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<SEC-DOCUMENT>0000950123-09-063622.txt : 20091118
<SEC-HEADER>0000950123-09-063622.hdr.sgml : 20091118
<ACCEPTANCE-DATETIME>20091117175304
ACCESSION NUMBER:		0000950123-09-063622
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20091118
DATE AS OF CHANGE:		20091117
EFFECTIVENESS DATE:		20091118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONCOLYTICS BIOTECH INC
		CENTRAL INDEX KEY:			0001129928
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-151513
		FILM NUMBER:		091191572

	BUSINESS ADDRESS:	
		STREET 1:		1167 KENSINGTON CRES NW SUITE 210
		STREET 2:		CALGARY ALBERTA CANADA T2N 1X7
		CITY:			ALBERTA CANADA
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		4036707380

	MAIL ADDRESS:	
		STREET 1:		210 - 1167 KENSINGTON CRES NW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2N 1X7
</SEC-HEADER>
<DOCUMENT>
<TYPE>SUPPL
<SEQUENCE>1
<FILENAME>o57875suppl.htm
<DESCRIPTION>SUPPL
<TEXT>
<HTML>
<HEAD>
<TITLE>SUPPL</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information in this prospectus supplement and the accompanying prospectus is not complete and
may be changed. This prospectus supplement and the accompanying prospectus are not an offer to sell
these securities and are not soliciting an offer to buy these securities in any state where the
offer or sale is not permitted.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Subject to Completion<BR>
Preliminary Prospectus Supplement Dated November&nbsp;17, 2009</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Filed pursuant to General Instruction II.L of Form&nbsp;F-10<BR>
File No.&nbsp;333-151513</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>PROSPECTUS SUPPLEMENT</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>(To Base Shelf Prospectus dated June&nbsp;16, 2008)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">November &nbsp;&nbsp;&nbsp;, 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o57875o5787505.gif" alt="(ONCOLYTICS BIOTECH INC. LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>U.S.$<B>&#149;</B></B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><B>&#149;</B> Units</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are hereby qualifying for distribution (the &#147;<B>Offering</B>&#148;) <B>&#149;</B> units (the &#147;<B>Units</B>&#148;) of Oncolytics
Biotech Inc. (the &#147;<B>Corporation</B>&#148;) at a price of U.S.$<B>&#149;</B> per Unit (the &#147;<B>Offering Price</B>&#148;), each Unit
consisting of one common share (&#147;<B>Unit Share</B>&#148;) and <B>&#149;</B> of one common share purchase warrant
(&#147;<B>Warrant</B>&#148;) of the Corporation. Each whole Warrant will entitle the holder to purchase one common
share (a &#147;<B>Warrant Share</B>&#148;) of the Corporation at an exercise price of U.S. $<B>&#149;</B> per Warrant Share,
subject to adjustment, at any time until 4:30 p.m. (Calgary time) on the date that is <B>&#149;</B> months from
the date of the closing of the Offering. The Units will be issued and sold pursuant to an
underwriting agreement (the &#147;<B>Underwriting Agreement</B>&#148;) dated as of November <B>&#149;</B>, 2009 among the
Corporation and Oppenheimer &#038; Co. Inc. and Canaccord Capital Corporation (collectively, the &#147;<B>Underwriters</B>&#148;).
The Offering Price was determined by negotiations between the Corporation and the Underwriters. See
&#147;Details of the Offering&#148; and &#147;Plan of Distribution&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our securities involves risks that are described in the &#147;Risk Factors&#148; section
beginning on page S-27 of this prospectus supplement and page 4 of the accompanying short form base
shelf prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We are permitted, under a multi-jurisdictional disclosure system adopted by the United States,
to prepare this prospectus supplement and the accompanying short form base shelf prospectus in
accordance with Canadian disclosure requirements. You should be aware that such requirements are
different from those of the United States. We have prepared our financial statements included or
incorporated herein by reference in accordance with Canadian generally accepted accounting
principles, and they are subject to Canadian auditing and auditor independence standards. Thus,
they may not be comparable to the financial statements of United States companies. Information
regarding the impact upon our financial statements of significant differences between Canadian and
United States generally accepted accounting principles is contained in Note 22 to our consolidated
financial statements for the year ended December&nbsp;31, 2008 in our annual report on </B><B>Form 20-F</B><B> as
filed with the United States Securities and Exchange Commission (the &#147;SEC&#148;) on March&nbsp;6, 2009 and in
the note to our unaudited consolidated financial statements as at and for the nine months ended
September&nbsp;30, 2009 in our report on Form&nbsp;6-K filed with the SEC on November 12, 2009, both of
which are incorporated by reference in this prospectus supplement and the accompanying short form
base shelf prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You should be aware that the purchase of the Units described herein may have tax consequences
both in the United States and Canada. This prospectus supplement and the accompanying short form
base shelf prospectus may not describe these tax consequences fully. You should read the tax
discussion in this prospectus supplement and the accompanying short form base shelf prospectus.
See &#147;Certain Canadian Federal Income Tax Considerations&#148; and &#147;Certain United States Federal Income
Tax Considerations&#148; in this prospectus supplement and the accompanying short form base shelf
prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your ability to enforce civil liabilities under United States federal securities laws may be
adversely affected by the fact that we are incorporated under the laws of Canada, the majority of
our officers and directors and some of the experts named in this prospectus supplement and the
accompanying short form base shelf prospectus are residents of Canada, and a substantial portion of
our assets and the assets of such persons are located outside the United States.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT OR THE ACCOMPANYING SHORT FORM BASE SHELF
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>Sole Book-Running Manager</I>
</DIV>


<DIV align="Center" style="font-size: 22pt; margin-top: 10pt"><B>Oppenheimer &#038; Co.</B>

</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net Proceeds to the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Price to Public</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Underwriters&#146; Fee</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Corporation</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Per Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$<B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Offering<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$<B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

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

<TR valign="top">
    <TD colspan="3"><B>Notes:</B></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The Corporation has agreed to pay to the Underwriters a cash fee of 6.5% of the gross
proceeds of the Offering (the &#147;<B>Underwriters&#146; Fee</B>&#148;). See &#147;Plan of Distribution&#148;.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Before deducting expenses associated with the Offering, estimated to be U.S.$<B>&#149;</B>. The
Underwriters&#146; Fee and expenses associated with the Offering will be paid from the proceeds of
the Offering.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The Corporation has granted the Underwriters an over-allotment option (the &#147;<B>Over-Allotment
Option</B>&#148;) to purchase up to an additional <B>&#149;</B> Common Shares at a price of U.S.$&#149; and up to &#149;
Warrants at a price of U.S.$&#149; per one Warrant on the same terms and conditions as the
Offering, exercisable in whole or in part at any time from the date of the closing of the
Offering until and including 30&nbsp;days thereafter, to cover over-allotments, if any, and for market stabilization purposes. In respect
of the Over-Allotment Option, the Corporation will pay to the Underwriters a fee equal to 7%
of the proceeds realized on the exercise of the Over-Allotment Option, or U.S.$<B>&#149;</B> per Common Share and U.S.$&#149;
per &#149; of one Warrant.
If the
Over-Allotment Option is exercised in full, the total offering, Underwriters&#146; Fee and net
proceeds to the Corporation (before deducting expenses of the total offering) will be U.S.$<B>&#149;</B>, U.S.$<B>&#149;</B>
and U.S.$<B>&#149;</B>, respectively. This prospectus supplement qualifies both the grant of the
Over-Allotment Option and the distribution of any Common Shares and Warrants issuable upon exercise of the
Over-Allotment Option and a purchaser who acquires Units forming any part of the Underwriters&#146;
over-allocation position, if applicable, acquires those Units under this prospectus supplement
regardless of whether the Underwriters&#146; over-allocation position is ultimately filled through
the exercise of the Over-Allotment Option or secondary market purchases. See &#147;Plan of
Distribution&#148;.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the number of Common Shares that have been issued or may be issued
by the Corporation pursuant to the Over-Allotment Option:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum size or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Underwriters&#146; Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>number of securities held</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exercise period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exercise price</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Over-Allotment Option
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Up to <B>&#149;</B> Common Shares<BR>and Warrants, if<BR>
exercised in full
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Any time within<BR>
30 days after<BR>
the closing of the<BR>
Offering
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$<B>&#149;</B> per Common Share<BR>$&#149; per &#149; of<BR>one Warrant</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issued and outstanding common shares (&#147;<B>Common Shares</B>&#148;) of the Corporation are listed for
trading on the Toronto Stock Exchange (&#147;<B>TSM</B>&#148;) under the trading symbol &#147;ONC&#148; and on the NASDAQ
Capital Market (&#147;<B>NASDAQ</B>&#148;) under the trading symbol &#147;ONCY&#148;. On November 16, 2009, the closing
price
of the Common Shares on the TSM was $3.88 and on NASDAQ was U.S.$3.69 per Common Share. The Corporation
has applied to the TSM and the NASDAQ to list the Unit Shares and the Warrant Shares offered by
this prospectus supplement. Listing will be subject to the Corporation fulfilling all of the
listing requirements of the TSM and NASDAQ.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>There is no market through which the Warrants may be sold and purchasers may not be able to
resell the Warrants purchased under this prospectus supplement. This may affect the pricing of the
Warrants in the secondary market, the transparency and availability of trading prices, the
liquidity of such Warrants, and the extent of issuer regulation. See &#147;Risk Factors.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters, as principal,
conditionally offer the Units, subject to prior sale, if, as
and when issued by the Corporation and delivered and accepted by the Underwriters in accordance
with the conditions contained in the Underwriting Agreement referred to under &#147;Plan of
Distribution&#148; and subject to the approval of certain legal matters relating to Canadian law on
behalf of the Corporation by McCarthy T&#233;trault LLP, and on behalf of the Underwriters by Heenan
Blaikie LLP and certain legal matters relating to United States law on behalf of the Corporation by
Dorsey &#038; Whitney LLP and on behalf of the Underwriters by Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo, P.C. Subscriptions for the Units issuable hereunder will be received subject to rejection
or allotment in whole or in part and the Underwriters reserve the right to close the subscription
books at any time without notice. It is currently anticipated that the closing date of the Offering
(the &#147;<B>Closing Date</B>&#148;) will be on or about November <B>&#149;</B>, 2009, or such later date as the Corporation
and the Underwriters may agree but in any event not later than <B>&#149;</B>, 2009. See &#147;Details of the
Offering&#148; and &#147;Plan of Distribution&#148;.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated that the Corporation will arrange for an instant deposit of the Unit Shares
forming part of the Units to or for the account of the Underwriters through the book-entry
facilities of CDS Clearing and Depositary Services Inc. (&#147;<B>CDS</B>&#148;) and The Depository Trust Company
(&#147;<B>DTC</B>&#148;) on the Closing Date. No certificate evidencing the Unit Shares will be issued to
purchasers, except in limited circumstances and registration will be made in the
depositary services of CDS and DTC. Purchasers will receive only a customer confirmation from
the Underwriters or other registered dealer who is a CDS or DTC participant and from or through
whom a beneficial interest in the Unit Shares forming part of the Units is purchased. Certificates
for the Warrants forming part of the Units will be issued in fully registered form. See &#147;Plan of
Distribution&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our head office and principal place of business is located at 210, 1167 Kensington Crescent
N.W., Calgary, Alberta, T2N 1X7. Our registered office is located at 4500 Bankers Hall East, 855 -
2nd Street S.W., Calgary, Alberta, T2P 4K7.
</DIV>



