D'!SQ'-:ZYW^QVF>*GNEXH**:89CCJ:AD;GC.,@.
M(SQX+8/EB9L+Y&MWN#6Y.,D\@$FEB@B?--(R.)@+G/>X`-'E)/)83740@CJ#
M5P"&099)U@VN'J.<%2&N:]H<TAS2,@CB"%QU$16K07WVK_*;^ZO**B:_=!3W
M_25==RQM@IZJ9U3)-CJ8IC%B!\F>``=N`)X!Q;ZEJ=.U%FU5K?4XLTSS:74=
M/#7.IIG0=95-ED\9KF$$^(`"]IP1@96ST9)=Z?0&F:>TVZ&=CJ)K'R25/5F'
M`PT@%IWGU9'+UKG\S+=)IJW-TX&FXQZ?J&7H4@'7`8CZP38X]9OZS`/'._':
MNAZ.^AGZMO$VES2&S.H:42&AV]0:@.DY;>&[J]F<=FW/8M?5W.T6'7FIKAJF
M2&$/H:<VZ2IQ]93M:[K8XL\W;\ES1Q.6\.2IU%4:>J=,SA\EKIA,VX/LD]ZB
MW4C:-U0<QM:2,2<`0W&X-V\"."MEZJ+G+T?TD-7:7Q67N2@?53RU6^?JM\1F
M9)'L'#9OW'/$`\..%IY3IX:Q%3&Z@[S#<&%[QU?</=?<KQG_``?X1GEOQVJ^
M='#&LTT13`BW]V51H!V=S=>_J]O^3;]G_+C'#"YU47C3%GZ/]16O4[HFWZHJ
MJUE9`YH=423/=(89,<]I;U>UXX#AQ&.%K@M\L6I]#7"NDGDNDE#-'5.=4/>S
M<*=F[:W.T9<,DM`SZUYOU1'+J.QS:XM]OH;4UE8R,5%2V:G=*1'L+RYK6M<6
M=:`#Z^*U=';FG3NA*Z;NSK(+K&RF;+-(&MIS)+U>8\[2>K+<$C(&.*NW2+#<
M:C0E]@M+975KZ-XC;#]MW#B&_P"8MR!ZRJ+>]0Z2JKCHVVZ3E@DKH*F.:!E"
MT`QTH9()HLC[+MH(ZLX)=MX9'#[I2HM[=3TT^D8+554_T(\04M.[J9HB'Q';
M6.\;QR=P!/$$/R#DD8-4.I)9-6_3U/!!J6:EI3:(>L$DK7[/JQ3N(#G$3;LE
MH''FKA0T$-)TGU,\9F,E3:`^4R3/D&X3\FAQ(8.)\5N!ZEYZ2NJ9WN55R9NL
M5/=627'<,QL9U;Q&^3_(V4L))X#@3R6GM5PL>I>DJY1V.I<^E9:707.6DE,0
MDDZYO4EKV$%Q#>L\=IX`XR.2VFAOI"WZ.M=-:;;'51-K*F)_759C,48J9!NR
M6N+SCR\3Y52*1^GH+79I)YA%=*=EP.H9*<AM5'#U4O7&4M\8$R=7MSV[<*U=
M&IM%;=JNZ6IUGH8W44,$=JMT[)'QQM<XMDGV<-_':`,[1D;CGAEN]=;;/TCU
M5RU(^*&G-H8VV3U!`9N:^0SQL+N'6$=6<9R0!V!4^S5^F*RBK*G=;8**IKZZ
M2Q37B'-#$TMAZUKF%S=KB[K"UIP=N_'`D'=R37Q_1+!2TUL>*'Z%;UE1W43-
MM`PX-CV`D%@)!R.!'!:R\5^BJ*\U%71P6^KLLG<38:>GECBHIJX==C>[^S`;
M%M<XG.,1\"=H70>CJGIH-.N-+7T%6R:JFF(MS]U-`YSR3%'_`)6Y]63DX&<*
ME-O.E;%0:RI]9&)M=4W*H[IBF8'S5%.\X@<UN-SHPS:T8R&D'EQ4ZTVZ7N;H
MON=QDJ)+H`R&0NJ7O9@T4Q)VYV;N`R[&3Y5.U342R7FPOU70T5'8HJ^8;IJE
MLL,CNI>(G2;F@,XYP#GQB..<*E59T_WMUM*YULI9W4]8;3->(]U,ZA-1)M;!
MQ'C_`&2,`G:8^!&`NI5XN53T=5`ML=3#=);0[N=DC\S,F,/B@N_Q!V./E7/*
M^^:2DLFC+'IY\#+RVKHS1PQ-`?3.;(P3MD[6.V%X<'8+LGF5(L-1:CJVSU&E
MX:"1O<=8#1M)BKHI<!SN[''<<%XQXP!#G`^,O>JI*":MU"[6-+1TM?-9(VVV
M!\K92'ATVX0.+03)OZH^*,YV>I1HIK<^_:>=`*-EY9=FBYTTK<7)]1L+7R-=
MDGJ-I#B,8+!P(Y*Y=*3-UCMSZB-TEIBNE-+<V!NYII@[+B\=K`[87>H'/!:2
M*ZV+4'2;2TNG:N.4PVRIBN<U')M:^)W5&+;(P^,0XG!:<MX\LK9Z/976K3]=
M362W-K3%>JV,1U%8YA#.N?XQ>X/+C^/$YYJL.=0LJF]RP1S:TBU--*Z%CF-J
MGQ;WG!)XB(T^T9/BXV^I;;H\^E8]:7HW>U5T%PK+?2SUDTSXBP2;Y@&M#9'8
M8!XK1Y&$G!/&?J*HHK?TDVRX7^2*&V"V21T,]20V&.J,@+QN=P:]T>,9(R`X
M#M51M%VTO<'W:X-%.VQ55X#[7)6Q8HX:ON0;W2L):`TN)QGF_B.)!6ULTU^'
M1E4TEGMT$T+J:X-964E1L`=OEV.IX]O&,\-@R,#`XXR8\4T+*Z27HTI8:AC[
M-##4?1_5;8GF5H8]P+FM,K(^M.TD'EG@K-T3M=#8KC1BWUE)'3W2K9&*J1CW
MN'6N)R6N=D@\"3S.<9'%:9EXTYIZ[ZUDUB^".JGK&N:*A@>ZHH3'&V,1MQE[
M&G>"UN<'=D9*@6>@,FD.CJY53ZE]1%7T[8`ZI>6MA+I.KRP':7",M&2"1RRK
M'KJ>KD[B9>K?3P:=ANM.9ZAU2'MEB\;!E86@,8).K)R2%1JRDL%1<YI1>[3;
M+)'55LEL[OHF3TDH+(.L,9<0S`D;)P'$@O+>TKJ&GKS<*FP6NH=I^2!TM)$\
MQ1>(R/+`=K6D9`'(`\E141%:M!??:O\`*;^ZO*+X]C7M+'M#FD8((R"%CBIJ
M>%P=%!$QP;L!:P#Q<YQ^&25E``&`."\,BBC<]S(V-<\Y<0`"X^4^5(HHH6;(
MHV,;G.&@`+Y-!#.T-FB9(T'(#V@@'R\5Y-)3$8-/%C>9,;!]K_%^/K68@$8(
MX+%W-3]1W/U$?4XQU>P;?].2R@```#`"Q24U/*\2201O>&EH<Y@)P>8_!>V,
M8QK6,8UK6C#0!@`>0+Y+%',S9+&V1G/:X`C^J]X"+!W)2[R_N:'<7AY.P9+A
MR/X^M9(X8HW/='&QCGG+BUH&X^4^5'11OD9(Z-KGLSM<1DMSSP>Q>\#.>U?'
M`.!:X`@\""L45+30N:Z*GB86M+6EK`,`G)`QV9`68`#DO`AB:]\@C8'OQN<&
MC+L>7RKZUC&\6M`_`+S-##.S9-$R1G/:]H(_JO!I*5S7--/$6O=O<"P8<[@,
MGU\!Q]2SK&R"&-G5QQ,:S.=K6@#/X+VUH:,-``]07A\$,DC)'Q,<]GV7.:"6
M_@>Q?8HHXHV111M9&P8:UH`#1Y`.Q)8XY8S'*QKV.YM<,@_HOCX(9-G61,=L
M.6[F@[3Y1Y%D6!U)2N<Y[J:$N>07$L&20<@G\"`5D9#$R1\C(V->_P"TX-`+
MOQ/:CXHI',=)&USF'+2X`EI\H\B^=3%UW7=4SK<;=^T;L>3*R$96".DI8G,=
M'31,+,[2U@&,\\?C@?Z+.`!R7@11"4S"-O6D;2_`SCR9\B]X&<XXKQ+%',PQ
MRQMD8>;7`$']"L?<E+MD9W/%MDQO&P8=@8&?+@`+,T!H#6@`#@`.Q>8XHH@X
M11M8'$N(:`,D\RO8`'(+')##*YCI(F/<PY87-!+3Y1Y%]BABAC$<4;&,'$-:
MT`#]%Z>UKV.8]H<UPP01D$+&ZG@=&R)T,9C9@M:6@AN.6`LN!Y%QQ$16K07W
MVK_*;^ZO*(B(B(B(B(B(B(L<,\,[2^"5DC0XM)8X.`(.".':"OLDL46P22,9
MO<&-W.`W.\@\I7M$0D`9)X+%-4T\%.ZIFGCC@:W<Z1[P&@>7)X84:DNUKK9N
MIH[E1U$NW=LBG:]V/+@'DIR(B\22QQ!IED:P.<&C<<9)X`?B5[1$1$1$1$1$
M1$1%QQ$16K07WVK_`"F_NKRB(B(B(B(B(M9J`7PVN0:=?0,N6YNPU[7NBQGQ
MLAASRSCUJH=7TQ?[UHGV%5_[ES"AMW32.EZIJ#/3B?JLOFE#_HYU/QVM#1QY
M\@/&!R3VD]/ZOIB_WO1/L*K_`-RW%WN]WL&A:BY7@4<UZBA+6LHVN$4L[G;8
MFM#N/%SF#CZUR9\%ST[IR_::K6UMH$U)3W&&5TT3S)(Q\<=4[<"X`%Q8\\CX
MQ/)=&Z0*FFI:;1]54UT9IH[Y3.?53/:UI'5R>.7##1GGPP./!:#7>KZI]WIZ
M>QWV&&V-H)*@5E+74\;'S-?@M+Y&N:X,&"6-P?&X]BU]3K*]1WJWS3W<Q/%7
M;Z:IIA-!'`.M;%UH$3FF5X^L+MY+`.'^$YU]??;O6V34='6ZCGG?);JBI;+3
M3020XCE:#ANQLD'!VTM>#GCAV1QZUJ"W17;2,U*;K6.C=3[NZZ6<1R3`-)SN
M8`,.[<``Y\B^Z0AAJ="6*"HACEB?;*<.C>T.:X=4W@0>"I,$`MEFU!4V5E-;
MZ]^I!21U4=,PNCCDJ(6.`!&,8<>"AWG4MQM6K(:2/4%7)!2W*BM\C:F>FC#V
MO,8D+H]O6/)$A<9!L:.&!AIS)H+KJ..BL]WFU)-(^YBO9)%/`PP0]7'*^-P:
MQN[+>K&>)W<>'):JCU9=66:LI9[_`%DM6^6CV5$=323,(EWYV5&UK8P_J^4C
M,M[`=PQ(L>IZZZQ4M!<M7/M=*R:O8;@R>G+Y71.C$;#*6;#XCW/R&C<&CL!)
M4%PJ/IRIJOIXW%U5561P$M-&QKV2%H,K8RW<S/9QX9\N",U+J>Y=R4-R9J=T
M]SK#5MK+26Q;:+JXI7<&AN]AC<QC27$AV[CS"L>D*F\Q7JV4]PO=1<67&RBN
ME;-'&T1S!T8/5[&C#2)#P.>0X\U?D1$1$1$1$1$1%QQ$16K07WVK_*;^ZO*(
MB(B(B(B(B(B+R]C7@![0X`@C(SQ"\3T\%0TLGACE:YI80]H<"T\QQ["CZ:G?
M"V!\$3H6@`,+`6C'+@L,ELMTD;(I*"F?&Q_6,:Z%I#7?X@,<#ZU]EM]!-,^>
M:BIY)7L#'/?$TN<T'."2.(SV+ZV@H6.J'-HZ=KJG^W(B:#+_`,7#QOU6:...