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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMPORTANT NOTICE ABOUT THE INFORMATION IN THIS PROSPECTUS SUPPLEMENT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DEFINITIONS AND OTHER MATTERS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SPECIAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DOCUMENTS INCORPORATED BY REFERENCE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ONCOLYTICS BIOTECH INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OUR BUSINESS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-5</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RECENT DEVELOPMENTS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-6</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CAPITALIZATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-6</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MARKET FOR SECURITIES
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USE OF PROCEEDS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PRIOR SALES
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-8</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DETAILS OF THE OFFERING
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-8</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PLAN OF DISTRIBUTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-10</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-14</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-17</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RISK FACTORS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-27</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LEGAL MATTERS AND INTEREST OF EXPERTS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">S-28</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document is in two parts. The first part is this prospectus supplement, which describes
the specific terms of the Offering and certain other matters and also adds to and updates
information contained in the accompanying short form base shelf prospectus. The second part, the
accompanying short form base shelf prospectus, gives more general information about securities we
may offer from time to time, some of which may not apply to the Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained in or incorporated by reference in this
prospectus supplement and the accompanying short form base shelf prospectus. To the extent that
there is a conflict between the information contained in this prospectus supplement, on the one
hand, and the accompanying short form base shelf prospectus, on the other hand, you should rely on
the information in this prospectus supplement. We have not authorized anyone to provide you with
different or additional information. We are not making an offer of the Units in any jurisdiction
where the offer is not permitted by law. If anyone provides you with any different or inconsistent
information, you should not rely on it. You should not assume that the information contained in or
incorporated by reference in this prospectus supplement or the accompanying short form base shelf
prospectus is accurate as of any date other than the date on the front of this prospectus
supplement.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this prospectus supplement and in the accompanying short form base shelf prospectus, unless
otherwise indicated, references to &#147;we&#148;, &#147;us&#148;, &#147;our&#148;, &#147;Oncolytics&#148; or the &#147;Corporation&#148; are to
Oncolytics Biotech Inc. and/or its subsidiary corporations, as applicable. All references to
&#147;dollars&#148;, &#147;Cdn.$&#148; or &#147;$&#148; are to Canadian dollars and all references to &#147;U.S.$&#148; are to United
States dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement is part of a registration statement on Form F-10 relating to the
Units that we filed with the SEC. This prospectus supplement does not contain all of the
information contained in the registration statement, certain parts of which are omitted in
accordance with the rules and regulations of the SEC. You should refer to the registration
statement and the exhibits to the registration statement for further information with respect to us
and our securities.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-2<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We prepare our financial statements in accordance with Canadian generally accepted accounting
principles (&#147;<B>Canadian GAAP</B>&#148;), which differ from United States generally accepted accounting
principles (&#147;<B>U.S. GAAP</B>&#148;). Therefore, our consolidated financial statements incorporated by
reference in this prospectus supplement and in the accompanying short form base shelf prospectus
and in the documents incorporated by reference in this prospectus supplement and in the
accompanying short form base shelf prospectus may not be comparable to consolidated financial
statements prepared in accordance with U.S. GAAP. You should refer to Note 22 of our consolidated
financial statements for the year ended December&nbsp;31, 2008 for a discussion of the principal
differences between our financial results determined under Canadian GAAP and under U.S. GAAP. For
our unaudited consolidated financial statements as at and for the three and nine months ended
September&nbsp;30, 2009, you should refer to our reconciliation of our consolidated financial statements
as at and for the three and nine months ended September&nbsp;30, 2009 to U.S. GAAP filed with the SEC on
November 12, 2009 and incorporated into this prospectus supplement by reference. See &#147;Documents
Incorporated by Reference&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement is deemed to be incorporated by reference into the accompanying
short form base shelf prospectus solely for the purposes of the Offering. Other documents are also
incorporated or deemed to be incorporated by reference into this prospectus supplement and into the
accompanying short form base shelf prospectus. See &#147;Documents Incorporated by Reference&#148; in this
prospectus supplement.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the statements that we make contain forward-looking statements reflecting our current
beliefs, plans, estimates and expectations. Readers are cautioned that these forward-looking
statements involve risks and uncertainties, including, without limitation, clinical trial study
delays, product development delays, our ability to attract and retain business partners, future
levels of government funding, competition from other biotechnology companies and our ability to
obtain the capital required for research, product development, operations and marketing. These
factors should be carefully considered and readers should not place undue reliance on our
forward-looking statements. Actual events may differ materially from our current expectations due
to risks and uncertainties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our statements of &#147;belief&#148;, &#147;estimates&#148;, &#147;expectations&#148; and other similar statements are based
primarily upon our results derived to date from our research and development program with animals
and early stage human results and upon which we believe we have a reasonable scientific basis to
expect the particular results to occur. It is not possible to predict, based upon studies in
animals or early stage human results, whether a new therapeutic will be proved to be safe and
effective in humans. There can be no assurance that the particular result expected by us will
occur. Except as required by applicable securities laws, we undertake no obligation to update
publicly any forward-looking statements for any reason after the date of this prospectus supplement
or to conform these statements to actual results or to changes in our expectations.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement is deemed to be incorporated by reference into the accompanying
short form base shelf prospectus solely for the purposes of the Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other information has also been incorporated by reference in the accompanying base shelf
prospectus from documents filed with securities commissions or similar authorities in certain of
the provinces of Canada. </B>Copies of the documents incorporated herein by reference may be obtained
on request without charge from our Corporate Secretary at 210, 1167 Kensington Crescent N.W.,
Calgary, Alberta, T2N 1X7 telephone (403)&nbsp;670-7377, and are available electronically at
www.sedar.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed the following documents with the securities commissions or similar regulatory
authorities in certain of the provinces of Canada and such documents are specifically incorporated
by reference in and form an integral part of the accompanying base shelf prospectus and this
prospectus supplement:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Annual Information Form, which is comprised of our Annual Report on Form 20-F
dated March&nbsp;6, 2009, for the year ended December&nbsp;31, 2008 (the &#147;<B>AIF</B>&#148;);</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-3<!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Management Proxy Circular dated March&nbsp;20, 2008 relating to the annual and
special meeting of shareholders held on May&nbsp;7, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Management Proxy Circular dated March&nbsp;18, 2009 relating to the annual and
special meeting of shareholders held on May&nbsp;5, 2009;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our audited consolidated financial statements, together with the notes thereto, as
at December&nbsp;31, 2008 and 2007 and for each of the years in the three year period ended
December&nbsp;31, 2008 and for the cumulative period from inception on April&nbsp;2, 1998 and the
auditors&#146; report thereon addressed to our shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our management&#146;s discussion and analysis of financial condition and results of
operations dated March&nbsp;4, 2009, for the year ended December&nbsp;31, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our unaudited interim consolidated financial statements, together with the notes
thereto, as at and for the three and nine months ended September&nbsp;30, 2009 and for the
cumulative period from inception on April&nbsp;2, 1998;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our management&#146;s discussion and analysis of financial condition and results of
operations dated November&nbsp;4, 2009, for the three and nine months ended September&nbsp;30,
2009;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the reconciliation of our unaudited interim consolidated financial statements as at
and for the three and nine months ended September&nbsp;30, 2009 to U.S. GAAP, filed on
November 12, 2009;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our material change report dated March&nbsp;5, 2009 relating to our acquisition of all
the issued and outstanding shares of a private company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our material change report dated May&nbsp;13, 2009 relating to the completion of our
offering of units for gross proceeds of $6,900,000.00; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our material change report dated October&nbsp;7, 2009 relating to our agreement reached
with the U.S. Food and Drug Administration (the &#147;<B>FDA</B>&#148;) under the Special Protocol
Assessment (the &#147;<B>SPA</B>&#148;) process for the design of our Phase 3 trial examining REOLYSIN
in combination with paclitaxel and carboplatin in patients with platinum-refractory
head and neck cancers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any documents of the type required by Section&nbsp;11.1 of Form&nbsp;44-101F1 &#151; <I>Short Form&nbsp;Prospectus</I>
promulgated under National Instrument 44-101 &#151; <I>Short Form&nbsp;Prospectus Distributions </I>of the Canadian
Securities Administrators to be incorporated by reference in a short form prospectus, including,
without limitation, any annual information form, comparative annual financial statements and the
auditors&#146; report thereon, comparative interim financial statements, management&#146;s discussion and
analysis of financial condition and results of operations, material change report (except a
confidential material change report), business acquisition report and information circular, if
filed by us with the securities commissions or similar authorities in the provinces of British
Columbia, Alberta, Manitoba and Ontario after the date of this prospectus supplement and prior to
the termination of the distribution of the Units under this prospectus supplement shall be deemed
to be incorporated by reference in the accompanying base shelf prospectus for the purposes of this
Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any similar document filed by the Corporation, with, or furnished by the Corporation to, the
SEC pursuant to the United States Securities Exchange Act of 1934, as amended, after the date of
this prospectus supplement shall be deemed to be incorporated by reference into this prospectus
supplement and the accompanying prospectus and the registration statement of which this prospectus
supplement forms a part (in the case of any Report on Form 6-K), if and to the extent provided in
such report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Any statement contained in the accompanying base shelf prospectus, in this prospectus
supplement or in a document incorporated or deemed to be incorporated by reference in the
accompanying base shelf prospectus will be deemed to be modified or superseded for purposes of this
prospectus supplement to the</B>
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-4<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>extent that a statement contained in this prospectus supplement or in any other subsequently
filed document which also is, or is deemed to be, incorporated by reference into the accompanying
base shelf prospectus modifies or supersedes that statement. The modifying or superseding
statement need not state that it has modified or superseded a prior statement or include any other
information set forth in the document that it modifies or supersedes. The making of a modifying or
superseding statement shall not be deemed an admission for any purposes that the modified or
superseded statement when made, constituted a misrepresentation, an untrue statement of a material
fact or an omission to state a material fact that is required to be stated or that is necessary to
make a statement not misleading in light of the circumstances in which it was made. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
part of this prospectus supplement or the accompanying base shelf prospectus.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a new annual information form and related audited annual financial statements and
management&#146;s discussion and analysis being filed by us with, and where required, accepted by, the
securities commission or similar regulatory authority in each of the provinces of British Columbia,
Alberta, Manitoba and Ontario during the term of this prospectus supplement, the previous annual
information form, the previous audited annual consolidated financial statements and related
management&#146;s discussion and analysis, all unaudited interim consolidated financial statements and
related management&#146;s discussion and analysis, material change reports and business acquisition
reports filed prior to the commencement of our financial year in which the new annual information
form and related audited annual consolidated financial statements and management&#146;s discussion and
analysis are filed shall be deemed no longer to be incorporated into the accompanying base shelf
prospectus for purposes of future offers and sales of Units under this prospectus supplement. Upon
new interim consolidated financial statements and related management&#146;s discussion and analysis
being filed by us with the securities commission or similar regulatory authority in each of the
provinces of British Columbia, Alberta, Manitoba and Ontario during the term of this prospectus
supplement, all interim consolidated financial statements and related management&#146;s discussion and
analysis filed prior to the new interim consolidated financial statements and related management&#146;s
discussion and analysis shall be deemed no longer to be incorporated into the accompanying base
shelf prospectus for purposes of future offers and sales of Units under this prospectus supplement.
Upon a new information circular relating to an annual meeting of holders of Common Shares being
filed by us with the securities commission or similar regulatory authority in each of the provinces
of British Columbia, Alberta, Manitoba and Ontario during the term of this prospectus supplement,
the information circular for the preceding annual meeting of holders of Common Shares shall be
deemed no longer to be incorporated into the accompanying base shelf prospectus for purposes of
future offers and sales of Units under this prospectus supplement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the documents specified in this prospectus supplement under &#147;Documents
Incorporated by Reference&#148; and in the accompanying base shelf prospectus under &#147;Documents Filed as
Part of the Registration Statement&#148;, the following documents have been or will be filed with the
SEC as part of the registration statement on Form F-10 (File
No.&nbsp;333-151513) of which this
prospectus supplement forms a part: the form of underwriting agreement.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oncolytics Biotech Inc. was incorporated pursuant to the provisions of the <I>Business
Corporations Act </I>(Alberta) on April&nbsp;2, 1998 as 779738 Alberta Ltd. On April&nbsp;8, 1998, we amended
our articles and changed our name to Oncolytics Biotech Inc. On July&nbsp;29, 1999, we further amended
our articles by removing the private company restrictions and subdividing our 2,222,222 Common
Shares issued and outstanding into 6,750,000 Common Shares. On February&nbsp;9, 2007, we further
amended our articles to permit for our shareholder meetings to be held at any place in Alberta or
at any other location as determined by our directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our head office and principal place of business is located at 210, 1167 Kensington Crescent
N.W., Calgary, Alberta T2N 1X7. Our registered office is located at 4500 Bankers Hall East, 855 -
2nd Street S.W., Calgary, Alberta T2P 4K7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have three direct wholly-owned subsidiaries: Oncolytics Biotech (Barbados) Inc.
(&#147;<B>Oncolytics Barbados</B>&#148;), which is incorporated pursuant to the laws of Barbados; Valens Pharma
Ltd., which is incorporated
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-5<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pursuant to the laws of the Province of Alberta; 145302 Alberta Ltd., which is incorporated
pursuant to the laws of the Province of Alberta; and one indirect wholly-owned subsidiary,
Oncolytics Biotech (U.S.), Inc., which is incorporated pursuant to the laws of Delaware.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We focus on the discovery and development of oncolytic viruses for the treatment of cancers
that have not been successfully treated with conventional therapeutics. Recent scientific advances
in oncology, virology, and molecular biology have created opportunities for new approaches to the
treatment of cancer. The product we are presently developing may represent a novel treatment for
Ras-mediated cancers which can be used as an alternative to existing cytotoxic or cytostatic
therapies or as an adjuvant therapy to conventional chemotherapy, radiation therapy, or surgical
resections. It could also potentially be used to treat certain cellular proliferative disorders
for which no current therapy exists.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our technologies are based primarily on discoveries in the Department of Microbiology and
Infectious Diseases at the University of Calgary in the 1990s. Oncolytics was formed in 1998 to
explore the natural oncolytic capability of the reovirus, a virus that preferentially replicates in
cells with an activated Ras pathway.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lead product being developed by us may represent a novel treatment for certain tumour
types and some cellular proliferative disorders. Our lead product is a virus that is able to
replicate specifically in, and hence kill, certain tumour cells both in tissue culture as well as
in a number of animal models without damaging normal cells.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our potential product for human use, REOLYSIN&#174;, is developed from the reovirus. This virus
has been demonstrated to replicate specifically in tumour cells bearing an activated Ras pathway.
Activating mutations of Ras occur in approximately thirty per cent of all human tumours directly,
but considering its central role in signal transduction, activation of the Ras pathway has been
shown to play a role in approximately two-thirds of all tumours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
functionality of REOLYSIN&#174; is based upon the finding that tumours bearing an activated Ras
pathway are deficient in their ability to activate the anti-viral response mediated by the host
cellular protein, Protein Kinase R (&#147;<B>PKR</B>&#148;). Since PKR is responsible for preventing reovirus
replication, tumour cells lacking the activity of PKR are susceptible to reovirus infections. As
normal cells do not possess Ras activations, these cells are able to thwart reovirus infections by
the activity of PKR. In a tumour cell with an activated Ras pathway, reovirus is able to freely
replicate and hence kill the host tumour cell. The result of this replication is progeny viruses
that are then free to infect surrounding cancer cells. This cycle of infection, replication and
cell death is believed to be repeated until there are no longer any tumour cells carrying an
activated Ras pathway available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following schematic illustrates the molecular basis of how the reovirus kills cancer
cells.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o57875o5787506.gif" alt="(GRAPHIC)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For both non-cancer cells and cancer cells with an activated Ras pathway, virus binding,
entry, and production of viral genes all proceed normally. In the case of normal cells however,
the viral genes cause the activation of the anti-viral response that is mediated by the host cell&#146;s
PKR, thus blocking the replication of the reovirus. In cells with an activated Ras pathway, the
activation of PKR is prevented or reversed by an element of the Ras signal transduction pathway,
thereby allowing the replication of the reovirus in these cancer cells. The end result of this
replication is the death of the cancer cell. The action of the Ras pathway in allowing reovirus
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-6<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">replication to ensue can be mimicked in non-cancerous cells by treating these cells with the
chemical 2-aminopurine (2-AP) which prevents the activation of PKR.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;2, 2009, we announced that we had reached an agreement with the FDA under the SPA
process for the design of a Phase 3 trial examining REOLYSIN in combination with paclitaxel and
carboplatin in patients with platinum-refractory head and neck cancers. The SPA is an agreement
between Oncolytics and the FDA that the design and planned analyses of the Phase 3 study is
adequately designed to provide the necessary data, that depending upon outcome, could support a
license application submission for REOLYSIN.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;26, 2009, we announced that pursuant to the provision of written notification on
September&nbsp;23, 2009, of the accelerated expiry of those warrants issued on December&nbsp;5, 2008, and
those warrants amended December&nbsp;18, 2008, we had received proceeds of approximately $5.8&nbsp;million
resulting from the exercise of all 3,235,000 warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;3, 2009, we announced that pursuant to the accelerated expiry of those warrants
issued on May&nbsp;13, 2009, we had received proceeds of approximately $9.1&nbsp;million resulting from the
exercise of all 3,795,000 warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;6, 2009, we announced updated results from a Phase II study of intravenous
REOLYSIN in patients with sarcomas metastatic to the lung in a poster presentation at the 15th
Annual Connective Tissue Oncology Society Meeting held in Miami Beach, Florida, from November 5th
to 7th. The poster presentation, entitled &#147;A Phase II Study of Intravenous REOLYSIN (Wild-type
Reovirus) in the Treatment of Patients with Bone and Soft Tissue Sarcomas Metastatic to the Lung&#148;,
was delivered by Dr.&nbsp;Kamalesh Sankhala, part of principal investigator Dr.&nbsp;Monica Mita&#146;s team at
the Institute of Drug Development, the Cancer Therapy and Research Center at the University of
Texas Health Science Center, San Antonio, Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investigators reported that the treatment had been well tolerated to date, and that 19 of
44 evaluable patients experienced stable disease ranging from two to 20&nbsp;months, resulting in a
total clinical benefit rate (complete response &#043; partial response &#043; stable disease) of 43%. The
response objective for the study was three or more patients having prolonged stabilization of
disease (&#062;6&nbsp;months) or better, for the agent to be considered. The trial exceeded its
established objective with six patients experiencing stable disease for more than six months. Two
patients have experienced stable disease for more than 19&nbsp;months. One has synovial cell sarcoma
that relapsed following surgery, while the other has Ewing&#146;s Sarcoma and had previously progressed
following multiple treatments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;17, 2009, we announced updated results from a Phase I/II U.K. trial (REO O11)
of REOLYSIN combined with paclitaxel/carboplatin for patients with advanced cancers in a poster
presentation at the 2009 AACR-NCI-EORTC Molecular Targets and Cancer Therapeutics conference held
in Boston, Massachusetts. The poster presentation was entitled &#147;Phase I/II Trial of Oncolytic Reovirus
(REOLYSIN)&nbsp;in Combination with Carboplatin/Paclitaxel in Patients with Advanced Solid Cancers with
Emphasis on Squamous Cell Carcinoma of the Head and Neck (SCCHN)&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investigators reported that the treatment had been well tolerated when administered
intravenously in combination with paclitaxel and carboplatin. Of 19 evaluable patients with head
and neck cancer, mostly SCCHN refractory to prior platinum-based chemotherapy for
recurrent/metastatic disease, eight experienced partial responses and six had stable disease. The
total clinic benefit rate (complete response &#043; partial response &#043; stable disease) observed in head
and neck cancer patients in the trial was 74%. Of four patients with malignant melanoma in the
trial, one experienced a partial response and one had stable disease.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the consolidated capitalization of the Corporation as at
September&nbsp;30, 2009 before and after giving effect to the Offering.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding as at September 30, 2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Description of Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding as at September 30, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>after giving effect to the Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Shares<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$102,532,889<BR>(49,608,569 Common Shares)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$<B>&#149;</B><BR>(<B>&#149;</B> Common Shares)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$4,755,846<BR>(8,982,800 warrants)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$<B>&#149;</B><BR>(<B>&#149;</B> warrants)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contributed Surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,377,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,377,964</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

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

<TR valign="top">

    <TD colspan="3"><B>Notes:</B></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on the issuance of <B>&#149;</B> Units pursuant to the Offering for aggregate gross proceeds of $<B>&#149;</B>,
less the Underwriters&#146; Fee of $<B>&#149;</B> and expenses of the Offering, estimated at $<B>&#149;</B>.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The Corporation has a stock option plan which permits a maximum of 4,052,075 Common Shares to
be reserved for issue pursuant to options granted. As at September&nbsp;30, 2009, options to
purchase 3,860,993 Common Shares were outstanding.</TD>
</TR>

</TABLE>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-7<!-- /Folio -->




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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The 8,982,800 warrants to purchase Common Shares outstanding as at September&nbsp;30, 2009 are
described in Note 8 of the Corporation&#146;s interim financial statements for the period ended
September&nbsp;30, 2009, which is incorporated by reference in this prospectus supplement.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>At September&nbsp;30, 2009, the Corporation has an accumulated deficit of $113,543,146.</TD>
</TR>

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our outstanding Common Shares are listed and posted for trading on the TSM under the trading
symbol &#147;ONC&#148; and on NASDAQ under the trading symbol &#147;ONCY&#148;. The following table sets forth the
market price ranges and the aggregate volume of trading of the Common Shares on the TSM and NASDAQ
for the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>TSM</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>NASDAQ</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Close</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Close</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Volume</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Shares)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(U.S.$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(U.S.$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(U.S.$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Shares)</B></TD>
</TR>



<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">694,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,106,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,086,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,002,720</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605,857</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">667,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807,838</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">679,705</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,367,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,301,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,056,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">755,208</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,219,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">951,274</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,280,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,387,652</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,795,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,580,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,494,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,408,893</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,328,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,442,929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November 1 -16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.90</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.80</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,247,855</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.73</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.01</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.69</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,127,558</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated net proceeds to be received by us from the sale of the Units will be U.S.$<B>&#149;</B>
after deducting the Underwriters&#146; Fee of U.S.$<B>&#149;</B> and the estimated expenses of the Offering of
U.S.$<B>&#149;</B>. If the Underwriters exercise their Over-Allotment Option in full, the net proceeds to the
Corporation hereunder will be approximately $<B>&#149;</B> after deducting the
Underwriters&#146; Fee of U.S.$<B>&#149;</B> and the estimated expenses of the Offering of U.S.$<B>&#149;</B>. See &#147;Plan of
Distribution&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to use the net proceeds from the Offering for our research and development program,
our manufacturing activities in support of the program and general corporate purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal purposes in the research and development area will be the advancement of our
clinical trial program and the continued development of our manufacturing process. Our clinical
trial program has been designed and directed to test the safety and activity of REOLYSIN&#174; either as
a mono-therapy or in combination with other approved chemotherapies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our intended use of
the net proceeds of this Offering is consistent with our
stated business objectives and strategic goals of developing oncolytic viruses as potential cancer therapeutics and will further these objectives and will
assist us in financing our recently approved Phase 3 clinical trial examining REOLYSIN in
combination with paclitaxel and carboplatin in patients with platinum-refractory head and neck
cancers, the other clinical activities that form a part of our clinical program, the manufacturing
activities in support of our program and general corporate purposes.
</DIV>


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



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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than as set forth below, no Common Shares or securities exchangeable or convertible into
Common Shares have been issued during the twelve month period preceding the date of this prospectus
supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;5, 2008, we issued 2,650,000 units, each unit consisting of one Common Share and
one Common Share purchase warrant, at a price of $1.50 per unit. Each whole Common Share purchase
warrant entitles the holder to acquire one additional Common Share upon payment of $1.80 on or
before December&nbsp;5, 2011, subject to an acceleration of the expiry date in certain circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;5, 2008, we issued
265,000 broker warrants at an exercise price of $1.80 per common share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;11, 2008, we granted options to acquire an aggregate of 15,500 Common Shares at an
exercise price of $1.45 per Common Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;18, 2008, we amended the terms
of 320,000 previously issued broker warrants for cash consideration of $41,600. The amendments included adjusting the exercise price
from $5.65 to $1.80 and extending the expiry date from December&nbsp;29, 2008 to December&nbsp;29, 2009, subject to acceleration
of the expiry date in certain circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;9, 2009, we issued 1,875,121 Common Shares in connection with the acquisition of all
the issued and outstanding securities of an inactive private company at an ascribed value of $1.69
(being the 20-day volume weighted average trading price of our Common Shares on the TSM up to and
including March&nbsp;2, 2009).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;13, 3009, we issued 3,450,000 units, each unit consisting of one Common Share and one
Common Share purchase warrant, at a price of $2.00 per unit. Each whole Common Share purchase
warrant entitles the holder to acquire one additional Common Share upon payment of $2.40 on or
before May&nbsp;13, 2012, subject to an acceleration of the expiry date in certain circumstances. In
addition, we issued 345,000 broker Common Share purchase warrants with an exercise price of $2.40
expiring on May&nbsp;13, 2012, subject to acceleration of the expiry date in certain circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From January&nbsp;20, 2009 to October&nbsp;30, 2009, we issued 281,600 Common Shares on the exercise of
281,600 options at exercise prices between $0.85 and $2.70 per Common Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From May&nbsp;6, 2009 to October&nbsp;23, 2009, we issued 3,235,000 Common Shares on the exercise of
3,235,000 warrants at an exercise price of $1.80 per warrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From September&nbsp;23, 2009 to November&nbsp;2, 2009, we issued 3,795,000 Common Shares on the exercise
of 3,795,000 warrants at an exercise price of $2.40 per warrant.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offering consists of up to <B>&#149;</B> Units at a price of U.S.$<B>&#149;</B> per Unit. Each Unit consists of
one Unit Share and <B>&#149;</B> of one Warrant. Each whole Warrant entitles the holder thereof to purchase one
Warrant Share at an exercise price of U.S.$<B>&#149;</B> per Warrant Share. The Warrant Shares and the Warrants
comprising the Units will separate and be separately transferable immediately on the closing of the
Offering.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are authorized to issue an unlimited number of Common Shares. Each Common Share entitles
the holder to one vote per share held at meetings of shareholders, to receive such dividends as
declared by us and to receive our remaining property and assets upon dissolution or winding up. Our
Common Shares are not subject to any future call or assessment and there are no pre-emptive,
conversion or redemption rights attached to such shares.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material attributes and characteristics of the Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Warrants will be governed by an indenture (the &#147;<B>Warrant Indenture</B>&#148;) to be entered into
between us and Computershare Trust Company of Canada, as agent for the holders of the Warrants.
The following description of the terms of the Warrant Indenture is subject to the detailed
provisions of the Warrant Indenture.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-9<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Warrant will entitle the holder to purchase one Common Share upon payment of $<B>&#149;</B>, subject
to adjustment as summarized below, at any time until 4:30 p.m. (Calgary time) on the date that is <B>&#149;</B>
months following the closing of the Offering. If on any accelerated exercise date (&#147;<B>Accelerated
Exercise Date</B>&#148;) the 10&nbsp;day volume weighted average trading price of our Common Shares on the TSM
exceeds $<B>&#149;</B> per share, then, at our sole discretion and upon us sending the holders of the Warrants
written notice of such Accelerated Exercise Date (the &#147;<B>Notice</B>&#148;) and issuing a news release
announcing such Accelerated Exercise Date, the Warrants shall only be exercisable for a period of
30&nbsp;days following the later of the date on which such Notice is sent to holders of Warrants and the
date on which such announcement is made by news release. The Notice will be deemed to be sent by
us on the date the Notice is deposited in first class mail to the registered address of the holder
of the Warrants as reflected on the Warrant register maintained under the Warrant Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>There is no market through which the Warrants may be sold and purchasers may not be able to
resell the Warrants purchased under the prospectus supplement. This may affect the pricing of the
Warrants in the secondary market, the transparency and availability of trading prices, the
liquidity of such Warrants, and the extent of issuer regulation. See &#147;Risk Factors&#148;.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates for the Warrants forming part of the Units may be issued in &#147;book-entry only&#148;
form to CDS and DTC or in fully registered form. If the certificates are issued in fully
registered form, a register of holders will be maintained at the principal office of Computershare
Trust Company of Canada in Calgary, Alberta. One or more certificates may be exchanged for one or
more certificates of different denominations evidencing in the aggregate the same number of
Warrants as the certificates being exchanged. If the certificates representing the Warrants are
issued in &#147;book-entry only&#148; form to CDS and DTC, Warrants may be exercised by notifying a broker
who is a CDS or DTC participant prior to the expiry of the Warrants and providing payment of the
exercise price for the number of Common Shares for which the Warrants are being exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Warrant Indenture will provide that the share ratio and exercise price of the Warrants
will be subject to adjustment in the event of a subdivision or consolidation of our Common Shares.
The Warrant Indenture will also provide that if there is: (i)&nbsp;any reclassification or change of our
Common Shares into other shares; (ii)&nbsp;any consolidation, amalgamation, arrangement or other
business combination of Oncolytics resulting in any reclassification or change of our Common Shares
into other shares; or (iii)&nbsp;any sale, lease, exchange or transfer of our assets in their entirety
or substantially in their entirety to another entity, then each holder of a Warrant which is
thereafter exercised shall receive, in lieu of Common Shares, the kind and number or amount of
other securities or property which such holder would have been entitled to receive as a result of
such event if such holder had exercised the Warrants prior to the Event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will also covenant in the Warrant Indenture that, during the period in which the Warrants
are exercisable, we will give public notice of our intention to fix a record date for the issuance
of rights, options or warrants (other than the Warrants comprising part of the Units) to all or
substantially all of the holders of our outstanding Common Shares at least 10&nbsp;days prior to the
record date of such event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a holder of a Warrant would otherwise be entitled to purchase a fraction of
a Common Share, the Corporation, in lieu of issuing a fractional Common Share, shall pay to the
holder thereof within five business days of exercise an amount in Canadian dollars equal to the
difference between the &#147;Current Market Price&#148; of the Common Shares on the exercise date multiplied
by the fractional interest, provided that Oncolytics shall make only one payment for each
beneficial holder exercising such Warrants and shall not be required to make any payment that is
less than $10.00. Holders of Warrants do not have any voting or pre-emptive rights or any other
rights as shareholders of Oncolytics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the registration statement under the United States Securities Act of 1933, as
amended (the &#147;<B>U.S. Securities Act</B>&#148;) for the issuance of the Common Shares underlying the exercise
of the Warrants is not effective at the time of exercise of such Warrants, then the holders of such
Warrants resident in the United States or holding for the account or benefit of a person resident in
the United States or a U.S. person (as such terms are defined under Regulation&nbsp;S under the U.S.
Securities Act) shall be able to exercise such Warrants on a cashless basis. Holders of the
Warrants resident outside the United States and not holding for the account or benefit of a person
resident in the United States or a U.S. person may exercise the Warrants pursuant to Regulation&nbsp;S
under the U.S. Securities Act. All holders of Warrants that exercise Warrants when a registration
statement under the U.S. Securities Act is not effective will agree that the Unit Shares received
on such exercise will only be resold pursuant to a registration statement under the U.S. Securities
registering such resale or pursuant to an exemption from such registration requirements, including
but not limited to, the exclusion provided by Rule&nbsp;904 of Regulation&nbsp;S under the U.S. Securities
Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Warrant Indenture for the full text of the attributes of the
Warrants.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-10<!-- /Folio -->