M.)L,<;61M:&M8T8``[`/(O36AK0UH`:!@`=B\]7'@C8W!=N(QV^7\5@EM]!-
M,^>6BIWRO8&.>Z)I<YH.0"2.(SQPLXCC&W#&C;DMP.7X*,+7;6TTM(+?2BGE
M=NDB$+=CSY2,8)_%?9;;;I8S%+04SXW.#RUT+2"X#`.,<P``#ZEE[EINO[H[
MGBZ[:&]9L&[`.0,\\`\5Y;1TC*B6I92PMGF&V201@.>/(3S/ZK,&,!!#&@@;
M00.0\B](B(B(B(B(B(B+CB(BM6@OOM7^4W]U>41$1$1$1$1$1$1$1$1$1$1$
M1$1$1$1$1$1$1%QQ$16K07WVK_*;^ZO*(B(B(B(B(B(B(B(B(B(B(B(B(B(B
M(B(B(B(BXXB(K5H+[[5_E-_=7E$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1
M$1<<1$5JT%]]J_RF_NKRB(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(O__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g263761.jpg
<DESCRIPTION>G263761.JPG
<TEXT>
begin 644 g263761.jpg
M_]C_X``02D9)1@`!`0$!KP&O``#__@`X1$E32S$R-#I;,#502$DY+C`U4$A)
M,3$X.2Y/5510551=,3$X.5]$3U1?0T]-7TQ)3D4N15!3_]L`0P`'!08&!@4'
M!@8&"`@'"0L2#`L*"@L7$!$-$AL7'!P:%QH9'2$J)!T?*"`9&B4R)2@L+2\P
M+QTC-#@T+C<J+B\N_\``"P@!GP(.`0$1`/_$`!T``0`#`0$!`0$!````````
M```&!P@%!`(#"0'_Q`!>$```!0$"!P@-!@H)!`$"!P```0(#!`4&$0<2$R$Q
M-G0(%C=6=;*STQ0B,C5!5'%SDY25L;05455AP]$C-$93<H&$D9+2%Q@D)3-"
M8X.C4F)DH4-EP46BI*74X_'_V@`(`0$``#\`TB`\M3GQZ9!=FRE&339%?BE>
MI1F=Q)(O"HS,B(O"9D0C^_".FP^^UZ(XRWDL<X[CB24E6/B8IJT%VWA'5L]5
M2K$`Y9%&(B<4W_9Y)/IS9C[8B*X[_!=>0ZH`````````````````````````
M``````````````%X`/!5J3`J[++,]I2TLO)?;-#JVU(<3?<HE),C(RO/PCA4
M^R3U,H+5%IM;E,,M(5B+4@G#)PW2<)1XU]Y9C2:=!D9Z#SCWTF@(B1*HU4'T
MSW*H^IZ69M$VVK&0E&*2+SN3BH26<S,\YF><1*PUC++3;.-2)="AO/')E(-:
MT7G<F0XE)?J(B+]0D6\&QO%RG^B#>#8WBY3_`$0;P;&\7*?Z(-X-C>+E/]$&
M\&QO%RG^B#>#8WBY3_1!O!L;Q<I_H@W@V-XN4_T0;P;&\7*?Z(-X-C>+E/\`
M1!O!L;Q<I_H@W@V-XN4_T0;P;&\7*?Z(-X-C>+E/]$&\&QO%RG^B#>#8WBY3
M_1!O!L;Q<I_H@W@V-XN4_P!$&\&QO%RG^B#>#8WBY3_1!O!L;Q<I_H@W@V-X
MN4_T0;P;&\7*?Z(-X-C>+E/]$&\&QO%RG^B#>#8WBY3_`$0;P;&\7*?Z(-X-
MC>+E/]$&\&QO%RG^B#>#8WBY3_1!O!L;Q<I_H@W@V-XN4_T0;P;&\7*?Z(-X
M-C>+E/\`1!O!L;Q<I_H@W@V-XN4_T0;P;&\7*?Z(-X-C>+E/]$&\&QO%RG^B
M#>#8WBY3_1!O!L;Q<I_H@W@V-XN4_P!$&\&QO%RG^B#>#8WBY3_1!O!L;Q<I
M_H@W@V-XN4_T0;P;&\7*?Z(-X-C>+E/]$&\&QO%RG^B#>#8WBY3_`$0;P;&\
M7*?Z(-X-C>+E/]$&\&QO%RG^B#>#8WBY3_1!O!L;Q<I_H@W@V-XN4_T0;P;&
M\7*?Z(-X-C>+E/\`1!O!L;Q<I_HA7N&:S%GZ-9>+*I5)C0WUSD-J<93BJ-)M
MN&97EX+R+]PNH``#$7P=:JM;7,^*=$H`````````````````````````````
M``````````5?A]U/A<HM]&Z+0```Q%\'6JK6US/BG1*`````````````````
M``````````````````````%7X?=3X7*+?1NBT```,1?!UJJUM<SXIT2@````
M``````````````````````````````````!5^'W4^%RBWT;HM`!R;25N-0:;
MV6_BJ<<<2PPVI9(RKJCN2G&/,1>$S\!$9^`1N%:V?)P>1*\78*ZE(=;C7MWF
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M''P=:JM;7,^*=$H```````````````````````````````````!5-K^$&;G_
M`/PJ+TKX\5Y_.8Z%A=?9')">G,6F`J_#[J?"Y1;Z-T=;"C-A,TN,S)?<9<;E
M,2FC<I[\F.XI#A8J',DD]*KKBTWW7$8Y^"Z%!C5&HHB2W'%Q8<6*ZAR"]&<6
MJ]QQ3SA.)*]2UK7==?<1%>=YBR@`Q%\'6JK6US/BG1*`````````````````
M```````````````````51;#A!F\E1>E?'C'0L+K[(Y(3TYBTP%7X?=3X7*+?
M1NB3X0>Q4T-I]Z<Y$D,3&'8BVXRI"E/DOM$Y).=R_.1D5QW&9WE=>/'8DIDV
MK5.LU1<E4U;+,=*54QV$TAI)K41))PS-9WJ49G?FS%<7AFH`8B^#K55K:YGQ
M3HE````````````````````````````````````*HMAP@S>2HO2OCQCH6%U]
MD<D)Z<Q:8"K\/NI\+E%OHW1)L(9QOD)K+/S69'9C'8BH+2''\OCD:"02^UO/
M/??FNO',P=6@EUB5-:??JK[)1F)#+E0CQV#-+AKN-"6LYI/%TGX2,LQD8GH`
M(O@ZU5:VN9\4Z)0``````````````````%_E_<`````````````````JBV'"
M#-Y*B]*^/&.A877V1R0GIS%I@*OP^ZGPN46^C=$HM\Y$128C<J,MYQZH1FXY
MH?R!M.FX6*YE+CQ<6XST'?HNSB-8+'8;E1G.,P7HY28;,F$2Y1O$W"4Z]DD8
MII+$SDI5W;9E$6-FN*5VW53RI#:*G(=8BN2&TFLE&EK&SFDGE%H:-1$2LY7W
MD7A$-A3S/!B[`=K!1I1Y?%ED3KB.QRE8F409'CY+%41$9G>2;CON*\22P\S&
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MD5STL3KA`*U,D3K<3W9-+E4Y94V*DFI*FS4991_MOP:E%=X--^8?0_VS<Z3!
MMNZY%I$RI*522(T15-)-'X<\YY1:2_=>)YOBJ_$BN>EB=<&^*K\2*YZ6)UPK
MK#96*A+LK$;?LQ5(22GH,G'W(YI,\FYF[1U1W_JNS"S+:M07[/26:E4($&(L
MT$X]/9;=9[HKB4ESM3O/-G\(CN#V4RNOUR-$JM-J[!,1G.S:?%;:22KEHR:U
M(,R4HDH3=GS),BN+PV`9$HC(R(R/P&%Q7779OF`B))$22(B+P$(Q@ZU5:VN9
M\4Z)0`````````````````"M<(^MEG]AF\]@<8="PNOLCDA/3F+3``%/5?7>
MU'GHWPZ!\F9W:3$GP5?B5H.6'>B:$\`!\N+0VA3CBDH0DC-2E'<1$6DS,1[?
MQ8S3OLHOKS?WAOXL9QKHOKS?WB1E<97EH``'#M=73L[1^ST0SENJ?:8;9RA-
MDI3BR25ZC([BS_,8B>_^O<4H_M5/5C\'\**Z8[%=M#1&:;377B9<EIGY;)&:
M5&1FDFR,R[6[]8]_],&#?C3&]$[_`"#L6:MY9*U$Y<"@UEJ;*;;-U3:$+29(
M(R(S[9)%I,OWB4`*HMAP@S>2HO2OCQCH6%U]D<D)Z<Q:8"K\/NI\+E%OHW1*
M<($V7`H!/1Y+D1E4EE$N8T@EKBL&HB<<21D9$9%_F,CQ;[[LPYUAIYR*Q58E
M/KC]<HC+3*FYCRTNXCYFO':2Z1$2R))(5X<4U77Y[BG``8B^#K55K:YGQ3HE
M``````````````````*UPCZV6?V&;SV!QAT+"Z^R.2$].8M,``4]5]=[4>>C
M?#H'P>@2C!5^)6@Y8=Z)H3P`'+M/JW5]C>Z-0J&C(1\C4[M$_BC/^4OS:1YK
M4H05F:N9(3^)N^`O^DQ?#/\`A(_1+W#[`!"<*NKD7E2%TZ1$A7V&G4U.V-\U
M8H"\_G%V[E?A`J');G2MC6P"J+8<(,WDJ+TKX\8K?");&O6-M!!F4"4AAZ1"
M4TX:VDN7I)R\LRB.[.(S_3KA'^EX_J37\HN_<^VWM#;.'7';02VY"XKK*6C0
MRENXE$J_N2*_00Z6'W4^%RBWT;H[V$2J28D&-#AJJS;CS[9O.4V$X\X3&.1.
M8JDH4E*KOGSW7W9QZK&JB*.9V+/M!*[C&^5V76\73W&40F_Z[K_`)0`&(O@Z
MU5:VN9\4Z)0`J;=!6LK]D;-4R;9^?V)(>FY)Q620O&3DU'=<HC\)$,_?TV82
M^,?_`.D8_D%V[G:VUIK8;X-\52[,[%['R/X%#>+C93&[DBO[DM(NT```````
M```````5KA'ULL_L,WGL#C#H6%U]D<D)Z<Q:8``IZKZ[VH\]&^'0/@]`E&"K
M\2M!RP[T30G@`.7:?5NK[&]T:A4=&[S4[9&>C2/-:K5FL;&[S3%[,_X2/T2]
MP^P`0G"KJY%Y4A=.D1(5]AIU-3MC?-6*`%V[E;A`J');G2M#6P"J+8<(,WDJ
M+TKX\8I7#MWTI&S+YXJD:;W)?>^T_GH_-6)QA]U/A<HM]&Z.I7T6F.WK2K/*
M@H_NHR<5/;<4V?X;,18AEVW_`-A([/E:8NR-\3E*7W.1[`;<3=IQL;',_JNN
M^L=60^S&96_(=0TT@KU+<424I+YS,]`)?96P4A#J%,FG')PE$:33IOOT7?6/
M\CR&)3"'XSS;S*\Z7&U$I*O(99C$<P=:JM;7,^*=$G4HDE>HR(OK'SE6_P`X
MG]Y"BMU8I*K'4?%41_WCX#_TEC*@TCN2/RJ_9?M1I(`O(+R^<@``````````
M`!6N$?6RS^PS>>P.,.A877V1R0GIS%I@`"GJOKO:CST;X=`^#T"48*OQ*T'+
M#O1-">``Y=I]6ZOL;W1J%1T;O-3MD9Z-(\MJSNLO6#/04-T__P`ICJM[H2P:
M4)2;-8O(B+\63_..C0L.%C*Y68-'A-50I,QY++1N1TDG&4=Q7GC:!:@"$X5=
M7(O*D+ITB)"OL-.IJ=L;YJQ0`NW<K<(%0Y+<Z5H:V`51;#A!F\E1>E?'C%*X
M=N^E(V9?/%4C3>Y+[WVG\]'YJQ.,/NI\+E%OHW1*K7URL43L-=.I4.<F2\B,
ME+TQ3"C=6JY)%<VHKKKS,S,M&@Q^E!K54E5B?2*S38L*3'9:D-'&EJ?2\VLU
ME?>:$W7&@RN'W;!$=5-9.737IK*9+:CR39NG',K\5XVRSK)*KCQ;C^>[,(5'
MAST8.2HQTN<^9252E([&-LY$9,TEJ2:-"%+;-1DU=HO*XM`DME69"56EG4Z&
M<>-+F$[`8DMJ82HR9;2I9I,L9"5+2?@O/.=V?/P[".VT*S;11(-!4UV3*SNR
MWB5?V0YC9B;/-??=]5PY^$5NOS$T"+:.GT8X"ZEG1'?<=-2B8=,B-*T)*[P^
M4B'!WN6?^@Z?ZNG[A6.&JFTZ!#I!P8$:,:W'<8V6R3C7$FZ^[RBHQ?NYB77D
ME:7Y$CTYV_L;*]F/K;N_Q+L7%0J_PZ;O`+]RMO?H^SGKK_5!E;>_1]G/77^J
M$'M),M4]:HX%2J2Z:ENGH>0U2):L51J=6DU*-:"._M2*X>7$JG&FT'KA?R#P
M1;?RK*UJHTZHV@C.M+:8=9^6I+QJ(S)>-B&TTK-F*^^X='^F:)],V4]8F?\`
M\<2RSUI+36DIR:G1$6:EPU+4@G4RY*2QBTE<IDC'4RMO?H^SGKK_`%096WOT
M?9SUU_J@RMO?H^SGKK_5!E;>_1]G/77^J#*V]^C[.>NO]4&5M[]'V<]=?ZH,
MK;WZ/LYZZ_U096WOT?9SUU_J@RMO?H^SGKK_`%096WOT?9SUU_J@RMO?H^SG
MKK_5!E;>_1]G/77^J#*V]^C[.>NO]4&5M[]'V<]=?ZH,K;WZ/LYZZ_U0A5KE
MUY5JZ+\MQZ<U=!EY+L-Y;E_;L7XV,A-W@T7C\A_EG55E-MW/D5B`Z[\E%CE,
M>6VDBRYW78J57F)WE;>_1]G/77^J#*V]^C[.>NO]4&5M[]'V<]=?ZH,K;WZ/
MLYZZ_P!4*\<.H*M7:4ZHW&;EY>/C)C.*6V1=CHNN-1$>CZAZ#T#W6!<M.ENO
ME1XM)=C?*SEZI<EQM>-DFK\R4**[]8EN5M[]'V<]=?ZH,K;WZ/LYZZ_U096W
MOT?9SUU_JASK0NVX^0*IEH%GR:[$>QC1,>,R+$.^Z]H0FC]YZ==H[%9YB1Y+
M6ZJUK87N88RN)1@T.25O[.'#0TN24]K)I>4:4&K&S7F1&9%^HQM(G;>W=[[.
M^NO]4&5M[]'V<]=?ZH1;""Y:M5'A%5HE';B?*</&5%DNK61Y9-UQ*;(M-WA'
M.%?8:=34[8WS5B@!;VYN55TVWG'1F83LCY-7C)ENK;1BY1O0:4J.^^[P#3F5
MM[]'V<]=?ZH,K;WZ/LYZZ_U0@5855E6XGG66834CY-BXJ8CJW$8N4?TFI*3O
MOO\``/L4KAV[Z4C9E\\52-#;F1=H$P+0_(D>FNI-UC*=F/N-F7:KNNQ4*O\`
M#IN$PPU.6K596(54B49MGLY&*<:2ZM6-DW-)*;+-=?X1/\)3C96<3%5&8><F
M2X\9E4AQ3;;#BG"Q7#6@R4G%/.6*9'?<1&5XX&"66EUR43[*7*A*@1)KTOLE
MQ]Q1*QTDVLW%*-.*:%&E)'=BJ^>\SLT+B`Q%\'6JK6US/BG1R<*G<6:Y5/X9
MX1H5-AW_`!*B^<>]R!3`TCN2/RJ_9?M1I(!55M>$%7([73N#PB@L->N+>QM>
M]0KR\_G&R-S5P8L;8_[R%M@`````````K7"/K99_89O/8'&'0L+K[(Y(3TYB
MTP`!3U7UWM1YZ-\.@?!Z!4U;PHVJL;:2MTFBO14152\N9.L$L\93:"//^HAY
M"P^80;_QFG^J%]XU%@YJ\VOV(HM8J"D*ERXY..FA.*1G>>@O!H$F'+M/JW5]
MC>Z-0J.C=YJ=LC/1I'DM;JK6MA>YAC*XEV"GA)LORDSSB&]2T$`A.%75R+RI
M"Z=(B0K[#3J:G;&^:L4`+MW*W"!4.2W.E:&M@%46PX09O)47I7QXQ2N';OI2
M-F7SQ5(TWN2^]]I_/1^:L3C#[J?"Y1;Z-T=_"/4(+-([`>JM#CR'5H7V+5Y"
M&V9+1*+'0O&2KM3+->1:;A^6#=VD=CSHM'AV9BLMK2I2*'-*01J._.Y<VFX[
MB*[3?GT7";`!B+X.M56MKF?%.CDX5.XLURJ?PSPC0J;#O^)47SCWN0*8&D=R
M1^57[+]J-)`*JMKP@JY':Z=P>$4%AKUQ;V-KWJ%>#9&YIX,6-L?]Y"VP%9,8
M1ZM*;-^)95I<<UK2A2ZFE)J)*C3>99,[NYT#]#P@5XB,]Z4?,5_?4NK$XL_4
MRK-"IM72T;)38S<@FS5C&C'22KK_``W7CH@`Y=IJLFA6?J-84P;Y0V%/9(E8
MIKN+1?X/*(6=OJ\1F6]*/F_^K%U8^581:LPIE4NRS3;"WVFE+14B6:<=Q*"/
M%R97W&HO"+*``%:X1];+/[#-Y[`XPKNW]M:Y8FT,*;0W&$/282FG,LT2RQ2<
MO*XO*(]_3YA!\9I_JA?>+VP#VSK=M;.U&?7'&5OL3,B@VFB06+B)/07UF8M(
M!3U7UWM1YZ-\.@?!Z!FO"?KW6?.IYB1%"TD-V8&N#"S6QI]YB;CEVGU;J^QO
M=&H5'1N\U.V1GHTCR6MU5K6PO<PQE<2[!3PDV7Y29YQ#>I:"`0G"KJY%Y4A=
M.D1(5]AIU-3MC?-6*`%V[E;A`J');G2M#6P"J+8<(,WDJ+TKX\8I7#MWTI&S
M+YXJD:;W)?>^T_GH_-6)QA]U/A<HM]&Z))A&0R5GDRW9<*.426Q((IIF3+QI
M61DVHR(S[8]%Q'GN.X]`Y]@YIUFNUFM&N$RI;+#'8D-;BR(DFLR<6M2$$I1X
MQD5Q9B25Y_-/``Q%\'6JK6US/BG1R<*G<6:Y5/X9X1H5-AW_`!*B^<>]R!3`
MTCN2/RJ_9?M1I(!55M>$%7([73N#PB@L->N+>QM>]0KP;(W-/!BQMC_O(6V!
MBA[-]Y8_Z;W3+'37W"O(?N%!0,+V$*F0H].A5_)18K:664=BLGBH25Q%>:+S
MS%X1U:+ADPCRJQ`C/VAQFG9+:%I[$9*])K(C+N/F&S2`13"?P>VBV%SW"$+[
MM7E,<VM_B;.V1/B6Q>A``"M<(^MEG]AF\]@<84KAV[Z4C9E\\52-6;E'4ZL<
MH_9(%[@*>J^N]J//1OAT#X/0,UX3]>ZSYU/,2(H6DANS`UP86:V-/O,3<<NT
M^K=7V-[HU"HZ-WFIVR,]&D>2UNJM:V%[F&,KB78*>$FR_*3/.(;U+00"$X5=
M7(O*D+ITB)"OL-.IJ=L;YJQ0`NW<K<(%0Y+<Z5H:V`51;#A!F\E1>E?'C%*X
M=N^E(V9?/%4C3>Y+[WVG\]'YJQ.,/NI\+E%OHW1*[>1C?HB'6Y#D:1%E,R&7
MD0G)9H6E97?@FSO41E>1_,1W^`?E8RMR*J_48\FHMRGHN3QFTTE^"IK&(S*\
MGE'C7W9KM%P[U4J4*E1#ESWR99)24$9D9FI2CN2DB*\U&9F1$1$9F/.W7J2Y
M1UUI,U!0&R4:W5$98F*>*HC(RO(R,C(R,K[\P]-/GQ:BP;\12U()9H/';4@R
M,M.91$8X6#K55K:YGQ3HY.%3N+-<JG\,\(T*FP[_`(E1?./>Y`I@:1W)/Y5?
MLOVHTD`JJVO""KD=KIW!X106&O7%O8VO>H5X-D;FK@Q8VQ_WD+;'^&*(LWWE
MC_IO=,L=-?<J\AC(2^[5Y3'1LWK#2MK9YY#^B!#_`$13"?P?6BV%SW"$+[M7
ME,<&V<WY-LY*J.3RO8CC#^)?=C8CR%77^"^X<X]TQG.ZQO\`^X?_`-8DF#[#
MEOPM;`L[O:[#[+RGX?LS*8N*A2NYQ"O[F[2+MO`5IA'ULL_L,WGL#CBE<.W?
M2D;,OGBJ1JS<I:G5CE'[)`O<!3U7UWM1YZ-\.@?!Z!FO"?KW6?.IYB1%"TD-
MV8&N#"S6QI]YB;CE6GU;J^QO=&H5)1N\U.V1GHTCR6MU5K6PO<PQE<2[!3PD
MV7Y29YQ#>A:"'^B$X5=7(O*D+ITB)"OL-.IJ=L;YJQ0`NW<K\(%0Y+<Z5L:V
M`51:_A!F\E1>E?'C%*X=N^E(V9?/%4C3>Y+[W6G\]'YJQ.,/NI\+E%OHW1(K
M>VB71("B;15F3R9O*FPZ=V4VPA)]MCY[BS7Z?!G'CL"<B=4ZE5J@NLN35,LL
M$NH4TH2<FDUJ(D)+NCO4HS/ZR'<M>W5G*8VFBQ&'YG9"#QW<0S83?VSB"7VI
MK(M%^:\[\]UQ\)=%E[T7**W0G'4NDI]],FHXKKSN72M5[B/\RRQE$9&1$9$5
MQ%HZEF*;4&Z;5(]0[*BL29+AQ6%2S<>C,FE)790C.X\8EJ*Y1XN,1$>81NPE
ME8TFS;3JJO7FS[)E)Q6JH\A.:0X6@E:<V?YSO,>.WE`8I3UG)#=1JTA2JD:,
M29/<?07]G>.\DJ,R(\VGRCQBIL._XE1?./>Y`I@7[N8J,U5M\N5FU&-DNQKN
MPYCC&-?E.ZQ3*_1X?K%_;S8OTW:/VP__`#!O-B_3=H_;#_\`,(%7J6W2K<NL
M-2YTDETII1JF25OJ+\,X5Q&HS,B^H?0H+#7KBWL;7O4*\&K=S]9UBI8.V)+E
M2K$=1RGBQ(M0=91F,O\`*DR*\6=O-B_3=H_;#_\`,&\Z(5Q_+=HCS_3#_P#,
M*MLL@FZ#$;)2E$DW4WJ.\SN=66<_"?UCJK[E7D,9"7W:O*8]]`03E<IK9J4D
ME2FBO2JXRO66@_`8W7O.B'?_`'W:+3],/_S!O-B_3=H_;#_\PC>$.RT:)8BN
MR4U:NNJ:B+42'JH\XA5W@-)JN,OJ,<E7=*\IB*X2]1:SYI/2)&:#TB?X#X:*
MAA.HL1;\EE*\M>Y&>4TX5S*SS*3G+0->;S8OTW:/VP__`#!O-B_3=H_;#_\`
M,(3:ZC-4FU=%R4VHR<K!EW]F3%OXMRV.YQC.[3X/J'Y"E<.W?2D;,OGBJ1I7
M<TT)FJV4JKSE0JD8T3\4DPYSC"3_``:3O,DF1&?UBYMYL7Z;M'[8?_F#>;%^
MF[1^V'_YA7;D)%/M7:6(V_)?2E^.>/)>4ZX=\=&E2C,S'H/0,UX3]>ZSYU/,
M2(H6DALS!19>--P=6>E*JU<:4Y$(S0Q4WFT%G/0DE7$7D$OWFQ?INT?MA_\`
MF'-M%9&*U0*HX59M`HTQ'CN75GU$?:'I+&SB$T?/1Z<?_BL\Q(\EK=5:UL+W
M,,97$HP:1TRK?V<C*<=;2Y/92:V7#0M-ZM)*+.1_60VD5CHMW?NT?MA_^8?[
MO-B_3=H_;#_\PBN$&SD>FT>%*;J=8?4FIPRQ)51=>0=[R2SI49D8YPK[#3J:
MG;&^:L4`+>W-U-;JEMYT=R5-CDFFK7CQ)*V%G^$;*XU),CNSZ!IW>;%^F[1^
MV'_Y@WFQ?INT?MA_^80&L4UNEVXGQVY4V02J;%7CRY*WUE^$?*XE*,S(LV@?
M8I7#MWTI&S+YXJD:&W,E%9JT"T*G9U2C&VZP1=AS7&"5>E>G%,K]'A$PPU6<
MCT^RL1Y%3K+YJG(3BR:BZZDOP;AWD2CNOS:18-NZ?:>KTV52:(5)3%FQ7&'W
M)BW"6@U%=>DDI,CS'X1T;.;Y22\FT+=*1<229[`6XJ_3?C8Y%]5UWUCM@!B+
MX.M56MKF?%.CDX5.XLURJ?PSPC0J;#O^)47SCWN0*8&D=R1^57[+]J-)`*JM
MKP@JY':Z=P>$4%AKUQ;V-KWJ%>#9&YIX,6-L?]Y"VP,4/9OO+'_3>Z98Z:^Y
M5Y#&0E]VKRF.C9O6&E;6SSR']$2`13"?P>VBV%SW"$+[M7E,17"7J+6?-)Z1
M(S0>D63N?N%J@_[_`$"QMH!6N$?6RS^PS>>P.,*5P[=]*1LR^>*I&K-RCJ=6
M.4?LD"]P%/5?7>U'GHWPZ!\'H&:\)^O=9\ZGF)$4+20W9@:X,+-;&GWF)N.7
M:?5NK[&]T:A4=&[S4[9&>C2/):W56M;"]S#&5Q+L%/"39?E)GG$-ZEH(!"<*
MNKD7E2%TZ1$A7V&G4U.V-\U8H`7;N5N$"H<EN=*T-;`*HMAP@S>2HO2OCQBE
M<.W?2D;,OGBJ1IO<E][[3^>C\U8G&'W4^%RBWT;HE.$"JRJ10$RXTU$%!RF6
MGY:FR<..TI9$I9)/,9YR\!W7WW'</\L94(\XYF0M<5?Q,2_\&TC(WW_FTE??