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offering is being made concurrently in the provinces of British Columbia, Alberta,
Manitoba and Ontario and in the United States pursuant to the multi-jurisdictional disclosure
system implemented by the securities regulatory authorities in the United States and Canada. The
Units sold under the Underwriting Agreement will be offered in the United States and Canada through
the Underwriters either directly or through their respective U.S. or Canadian broker-dealer
affiliates. Subject to applicable law, the Underwriters may offer the Units outside of Canada and
the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Underwriting Agreement, the Corporation has agreed to sell and the
Underwriters have agreed to purchase on the Closing Date the Units offered hereby at the Offering
Price, payable in cash against delivery. The obligations of the Underwriters under the Underwriting
Agreement may be terminated at their discretion upon the occurrence of certain stated events. The
Underwriters are, however, obligated to take up and pay for all of the Units if any of the Units
are purchased under the Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters are offering the Units, subject to prior sale, if, as and when issued to and
accepted by them, subject to approval of certain legal matters, including the validity of the
Units, and other conditions contained in the Underwriting Agreement, such as the receipt by the
Underwriters of officer&#146;s certificates and legal opinions. The Underwriters reserve the right to
reject orders in whole or in part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Underwriters under the Underwriting Agreement may be terminated at any
time prior to the Closing Date if, in the Underwriters&#146; reasonable opinion, (i)&nbsp;trading in the
Common Shares of the Corporation shall have been suspended by the SEC, the TSM or NASDAQ, (ii)
trading in securities generally on the TSM or NASDAQ shall have been suspended or limited, (iii)&nbsp;a
general banking moratorium shall have been declared by Canadian, U.S. Federal or New York State
authorities, or (iv)&nbsp;any material adverse change occurs in the financial or securities markets in
Canada or the United States or any outbreak or material escalation of hostilities or declaration by
Canada or the United States of a national emergency or war or other calamity or crises shall have
occurred, the effect of any of which is such as to make it, in the sole judgment of the
Underwriters, impracticable or inadvisable to market the Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to indemnify the Underwriters against certain liabilities, including
liabilities under the 1933 Act, and applicable Canadian securities legislation, or to contribute to
payments that the Underwriters may be required to make in respect of those liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated that the Corporation will arrange for an instant deposit of the Unit Shares
forming part of the Units to or for the account of the Underwriters through the book-entry
facilities of CDS and DTC on the Closing Date. No certificate evidencing the Unit Shares will be
issued to purchasers, except in limited circumstances and registration will be made in the
depositary services of CDS and DTC. Purchasers will receive only a customer confirmation from the
Underwriters or other registered dealer who is a CDS or DTC participant and from or through whom a
beneficial interest in the Unit Shares forming part of the Units is purchased. Certificates for the
Warrants forming part of the Units will be issued in fully registered form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is expected that delivery of the Unit Shares and Warrants comprising the Units offered
hereby will be made against payment therefor on or about the Closing Date, which will be more than
five business days following the date of this prospectus supplement (this settlement cycle being
referred to as &#147;<B>T&#043;5</B>&#148;). Under Rule&nbsp;15c6-1 under the Exchange Act and the rules of the TSM, trades in
the secondary market are generally required to settle in five business days, unless the parties to
any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade their Unit
Shares or Warrants prior to the Closing Date will be required, by virtue of the fact that the Unit
Shares and Warrants will not settle in T&#043;5, to specify an alternate settlement cycle at the time of
any such trade to prevent a failed settlement. Purchasers of Units who wish to trade their Unit
Shares and Warrants prior to the Closing Date should consult their own advisors. There can be no
assurance that the Offering will close.
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-11<!-- /Folio -->

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to pay the
Underwriters a cash fee equal to 7% of the gross proceeds of the
Offering. All fees payable to the Underwriters will be paid on account of services rendered in
connection with the Offering and will be paid from the proceeds of the Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the per Unit and total Underwriters&#146; Fee we will pay to the
Underwriters in connection with the sale of the Units offered pursuant to this prospectus
supplement assuming the purchase of all of the Units offered hereby. The Offering Price was
determined by negotiation between us and the Underwriters.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Per Unit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Without Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>With Option</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Public offering price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriters&#146; Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net proceeds, before
expenses, to us</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
compliance with the guidelines of The Financial Industry Regulatory
Authority (&#147;<B>FINRA</B>&#148;), the maximum commission or discount to be received by any FINRA member, or
independent broker-dealer, including their reimbursable expenses, may not be greater than 8% of the
initial gross proceeds from the sale of any Units being offered hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also agreed to reimburse the Underwriters for certain reasonable travel and other
out-of-pocket expenses in an aggregate amount not to exceed U.S.$<B>&#149;</B> and for all reasonable legal
expenses in an aggregate amount not to exceed U.S.$75,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Over-Allotment Option</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have granted an option to the
Underwriters to purchase up to an additional <B>&#149;</B> Common Shares
at a price of U.S.$<B>&#149;</B> and up to <B>&#149;</B> Warrants at a price of U.S.$<B>&#149;</B> per <B>&#149;</B> of one
Warrant, less the Underwriters&#146;
Fee. The Underwriters may exercise the Over-Allotment Option for 30&nbsp;days from the date of this
prospectus supplement solely to cover any over-allotments, if any, and for market stabilization
purposes. In respect of the Over-Allotment Option, the Corporation will pay to the Underwriters a
fee equal to 7% of the proceeds realized on the exercise of the Over-Allotment Option or U.S.$<B>&#149;</B> per
Common Share and U.S.$<B>&#149;</B> per <B>&#149;</B> of one Warrant. If the Underwriters exercise their Over-Allotment Option
in full, the net proceeds to the Corporation hereunder will be approximately U.S.$<B>&#149;</B> after deducting the
Underwriters&#146; Fee of U.S.$<B>&#149;</B> and the estimated expenses of the Offering of U.S.$<B>&#149;</B>. Under applicable
Canadian securities laws, this prospectus supplement and the accompanying prospectus also qualify
the Over-Allotment Option and the distribution of the additional Common Shares and Warrants
issuable upon exercise of the Over-Allotment Option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>NASDAQ and TSM Listings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has applied to the TSM and the NASDAQ to list the Unit Shares and the Warrant
Shares issuable on exercise of the Warrants, offered by this prospectus supplement. Listing will
be subject to the Corporation fulfilling all of the listing requirements of the TSM and NASDAQ.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Price Stabilization and Short Positions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the rules of certain Canadian provincial securities commissions and the Universal
Market Integrity Rules for Canadian marketplaces, the Underwriters may not, throughout the period
of distribution, bid for or purchase Common Shares or Warrants. The foregoing restriction is
subject to certain exceptions for bids or
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-12<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">purchases made through the facilities of the TSM or NASDAQ, in accordance with the Universal
Market Integrity Rules of the Investment Industry Regulatory Organization of Canada, including, (a)
market stabilization or market balancing activities on the TSM or NYSE Amex where the bid for or
purchase of the Common Shares or Warrants is for the purpose of maintaining a fair and orderly
market in the Common Shares or Warrants, subject to price limitations applicable to such bids or
purchases, (b)&nbsp;a bid or purchase on behalf of a client, other than certain prescribed clients,
provided that the client&#146;s order was not solicited by the Underwriters, or if the client&#146;s order
was solicited, the solicitation occurred before the commencement of a prescribed restricted period,
and (c)&nbsp;a bid or purchase to cover a short position entered into prior to the commencement of a
prescribed restricted period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the distribution of the Units is completed, the rules of the United States Securities
and Exchange Commission may limit the Underwriters and selling group members from bidding for and
purchasing Common Shares or Warrants. However, the representative of the Underwriters may engage in
transactions that stabilize the price of the Common Shares or Warrants, such as bids or purchases
to peg, fix or maintain that price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Underwriters create a short position in the Common Shares or Warrants in connection
with the Offering, i.e., if they sell more Units than are listed on the cover of this prospectus
supplement, the Underwriters may reduce that short position by purchasing Common Shares or Warrants
in the open market, subject to certain price limitations. The Underwriters may also elect to reduce
any short position by exercising all or part of the Over-Allotment Option described above.
Purchases of Common Shares or Warrants to stabilize the price or to reduce a short position may
cause the price of the Common Shares or Warrants to be higher than it might be in the absence of
such purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither we nor the Underwriters make any representation or prediction as to the direction or
magnitude of any effect that the transactions described above may have on the price of the Common
Shares or Warrants. In addition, neither we nor the Underwriters make any representation that the
representative will engage in these transactions or that these transactions, once commenced, will
not be discontinued without notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Notice to Prospective Investors in the European Economic Area</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In relation to each member state of the European Economic Area (the &#147;EEA&#148;) that has
implemented the Prospectus Directive (each, a &#147;relevant member state&#148;), with effect from, and
including, the date on which the Prospectus Directive is implemented in the relevant member state,
an offer to the public of any Units which are the subject of the Offering may not be made in that
relevant member state prior to the publication of a prospectus in relation to such Units that has
been approved by the competent authority in that relevant member state or, where appropriate,
approved in another relevant member state and notified to the competent authority in that relevant
member state, all in accordance with the Prospectus Directive, except that an offer to the public
in that relevant member state of Units may be made at any time under the following exemptions under
the Prospectus Directive, if they have been implemented in that relevant member state:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to legal entities which are authorized or regulated to operate in the financial
markets or, if not so authorized or regulated, whose corporate purpose is solely to
invest in securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any legal entity which has two or more of (i)&nbsp;an average of at least 250
employees during the last financial year; (ii)&nbsp;a total balance sheet of more than
<FONT face="'Times New Roman',times,serif">&#128;</FONT>43,000,000; and (iii)&nbsp;an annual net turnover of more than <FONT face="'Times New Roman',times,serif">&#128;</FONT>50,000,000, as shown in its
last annual or consolidated accounts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to fewer than 100 natural or legal persons (other than qualified investors as
defined in the Prospectus Directive) subject to obtaining the prior consent of the
representative for any such offer; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in any other circumstances falling within Article&nbsp;3(2) of the Prospectus
Directive,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that no such offer of Units shall result in a requirement for the publication by us or any
Underwriter of a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-13<!-- /Folio -->



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each purchaser of Units described in this prospectus supplement located within a relevant
member state will be deemed to have represented, acknowledged and agreed that it is a &#147;qualified
investor&#148; within the meaning of Article&nbsp;2(1)(e) of the Prospectus Directive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sellers of the Units have not authorized and do not authorize the making of any offer of
the Units in the EEA through any financial intermediary on their behalf, other than offers made by
the Underwriters and their respective affiliates with a view to the final placement of the Units as
contemplated in this prospectus supplement. Accordingly, no purchaser of the Units, other than the
Underwriters and their respective affiliates, is authorized to make any further offer in the EEA of
the Units on behalf of the sellers or the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice to Prospective Investors in the United Kingdom</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement is only being distributed to, and is only directed at, persons who
(i)&nbsp;have professional experience in matters relating to investments falling within Article&nbsp;19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the
&#147;financial promotion order&#148;), (ii)&nbsp;are persons falling within Article&nbsp;49(2)(a) to (d) (&#147;high net
worth companies, unincorporated associations, etc&#148;) of the financial promotion order, (iii)&nbsp;are
outside the United Kingdom, or (iv)&nbsp;are persons to whom an invitation or inducement to engage in
investment activity (within the meaning of section 21 of the Financial Services and Markets Act
2000, as amended) in connection with the issue or sale of the Units may otherwise lawfully be
communicated or caused to be communicated (all such persons together being referred to as &#147;relevant
persons&#148;). This prospectus supplement is directed only at relevant persons and must not be acted on
or relied on by persons who are not relevant persons; and any investment or investment activity to
which this document relates is available only to relevant persons and will be engaged in only with
relevant persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Notice to Prospective Investors in France</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither this prospectus supplement nor any other offering material relating to the Units
described in this prospectus supplement has been submitted to the clearance procedures of the
<I>Autorit&#233; des march&#233;s financiers </I>or by the competent authority of another member state of the
European Economic Area and notified to the <I>Autorit&#233; des march&#233;s financiers</I>. The Units have not been
offered or sold and will not be offered or sold, directly or indirectly, to the public in France.
Neither this prospectus supplement nor any other offering material relating to the Units has been
or will be:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>released, issued, distributed or caused to be released, issued or distributed to the
public in France; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>used in connection with any offer for subscription or sale of the Units to the
public in France.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such offers, sales and distributions will be made in France only:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to qualified investors (<I>investisseurs qualifi&#233;s</I>) and/or to a restricted circle of
investors (<I>cercle restraint d&#146;investisseurs</I>), in each case investing for their own
account, all as defined in, and in accordance with, Article&nbsp;L.411-2, D.411-1, D.411-2,
D.734-1, D.744-1, D.754-1 and D.764-1 of the French <I>Code mon&#233;taire et financier</I>; or</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to investment services providers authorized to engage in portfolio management on
behalf of third parties; or</TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-14<!-- /Folio -->


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in a transaction that, in accordance with article L.411-2-II-1&#176;-or-2&#176;-or 3&#176; of the
French <I>Code mon&#233;taire et financier </I>and article 211-2 of the General Regulations
(<I>R&#232;glement G&#233;n&#233;ral</I>) of the <I>Autorit&#233; des march&#233;s financiers</I>, does not constitute a
public offer (<I>appel public &#224; l&#146;&#233;pargne</I>).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Units may be resold, directly or indirectly, only in compliance with Articles L.411-1,
L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French <I>Code mon&#233;taire et financier</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice to Prospective Investors in Israel</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the State of Israel, the Units described in this prospectus supplement may not be offered
to any person or entity other than the following:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fund for joint investments in trust (i.e., mutual fund), as such term is
defined in the Law for Joint Investments in Trust, 5754-1994, or a management company
of such a fund;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a provident fund as defined in Section&nbsp;47(a)(2) of the Income Tax Ordinance of
the State of Israel, or a management company of such a fund;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an insurer, as defined in the Law for Oversight of Insurance Transactions,
5741-1981, a banking entity or satellite entity, as such terms are defined in the
Banking Law (Licensing), 5741-1981, other than a joint services company, acting for
their own account or for the account of investors of the type listed in Section&nbsp;15A(b)
of the Securities Law 1968;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a company that is licensed as a portfolio manager, as such term is defined in
Section 8(b) of the Law for the Regulation of Investment Advisors and Portfolio
Managers, 5755-1995, acting on its own account or for the account of investors of the
type listed in Section&nbsp;15A(b) of the Securities Law 1968;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a company that is licensed as an investment advisor, as such term is defined in
Section 7(c) of the Law for the Regulation of Investment Advisors and Portfolio
Managers, 5755-1995, acting on its own account;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a company that is a member of the Tel Aviv Stock Exchange, acting on its own
account or for the account of investors of the type listed in Section&nbsp;15A(b) of the
Securities Law 1968;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an underwriter fulfilling the conditions of Section 56(c) of the Securities
Law, 5728-1968;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a venture capital fund (defined as an entity primarily involved in investments
in companies which, at the time of investment, (i)&nbsp;are primarily engaged in research
and development or manufacture of new technological products or processes and (ii)
involve above-average risk);</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an entity primarily engaged in capital markets activities in which all of the
equity owners meet one or more of the above criteria; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an entity, other than an entity formed for the purpose of purchasing the Units
described in this prospectus supplement, in which the shareholders equity (including
pursuant to foreign accounting rules, international accounting regulations and U.S.
generally accepted accounting rules, as defined in the Securities Law Regulations
(Preparation of Annual Financial Statements), 1993) is in excess of NIS 250&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any offeree of the Units described in this prospectus supplement in the State of Israel shall
be required to submit written confirmation that it falls within the scope of one of the above
criteria. This prospectus supplement will not be distributed or directed to investors in the State
of Israel who do not fall within one of the above criteria.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of McCarthy T&#233;trault LLP, counsel to the Corporation and Heenan Blaikie LLP,
counsel to the Underwriters, (collectively, &#147;<B>Counsel</B>&#148;) the following, as of the date hereof, is a
fair and adequate summary of the principal Canadian federal income tax considerations generally
applicable to the acquisition, holding and disposition of Common Shares and Warrants, comprising the
Units, by a holder who acquires Units pursuant to the Offering and who, for purposes of the <I>Income
Tax Act </I>(Canada) (the &#147;<B>Tax Act</B>&#148;) and at all relevant times deals at arm&#146;s length and is not
affiliated with the Corporation or the Underwriters and holds the Common Shares and Warrants as
capital property. The Common Shares or Warrants, as the case may be, will generally constitute
capital property to a holder thereof unless the holder holds the Common Shares or Warrants, as the
case may be, in the course of carrying on a business or acquires the Common Shares or Warrants in a
transaction or transactions considered to be an adventure in the nature of trade. Certain holders
resident in Canada for purposes of the Tax Act who might not otherwise be considered to hold their
Common Shares as capital property, in certain circumstances, may be entitled to make an irrevocable
election under subsection 39(4) of the Tax Act to have the Common Shares and every other &#147;Canadian
security&#148; (as defined in the Tax Act) owned by such holder in the taxation year of the election and
in all subsequent taxation years deemed to be capital property. The election under subsection
39(4) of the Tax Act does not apply to deem the Warrants to be capital property. Holders
contemplating such election should consult their own tax advisors for advice as to whether an
election under subsection 39(4) is available and/or advisable in their particular circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is not applicable to a holder: (i)&nbsp;that is a &#147;financial institution&#148; (as defined
in the Tax Act ) for purposes of the mark-to-market rules); (ii)&nbsp;that is a &#147;specified financial
institution&#148; (as defined in the Tax Act); (iii)&nbsp;an interest in which is a &#147;tax shelter investment&#148;
(as defined in the Tax Act); (iv)&nbsp;to which the &#147;functional currency&#148; reporting rules in section 261
of the Tax Act apply; (v)&nbsp;that is exempt from tax under Part&nbsp;I of the Tax Act; or (vi)&nbsp;who holds or
subsequently acquires Common Shares acquired on the exercise of a stock option or other agreement
to issue or sell Common Shares received in respect of, in the course of, or by virtue of employment
with the Corporation or any corporation or mutual fund trust (as defined in the Tax Act) not
dealing at arm&#146;s length with the Corporation. Such holders should consult their own tax advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is based upon the facts set out in the prospectus, the current provisions of the
Tax Act and the regulations thereunder (the &#147;<B>Regulations</B>&#148;), all specific proposals to amend the Tax
Act and the Regulations publicly announced by or on behalf of the Minister of Finance (Canada)
prior to the date hereof (the &#147;<B>Proposed Amendments</B>&#148;) and Counsel&#146;s understanding of the current
published administrative practices of the Canada Revenue Agency (the &#147;<B>CRA</B>&#148;) which have been made
publicly available prior to the date hereof. Except for the Proposed Amendments, this summary does
not take into account or anticipate any changes in law or administrative practice, nor does it take
into account provincial or territorial tax laws of Canada or the tax laws of any foreign
jurisdiction. No assurance can be given that the Proposed Amendments will be enacted as proposed
(or at all) or that legislative, judicial or administrative changes will not alter the statements
made herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This summary is of a general nature only and is not intended to be, nor should it be construed
to be, legal or tax advice to any particular holder. This summary is not exhaustive of all possible
Canadian federal income tax considerations applicable to an investment in Common Shares and
Warrants comprising the Units. The income and other tax consequences of acquiring, holding and
disposing of Common Shares and Warrants will vary according to the status of the holder, the
province or provinces or territory or territories in which the holder resides or carries on
business and, generally, the holder&#146;s own particular circumstances. Accordingly, each prospective
holder of Units should obtain independent advice regarding the income tax consequences of investing
in the Common Shares and Warrants with reference to the holder&#146;s own particular circumstances.</B>
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-15<!-- /Folio -->

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of the Tax Act, all amounts relating to the acquisition, holding or
disposition of Common Shares and Warrants (including dividends received or deemed to have been
received, adjusted cost base and proceeds of disposition) must generally be converted into Canadian
dollars using the relevant exchange rate quoted by the Bank of Canada at noon on the relevant day
or such other rate or rates of exchange acceptable to the Minister of National Revenue (Canada).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In acquiring Units, holders will be acquiring ownership of the Common Shares and Warrants
represented by such Units. The Common Shares and Warrants represented by Units are separate
properties and accordingly, holders will be required to allocate the purchase price paid for each
Unit between the Common Share and the portion of one Warrant comprising each Unit on a reasonable basis in order to determine their
respective costs for purposes of the Tax Act. The Corporation intends to allocate U.S.$<B>&#149;</B> of the
purchase price to each Common Share and U.S.$<B>&#149;</B> of the purchase price to the portion of one Warrant comprising each Unit. While the
Corporation considers this allocation to be reasonable, it is not binding on the CRA or the holder
and Counsel express no opinion as to such allocation. A successful challenge of such allocation by
the CRA will affect the adjusted cost base of the Common Shares and the Warrants to a holder.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following part of the summary is applicable to a holder who, at all relevant times, is or
is deemed to be resident in Canada for the purpose of the Tax Act and any applicable income tax
treaty or convention (a &#147;<B>Canadian Holder</B>&#148;).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be realized by a Canadian Holder upon the exercise of a Warrant. A
Canadian Holder&#146;s cost of a Warrant Share acquired on the exercise of a Warrant will be the
aggregate of the adjusted cost base to the Canadian Holder of the Warrant so exercised and the
exercise price paid for such Warrant Share under the terms of the Warrant. The cost of any Warrant
Share acquired on the exercise of a Warrant by a Canadian Holder will be averaged with the adjusted
cost base to the holder of any other Common Shares (including the Warrant Shares) held by the Canadian Holder as capital property
at that time to determine the adjusted cost base of the Warrant Share so acquired.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Canadian Holder who disposes of or is deemed to dispose of a Warrant (other than a
disposition arising on the exercise or expiry of a Warrant) will realize a capital gain (or capital
loss) in the amount by which the proceeds of disposition, net of any costs of disposition, exceed
(or are less than) the adjusted cost base to the holder of the Warrant disposed of. The tax
treatment of capital gains and losses is discussed in greater detail below under &#147;<I>Taxation of
Capital Gains and Capital Losses</I>&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expiry of any unexercised Warrant will constitute a disposition of that Warrant for nil
proceeds of disposition, resulting in the Canadian Holder realizing a capital loss equal to the
adjusted cost base to the Canadian Holder of the expired Warrant. The tax treatment of capital
losses is discussed in greater detail below under &#147;<I>Taxation of Capital Gains and Capital Losses</I>&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends (including deemed dividends) received on the Common Shares by a Canadian Holder who
is an individual (other than by certain trusts) will be included in the individual&#146;s income and
will generally be subject to the gross-up and the dividend tax credit rules normally applicable to
taxable dividends received from taxable
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-16<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian corporations. To the extent the Corporation designates the dividends as &#147;eligible
dividends&#148; in the prescribed manner, the Canadian Holder will be subject to the enhanced gross-up
and dividend tax credit rules. There may be limitations on the ability of the Corporation to
designate dividends as &#147;eligible dividends&#148;. Taxable dividends received by an individual (and
certain trusts) may give rise to alternative minimum tax under the Tax Act, depending on the
individual&#146;s circumstances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends (including deemed dividends) received on the Common Shares by a Canadian Holder that
is a corporation will be included in computing the corporation&#146;s income and will generally be
deductible in computing the corporation&#146;s taxable income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Canadian Holder that is a &#147;private corporation&#148;, as defined in the Tax Act, or any other
corporation controlled by or for the benefit of an individual (other than a trust) or a related
group of individuals (other than trusts), will generally be liable to pay a 33<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">3</FONT>
% refundable tax
under Part&nbsp;IV of the Tax Act on dividends received (or deemed to be received) on the Common Shares
to the extent such dividends are deductible in computing its taxable income.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A disposition or deemed disposition of a Common Share (other than to the Corporation) will
result in the Canadian Holder thereof realizing a capital gain (or a capital loss) in the taxation
year in which the disposition occurs equal to the amount by which the proceeds of disposition
exceed (or are less than) the aggregate of the Canadian Holder&#146;s adjusted cost base of such shares
and reasonable costs of the disposition. The adjusted cost base of any Common Shares acquired
pursuant to the Offering will generally be the average of the cost of all such shares (including
all other Common Shares held by the Canadian Holder) for the purpose of calculating capital gains
or capital losses on subsequent dispositions of such shares. If the Canadian Holder is a
corporation, any capital loss arising on a disposition of a share may in certain circumstances be
reduced by the amount of any dividends, including deemed dividends, which have been received on the
share. Analogous rules may apply to a partnership or trust of which a corporation, partnership or
trust is a member or beneficiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Taxation of Capital Gains and Capital Losses</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One half of any such capital gain (a &#147;taxable capital gain&#148;) must be included in computing the
income of the Canadian Holder in the year of disposition, and one half of any such capital loss (an
&#147;allowable capital loss&#148;) generally must be applied to reduce taxable capital gains realized by the
Canadian Holder in the year of disposition. Allowable capital losses in excess of taxable capital
gains for the year of disposition generally may be applied by the Canadian Holder to reduce net
taxable capital gains realized in any of the three preceding years or in any subsequent year,
subject to various detailed provisions of the Tax Act including provisions that apply to corporate
holders after an acquisition of control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of any capital loss realized on the disposition or deemed disposition of a Common
Share by a Canadian Holder that is a corporation may be reduced by the amount of dividends received
or deemed to have been received by it on the Common Share to the extent and in the circumstances
prescribed by the Tax Act. Analogous rules may apply where a corporation is, directly or through a
trust or partnership, a member of a partnership or a beneficiary of a trust that owns Common
Shares. Canadian Holders to whom these rules may be relevant should consult their own tax advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A subscriber that is a &#147;Canadian controlled private corporation&#148; (as defined in the Tax Act)
will be liable to pay an additional 6<FONT style="font-size: 70%"><SUP>2</SUP></FONT>/<FONT style="font-size: 60%">3</FONT>
% refundable tax on its &#147;aggregate investment income&#148; for the
year, which is defined to include an amount in respect of taxable capital gains.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals, including certain trusts, are subject to an alternative minimum tax. Generally,
dividends received or deemed to be received on the Common Shares and capital gains realized on a
disposition or deemed
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-17<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">disposition of Common Shares or Warrants may increase a Canadian Holder&#146;s liability for
alternative minimum tax. Canadian Holders should consult their own advisors with respect to
alternative minimum tax.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Holders Not Resident in Canada</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This part of the summary is generally applicable to a holder who, at all relevant times, is
neither resident nor deemed to be resident in Canada for purposes of the Tax Act and any applicable
income tax treaty or convention, and who does not use or hold, and is not deemed to use or hold,
the Common Shares or Warrants, comprising the Units, in connection with carrying on a business in
Canada (a &#147;<B>Non-Resident Holder</B>&#148;). Special rules not discussed in this summary may apply to a
non-resident insurer carrying on an insurance business in Canada and elsewhere; such insurers
should consult their own tax advisors.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts paid or credited or deemed to be paid or credited to a Non-Resident Holder as, on account
or in lieu of, or in satisfaction of a dividend on the Common Shares will be subject to a Canadian
withholding tax under the Tax Act at a rate of 25%, subject to reduction under the provisions of
any applicable income tax treaty or convention. For example, under the Canada-<I>United States Tax
Convention (1980) </I>(the &#147;<B>Canada-U.S. Treaty</B>&#148;), the withholding tax rate in respect of a dividend
paid to a person who is the beneficial owner of the dividend and is resident in the United States
for purposes of, and entitled to full benefits under, the Canada-U.S. Treaty, is generally reduced
to 15% (unless the beneficial owner is a company that owns at least 10% of the voting stock of the
Corporation, in which case the rate is reduced to 5%).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-Resident Holder of Common Shares or Warrants will not generally be subject to income tax
under the Tax Act in respect of the disposition or deemed disposition of such shares or warrants,
provided that the Common Shares or Warrants, as the case may be, are not, and are not deemed to be,
&#147;taxable Canadian property&#148; (as defined in the Tax Act) to the Non-Resident Holder at the time of
disposition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, Common Shares or Warrants, as the case may be, will not be taxable Canadian
property to a Non-Resident Holder at a particular time provided that: (i)&nbsp;the Common Shares are
listed on a designated stock exchange (which currently includes the TSM and the NASDAQ) at that
time; (ii)&nbsp;at no time during the sixty (60)&nbsp;month period immediately preceding the disposition of
such shares or warrants did the Non-Resident Holder, either alone or together with one or more
persons with whom the holder does not deal at arm&#146;s length, own or have an interest in or an option
in respect of, 25% or more of the issued shares of any class or series of shares in the capital of
the Corporation; and (iii)&nbsp;the Common Shares or Warrants were not deemed under the Tax Act to be
taxable Canadian property to the Non-Resident Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Common Shares or Warrants constitute or are deemed to constitute taxable
Canadian property to any Non-Resident Holder, the tax consequences of realizing a capital gain on
the disposition of such shares or warrants as described above under the heading &#147;<B>Holders Resident
in Canada </B><I>&#151; Taxation of Capital Gains and Capital Losses</I>&#148; generally will apply, subject to the
Non-Resident Holder being entitled to relief under the provisions of an applicable income tax
treaty or convention. Non-Resident Holders whose Common Shares or Warrants may be taxable Canadian
property should consult with their own tax advisors for advice having regard to their particular
circumstances.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of certain material U.S. federal income tax considerations
applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition,
ownership and disposition of Units acquired pursuant to this prospectus supplement, the
acquisition, ownership, and disposition of Unit Shares acquired as part of the Units, the exercise,
disposition, and lapse of Warrants acquired as part of the Units, and the acquisition, ownership,
and disposition of Warrant Shares received on exercise of the Warrants.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-18<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is for general information purposes only and does not purport to be a complete
analysis or listing of all potential U.S. federal income tax considerations that may apply to a
U.S. Holder as a result of the acquisition of Units pursuant to this prospectus supplement. In
addition, this summary does not take into account the individual facts and circumstances of any
particular U.S. Holder that may affect the U.S. federal income tax considerations applicable to
such U.S. Holder. Accordingly, this summary is not intended to be, and should not be construed as,
legal or U.S. federal income tax advice with respect to any U.S. Holder. Each U.S. Holder should
consult its own tax advisor regarding the U.S. federal, U.S. state and local, and foreign tax
consequences relating to the acquisition, ownership, and disposition of Units, Unit Shares,
Warrants, and Warrant Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No ruling from the U.S. Internal Revenue Service (the &#147;<B>IRS</B>&#148;) or legal opinion has been
requested, or will be obtained, regarding the US. Federal income tax considerations applicable to
U.S. Holders as discussed in this summary. This summary is not binding on the IRS, and the IRS is
not precluded from taking a position that is different from, and contrary to, the positions taken
in this summary. In addition, because the authorities on which this summary is based are subject
to various interpretations, the IRS and the U.S. courts could disagree with one or more of the
positions taken in this summary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOTICE PURSUANT TO IRS CIRCULAR 230: NOTHING CONTAINED IN THIS SUMMARY CONCERNING ANY U.S.
FEDERAL TAX ISSUE IS INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED, BY A U.S. HOLDER (AS
DEFINED BELOW), FOR THE PURPOSE OF AVOIDING U.S. FEDERAL TAX PENALTIES UNDER THE CODE (AS DEFINED
BELOW). THIS SUMMARY WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR
MATTERS ADDRESSED BY THIS DOCUMENT. EACH U.S. HOLDER SHOULD SEEK U.S. FEDERAL TAX ADVICE, BASED ON
SUCH U.S. HOLDER&#146;S PARTICULAR CIRCUMSTANCES, FROM AN INDEPENDENT TAX ADVISOR.</B>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Authorities</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is based on the Internal Revenue Code of 1986, as amended (the &#147;<B>Code</B>&#148;), Treasury
Regulations (whether final, temporary, or proposed), U.S. court decisions, published IRS rulings,
published administrative positions of the IRS, and the Convention Between Canada and the United
States of America with Respect to Taxes on Income and on Capital, signed September&nbsp;26, 1980, as
amended (the &#147;<B>Canada-U.S. Tax Convention</B>&#148;), that are applicable and, in each case, as in effect and
available, as of the date of this prospectus supplement. Any of the authorities on which this
summary is based could be changed in a material and adverse manner at any time, and any such change
could be applied on a retroactive basis and could affect the U.S. federal income tax considerations
described in this summary. This summary does not discuss the potential effects, whether adverse or
beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>U.S. Holders</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this summary, a &#147;U.S. Holder&#148; is a beneficial owner of Units, Unit Shares,
Warrants, or Warrant Shares acquired pursuant to this document that is (a)&nbsp;an individual who is a
citizen or resident of the U.S. for U.S. federal income tax purposes, (b)&nbsp;a corporation, or other
entity classified as a corporation for U.S. federal income tax purposes, that is created or
organized in or under the laws of the U.S. or any state in the U.S., including the District of
Columbia, (c)&nbsp;an estate if the income of such estate is subject to U.S. federal income tax
regardless of the source of such income, or (d)&nbsp;a trust if (i)&nbsp;such trust has validly elected to be
treated as a U.S. person for U.S. federal income tax purposes or (ii)&nbsp;a U.S. court is able to
exercise primary supervision over the administration of such trust and one or more U.S. persons
have the authority to control all substantial decisions of such trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-U.S. Holders</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this summary, a &#147;Non-U.S. Holder&#148; is a beneficial owner of Units, Unit Shares,
Warrants, or Warrant Shares that is neither a U.S. Holder nor a partnership. This summary does not
address the U.S. federal income tax considerations applicable to Non-U.S. Holders relating to the
acquisition, ownership, and disposition of
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->S-19<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Units, Unit Shares, Warrants, and Warrant Shares. Accordingly, a Non-U.S. Holder should
consult its own tax advisor regarding the U.S. federal, U.S. state and local, and foreign tax
consequences (including the potential application of and operation of any tax treaties) relating to
the acquisition, ownership, and disposition of Units, Unit Shares, Warrants, and Warrant Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>U.S. Holders Subject to Special U.S. Federal Income Tax Rules&nbsp;Not Addressed</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary does not address the U.S. federal income tax considerations applicable to U.S.
Holders that are subject to special provisions under the Code, including: (a)&nbsp;U.S. Holders that are
tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other
tax-deferred accounts; (b)&nbsp;U.S. Holders that are financial institutions, underwriters, insurance
companies, real estate investment trusts, or regulated investment companies or that are
broker-dealers, dealers, or traders in securities or currencies that elect to apply a
mark-to-market accounting method; (c)&nbsp;U.S. Holders that have a &#147;functional currency&#148; other than the
U.S. dollar; (d)&nbsp;U.S. Holders that own Units, Unit Shares, Warrants or Warrant Shares as part of a
straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement
involving more than one position; (e)&nbsp;U.S. Holders that acquired Units, Unit Shares, Warrants or
Warrant Shares in connection with the exercise of employee stock options or otherwise as
compensation for services; (f)&nbsp;U.S. Holders that hold Units, Unit Shares, Warrants or Warrant
Shares other than as a capital asset within the meaning of Section&nbsp;1221 of the Code or (g)&nbsp;U.S.
Holders that own, directly, indirectly, or by attribution, 10% or more, by voting power or value,
of the outstanding shares of the Company. The summary below also does not address the impact of
the Offering on U.S. Holders who are U.S. expatriates or former long-term residents of the U.S.
subject to Section&nbsp;877 of the Code. U.S. Holders and others that are subject to special provisions
under the Code, including U.S. Holders described immediately above, should consult their own tax
advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an entity that is classified as partnership (or &#147;pass-through&#148; entity) for U.S. federal
income tax purposes holds Units, Unit Shares, Warrants or Warrant Shares, the U.S. federal income
tax consequences applicable to such partnership (or &#147;pass-through&#148; entity) and the partners of such
partnership (or owners of such &#147;pass-through&#148; entity) generally will depend on the activities of
the partnership (or &#147;pass-through&#148; entity) and the status of such partners (or owners). Partners
of entities that are classified as partnerships (and owners of &#147;pass-through&#148; entities) for U.S.
federal income tax purposes should consult their own tax advisor regarding the U.S. federal income
tax consequences relating to the acquisition, ownership, and disposition of Units, Unit Shares,
Warrants, and Warrant Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Tax Consequences Other than U.S. Federal Income Tax Consequences Not Addressed</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary does not address the U.S. state and local, U.S. estate and gift, alternative
minimum tax, or foreign tax consequences to U.S. Holders relating to the acquisition, ownership,
and disposition of Units, Unit Shares, Warrants, and Warrant Shares. Each U.S. Holder should
consult its own tax advisor regarding the U.S. state and local, U.S. estate and gift, U.S. federal
alternative minimum tax and foreign tax consequences relating to the acquisition, ownership, and
disposition of Units, Unit Shares, Warrants, and Warrant Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. Federal Income Tax Consequences of the Acquisition of Units</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For U.S. federal income tax purposes, the acquisition by a U.S. Holder of a Unit will be
treated as the acquisition of an &#147;investment unit&#148; consisting of two components: one Unit Share
and one <B>&#149;</B> of one Warrant. The purchase price for each Unit will be allocated between these two
components in proportion to their relative fair market values at the time the Unit is purchased by
the U.S. Holder. This allocation of the purchase price for each Unit will establish a U.S.
Holder&#146;s initial tax basis for U.S. federal income tax purposes in the Unit Share and one <B>&#149;</B> of one
Warrant that comprise each Unit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For this purpose, the Company will allocate U.S.$<B>&#149;</B> of the purchase price for the Unit to the
Unit Share and U.S. $<B>&#149;</B> of the purchase price for each Unit to the one <B>&#149;</B> of one Warrant. However,
the IRS will not be bound by the Company&#146;s allocation of the purchase price for the Units, and
therefore, the IRS or a U.S. court may not respect the allocation set forth above. Each U.S.
Holder should consult its own tax advisor regarding the allocation of the purchase price for the
Units.
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->S-20<!-- /Folio -->