M=X?F$H`#$7P=:JM;7,^*=')PJ=Q9KE4_AGA&A4V'?\2HOG'O<@4P-([DC\JO
MV7[4:2`55;7A!5R.UT[@\(H+#7KBWL;7O4*\&R-S3P8L;8_[R%M@8H>S?>6/
M^F]TRQTU]RKR&,A+[M7E,=&S>L-*VMGGD/Z(D`BF$_@]M%L+GN$(7W:O*8BN
M$O46L^:3TB1F@](LG<_<+5!_W^@6-M`*UPCZV6?V&;SV!QA2N';OI2-F7SQ5
M(U9N4=3JQRC]D@7N`IZKZ[VH\]&^'0/@]`S7A/U[K/G4\Q(BA:2&[,#7!A9K
M8T^\Q-QR[3ZMU?8WNC4*CHW>:G;(ST:1Y+6ZJUK87N88RN)=@IX2;+\I,\XA
MO4M!`(3A5U<B\J0NG2(D*^PTZFIVQOFK%`"[=RMP@5#DMSI6AK8!5%L.$&;R
M5%Z5\>,4KAV[Z4C9E\\52--[DOO?:?ST?FK$XP^ZGPN46^C=$]JM-=G8V)5Y
M\&]!(_LJD%=VQ'C%C)//FN\AGY1^="IRH!R".N5"IXQDD^RW&U9(RTD6(A-V
MG/?]0ZX`8B^#K55K:YGQ3HY.%3N+-<JG\,\(T*FP[_B5%\X][D"F!I'<D?E5
M^R_:C20"JK:\(*N1VNG<'A%!8:]<6]C:]ZA7@V1N:>#%C;'_`'D+;`Q0]F^\
ML?\`3>Z98Z:^Y5Y#&0E]VKRF.C9O6&E;6SSR']$2`13"?P>VBV%SW"$+[M7E
M,17"7J+6?-)Z1(S0>D63N?N%J@_[_0+&V@%:X1];+/[#-Y[`XPI7#MWTI&S+
MYXJD:LW*.IU8Y1^R0+W`4]5]=[4>>C?#H'P>@9KPGZ]UGSJ>8D10M)#=F!K@
MPLUL:?>8FXY=I]6ZOL;W1J%1T;O-3MD9Z-(\EK=5:UL+W,,97$NP4\)-E^4F
M><0WJ6@@$)PJZN1>5(73I$2%?8:=34[8WS5B@!=NY6X0*AR6YTK0UL`JBV'"
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MKUI+^US/#_Y3HY6%):%)LT25)/\`O0]!_P#C/"."IL._XE1?./>Y`I@:0W)2
MDIWU8RB+\5TGYT:0RK?YQ'\1!E6_SB/XB%66T42L("C29&7R.UH/_7<'B%!8
M:]<6]C:]ZA7@V-N:UH3@Q8QE$7]L?TG]9"VLJW^<1_$091L[B):;[_G%%6:[
MRQ_TWNF6.FON5>0QD)?=J\ICHV;U@I>UL\\A_0[*ME>1N)T_.&5;_.(_B(17
M"<XA6#ZT1$M)GV"YH/ZA"E]VKRF(KA+U%K/FD](D9H/2+(W/YD6%F@F9D1?A
M]/F5C;&5;_.(_B(,JW^<1_$0K;"*I*K66?Q5$?\`89N@_P#O8'(%*X=N^E(V
M9?/%4C5>Y36E-CJQC*(O[Q\)_P"D@7KE6_SB/XB#*M_G$?Q$*@JQD=MK4&1D
M99:-HV=`^3T#->$_7NL^=3S$B*%I(;JP-N(3@PLT1K21]AITG]9B;95O\XC^
M(AR[3N-G9NKD2TF?8;WA_P!-0J:C=YJ=LC/1I'DM;JK6MA>YAC*XEV"D[L)%
MES/Z19YQ#>1.MW?XB/XB#*M_G$?Q$(5A46A5G(I)6D_[TA:#_P!=(B@K[#3J
M:G;&^:L4`+LW+"DIM_4#49$7R6YI/_5;&M,JW^<1_$095O\`.(_B(55:Y258
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M\ORM2H4[)=C9/LEA+F)?E+[KRS7W%^X:`WD6-XJT;U)O[@WD6-XJT;U)O[A`
M+0TFETBW3L>E4Z+!9726EJ1&:2VE2LLX5YD19SN'^"@L->N+>QM>]0KP:PW/
MEF;.U7!RQ*J5"ILR0<IXC=?C(6HR(RN*\RO%H;R+&\5:-ZDW]P;R+&E<965H
MVGQ%O[A5-ET(;H,5MM))0@W4I2DKB(B=61$0ZB^Y5Y#&0E]VKRF/?9]M#M=I
MK;B$K0N4TE25%>1D:RO(QO#>18T[SWJT;3XBW]P;R+&\5:-ZDW]PC>$2R-EH
M5AZ]*B6<I3$AJ&M;;K<1"5(419C(R*\C'$5W2O*8BN$O46L^:3TB1F@](L#`
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MAIU-3MC?-6*`%P;FJE4RKVXG1JK3XTUA--6LFY#27$DK*-E?<?AN,_WC4&\B
MQO%6C>I-_<&\BQO%6C>I-_<*_KE+IE(MS.C4JGQH3"J;%6IN.TEM)JRCY7W$
M6FXB_<`I7#MWTI&S+YXJD:)W,%"HM8@6B55J1!G&TZP39R6$N&B]*[[KRS:"
M$QPVV8LY3;*1'Z?0:;%=5/0@ULQ4(4:<FX=UY%HS%^X6+;EBH/T9M,!4@D)E
M,JE)BOY%U<<EEE"0N\KCNSZ2,R(ROSB,8+H%0C5.H.S4S''$PX\=Z3,F'(-U
MY"G,8VC-:OP9D:5>#ME']9%98`8B^#K55K:YGQ3HY.%3N+-<JG\,\(T*FP[_
M`(E1?./>Y`I@:1W)'Y5?LOVHTD`JJVO""KD=KIW!X106&O7%O8VO>H5X-D;F
MG@Q8VQ_WD+;`Q0]F^\L?]-[IECIK[E7D,9"7W:O*8Z-F]8:5M;//(?T1(!%,
M)_![:+87/<(0ONU>4Q%<)>HM9\TGI$C-!Z19.Y^X6J#_`+_0+&V@%:X1];+/
M[#-Y[`XPI7#MWTI&S+YXJD:LW*.IU8Y1^R0+W`4]5]=[4>>C?#H'P>@9KPGZ
M]UGSJ>8D10M)#=F!K@PLUL:?>8FXY=I]6ZOL;W1J%1T;O-3MD9Z-(\EK=5:U
ML+W,,97$NP4\)-E^4F><0WJ6@@$)PJZN1>5(73I$2%?8:=34[8WS5B@!=NY6
MX0*AR6YTK0UL`JBV'"#-Y*B]*^/&*5P[=]*1LR^>*I&F]R7WOM/YZ/S5B<8?
M=3X7*+?1NCNX46R>L_$:[&;E&NI122Q(.Z.X>4+M7CN.YO\`4>?%S'H'0LG`
M7".7CV>H=)Q\7O6[CY6Z_N_P2-'@TZ3T"1@!B+X.M56MKF?%.CDX5.XLURJ?
MPSPC0J;#O^)47SCWN0*8&D=R1^57[+]J-)`*JMKP@JY':Z=P>$4%AKUQ;V-K
MWJ%>#9&YIX,6-L?]Y"VP,4/9OO+'_3>Z98Z:^Y5Y#&0E]VKRF.C9O6&E;6SS
MR']$2`13"?P>VBV%SW"$+[M7E,17"7J+6?-)Z1(S0>D63N?N%J@_[_0+&V@%
M:X1];+/[#-Y[`XPI7#MWTI&S+YXJD:LW*.IU8Y1^R0+W`4]5]=[4>>C?#H'P
M>@9KPGZ]UGSJ>8D10M)#=F!K@PLUL:?>8FXY=I]6ZOL;W1J%1T;O-3MD9Z-(
M\EK=5:UL+W,,97$NP4\)-E^4F><0WJ6@@$)PJZN1>5(73I$2%?8:=34[8WS5
MB@!=NY6X0*AR6YTK0UL`JBV'"#-Y*B]*^/&*5P[=]*1LR^>*I&F]R7WOM/YZ
M/S5B<8?=3X7*+?1NB281GFT6>1&>BP'FYDMB,:Z@R3T=C'61$XM!YE7'H(S(
ML8RSCGV$BM4>T%9H3;5)=-IAA]4JGPD13[<UD33J4=KC%BXQ'FS*T>$YX`&(
MO@ZU5:VN9\4Z.3A4[BS7*I_#/"-"IL._XE1?./>Y`I@:1W)'Y5?LOVHTD`JJ
MVO""KD=KIW!X106&O7%O8VO>H5X-D;FG@Q8VQ_WD+;`Q0]F^\L?]-[IECIK[
ME7D,9"7W:O*8Z-F]8:5M;//(?T1(!%,)_![:+87/<(0ONU>4Q%<)>HM9\TGI
M$C-!Z19.Y^X6J#_O]`L;:`5KA'ULL_L,WGL#C"E<.W?2D;,OGBJ1JS<HZG5C
ME'[)`O<!3U7UWM1YZ-\.@?!Z!FO"?KW6?.IYB1%"TD-V8&N#"S6QI]YB;CEV
MGU;J^QO=&H5'1N\U.V1GHTCR6MU5K6PO<PQE<2[!3PDV7Y29YQ#>I:"`0G"K
MJY%Y4A=.D1(5]AIU-3MC?-6*`%V[E;A`J');G2M#6P"J+8<(,WDJ+TKX\8I7
M#MWTI&S+YXJD:;W)?>^T_GH_-6)QA]U/A<HM]&Z.[:U54K%9:LG3Y,>''=AJ
ME3'WHJ9)K1CD@FDH7VN?.9FHCS$6;./\L)'?HLZJ68?:IY]BH9E-R(,-,4GD
M.XZ>W;3VN.1M'G+,9&68A)*\[/8H\QZF9#LQMI2F^R+\2\BOSW9QQ'*O6','
ML2L06"DU:1!8<0A*"[9Q9(O,DF9%FQC.Z\M`]-G*NIZFU!RJ25-NP'UMRCDM
M(8R%R4K[;%4I-V*HE8Q*NN/P7"-V"M?92+9IIJ3:6DM.=DRE8BYC9'<<EPR.