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company is considered a &#147;passive foreign investment company&#148; within the meaning of
Section&nbsp;1297 of the Code (a &#147;<B>PFIC</B>&#148;) at any time during a U.S. Holder&#146;s holding period, the
following sections will generally describe the U.S. federal income tax consequences to U.S.
Holder&#146;s of the acquisition, ownership, and disposition of Units, Unit Shares, Warrants or Warrant
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>PFIC Status of the Company</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company generally will be a PFIC under Section&nbsp;1297 of the Code if, for a tax year, (a)
75% or more of the gross income of the Company for such tax year is passive income or (b)&nbsp;50% or
more of the assets held by the Company either produce passive income or are held for the production
of passive income, based on the fair market value of such assets. &#147;Gross income&#148; generally means
all revenues less the cost of goods sold, and &#147;passive income&#148; includes, for example, dividends,
interest, certain rents and royalties, certain gains from the sale of stock and securities, and
certain gains from commodities transactions. Active business gains arising from the sale of
commodities generally are excluded from passive income if substantially all of a foreign
corporation&#146;s commodities are (a)&nbsp;stock in trade of such foreign corporation or other property of a
kind which would properly be included in inventory of such foreign corporation if it is on hand at
the close of the taxable year, or property held by such foreign corporation primarily for sale to
customers in the ordinary course of its trade or business, (b)&nbsp;property used in the trade or
business of such foreign corporation that would be subject to the allowance for depreciation under
Section&nbsp;167 of the Code, or (c)&nbsp;supplies of a type regularly used or consumed by such foreign
corporation in the ordinary course of its trade or business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the PFIC income test and asset test described above, if the Company owns,
directly or indirectly, 25% or more of the total value of the outstanding shares of another
corporation, the Company will be treated as if it (a)&nbsp;held a proportionate share of the assets of
such other corporation and (b)&nbsp;received directly a proportionate share of the income of such other
corporation. In addition, for purposes of the PFIC income test and asset test described above,
&#147;passive income&#148; does not include any interest, dividends, rents, or royalties that are received or
accrued by the Company from a &#147;related person&#148; (as defined in Section&nbsp;954(d)(3) of the Code), to
the extent such items are properly allocable to the income of such related person that is not
passive income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain attribution rules, if the Company is a PFIC, U.S. Holders will be deemed to own
their proportionate share of any subsidiary of the Company which is also a PFIC (a &#147;<B>Subsidiary
PFIC</B>&#148;), and will be subject to U.S. federal income tax on (i)&nbsp;a distribution on the shares of a
Subsidiary PFIC and (ii)&nbsp;a disposition of Unit Shares of a Subsidiary PFIC, both as if the holder
directly held the shares of such Subsidiary PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company believes that it qualified as a PFIC for the tax year ended December&nbsp;31, 2008, and
based on current business plans and financial projections, the Company anticipates that it may
qualify as a PFIC for the subsequent taxable years. The determination of whether the Company (or a
Subsidiary PFIC) was, or will be, a PFIC for a tax year depends, in part, on the application of
complex U.S. federal income tax rules, which are subject to differing interpretations. In
addition, whether the Company (or a Subsidiary PFIC) will be a PFIC for any tax year depends on the
assets and income of the Company (and each Subsidiary PFIC) over the course of each such tax year
and, as a result, cannot be predicted with certainty as of the date of this document. Accordingly,
there can be no assurance that the IRS will not challenge any determination made by the Company (or
a Subsidiary PFIC) concerning its PFIC status or that the Company (and each Subsidiary PFIC) was
not, or will not be, a PFIC for any tax year. Each U.S. Holder should consult its own tax advisor
regarding the PFIC status of the Company and each Subsidiary PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Default PFIC Rules&nbsp;Under Section&nbsp;1291 of the Code</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company is a PFIC, the U.S. federal income tax consequences to a U.S. Holder of the
purchase of Units and the acquisition, ownership, and disposition of Unit Shares, Warrants and
Warrant Shares will depend on whether such U.S. Holder makes an election to treat the Company
(and/or a Subsidiary PFIC) as a &#147;qualified electing fund&#148; or &#147;QEF&#148; under Section&nbsp;1295 of the Code
(a &#147;<B>QEF Election</B>&#148;) or has made a mark-to-market election under Section&nbsp;1296 of the Code (a
&#147;<B>Mark-to-Market Election</B>&#148;) with respect to Unit Shares or Warrant Shares. A
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election will be
referred to in this summary as a &#147;Non-Electing U.S. Holder.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-Electing U.S. Holder will be subject to the rules of Section&nbsp;1291 of the Code with
respect to (a)&nbsp;any gain recognized on the sale or other taxable disposition of Unit Shares,
Warrants and Warrant Shares and (b)&nbsp;any excess distribution paid on the Unit Shares and Warrant
Shares. A distribution generally will be an &#147;excess distribution&#148; to the extent that such
distribution (together with all other distributions received in the current tax year) exceeds 125%
of the average distributions received during the three preceding tax years (or during a U.S.
Holder&#146;s holding period for the Unit Shares and Warrant Shares, if shorter).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;1291 of the Code, any gain recognized on the sale or other taxable disposition
of Unit Shares, Warrants and Warrant Shares of a PFIC (including an indirect disposition of Unit
Shares of a Subsidiary PFIC), and any excess distribution paid on such Unit Shares and Warrant
Shares (or a disposition by a Subsidiary PFIC to its shareholder that is deemed to be received by a
U.S. Holder) must be ratably allocated to each day of a Non-Electing U.S. Holder&#146;s holding period
for the Unit Shares or Warrant Shares. The amount of any such gain or excess distribution
allocated to the tax year of disposition or distribution of the excess distribution and to years
before the entity became a PFIC, if any, would be taxed as ordinary income. The amounts allocated
to any other tax year would be subject to U.S. federal income tax at the highest tax applicable to
ordinary income in each such year, and an interest charge would be imposed on the tax liability for
each such year, calculated as if such tax liability had been due in each such year. A Non-Electing
U.S. Holder that is not a corporation must treat any such interest paid as &#147;personal interest,&#148;
which is not deductible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company is a PFIC for any tax year during which a Non-Electing U.S. Holder holds Unit
Shares, Warrant Shares or Warrants, the Company will continue to be treated as a PFIC with respect
to such Non-Electing U.S. Holder, regardless of whether the Company ceases to be a PFIC in one or
more subsequent years. If the Company ceases to be a PFIC, a Non-Electing U.S. Holder may
terminate this deemed PFIC status with respect to Unit Shares and Warrant Shares by electing to
recognize gain (which will be taxed under the rules of Section&nbsp;1291 of the Code discussed above) as
if such Unit Shares and Warrant Shares were sold on the last day of the last tax year for which the
Company was a PFIC. No such election, however, may be made with respect to Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under proposed Treasury Regulations, if a U.S. holder has an option, warrant, or other right
to acquire stock of a PFIC (such as the Units or the Warrants), such option, warrant or right is
considered to be PFIC stock subject to the default rules of Section&nbsp;1291 of the Code. Under rules
described below, the holding period for the Warrants Shares will begin on the date a U.S. Holder
acquires the Units. This will impact the availability of the QEF Election and Mark-to-Market
Election with respect to the Warrant Shares. Thus, a U.S. Holder will have to account for Warrant
Shares and Unit Shares under the PFIC rules and the applicable elections differently. See
discussion below under &#147;QEF Election&#148; and under &#147;Market-to-Market Election&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that makes a QEF Election for the first tax year in which its holding period of
its Unit Shares begins, generally, will not be subject to the rules of Section&nbsp;1291 of the Code
discussed above with respect to its Unit Shares. However, a U.S. Holder that makes a QEF Election
will be subject to U.S. federal income tax on such U.S. Holder&#146;s pro rata share of (a)&nbsp;the net
capital gain of the Company, which will be taxed as long-term capital gain to such U.S. Holder, and
(b)&nbsp;and the ordinary earnings of the Company, which will be taxed as ordinary income to such U.S.
Holder. Generally, &#147;net capital gain&#148; is the excess of (a)&nbsp;net long-term capital gain over (b)&nbsp;net
short-term capital gain, and &#147;ordinary earnings&#148; are the excess of (a) &#147;earnings and profits&#148; over
(b)&nbsp;net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal
income tax on such amounts for each tax year in which the Company is a PFIC, regardless of whether
such amounts are actually distributed to such U.S. Holder by the Company. However, a U.S. Holder
that makes a QEF Election may, subject to certain limitations, elect to defer payment of current
U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not
a corporation, any such interest paid will be treated as &#147;personal interest,&#148; which is not
deductible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that makes a QEF Election generally (a)&nbsp;may receive a tax-free distribution from
the Company to the extent that such distribution represents &#147;earnings and profits&#148; of the Company
that were previously included in income by the U.S. Holder because of such QEF Election and (b)
will adjust such U.S. Holder&#146;s tax
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">basis in the Unit Shares to reflect the amount included in income or allowed as a tax-free
distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election
generally will recognize capital gain or loss on the sale or other taxable disposition of Unit
Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The procedure for making a QEF Election, and the U.S. federal income tax consequences of
making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will be
treated as &#147;timely&#148; if such QEF Election is made for the first year in the U.S. Holder&#146;s holding
period for the Unit Shares in which the Company was a PFIC. A U.S. Holder may make a timely QEF
Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S.
federal income tax return for such year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A QEF Election will apply to the tax year for which such QEF Election is made and to all
subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to
revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax
year, the Company ceases to be a PFIC, the QEF Election will remain in effect (although it will not
be applicable) during those tax years in which the Company is not a PFIC. Accordingly, if the
Company becomes a PFIC in another subsequent tax year, the QEF Election will be effective and the
U.S. Holder will be subject to the QEF rules described above during a subsequent tax year in which
the Company qualifies as a PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed above, under proposed Treasury Regulations, if a U.S. holder has an option,
warrant or other right to acquire stock of a PFIC (such as the Units or the Warrants), such option,
warrant or right is considered to be PFIC stock subject to the default rules of Section&nbsp;1291 of the
Code. However, a holder of an option, warrant or other right to acquire stock of a PFIC may not
make a QEF Election that will apply to the option, warrant or other right or to acquire PFIC stock.
In addition, under proposed Treasury Regulations, if a U.S. Holder holds an option, warrant or
other right to acquire stock of a PFIC, the holding period with respect to shares of stock of the
PFIC acquired upon exercise of such option, warrant or other right will include the period that the
option, warrant or other right was held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequently, if a U.S. Holder of Unit Shares makes a QEF Election, such election generally
will not be treated as a timely QEF Election with respect to Warrant Shares and the rules of
Section&nbsp;1291 of the Code discussed above will continue to apply with respect to such U.S. Holder&#146;s
Warrant Shares. However, a U.S. Holder of Warrant Shares should be eligible to make a timely QEF
Election if such U.S. Holder elects in the tax year in which such Warrant Shares are received to
recognize gain (which will be taxed under the rules of Section&nbsp;1291 of the Code discussed above) as
if such Warrant Shares were sold for fair market value on the date such U.S. Holder acquired them.
In addition, gain recognized on the sale or other taxable disposition (other than by exercise) of
the Warrants by a U.S. Holder will be subject to the rules of Section&nbsp;1291 of the Code discussed
above. Each U.S. Holder should consult its own tax advisor regarding the application of the PFIC
rules to the Units, Unit Shares, Warrants, and Warrant Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will make available to U.S. Holders, upon their written request, timely and
accurate information as to its status as a PFIC, and will provide to a U.S. Holder all information
and documentation that a U.S. Holder making a QEF Election with respect to the Company is required
to obtain for U.S. federal income tax purposes. However, U.S. Holders should be aware that the
Company can provide no assurances that it will provide any such information relating to any
Subsidiary PFIC. Because the Company may own shares in one or more Subsidiary PFICs, and may
acquire shares in one or more Subsidiary PFICs in the future, they will continue to be subject to
the rules discussed above with respect to the taxation of gains and excess distributions with
respect to any Subsidiary PFIC for which the U.S. Holders do not obtain the required information.
Each U.S. Holder should consult his, her or its own tax advisor regarding the availability of, and
procedure for making, a QEF Election with respect to the Company and any Subsidiary PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Mark-to-Market Election</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder may make a Mark-to-Market Election only if the Unit Shares and Warrant Shares
are marketable stock. The Unit Shares and Warrant Shares generally will be &#147;marketable stock&#148; if
the Unit Shares and Warrant Shares are regularly traded on (a)&nbsp;a national securities exchange that
is registered with the Securities and Exchange Commission, (b)&nbsp;the national market system
established pursuant to section 11A of the Securities and Exchange Act of 1934, or (c)&nbsp;a foreign
securities exchange that is regulated or supervised by a governmental
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-23<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authority of the country in which the market is located, provided that (i)&nbsp;such foreign
exchange has trading volume, listing, financial disclosure, and other requirements and the laws of
the country in which such foreign exchange is located, together with the rules of such foreign
exchange, ensure that such requirements are actually enforced and (ii)&nbsp;the rules of such foreign
exchange ensure active trading of listed stocks. If such stock is traded on such a qualified
exchange or other market, such stock generally will be &#147;regularly traded&#148; for any calendar year
during which such stock is traded, other than in de minimis quantities, on at least 15&nbsp;days during
each calendar quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that makes a Mark-to-Market Election with respect to its Unit Shares generally
will not be subject to the rules of Section&nbsp;1291 of the Code discussed above. However, if a U.S.
Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S.
Holder&#146;s holding period for the Unit Shares or such U.S. Holder has not made a timely QEF Election,
the rules of Section&nbsp;1291 of the Code discussed above will apply to certain dispositions of, and
distributions on, the Unit Shares
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Mark-to-Market Election made by a U.S. Holder for the Unit Shares will also apply to such
U.S. Holder&#146;s Warrant Shares. As a result, if a Market-to-Market Election has been made by a U.S.
Holder with respect to Unit Shares, any Warrant Shares received will automatically be
marked-to-market in the year of exercise. Because a U.S. Holder&#146;s holding period for Warrant
Shares includes the period during which such U.S. Holder held the Warrants, a U.S. Holder will be
treated as making a Mark-to-Market Election with respect to its Warrant Shares after the beginning
of such U.S. Holder&#146;s holding period for the Warrant Shares unless the Warrant Shares are acquired
in the same tax year as the year in which the U.S. Holder acquired its Units. Consequently, the
default rules under Section&nbsp;1291 described above generally will apply to the mark-to-market gain
realized in the tax year in which Warrant Shares are received. However, the general mark-to-market
rules will apply to subsequent tax years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each
tax year in which the Company is a PFIC, an amount equal to the excess, if any, of (a)&nbsp;the fair
market value of the Unit Shares and any Warrant Shares, as of the close of such tax year over (b)
such U.S. Holder&#146;s tax basis in the Unit Shares and any Warrant Shares. A U.S. Holder that makes a
Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of
(i)&nbsp;such U.S. Holder&#146;s adjusted tax basis in the Unit Shares and any Warrant Shares, over (ii)&nbsp;the
fair market value of such Unit Shares and any Warrant Shares (but only to the extent of the net
amount of previously included income a result of the Mark-to-Market Election for prior tax years).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S.
Holder&#146;s tax basis in the Unit Shares and Warrant Shares to reflect the amount included in gross
income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale
or other taxable disposition of Unit Shares and Warrant Shares, a U.S. Holder that makes a
Mark-to-Market Election will recognize ordinary income or loss (not to exceed the excess, if any,
of (a)&nbsp;the amount included in ordinary income because of such Mark-to-Market Election for prior tax
years over (b)&nbsp;the amount allowed as a deduction because of such Mark-to-Market Election for prior
tax years).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is
made and to each subsequent tax year, unless the Unit Shares and Warrant Shares cease to be
&#147;marketable stock&#148; or the IRS consents to revocation of such election. Each U.S. Holder should
consult its own tax advisor regarding the availability of, and procedure for making, a
Mark-to-Market Election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the
Unit Shares and Warrant Shares, no such election may be made with respect to the stock of any
Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable.
Hence, the Mark-to-Market Election will not be effective to eliminate the interest charge described
above with respect to deemed dispositions of Subsidiary PFIC stock or distributions from a
Subsidiary PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Other PFIC Rules</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that,
subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to
recognize gain (but not loss) upon certain transfers of Unit Shares and Warrant Shares that would
otherwise be tax-deferred (e.g., gifts and
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-24<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income
tax consequences to a U.S. Holder may vary based on the manner in which Unit Shares, Warrants, or
Warrant Shares are transferred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain additional adverse rules will apply with respect to a U.S. Holder if the Company is a
PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example under Section
1298(b)(6) of the Code, a U.S. Holder that uses Unit Shares, Warrants or Warrant Shares as security
for a loan will, except as may be provided in Treasury Regulations, be treated as having made a
taxable disposition of such Unit Shares, Warrants or Warrant Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, a U.S. Holder who acquires Unit Shares, Warrants or Warrant Shares from a
decedent will not receive a &#147;step up&#148; in tax basis of such Unit Shares, Warrants or Warrant Shares
to fair market value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a
distribution from a PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The PFIC rules are complex, and each U.S. Holder should consult its own tax advisor regarding
the PFIC rules and how the PFIC rules may affect the U.S. federal income tax consequences of the
acquisition, ownership, and disposition of Unit Shares, Warrants and Warrant Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. Federal Income Tax Consequences of the Exercise and Disposition of Warrants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Exercise of Warrants</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder should not recognize gain or loss on the exercise of a Warrant and related
receipt of a Warrant Share (except if cash is received in lieu of the issuance of a fractional
Warrant Share). A U.S. Holder&#146;s initial tax basis in the Warrant Share received on the exercise of
a Warrant should be equal to the sum of (a)&nbsp;such U.S. Holder&#146;s tax basis in such Warrant plus (b)
the exercise price paid by such U.S. Holder on the exercise of such Warrant. If, as anticipated,
the Company is a PFIC, a U.S. Holder&#146;s holding period for the Warrant Share should begin on the
date on which such U.S. Holder acquired its Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain limited circumstances, a U.S. Holder may be permitted to undertake a cashless
exercise of Warrants into Warrant Shares. The U.S. federal income tax treatment of a cashless
exercise of Warrants into Warrant Shares is unclear, and the tax consequences of a cashless
exercise could differ from the consequences upon the exercise of a Warrant described in the
preceding paragraph. U.S. Holders should consult their own tax advisors regarding the U.S. federal