MZ_PD9'Y#'BM_:*@5=VSD>E5JGS7TU(UJ;CR$.*)/8[Q7W$>C.7[QSQ4V'?\`
M$J+YQ[W(%,#0&Y>KE&HV^;Y6JL*#E>QLGV2^EO'NRE]UYY[KR_>-`;][&\:J
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MBN$O46L^:3TB1F@](L#`;.A4["A1)E0ELQ8S>6QWGEDA";V5D5YGF+.9$-@;
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MB4A:S(GDF=Q$=^@ARA7V&G4U.V-\U8H`7!N:JK3*1;B=)JM0BPF%4U:"<D.I
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MG%NK.Z]2E*,S4>8BO,]!$7@'$P=MMG95J]"3_M<SP?\`E.CE84D(2FS1I2DO
M[U/07_C/"."IL._XE1?./>Y`I@:0W)24JWU8R2/\5TEYT:0R3?YM'\)!DF_S
M:/X2%66T22<("B21$7R.UH+_`%W!XA06&O7%O8VO>H5X-C;FM"%8,6,9)'_;
M'])?60MK)-_FT?PD&3;*XR0F^_YA15FN\L?]-[IECIK[E7D,9"7W:O*8Z-F]
M8*7M;//(?T.R;9WF:$WW_,&2;_-H_A(17"<V@L'UHC)"2/L%S07U"%+[M7E,
M17"7J+6?-)Z1(S0>D61N?R(\+5!(R(R_#Z?,+&V,DW^;1_"09)O\VC^$A6V$
M5*4VLL_BI(O[#-T%_P![`Y`I7#MWTI&S+YXJD:KW*:$JL=6,9)'_`'CX2_TD
M"]<DW^;1_"09)O\`-H_A(5!5B(K;VH(B(BRT;1LZ!\GH&:\)^O=9\ZGF)$4+
M20W5@;0A6#"S1J0DS[#+27UF)MDF_P`VC^$AR[3MME9NKF2$D?8;W@_TU"IJ
M-WFIVR,]&D>2UNJM:V%[F&,KB78*<^$BRY'](L\XAO(FF[O\-'\)!DF_S:/X
M2$*PJ(0FSD7%2DO[TA:"_P!=(B@K[#3J:G;&^:L4`+LW+"4JM_4"41&7R6YI
M+_5;&M,DW^;1_"09)O\`-H_A(55:Y*4X0)I)(B+Y+BZ"_P!5\>04KAV[Z4C9
ME\\52-,[DU*54ZTV,DC_``T?27_:L3C#VA";'P\5*2_O%O07^FZ._A-1%*C1
M77XT''.:PRF;,9)Q$(EK(C=,CS'=\QGBWF5^8?A88RA5VL41F3!J#+#+#QS(
MT5IE2%*-99%S)$23,B22BS$=RLY:#.=`!B+X.M56MKF?%.CDX5.XLURJ?PSP
MC0J;#O\`B5%\X][D"F!I'<D?E5^R_:C20"JK:\(*N1VNG<'A%!8:]<6]C:]Z
MA7@V1N:>#%C;'_>0ML#%#V;[RQ_TWNF6.FON5>0QD)?=J\ICHV;UAI6UL\\A
M_1$@$4PG\'MHMA<]PA"^[5Y3$5PEZBUGS2>D2,T'I%D[G[A:H/\`O]`L;:`5
MKA'ULL_L,WGL#C"E<.W?2D;,OGBJ1JS<HZG5CE'[)`O<!3U7UWM1YZ-\.@?!
MZ!FO"?KW6?.IYB1%"TD-V8&N#"S6QI]YB;CEVGU;J^QO=&H5'1N\U.V1GHTC
MR6MU5K6PO<PQE<2[!3PDV7Y29YQ#>I:"`0G"KJY%Y4A=.D1(5]AIU-3MC?-6
M*`%V[E;A`J');G2M#6P"J+8<(,WDJ+TKX\8I7#MWTI&S+YXJD:;W)?>^T_GH
M_-6)QA]U/A<HM]&Z)O:JKTVC4DY580@Z<MU##ZG,7$0E9XN,LE:4YROTZ1\V
M9F68?CNQK,2:4MADR4XU3E-XJ#5X3)&8K[C_`'#M@!B+X.M56MKF?%.CDX5.
MXLURJ?PSPC0J;#O^)47SCWN0*8&D=R1^57[+]J-)`*JMKP@JY':Z=P>$4%AK
MUQ;V-KWJ%>#9&YIX,6-L?]Y"VP,4/9OO+'_3>Z98Z:^Y5Y#&0E]VKRF.C9O6
M&E;6SSR']$2`13"?P>VBV%SW"$+[M7E,17"7J+6?-)Z1(S0>D63N?N%J@_[_
M`$"QMH!6N$?6RS^PS>>P.,*5P[=]*1LR^>*I&K-RCJ=6.4?LD"]P%/5?7>U'
MGHWPZ!\'H&:\)^O=9\ZGF)$4+20W9@:X,+-;&GWF)N.7:?5NK[&]T:A4=&[S
M4[9&>C2/):W56M;"]S#&5Q+L%/"39?E)GG$-ZEH(!"<*NKD7E2%TZ1$A7V&G
M4U.V-\U8H`7;N5N$"H<EN=*T-;`*HMAP@S>2HO2OCQBE<.W?2D;,OGBJ1IO<
ME][[3^>C\U8G&'W4^%RBWT;HE.$"7.AV?RL)Z1';.2RF5*C-95V-'-9$XXA-
MQYR+PW'<1F=QW"/8)JU4ZPPM3\N3-B(A1L=^0SB&B5VQ.-DK%+'S$A1Z;C4>
M?/<5D`!B+X.M56MKF?%.CDX5.XLURJ?PSPC0J;#O^)47SCWN0*8&D=R1^57[
M+]J-)`*JMKP@JY':Z=P>$4%AKUQ;V-KWJ%>#9&YIX,6-L?\`>0ML#%#V;[RQ
M_P!-[IECIK[E7D,9"7W:O*8Z-F]8:5M;//(?T1(!%,)_![:+87/<(0ONU>4Q
M%<)>HM9\TGI$C-!Z19.Y^X6J#_O]`L;:`5KA'ULL_L,WGL#C"E<.W?2D;,OG
MBJ1JS<HZG5CE'[)`O<!3U7UWM1YZ-\.@?!Z!FO"?KW6?.IYB1%"TD-V8&N#"
MS6QI]YB;CEVGU;J^QO=&H5'1N\U.V1GHTCR6MU5K6PO<PQE<2[!3PDV7Y29Y
MQ#>I:"`0G"KJY%Y4A=.D1(5]AIU-3MC?-6*`%V[E;A`J');G2M#6P"J+8<(,
MWDJ+TKX\8I7#MWTI&S+YXJD:;W)?>^T_GH_-6)QA]U/A<HM]&Z.[A&J+[$"/
M`B_*Z52'VC?53(CSCO8^.1.$A;:3Q%7?61W7W9[A^-A$FU6:O'I_RXFAH:8-
MI%71()1/&:\<VE/EC&BXD7E?<2K[KKQ*+0HDKHDY,.8N'(R*C0^VE*E(,BOO
M(E$9"(SJW(9P:TJ0=3-F=(AP5/OFLC=0TXII#KV?YB69XW@,[QT[-2I33MIH
MC+C]2CT^9B1,H[CN*O9;6IK**/MKEJ,KU'FON,\PX%A*U7FK-M(9L?-?1V3*
M/'3,CI*\Y#AF5QKOS'F_4/';RIU:8]9QJ?9R53FBJ1J)UV0RX1GV.]VMR%&?
MS_5F'C%38=_Q*B^<>]R!3`OW<Q3ZC"WR_)]#D5/'[&Q\B^TWD[LI=?CJ*^^\
M]'S"_?EZT?$>?Z]%ZP/EZT?$>?Z]%ZP0.O3)TVW+KD^DO4UQ-*:(FW76W#46
M6<SWH49#Z%!8:]<6]C:]ZA7@U9N?ZK6(F#MAF%9F7/:[*>/+-R6$$9WEFN6L
MC_\`0L[Y>M'Q'G^O1>L#Y>M'>5]B)]U_CL7K!5UEE*508BEH-"C-TS09D9I/
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MU(9;))Y-.:Y:B,7+\O6CXCS_`%Z+U@?+UH^(\_UZ+U@KQR1)E6KM*],@.07C
M?CD;#CB%J3_9T7'>@S+/Y1Z#T#->$_7NL^=3S$B*%I(;+P4UBN1\'5GF8UDI
MLME,0B2\B7'22RO/.1*61E^LA+_EZT?$>?Z]%ZP<ZT5<M`N@51#EBYS:#B/$
M:SF1C))8AY[B<O$)H_>>G;*SS$CR6MU5K6PO<PQE<2C!HZZS;^SCK$94EU$]
MDTLH4E)K/&T$:C(B_68VD5>M'=J//]>B]8'R]:/B//\`7HO6"+80:K69='A,
MS;,2X#)U.&9ON26%I3^&3<5R%F>?1H'.%?8:=34[8WS5B@!;VYNES8=MYSL&
ME/5%TZ:M)M-.MMF191OMKUF1?-]><:<^7K1\1Y_KT7K`^7K1\1Y_KT7K!`JQ
M+FS+<3W9U*>ISI4V*DFG76W#,LH_VUZ#,O\`[YA]BE<.W?2D;,OGBJ1H;<R5
M"I0H%H2I]!D5(ENL8QM/M-XG:KNOQU%??]7S"88:JK695E8C<RR\N$V4Y!DX
MY*861GDW,UR5F?\`_@GN$MUUN@QFVE2UJ>GQFCC1'#:=EI-97M$X1IQ+RO.^
M\BS7&97CTV.B,Q>S,E0:M2\;$O\`E"84C*:>Y_"N77>'1I+2),9$HC2HB,CS
M&1C\50XBD8BHS)IR1LW&V5V(>E/Z.8LV@(D2+!CHC0HS,=A'<M,H)"4Y_`19
MB$>P=:JM;7,^*=')PJ=Q9KE4_AGA&A4V'?\`$J+YQ[W(%,#2.Y(_*K]E^U&D
M@%56UX05<CM=.X/"*"PUZXM[&U[U"O!LC<T\&+&V/^\A;8&*'LWWEC_IO=,L
M=-?<J\AC(2^[5Y3'1LWK#2MK9YY#^B)`(IA/X/;1;"Y[A"%]VKRF(KA+U%K/
MFD](D9H/2+)W/W"U0?\`?Z!8VT`K7"/K99_89O/8'&%*X=N^E(V9?/%4C5FY
M1U.K'*/V2!>X"GJOKO:CST;X=`^#T#->$_7NL^=3S$B*%I(;LP-<&%FMC3[S
M$W'+M/JW5]C>Z-0J.C=YJ=LC/1I'DM;JK6MA>YAC*XEV"GA)LORDSSB&]2T$
M`A.%75R+RI"Z=(B0K[#3J:G;&^:L4`+MW*W"!4.2W.E:&M@%46PX09O)47I7
MQXQ2N';OI2-F7SQ5(TWN2^]]I_/1^:L3C#[J?"Y1;Z-T36UU+76*(Y!;C,R%
MFXVM*'I+L=-Z5$HCQVNW(R,KRN\)#B6**7`K=5HU1CDS)0PQ(0::I)FI<;4I
MQ-_X;N#(TF5Q:1-@`Q%\'6JK6US/BG1R<*G<6:Y5/X9X1H5-AW_$J+YQ[W(%
M,#2.Y(_*K]E^U&D@%56UX05<CM=.X/"*"PUZXM[&U[U"O!LC<T\&+&V/^\A;
M8&*'LWWEC_IO=,L=-?<J\AC(2^[5Y3'1LWK#2MK9YY#^B)`(IA/X/;1;"Y[A
M"%]VKRF(KA+U%K/FD](D9H/2+)W/W"U0?]_H%C;0"M<(^MEG]AF\]@<84KAV
M[Z4C9E\\52-6;E'4ZL<H_9(%[@*>J^N]J//1OAT#X/0,UX3]>ZSYU/,2(H6D
MANS`UP86:V-/O,3<<NT^K=7V-[HU"HZ-WFIVR,]&D>2UNJM:V%[F&,KB78*>
M$FR_*3/.(;U+00"$X5=7(O*D+ITB)"OL-.IJ=L;YJQ0`NW<K<(%0Y+<Z5H:V
M`51;#A!F\E1>E?'C%*X=N^E(V9?/%4C3>Y+[WVG\]'YJQ.,/NI\+E%OHW1W,
M(Z9QTM:UO6<;HJ$8\KY90X98Q*(TW8BB_=I,[KAX<%$6H-1JC*E6>I5)BR%H
M.,N''6PY)21'VZT+,U)+.6*2KCTWD5XL(`,1?!UJJUM<SXIT<G"IW%FN53^&
M>$:%38=_Q*B^<>]R!3`TCN2/RJ_9?M1I(!55M>$%7([73N#PB@L->N+>QM>]
M0KP;(W-/!BQMC_O(6V!BA[-]Y8_Z;W3+'37W*O(8R$ONU>4QT;-ZPTK:V>>0
M_HB0"*83^#VT6PN>X0A?=J\IB*X2]1:SYI/2)&:#TBR=S]PM4'_?Z!8VT`K7
M"/K99_89O/8'&%*X=N^E(V9?/%4C5FY1U.K'*/V2!>X"GJOKO:CST;X=`^#T
M#->$_7NL^=3S$B*%I(;LP-<&%FMC3[S$W'+M/JW5]C>Z-0J.C=YJ=LC/1I'D
MM;JK6MA>YAC*XEV"GA)LORDSSB&]2T$`A.%75R+RI"Z=(B0K[#3J:G;&^:L4
M`+MW*W"!4.2W.E:&M@%46PX09O)47I7QXQ2N';OI2-F7SQ5(TWN2^]]I_/1^
M:L3C#[J?"Y1;Z-T2BU-CH=I)\"?(JE4B/0+U,%$>2E*5G_GQ5)46,19B/20]
M]GZ&NC9?'K=6J65Q;OE!]+F3NO[FY)77WY_(0Z4R7&@QG)4R0U'CME>MUU9)
M2GP9S,?"*A`73_E),V.<'$RG9!.ED\7Y\:^Z[ZQ_L*="J#&7@3(\IDE8N48<
M):;RTE>1Z1P,'6JK6US/BG1R<*G<6:Y5/X9X1H5-AW_$J+YQ[W(%,#2.Y(_*
MK]E^U&D@%56UX05<CM=.X/"*"PUZXM[&U[U"O!LC<T\&+&V/^\A;8&*'LWWE
MC_IO=,L=-?<J\AC(2^[5Y3'1LWK#2MK9YY#^B)`(IA/X/;1;"Y[A"%]VKRF(
MKA+U%K/FD](D9H/2+)W/W"U0?]_H%C;0"M<(^MEG]AF\]@<84KAV[Z4C9E\\
M52-6;E'4ZL<H_9(%[@*>J^N]J//1OAT#X/0,UX3]>ZSYU/,2(H6DANS`UP86
M:V-/O,3<<NT^K=7V-[HU"HZ-WFIVR,]&D>2UNJM:V%[F&,KB78*>$FR_*3/.
M(;U+00"$X5=7(O*D+ITB)"OL-.IJ=L;YJQ0`NW<K<(%0Y+<Z5H:V`51;#A!F
M\E1>E?'C%*X=N^E(V9?/%4C3>Y+[WVG\]'YJQ.,/NI\+E%OHW1:`"-6UBRGH
M])EQHKDI,"I,RGF&\ZUMI)1'BEX32:B5=X<7-GN$<^3)SME:Q!?HU3R=1EO3
MDLQUMH<::-])XG;&9$X97KQ;KM)7D8D%EBK1TNIY7+MXTESY-.I)O=)O%3<;
MA)N,RQ\>XC,E8MU^<1RPC5M#LVT<2=04M=DRLSL1Y2K^R',;.3A9K[[OJN'C
MMXBTR7K.'695*=C_`"D>*F)'<;7C=CO77FI:BNNO\`\8J;#O^)47SCWN0*8%
M^[F)%>5OE^1)%.:N[&RO9C"W+_\`$NQ<5:;O#IO\`OW)6]^D+.^I/]:&2M[]
M(6=]2?ZT0.O)K";<NE6GH+K_`,E-8APVEMI).6<TDI2COO'T*"PUZXM[&U[U
M"O!JS<_MVI5@[8.DRZ0W%[*>N3*C.K7?>5^=+A%=^H6=DK>_2%G?4G^M#)6\
MO*^H6=NO\2?ZT5=9;'^08F5-)N7NXQI*XC/*KON^J\=5?<J\AC(2^[5Y3'OH
M&4^7*;DC23G936*:BO(CQRNO^H;JR5O,]U0L[=?XD_UH9*WOTA9WU)_K1',(
M;5LBL173G3:$N*41>52S$>2LT^&XS<,B/RD8Y*NZ5Y3$5PEZBUGS2>D2,T'I
M$_P'E/5A.HI4QR,W+_#8BI*%+;+\"N^\DF1GFO\`"-=Y*WOTA9WU)_K0R5O?
MI"SOJ3_6B%6N17DVKHORW(ISM\&7DNPV%MW=NQ?C8RU7^#1=X1^0I7#MWTI&
MS+YXJD:5W-2+1JLI53HLJEM,]G]N4R.XXHU9-.@TK3FNN%RY*WOTA9WU)_K0
MR5O?I"SOJ3_6BO'$U!-J[2E5'(SDO+Q\949M2&S+L=%UQ*,ST?6/0>@9KPGZ
M]UGSJ>8D10M)#9>"ENV)X.K/'`FT-$4XA9-+\1U2R*\])DX1&?ZB$OR5O?I"
MSOJ3_6CG6B:MQ\@53+3[/FUV(]C$B&\1F6(=]U[HA-'[STZ[1V*SS$CR6MU5
MK6PO<PQE<2C!H4D[?V<*&MI$DY[.34\DU()6-FO(C(S+]9#:1-6\N[X6=]2?
MZT,E;WZ0L[ZD_P!:(MA!;M6FCPCJLNCN1/E.'C)BQG4+,\LFZXU.&6F[P#G"
MOL-.IJ=L;YJQ0`M[<W)JZK;SBHST)J1\FKQE2VEN(Q<HWH)*DG??=X1IS)6]
M^D+.^I/]:&2M[](6=]2?ZT0*L)JR;<3RK+T)V1\FQ<541I;:,7*/Z24I1WWW
M^$?8I7#MWTI&S+YXJD:&W,B+0*@6A^1)--:23K&4[,8<<,^U7==BK3=X?G$P
MPU-VK396(=4ET=QGLY&*4:,ZA6-DW-)J</-=?X!=H``"+X.M56MKF?%.CDX5
M.XLURJ?PSPC0J;#O^)47SCWN0*8&D=R1^57[+]J-)`*JMKP@JY':Z=P>$4%A
MKUQ;V-KWJ%>#9&YIX,6-L?\`>0ML#%#V;[RQ_P!-[IECIK[E7D,9"7W:O*8Z
M-F]8:5M;//(?T1(!%,)_![:+87/<(0ONU>4Q%<)>HM9\TGI$C-!Z19.Y^X6J
M#_O]`L;:`5KA'ULL_L,WGL#C"E<.W?2D;,OGBJ1JS<HZG5CE'[)`O<!3U7UW
MM1YZ-\.@?!Z!FO"?KW6?.IYB1%"TD-V8&N#"S6QI]YB;CEVGU;J^QO=&H5'1
MN\U.V1GHTCR6MU5K6PO<PQE<2[!3PDV7Y29YQ#>I:"`0G"KJY%Y4A=.D1(5]
MAIU-3MC?-6*`%V[E;A`J');G2M#6P"J+8<(,WDJ+TKX\8I7#MWTI&S+YXJD:
M;W)?>^T_GH_-6)QA]U/A<HM]&Z+0```Q%\'6JK6US/BG1R<*G<6:Y5/X9X1H
M5-AW_$J+YQ[W(%,#2.Y(_*K]E^U&D@%56UX05<CM=.X/"*"PUZXM[&U[U"O!
MLC<T\&+&V/\`O(6V!BA[-]Y8_P"F]TRQTU]RKR&,A+[M7E,=&S>L-*VMGGD/
MZ(D`BF$_@]M%L+GN$(7W:O*8BN$O46L^:3TB1F@](LG<_<+5!_W^@6-M`*UP
MCZV6?V&;SV!QA2N';OI2-F7SQ5(U9N4=3JQRC]D@7N`IZKZ[VH\]&^'0/@]`
MS7A/U[K/G4\Q(BA:2&[,#7!A9K8T^\Q-QR[3ZMU?8WNC4*CHW>:G;(ST:1Y+
M6ZJUK87N88RN)=@IX2;+\I,\XAO4M!`(3A5U<B\J0NG2(D*^PTZFIVQOFK%`
M"[=RMP@5#DMSI6AK8!5%L.$&;R5%Z5\>,4KAV[Z4C9E\\52--[DOO?:?ST?F
MK$XP^ZGPN46^C=%H```8B^#K55K:YGQ3HY.%3N+-<JG\,\(T*FP[_B5%\X][
MD"F!I'<D?E5^R_:C20"JK:\(*N1VNG<'A%!8:]<6]C:]ZA7@V1N:>#%C;'_>
M0ML#%#V;[RQ_TWNF6.FON5>0QD)?=J\ICHV;UAI6UL\\A_1$@$4PG\'MHMA<
M]PA"^[5Y3$5PEZBUGS2>D2,T'I%D[G[A:H/^_P!`L;:`5KA'ULL_L,WGL#C"
ME<.W?2D;,OGBJ1JS<HZG5CE'[)`O<!3U7UWM1YZ-\.@?!Z!FO"?KW6?.IYB1
M%"TD-V8&N#"S6QI]YB;CEVGU;J^QO=&H5'1N\U.V1GHTCR6MU5K6PO<PQE<2
M[!3PDV7Y29YQ#>I:"`0G"KJY%Y4A=.D1(5]AIU-3MC?-6*`%V[E;A`J');G2
MM#6P"J+8<(,WDJ+TKX\8I7#MWTI&S+YXJD:;W)?>^T_GH_-6)QA]U/A<HM]&
MZ+0`<^LU6+2(J9$K'4;CB66FFDXRW7%'<E*2\)G_`.B(S.XB'D3::E'0GJVI
MUQ$9E:FG4*;/*(=)>(;9HTX^-<F[PF97:1Z:/5XM6:?-A+S3T9W(OL/HQ'&5
MW$=RB^LE$9&1F1D99QR<'6JK6US/BG1R<*G<6:Y5/X9X1D5/AW_$J+YQ[W(%
M,#2.Y)_*K]E^U&D@%56VX05<CM=.X/`*#PUZX-[&U[U"O!LC<U<&+&V/^\A;
M8_PQ1%F^\L?]-[IECIJ[E7D,9"7W:O*8Z-F]8:5M;//(?T0(?Z(IA/X/K1;"
MY[A"%]VKRF(IA+U%K/FD](D9I/2+)W/W"U0?]_H%C;0"M,(^MEG]AF\]@<84
MMAV[Z4C9E\\52-6;E+4ZL<H_9(%[@*>J^N]J//1OAT#X/0,UX3M>ZSYU/,2(
MH6DANS`UP86:V-/O,3<<JT^K=7V-[HU"I*-WFIVR,]&D>2UNJM:V%[F&,KB7
M8*>$FR_*3/.(;U+00"$X5=7(O*D+ITB(BO\`#1J:G;&^:L4`+MW*W"!4.2W.
ME:&M@%46PX09G)47I7QXA2V';OI2-F7SQ5(TWN2^]]I_/1^:L3C#[J?"Y1;Z
M-T6@`X=J:7+J+%/?@*:[+I\UN6VAXS2AW%)25(-1$9IO2M5QW'<=V8<!=F*V
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MA:`Y61)C*([&1>@E&HBN)F[29C\/Z,D<<K2>DC]2.)5\!-FZS+*95*]7Y,@D
M$@EK=9(\4M!9FR^<QX?ZN5BOI.N>F:ZL3&S6#PK,4M-*H=JZY%A)6IPF\6,O
MME:3O4R9CVO6>M+V?&R-MJKV%B.9?&:BY3&[7$Q?P%UW=7W_`%#U%9VKWW[]
MZYZ*)U`CK&"R-':)IBUUHVVR,S)*7(]Q7F9G_P#%\YF/O^C)OCC:3TD?J1%C
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MO8[K%Q;_`*[[AY*K@_759,>5-MA7U/QT+;:6CL9!I2LTFHLS.>_%3^X>7^C)
M''*TGI(_4CDUK`?0*XXT[5K0V@E+:2:4&MUDL4C.^[,T0YG]7*Q7TG7/3-=6
M)593!E'LE#>A6?M17(D=YS*N)NCKO5<17WJ:,]!$.G4;.VE[%5\FVVJG9..B
M[+M1<3%QBQ]#%]^+C7?7</5O=J_':N>BB=0.))P;(DSY,]VU]H2DR32;RD*C
MI)9I222.XF;M!$0^/Z,D<<K2>DC]2(_4<`-E:G-=G3ZU7GY+IWN.*>:(U'==
MX&_J'F_JYV*^DZYZ9KJQ.J/8F31:7%I5,MA7&(45&3:;Q(JL5/S7FR9GI\(_
M1^SUI>S8G8]MJIV)V_9..U%Q^Y[3$N8NTZ;_``#]9-EJE*C/1G[:5M;+R%-K
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M.4II+*EH.,B]"34:2N)F[,:E?O'X_P!&2..5I/21^I')K6`^@5QQIVK6AM!*
M6TDTH-;K)8I&=]V9HAS/ZN5BOI.N>F:ZL2:R>"N%9!N4U9VTU<AHE*2IXO[.