income tax consequences of a cashless exercise of Warrants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Disposition of Warrants</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder will recognize gain or loss on the sale or other taxable disposition of a
Warrant in an amount equal to the difference, if any, between (a)&nbsp;the amount of cash plus the fair
market value of any property received and (b)&nbsp;such U.S. Holder&#146;s tax basis in the Warrant sold or
otherwise disposed of. As noted below under &#147;Disposition of Unit Shares and Warrant Shares&#148;, such
gain or loss will generally be treated as &#147;U.S. source&#148; for purposes of the U.S. foreign tax credit
calculations. Any gain will be subject to the rules of Section&nbsp;1291 of the Code, as discussed
above. Any such loss generally will be a capital loss and will be long-term capital loss if the
Warrant is held for more than one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Expiration of Warrants Without Exercise</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the PFIC rules discussed above, upon the lapse or expiration of a Warrant, a U.S.
Holder will recognize a loss in an amount equal to such U.S. Holder&#146;s tax basis in the Warrant.
Any such loss generally will be a capital loss and will be long-term capital loss if the Warrants
are held for more than one year. Deductions for capital losses are subject to complex limitations
under the Code.
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->S-25<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Certain Adjustments to the Warrants</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;305 of the Code, an adjustment to the number of Warrant Shares that will be
issued on the exercise of the Warrants, or an adjustment to the exercise price of the Warrants, may
be treated as a constructive distribution to a U.S. Holder of the Warrants if, and to the extent
that, such adjustment has the effect of increasing such U.S. Holder&#146;s proportionate interest in the
&#147;earnings and profits&#148; or assets of the Company, depending on the circumstances of such adjustment
(for example, if such adjustment is to compensate for a distribution of cash or other property to
shareholders of the Company). (See more detailed discussion of the rules applicable to
distributions made by the Company at &#147;U.S. Federal Income Tax Consequences of the Acquisition,
Ownership, and Disposition of Unit Shares, and Warrant Shares &#151; Distributions on Unit Shares and
Warrant Shares&#148; below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. Federal Income Tax Consequences of the Acquisition, Ownership, and Disposition of Unit Shares
and Warrant Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Distributions on Unit Shares and Warrant Shares</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the PFIC rules discussed above, a U.S. Holder that receives a distribution,
including a constructive distribution, with respect to a Unit Share or Warrant Share will be
required to include the amount of such distribution in gross income as a dividend (without
reduction for any Canadian income tax withheld from such distribution) to the extent of the current
or accumulated &#147;earnings and profits&#148; of the Company, as computed for U.S. federal income tax
purposes. To the extent that a distribution exceeds the current and accumulated &#147;earnings and
profits&#148; of the Company, such distribution will be treated first as a tax-free return of capital to
the extent of a U.S. Holder&#146;s tax basis in the Unit Shares or Warrant Shares and thereafter as gain
from the sale or exchange of such Unit Shares or Warrant Shares. (See &#147; Sale or Other Taxable
Disposition of Unit Shares and/or Warrant Shares&#148; below). However, the Company does not intend to
maintain the calculations of earnings and profits in accordance with U.S. federal income tax
principles, and each U.S. Holder should therefore assume that any distribution by the Company with
respect to the Unit Shares or Warrant Share will constitute ordinary dividend income. Dividends
received on Unit Shares or Warrant Shares generally will not be eligible for the &#147;dividends
received deduction&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For tax years beginning before January&nbsp;1, 2011, a dividend paid to a U.S. Holder who is an
individual, estate or trust by the Company generally will be taxed at the preferential tax rates
applicable to long-term capital gains if the Company is a &#147;qualified foreign corporation&#148; as
defined under Section&nbsp;1(h)(11) of the Code (&#147;<B>QFC</B>&#148;) and certain holding period requirements for the
Unit Shares or Warrant Shares are met. The Company generally will be a QFC if the Company is
eligible for the benefits of the Canada-U.S. Tax Convention or the Unit Shares or Warrant Shares
are readily tradable on an established securities market in the U.S. However, even if the Company
satisfies one or more of these requirements, the Company will not be treated as a QFC if the
Company is a PFIC for the tax year during which it pays a dividend or for the preceding tax year.
(See the section above under the heading &#147;Passive Foreign Investment Company Rules&#148;). Accordingly,
the Company does not expect to be a QFC in the current tax year and it may not be a QFC for
subsequent tax years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company is not considered a PFIC, but a dividend paid to a U.S. Holder otherwise fails
to qualify for the preferential tax rates discussed above, such a dividend generally will be taxed
at ordinary income tax rates (and not at the preferential tax rates applicable to long-term capital
gains).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Sale or Other Taxable Disposition of Unit Shares and/or Warrant Shares</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the PFIC rules discussed above, upon the sale or other taxable disposition of Unit
Shares or Warrant Shares, a U.S. Holder generally will recognize capital gain or loss in an amount
equal to the difference between the amount of cash plus the fair market value of any property
received and such U.S. Holder&#146;s tax basis in such Unit Shares or Warrant Shares sold or otherwise
disposed of. Such gain generally will be treated as &#147;U.S. source&#148; for purposes of applying the
U.S. foreign tax credit rules unless the gain is subject to tax in Canada and is resourced as
&#147;foreign source&#148; under the Canada-U.S. Tax Convention and such U.S. Holder elects to treat such
gain or loss as &#147;foreign source.&#148; (See more detailed discussion at &#147;Foreign Tax Credit&#148; below).
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-26<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferential tax rates apply to long-term capital gain of a U.S. Holder that is an individual,
estate, or trust. There are currently no preferential tax rates for long-term capital gain of a
U.S. Holder that is a corporation. Deductions for capital losses are subject to significant
limitations under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds paid to a U.S. Holder in foreign currency generally will be taxable as described
below under &#147;Receipt of Foreign Currency&#148; above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Foreign Tax Credit</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder who pays (whether directly or through withholding) Canadian income tax with
respect to dividends paid on the Unit Shares and Warrant Shares generally will be entitled, at the
election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income
tax paid. This election is made on a year-by-year basis and applies to all foreign taxes paid
(whether directly or through withholding) by a U.S. Holder during a year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complex limitations apply to the foreign tax credit, including the general limitation that the
credit cannot exceed the proportionate share of a U.S. Holder&#146;s U.S. federal income tax liability
that such U.S. Holder&#146;s &#147;foreign source&#148; taxable income bears to such U.S. Holder&#146;s worldwide
taxable income. In applying this limitation, a U.S. Holder&#146;s various items of income and deduction
must be classified, under complex rules, as either &#147;foreign source&#148; or &#147;U.S. source.&#148; In addition,
this limitation is calculated separately with respect to specific categories of income. Dividends
paid by the Company generally will constitute &#147;foreign source&#148; income and generally will be
categorized as &#147;passive category income.&#148; The foreign tax credit rules are complex, and each U.S.
Holder should consult its own tax advisor regarding the foreign tax credit rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain specific rules, foreign taxes paid with respect to any distribution in
respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating
to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a
U.S. Holder should consult with their own tax advisor regarding the availability of the foreign tax
credit with respect to distributions by a PFIC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Receipt of Foreign Currency</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of any distribution paid in foreign currency to a U.S. Holder in connection with
the ownership of Unit Shares or Warrant Shares, or on the sale, exchange or other taxable
disposition of the Company&#146;s Unit Shares, Warrants or Warrant Shares generally will be equal to
the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of
actual or constructive receipt (regardless of whether such foreign currency is converted into U.S.
dollars at that time). If the foreign currency received is not converted into U.S. dollars on the
date of receipt, a U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar
value on the date of receipt. A U.S. Holder that receives foreign currency and converts such
foreign currency into U.S. dollars at a conversion rate other than the rate in effect on the date
of receipt may have a foreign currency exchange gain or loss, which generally would be treated as
U.S. source ordinary income or loss for foreign tax credit purposes. Each U.S. Holder should
consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving,
owning, and disposing of foreign currency.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. federal income tax law and Treasury regulations, certain categories of United
States Persons must file information returns with respect to their investment in, or involvement
in, a foreign corporation. Penalties for failure to file certain of these information returns are
substantial. United States Persons who acquire Units through this prospectus supplement and hold
Unit Shares, Warrants and Warrant Shares should consult with their own tax advisors regarding the
requirements of filing information returns, and if applicable, any Mark-to-Market election or QEF
election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments made within the U.S., or by a U.S. payor or U.S. middleman, of dividends on, and
proceeds arising from certain sales or other taxable dispositions of the Unit Shares and Warrant
Shares may be subject to information reporting and backup withholding tax, at the rate of 28%, if a
U.S. Holder (a)&nbsp;fails to furnish such U.S. Holder&#146;s correct U.S. social security or other taxpayer
identification number (generally on Form W-9), (b)&nbsp;furnishes
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->S-27<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">an incorrect U.S. taxpayer identification number, (c)&nbsp;is notified by the IRS that such U.S.
Holder has previously failed to properly report items subject to backup withholding tax, or (d)
fails under certain circumstances to certify, under penalty of perjury, that such U.S. Holder has
furnished its correct U.S. taxpayer identification number and that the IRS has not notified such
U.S. Holder that it is subject to backup withholding tax. However, U.S. Holders that are
corporations generally are excluded from these information reporting and backup withholding tax
rules. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a
credit against a U.S. Holder&#146;s U.S. federal income tax liability, if any, or will be refunded, if
such U.S. Holder furnishes required information to the IRS. Each U.S. Holder should consult its
own tax advisor regarding the information reporting and backup withholding tax rules.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospective purchasers of Units should consider carefully the risk factors set out herein and
contained in and incorporated by reference in the accompanying base shelf prospectus. Discussions
of certain risks affecting Oncolytics in connection with its business are provided in our annual
disclosure documents filed with the various securities regulatory authorities which are
incorporated by reference in the accompanying base shelf prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>There can be no assurance as to the liquidity of the Warrants or that a trading market for the
Warrants will develop.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is currently no public market through which the Warrants may be sold and we do not
intend to apply for the listing of the Warrants on any securities exchanges. This may affect the
pricing of the Warrants in the secondary market, the transparency and availability of trading
prices, the liquidity of the Warrants, and the extent of issuer regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Barbados law differs from the laws in effect in Canada and may afford less protection to
holders of our securities.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our assets and intellectual property are held by our wholly-owned subsidiary,
Oncolytics Barbados, which is organized under the laws of Barbados. It may not be possible to
enforce court judgments obtained in Canada against Oncolytics Barbados in Barbados based on the
civil liabilities provisions of applicable securities laws. In addition, there is some doubt as to
whether the courts of Barbados would recognize or enforce judgments of Canadian courts obtained
against us or our directors or officers based on the civil liabilities provisions of Canadian
securities laws or hear actions against us or those persons based on such laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Changes in law could adversely affect our business and corporate structure.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurances that there will not occur changes in corporate, tax, property and
other laws in Canada and/or Barbados (or the interpretation thereof by regulatory or tax
authorities) which may materially and adversely affect our businesses and corporate structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The Corporation may fail to achieve and maintain adequate internal control over financial
reporting pursuant to the requirements of the Sarbanes-Oxley Act and equivalent Canadian
legislation.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation documented and tested during its most recent fiscal year its internal control
procedures in order to satisfy the requirements of Section&nbsp;404 of the Sarbanes-Oxley Act (&#147;<B>SOX</B>&#148;)
and equivalent Canadian legislation. SOX requires an annual assessment by management of the
effectiveness of the Corporation&#146;s internal controls over financial reporting and an attestation
report by the Corporation&#146;s independent auditors addressing this assessment. The Corporation may
fail to achieve and maintain the adequacy of its internal controls over financial reporting as such
standards are modified, supplemented, or amended from time to time, and the Corporation may not be
able to ensure that it can conclude, on an ongoing basis, that it has effective internal controls
over financial reporting in accordance with Section&nbsp;404 of SOX. The Corporation&#146;s failure to
satisfy the requirements of Section&nbsp;404 of SOX on an ongoing, timely basis could result in the loss
of investor confidence in the reliability of its financial statements, which in turn could harm the
Corporation&#146;s business and negatively impact the trading price of the common shares or the market
value of its other securities. In addition, any failure to implement required new or
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->S-28<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">improved controls, or difficulties encountered in their implementation, could harm the
Corporation&#146;s operating results or cause it to fail to meet its reporting obligations. Future
acquisitions of companies, if any, may provide the Corporation with challenges in implementing the
required processes, procedures and controls in its acquired operations. No evaluation can provide
complete assurance that the Corporation&#146;s internal controls over financial reporting will detect or
uncover all failures of persons within the Corporation to disclose material information otherwise
required to be reported. The effectiveness of the Corporation&#146;s processes, procedures and controls
could also be limited by simple errors or faulty judgments. In addition, if the Corporation
expands, the challenges involved in implementing appropriate internal controls over financial
reporting will increase and will require that the Corporation continue to improve its internal
controls over financial reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Because the Corporation is a Canadian corporation and the majority of its directors and
officers are resident in Canada, it may be difficult for investors in the United States to enforce
civil liabilities against the Corporation based solely upon the federal securities laws of the
United States.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is a Canadian corporation, with its principal place of business in Canada. A
majority of the Corporation&#146;s directors and officers and some or all of the experts named in the
registration statement to which this prospectus supplement relates are residents of Canada and a
significant portion of the Corporation&#146;s assets and the assets of a majority of the Corporation&#146;s
directors and officers and the experts named in this prospectus supplement are located outside the
United States. Consequently, it may be difficult for U.S. investors to effect service of process
within the United States upon the Corporation or its directors or officers or such experts who are
not residents of the United States, or to realize in the United States upon judgments of courts of
the United States predicated upon civil liabilities under the U.S. Securities Act of 1933, as
amended. Investors should not assume that Canadian courts (1)&nbsp;would enforce judgments of U.S.
courts obtained in actions against the Corporation or such directors, officers or experts
predicated upon the civil liability provisions of the U.S. federal securities laws or the
securities or &#147;blue sky&#148; laws of any state within the United States or (2)&nbsp;would enforce, in
original actions, liabilities against the Corporation or such directors, officers or experts
predicated upon the U.S. federal securities laws or any such state securities or &#147;blue sky&#148; laws.
In addition, the protections afforded by Canadian securities laws may not be available to investors
in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Possible &#147;passive foreign investment company&#148; status.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential investors that are U.S. taxpayers should be aware that the Corporation believes that
it qualified as a PFIC for the tax year ended December&nbsp;31, 2008, and based on current business
plans and financial projections, the Corporation anticipates that it may qualify as a PFIC for the
subsequent taxable years. If the Corporation is or becomes a PFIC, any gain recognized on the sale
of the Unit Shares, Warrants or Warrant Shares and any &#147;excess distributions&#148; (as specifically
defined) paid on Unit Shares or Warrant Shares must be rateably allocated to each day in a U.S.
taxpayer&#146;s holding period for the Unit Shares, Warrants or Warrant Shares. The amount of any such
gain or excess distribution allocated to prior years of such U.S. taxpayer&#146;s holding period for the
Unit Shares, Warrants or Warrant Shares generally will be subject to U.S. federal income tax at the
highest tax rate applicable to ordinary income in each such prior year, and the U.S. taxpayer will
be required to pay interest on the resulting tax liability for each such prior year, calculated as
if such tax liability had been due in each such prior year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The determination of whether the Corporation will be a PFIC for a taxable year depends, in
part, on the application of complex U.S. federal income tax rules, which are subject to differing
interpretations. In addition, whether the Corporation will be a PFIC for any taxable year generally
depends on its assets and income over the course of each such taxable year and, as a result, cannot
be predicted with certainty as of the date of this prospectus supplement. Accordingly, there can
be no assurance that the IRS will not challenge the determination made by the Corporation
concerning its PFIC status or that the Corporation will not be a PFIC for any taxable year. For a
more detailed discussion see &#147;Certain United States Federal Income Tax Considerations.&#148;
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditors of the Corporation are Ernst &#038; Young LLP, Chartered Accountants, 1000, 440 &#151;
2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Avenue S.W., Calgary, Alberta, T2P 5E9. Ernst &#038; Young LLP is independent of
Oncolytics in accordance with the Rules of
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->S-29<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Professional Conduct as outlined by the Institute of Chartered Accountants of Alberta. Ernst
&#038; Young LLP is registered with the U.S. Public Company Accounting Oversight Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters relating to the Offering will be passed upon by McCarthy T&#233;trault LLP
with respect to certain Canadian legal matters and by Dorsey &#038; Whitney LLP with respect to certain
U.S. legal matters on behalf of the Corporation. The Underwriters are being represented by Heenan
Blaikie LLP with respect to certain Canadian legal matters and by Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C. with respect to certain U.S. legal matters. As at the date hereof, the
partners and associates of McCarthy T&#233;trault LLP, as a group, the partners and associates of Dorsey
&#038; Whitney LLP, as a group, the partners and associates of Heenan Blaikie LLP, as a group and the
partners and associates of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., as a group, each
beneficially own directly or indirectly, less than 1% of the Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, none of the aforementioned persons or firms, nor any director, officer or
employee of any of the aforementioned persons or firms is or is expected to be elected, appointed
or employed as a director, officer or employee of the Corporation or any associate or affiliate of
the Corporation.
</DIV>