MO&--Y%W31W:3T#\;>V!K]H*.S"C6LF25HD)=-$Y+"4$1)45Y&VR1W]MY-/U"
MS0```!$F;=4J0HD18E0?<=,NQ4-LE?+2:U(QT&:KB21I.\UFG-<>@RO]CMJH
M!T.GU6&S(E?*+B68D=*22XZX=_:GC&1)N)*C,S.XB2>G-?\`DFV-.;8OFLR8
MLI,]NGN1E(QU(>7BXN=-Z<4R6E1*ONN/Y\PDP`/#6JI%HU-=J$S'R39I3BMI
MQE+4I1)2E)>$S49$7E'!3;BEFI)'$J"22Z3,E1LEBQ'#=R1)<,CTFO-VN-FN
M/09&/96+2%`GNP8M+EU!Z-'*5**.:"R+9FHD]T98RCQ%7)+/VIZ,U_Y1+94F
M9.BQXR)3C$I:6FIA-7,J<4UE4HO,[[S1GONNOS7WYA)0`<.T%I8%"<;;E-R'
M5J9<D+2P@E&TRWBX[JLY7)+&3HO,[\Q&/FE6F@U.IG3V6);:E(<<8==:Q42$
M-K)"U(.^^XE*+217D=Y7EG'B;MG#4ZV\Y"E-TIZ2N*S4#Q3;<=3C$?:D>.23
M-"DD=V<R^LK^C9^T,6N*?;9C2XSS"6W%-2F\16(XDU(5F,\QD1YM)77&1#M`
M`BBK9Q&WC=<@RDTGLM4(JEVIMF\E1I,L4CQL7'(T$J[.KZKC'NHUIH-5;EJR
M,J&J*VAYU$QLD*2VM)J2O,9E<9$>;25QD9$/)2[7QIKT-,F#)@,5!E;\%^0I
M&*^VDB49G<HS0>*9*N5=FO\`"1D77H-8A5ZF-U.G+6J,XM:$J6@TF9H6:3S'
MGNO2=WU#H@/RER&8D5Z7)<)MAE"G'%GH2DBO,_W$(QO[H:*/.JLKLJ(W#0VM
MQEYK\*I+B<9LTI(SOQBON+25QWD5QCIUFN)I[\&%&AO3I\W'4S':4E/:((C6
MLU*,B))8R2\JB(>:':ZE2ETIHBD-R*B\[';96T>,VXT2\HE9EF(TFVHM.?P7
MEG$B`!S:W5X]'9CK=:??=DO)CL,,)(UNN&1G<5YD6A*C,S,BN(QX8EK:)+D4
M:-'D*6]5FE/1DD@[R2E)F>/_`-.@RN/PD9>`Q^%5M:Q3Y50;33I<F+3$I54)
M+6+BQL9.-H,R4HR29*/%([B,M)YAZ*9:FGU&III[+4I.4)TX[[C=S4@FE$ES
M$.^\[C,M)%?I*\AWP`<*IVGIU.JJ*:^A]2[F3>=0@C;CY59H:QSOS8RB,BN(
M[M)W%G'HIU>IM1FU2'%>-3E,<)J0HRN2E1E?<1^&[.1_,9&7@'#1;N$4=B;*
MID]B#,:6[`?Q$K[+)*<8B2A)FHE*3VR2,BO+YM`[]$J[%89?6TR^PY'?5'?9
M?21+;<21&9'<9D>91'>1F6<=(`$;A6QHTMV2G&>999:=>2^Z@B;>;:7DW%(,
MC,S)*KBSD1G>1E>1WC]'+4T\K.1*\RV^\S-R:8K*4$EUY;AD2$$2C(B,S/PF
M1%G,]`\SMM*9"IU4E5=IZ`]3#04F.JYQ?;E>@T8IF2R45]UWS'?=<8E"3)22
M46@RO'^@/#6:G$HU,D5*:I28["<96*G&49F9$1$7A,S,B(OG,<5FV4!^2U#9
MA3ES#6XAV.2$8["D+)*B5VUVE1'VIG>6<A[*O7^PJBU2X=.D5&<IDY*V6%(3
MDVB/%QC-9D5YGF(O#<>@BO'S2K54BJRX$2$XZMV;".<W>T9$31&DCO,\V->H
MBNTE<=]P[P`````*[AV+K,%+1,U&"ZB%&.#'9>9,T2(RG,9:7=-QF1(*]/\`
MTW_YC(=-FRDR'9NA08<]KL^C/D^PM;9Y(\RTFWBWWDC$<4DLYF5R3SW7'^42
MRE3<@SOE6HL.U"94XLYQYILR3BLJ:-+9)\C5U_AOON+0)L`#DVGI;E8I"X;#
MZ67TNM/LK6G&22VW$N)O+YC-)$?U&(B]8FKR$9-ZHPC3(G%4'5$R>/$?)W'Q
MF%:;\4B1>KYK_":1V*[0JXNIS:A9ZI18CL^,W'?.0R;F3-LU&EQ!$><[EJ(T
MG]1WE=G\E!LI4:;4Z<\_)B28D!AN/%;<)PU14):)!XF<DFHS(S-9E>9*NS%F
M$W`!%+76;FU=_+P);#"GH#].D99!J+).FDS4F[_,6+F(\QW_`%#\Z+9B=#M(
MFK2Y<9Q,>,Y%;6TUBNR&E+2I!/'H/)DFXKBSWF>:^X<[>?7$'3Z8S5HR:'!F
M*E-)R1Y=7;FMLC,[T_@U'>6:Y1$1&19S'8LG0)U+FU.HU%^(J3.)DG4Q&C0A
M:T$9&\HC_P`Z[\]V8B2DL]UXE``(.JR=5-I-'34F&Z(W/5.;4ELSD$>4-Y+>
M?M;B=._&\)$17>$>J@67E,*K;M7?BK<JS3;4A,-LVTK-*5)4\=__`,BR5GNS
M$24EGNO'**Q58G.4V'6JLP[2J?&5&:3%2IIU9XF(3JC.\KS1VIHSD=YG?_E$
MHLG1%T"F.P7)KLLURY$C*.77EE'%+N_5C?OO/-H';`>.KP6ZG2IM-=6I#<MA
MQA2DZ2)2329E^\0.5@]F56!4?E2L&W4)$4HK2XA&EI*4LJ;)2DGW1GCK,]%Q
M*N(])G(ZS1*DM^F5"D36T3X+#D:^4DU)=;<)-YF9:%$IM"B.XRS&5V?-Y:19
M67%C4;LR<T],AU*14)+J&S(I"W4O$=R;^T_Q2.[/===]8EX`.):2ERZ@5.DT
M]YEN93Y126B>(S0OM%H4E5V<KTN'G+PD0CU'P?IIDVA36ZO)6[`6;DA)W8CR
MC:6CM2_RE>LSNO/2?A.\?I:*R]<E*K;%(JD:/#K1$<HGFC4M!Y(FED@R\"D)
M25^E)E>5]]P]MG[/U&GUJ149[\24:TJ:;<)+F49:QB-#22,\5*2(BON*]1E>
M=YB5@`A]?LK+J56D/,36VH4\HA3$FD\JGL=TW$FV99B-5]QWZ+KRO'ZV;L@U
M0Y56-,Y^3%G-,M):>.\VTH0:3[8KKS._3[S''19*U"4TF,FNPT1J,TI$%28Y
MXYK)M3;;CA'F.Y"L4TEF.\U$9'F$CLA0W:'$FH=..E4N6N5D(J32RQC$DC2B
M_/G-)J,\UYJ/,0D``(!#L$]EX[4VIJ*%3R<3"[&O0X9+?2]>X9WD>*:$%=<9
M'=>?S%[F+(/QK'4BB-5''G4IQI]B2Z@S2IQ"C41*21D>*9&:=-Y$?SD.1-L#
M4JTS6WJU6"14)R%-L.0[TMLH-M2"0I)EV]Q+5VV8SQCT>&Q([1LQVF36IPT(
M)..H\ZKBNO/ZQ^@#DVGI2JW1)-.;?)AU9H6VX:<8DK0M*TF9>$L9)7_4(9.L
M%4)_9*Y+U*4_4'E.R'SC&;L0S6@RR"].9+:2SW=L6-]0D5>HM8<J_P`L4"?&
MC2W8G8;O9+1K2226:T+21>%)J5F/,HCTE=>/SL[99RDJH+BI*5*IU/?BN$1&
M>56XMM9K(ST9VS.[_N^H2L``````````````````````!&9UL*=#?FD<6<[$
M@+)N9-::)3,95Q&9*.^\\4C(U&DC)-^>ZX[I`4F.9D1/M&9K-!=N7=$5YEY;
MBON'D;KE%<BN2VZO`7&;5B+>3)0:$JNON-5]Q'=G'X0[36?F16)3-8AY&0ZM
MEE2WDHRCB58JDI(S*\[_`)OG+YR'19EQ7WGF&9++CS-V5;0LC4B^^Z\BT:#T
M_,8_<````````````````````````````````````````5S7:#:QJEUZB4)J
MG/1*J\^]V1)=-*FT/$>51BDG.J\S-*K[LY$99KS_`!EV2M$X\_%BMTY,0ILJ
M:T[(<-9JRL5;24*;Q;LRE]MG,C+]P\])L-6%51F34VHJHR94)\VGGR>,B8;>
M1BW);2DLZT&DB*XB+YR'E=P?UPV'(R41LB\S*AK0B5DTDVY)6Z2S[0S,C)9$
M:4FDR-"<_A*?V4H9T5JI91+.6F3WY2G&\ZEI6LS1C'=>:B3<0[X`````````
M```````````````````````Y%9M#3:-(C1IG92GY"5K;;C1'9"C2C%)1W-I.
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M67U8;\Z3XI7/8LOJPWYTGQ2N>Q9?5AOSI/BE<]BR^K`[:4@B,SBUNXO_`*++
MZL=VG38U2I\:H0W,I%DM)>:7BF6,A17D=QYRS'X1Z0``````````````````
M`````!&9W"#1>2YW2QA)@`1:WM=J%"I\!RF(BJDRYJ(I'))1H01I6HSN29&?
M<?/X1R+*VJKDZ?5H=5;IRCB042VE1$.(O,U.%BJQE'_T%H^<>&B81\=ME^I2
M($EIRF-S5IA-J;4PXM;:$M'CK,E8RG+B5>1%BG?<1WCKM81*6^A[L6G5&0[&
M:=>E-LDVK((:425F:L?%5I(R))G>6C.1D/U>P@T)JH+AI)]Y)&I"76<5>4<2
MUE30E!*QS/%([CQ;C/-?>/QIEOF*K6:=3H5,?,GWW6'UF\THF%(:2X6="U)5
M>2RON.\LY:1.````!!<+5N';`V=C5=FG(G*>EICY-;IMD1&E2K[R(_\`I_\`
M8XMBL)TNU%@;26H*E,Q'Z4EW)LY4W$K-+1+*\[B/2=PZQ6U."T4RI3F),4FW
MG%IBTYYI=S;9+,BQUYSSEX,^@?K4,(#$9-2931IY3H,-<A<=U3232HFC=)*B
M)9J(KKNW(C3?FOOS#VVBK=7BV:B5NGMQ6%.9`G(\MI3AD;KB$%G0LB*[',_#
M?=X!^+MKETV9(ILYERH3VW3;)$&.39=JPEY1GE'+KL57S_5I'PG"%2CCH<5#
MFMN/)87&:>R;9R$/)6IM9&I9)21DVN\E&1E=HSE?)*#5X==I$:K0#4<>0DS3
MCE<9&1F1D?UD9&6:\LV:\=$!\/?X2_T3]PC^#S4.S?)L?HTB1@``````````
M`````````````"(UN9&@V\H;LIS)H.F34D>*9Y\I&^;R#K[XJ/XW_P`:_N#?
M%1_&_P#C7]P;XJ/XW_QK^X<6U!V=M'"8BRJI*CY"0F0V[%(TK2LB,BSF@RNN
M4?@'@H%.LQ17YTA-;J,QV8PF.M4LS5BH(U'<6*V5V=9C])E.L;,BP8[K[I%!
MAE#841+QD()3:DG>:<YDIE!E?\V<CO'*=H5!=J"UG:&:F*["=BOXEZ7'LH[C
MK(S)&*23+-<DDW>"X>V71;%RE2TJF2&XLE*R7%:QDMDI;9-FHKD8U^*6@S--
M^>Z\?I`IUF(529J:*S.7*;>RQJ6699Y(FC(TDV1$1I).8B+N2NNSWRG?%1_'
M/^-?W!OBH_C?_&O[@WQ4?QO_`(U_<&^*C^-_\:_N#?%1_&_^-?W!OBH_C?\`
MQK^X-\5'\;_XU_<([;6%8^VE+:I=;D/+C-/$^DFL=!XQ$9%GQ?F48\-G;/V%
ML]9VIV>IS\A,"I8_9!+4M2CQD8AW'BYLQ#KUTK*UQMMN?)<4EMIUE.(2T]JX
MDDJ_R_,0\%5IMDZK/<ES:E+<2O'43!FHT(4MHVE*29HQDWI4?:DK%O.^Z_..
MF\_9V11&:/*J#S[#1-=NI*B6HVU)4DS,DD5]Z2OS#\'F[)O51VJ+DN]DNK4M
M1D2[KU,I:/-B_P#2DOUCQO4RQZT1LG,?:>BLQV6'DI-2FB9):4&1*0:3.YU9
M'>1D=^C,.[2JG0:73X\"--6;3",4E.$M2E?.9F99S,\X]>^*C^-_\:_N#?%1
L_&_^-?W#X=M#2#:679?^4_\`XU_-Y!YL'FH=FN3(_1I$C``````````'_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g973304.jpg
<DESCRIPTION>G973304.JPG
<TEXT>
begin 644 g973304.jpg
M_]C_X``02D9)1@`!`0$!K@&N``#__@`V35),3%]'4D%02$E#4SI;5%5#3U=3
M75150T]74U]"3U9)3D537T].3%E?2U],3T=/+D504__;`$,`!P4&!@8%!P8&
M!@@(!PD+$@P+"@H+%Q`1#1(;%QP<&A<:&1TA*B0='R@@&1HE,B4H+"TO,"\=
M(S0X-"XW*BXO+O_;`$,!"`@("PH+%@P,%BX>&AXN+BXN+BXN+BXN+BXN+BXN
M+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+BXN+O_``!$(`&@`H`,!
M(@`"$0$#$0'_Q``=```!!0$!`0$`````````````!`4&!P@#`@$)_\0`.Q``
M`0,#`@0#!@4"!04!`````0(#!``%$08A!Q(Q41-!810B,G&!D0@C0J&Q4F(5
M)#-R\24T@L'A\/_$`!0!`0````````````````````#_Q``4$0$`````````
M````````````_]H`#`,!``(1`Q$`/P#2-%%%`4444!3-J/4EFTY%$B[S6V`H
M'PV^JW"/)*>I_BEMVN4*T6]ZX7!]+,=I.5*/GV`'F3Y`=:JJZZ8D:AN4B\ZK
M8=;:F)2F+!"LKC-#<!1!QS'J4C(SYT#=,XV^.I3<""S&1G)=?5S^&GRYAL,D
M^6:2O\8I\:4$^T1)#'N$."&H))*3S)5A94G"L;X.1]*=UZ3TLPN,VU:F?"CJ
M44H7E25DC<J'ZCZTTKX>V!3BG(T!WQR,E#2C[ZTYPKMN#@^1^IH)_HSB);[^
MEMJ8&8DAS`0I#A4VM1_3D@%*O[3U\JGE8IN4I5FNCC3=DDV]0!3X;ZUI*$_T
M\WGW&16E>#VJVM1Z9;CKD./38(#;RW2,N`[@_0>[\Q06#1110%(Y-RA1E<CK
MX"NP!./M4?@7IR_WBY1H<A`MD-26BIHY<=5OS'/DG(*1CK@[TNNT`OPPEIML
M+1G&1@#U]<>M`Z-SX;GPR&_J<?S2H;[BJU=?E,!:0OPW&T!*$DI]W(PD8/?&
M=_7M3[I^\*,Q<9Q(1'*@@`G9M9`.!Z'/2@EM%%,%_P!8::T\X&;O>(T9XI*@
MT5<R\=^49-`_T5#X7$G0\U:D-:CAI(Q_JJ\,;^JL5+([[,EE#\=YMUI8RE;:
M@I*AZ$4%1\5>,D31\UVR6J&F==FT@NJ<5AI@D9`.-U*P0<#N-ZI.9QVX@OK!
M;N,=A(/1J,@?R#4X_$EP]>\5S6]I:4MM02+BVG<I(P`Z!VQ@'Y`]ZSA07)8N
M/FLX4UMRX.L7&/G#C+K26\C^U20"#\\BK<L7'W2$]3;5Q8FVYU6V2@/-C_R3
MO^U8_I_T?8I=_N2X[)2W'8;+\EY?1ML=3\R2`!W-!K)[4^G]8ZNL;<&2X_!M
MY=D\Q;*6Y#_+RH0,C)('.>F,@5*[D7'&%.26U-K7\"2>;W>V>]5WP:]@3-NA
MMZ`W`BLM--)W+A"M_$43U*ACY8P-JGUR<#[Z0$[)V!)SF@;/90XOD3OW/\UV
MN$N-IVQS+Q(E%A+#1672G*>P`'F2K8#SKK&#3/BR)"DI8805NK<5RI0D#<D]
M!6>^+>N4:ON2(%JF*:LD8803E(?7_7@]=MAGH-^JJ"-:CN<B_6V5?9L]V3<T
M+R''$A.$Y&V`,?JZ>AKMH+5TZ)<F'DW5R&\E:0"A(""GSYAC?IT.V*276.%:
M-=9#/(J*M*PX%9!2>H)P,9[#`R*@3:BA7,"01VH-8:AX^6ZRE44V)^3-2".9
MM](94>X.,X^E5%JKCEK>^!;,22U:8JL@HAI]\CU6<G[8JOKA/:D6V)'P%O(!
M*E@<O+_;Z[4U4"TW6YD@FX2B1TR\K;]ZE6E^)&L[#(08E[D.M`@F/*47FU#M
MA6<?3%0@`DX%6#PMT')UGJ!B&'`Q!1^9)>*@%>&#N$#J5'ID;#.]!HRQ7!K5
M%E@:F8BACQV.=39<'N*"N58`P`05)^(Y./M71DO-//!14$!:>3KN`!Z=0<]/
M(CUJ6S84:T6=F%!CM,1F&@VTST0E(Z)R!D?,@^H-11IM3;I;;*U-)&W/CF3G
MH-ML9Z$;$'TH*HXU:KUY9KWX"KW(399B2[$]G2&@4Y]YM13N5).W7<$'SJC9
M$UZ0M;CBB5K.5*))*OGGK6NM4Z8B:PT_)L,IQ+2R?%B2%#/@/#H?]IR4GTW\
MJR5>[5.L=VEVFY,%F9%<+;B#Y$>8[@]0?,&@0$DG-75^&FZ:E3K1%K@./.V9
M;:US6E'+;8`/*L9Z*YL#;KDU5NF-.7C5%V9M5EAKDR'",X'NMC^I2NB1ZFMJ
M\+M!6_05A$-DI>N#X2N9*W_-6.@'9(R0!]?.@FCB$.MJ;<0E:%@I4E0R"#U!
M%9NXF\`W%//771'*4K)6NVN*">7S_+4=L?VGZ'RK2=%!^>LW2^HX,LPY=BN+
M4@''AJC+R3Z;;_2GAYO4VCK6B#-M;UN5="F0''ARK<;1LD<OD`HD[]Q6\L52
M?XG-/QINC6M0)01-MSJ4A:49*FUG!23Y`$@_\T%8\#[W['JD1G$K49D<L("<
MDA04%`;>F<UHJ6REI+2N?F*E!`QT))&!GO6+=)WAZT7F+.80EQUI8*4']6V,
M?,]*TUQ#U8UI73*ER70]>GVU,!L**2A93[R@.H2DGKY[4%:\;]=I?=.E;6\H
MQV%_YUQ)(#S@Z(]4I^Q/?&:IA,EQ2TY6<'&<G`^M<I+SDA];SBU+6HY*E')-
M=[1;I-UN,>W1$<[[ZN5(_?\`@4#X_=63"<@N2WV@&U`(;83R*41T._-]3Z;;
M5%\U(VX5@59Y$Q<U9DCG#3/,0O*>7"EC&`E7,<8)(*=]JCE!T89<D/ML-)YG
M'%!*1W)-*#%9"RD3&3@XYLG!^XJ9<#X*9_%'3[*T\S:75NJ&,_"VI0_<"F7B
M!ITZ4U=<;&9;,GV=>0MK.`%#F`(\B`1D4#8#;XV"<RW1T0/=;'S/57[?.NUN
MOUPM]Y8N[+RDR6%I4CD/)R@'X1CH/2FD8R,]*F-HTM'OMS79+=)0FY*6VB(A
M06?:N89*L@%*4I&Y)/2@U!HWB?8M;P'4Q.>+<VFPMV(XH!0\BI*OU)SCY9W%
M=4*"'!E0SWQC_P#;UE_A?=(VF=?Q7[N][*RV78[RSDALE)3OCRSUZUI^XL+0
M4.MYYAT`WR#OC_[0+2V0CF'4$_Q43G</],<0M8RI-UE2!+MK+#<AB,M*0XD\
MQ1SG!(5@8VWQBI!;+@94MUD(1[.R4I6YG<J.^,>@ZTU<#8UP_P`=U]<+B%^*
M]=`V"KLD*(QU_2I.WEM06/IG3-BTM`]@L5N9ALG!7R#*G#W4H[J/SIZHHH"B
MBB@*@7&^.N3PLU$AM*E*0PES"1DX2M))^P-3VFG53").F+Q'<0%H<A/(*2,@
M@H-!@&VEAN>R[(5RLH(63YG&^!ZTIOU]F7EY2Y*\@JYC_P"A\AT%<&68ZF@'
MG.53B1RDG9`&,DC[XIN/7O0'6GBS2G(10_#E>R7!AP/L2`OE*2/($#K32DA*
M@KKC?!\ZZM.+YE+4M0`/,2/(_P#-`IN$F;<92YDY]+SJ\K6YE(R?/.,;TW^=
M>W7%NK+CBBI1ZD^=>*"?\#IOL/%/3SGZ77U,D?[T*2/W(IR_$3!8A<3YY80M
M/M++4A?,<A2RG!(]-ON#3?P.@^U\2K0\O`9A%4IPG^U)Q]>8IJT?Q0V&7+BV
M;4T5A3D>.A4>0I*1^6"04*)ZX)R-]A]:#-M.]CU'?+`IQ=FNDF$MP<JE,+Y2
M1VS3110?5*4I16HE2B<DD]36L.#5QEWO0=L5,;*3$6N(A9&`XA`'*<YW(YB"
M?2LG5=OX>-8MP+DYI.>IPM7!U*H:MU);>P<IQY!0QOW`S0:`,(,I+B1@$>0I
M-P=BRH^FISDY+@F2+I*==*QC)Y^5)'IRI3C%2%]L*91VS7BP%,29)@YPA[\]
MH=CT4/X/WH)#1110%%%%`4S:Q<4SI*^.H.%(@/J2>Q\-5/-5OQBN%R=M#.E;
M$R[(NEXYD*;9^)#`^,D_I!R$Y.!N:#%4K`>*0KF"0$Y^0KC4PU[H6]Z0DI-P
M92N.YRCVAD\S7.4Y*,]QN/7&U0^@*]I<*6U-C&%=:\44!10`2<#K6F.!_!Q#
M*8FJ]5QR7MG8<!8V1YI6X._F$^7GV`.?!;AM,MNAYL^>CV:[W3PW8Z5IPIA"
M,E`5VYB22.V/.IE`NRUM/6.^PDM2`,+8D)"T.)[[[*35C4TZ@L,&^1DM20I#
MS>2R^V<+:/<'S'H=C095XF\+KZO5TB;IBS>T6N>OQ&T1=Q'40.9*\GW1G)!Z
M8/TJO).C=4QKDJV.6&>986M`0ADJ"B@95RD;$`$'(/G6L7_\8TR^TU>.61$6
M>5$QI)"2>RA^D_L:>4RPM*76G5J:(',G/P_3M08MAZ8U%.5(1$L5Q>5'!+P1
M&6?#QUSMM\JNK\/6B+K%N3^IK@RY$;2A<5IA]@I<<Y@,K!/P@=.F^2.]7XP^
MXXC_`%%*4-Q[QW]179B0@K]Y6>;H3OF@6H;YV5-$]1L:8K@IR(M$Y`/B1U<V
M.X_4/MFI`V<#TKE,BI?23C(.Q%`Y-+2ZVAQ!RA8"@>X->J:+,\6/^F/'WFQ^
M23^I';YC^*=Z`HHHH&^_W-NS62?=GD%;<1A;Q2#@JY1G%0>/J**EHO)"7IDE
M*5R2X.5Q61[J>7XDIWPE)QWWSFIIJ>W?XQIRZVKH9<1UD'L5)('[UC"9>[BQ
M<9,V-)D1)$IM`E%I[=:P`ESY`J22`>F:";\;[ZQ>8L.S6](2I+Q>?4VL>#L"
M`DGKS`YWS@;@^E%.)Y%$`@CN#D&IAJ1-KEIML334.8Z^B,#,D.,A)<<`]Y0`
M)(&^3DU$7E+]UI>WAY3CZ[T'.OJ4J6H)0DJ43@`#))J9<.^'E^UW<"S;FO!A
M-G\^:ZD^&WZ#^I7]H^N*UAH;A1I'1ZFY,6&9ER0/^\E^^L'ND=$_3?UH*VX(
M<&W(3K&J-6QN60G"X<!P?Z9\G'!_5V3Y=3OL-$T44!1110<WV6I#*V'VTN-+
M'*I"QD*'8BJ]NMBN-A=6_;6%2[5\0:0H^,QWQ_4G]ZL:B@K.!>6@T'FG`ZSG
M/.G<M_[AV]:=$R$/!QQHY;(YT\N_SQ3I=]'6:YR%2PV[$EJZOQ5^&I1]1T/U
M%1:;8[CI1/M$9R1<[:22XD('B,G/7">J?D-J"2VJ?[0CD60%@?>FB;KVTVV?
M*MDATMR&F?'*E$!*4`X*CGRR1]Z8&]06Q:%.1I:4K((Y>;"@>U5Y>[=.GZA@
M7NVR6VI<=+B<K4$!?,=@2=CU(Y?.@LV\ZL<:;;67&^=*@M+A.R0-^M6BTL.-
M(<204J2""#D'-9>O-TN%Y>M>F;&EB;J"6>6282N9EA&X*^;?E[^>!GS(K2UD
M@)M5FM]L2LK3$CML!1\^5(&?VH%U%%%`55FK^#.FKTV](M(5:;DM:G0ZWE;2
ME$Y(4V3C&>V***"L[AP#U4PT7(=UM\Q>?@2I;!^AP12_2'X=?\P)6K;D/#!!
M$2$HGF]%.$#]A]:**#0UMM\*UPF8-NBM1HK*0EMII(2E(%*J**`HHHH"BBB@
M****`HHHH(QJ#0^F[\7')EO#<ESK(CJ+3GW'7Z@U#G."=A=D)6N]WHL)5S!K
FQ&^W?DSYFBB@GNF-+V/2\+V.R6]J,@[K6!E;A[J4=S3W110?_]D_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