</DIV>



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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt; color: #C41E3A">This short
    form prospectus has been filed under legislation in each of the
    provinces of British Columbia, Alberta, Manitoba and Ontario
    that permits certain information about these securities to be
    determined after this short form prospectus has become final and
    that permits the omission from this short form prospectus of
    that information. The legislation requires the delivery to
    purchasers of a prospectus supplement containing the omitted
    information within a specified period of time after agreeing to
    purchase any of these securities.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt">This short form 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.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt">Information has been
    incorporated by reference in this short form prospectus from
    documents filed with securities commissions or similar
    authorities in Canada.
    </FONT></I></B><FONT style="font-size: 9pt"><I>Copies of the
    documents incorporated herein by reference may be obtained on
    request without charge from the Corporate Secretary of
    Oncolytics Biotech Inc. at 210, 1167 Kensington Crescent N.W.,
    Calgary, Alberta T2N&#160;1X7 telephone
    <FONT style="white-space: nowrap">(403)&#160;670-7377,</FONT>
    and are available electronically</I> at <I>www.sedar.com. See
    &#147;Documents Incorporated by Reference&#148;.</I>
    </FONT>
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Final Short
    Form&#160;Prospectus</FONT></B>
</DIV>

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

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

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">New
    Issue</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Dated June&#160;16, 2008</FONT></B></TD>
</TR>

</TABLE>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="o57875o4107402.gif" alt="(ONCOLYTICS LOGO)"><FONT style="font-size: 9pt">
    </FONT>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">Cdn. $150,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Common Shares<BR>
    Subscription Receipts<BR>
    Warrants<BR>
    Debt Securities<BR>
    Units</FONT></B>
</DIV>

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

<DIV style="margin-top: 27pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

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

<DIV style="margin-top: 27pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may from time to time during the
    <FONT style="white-space: nowrap">25-month</FONT>
    period that this prospectus (the &#147;<B>Prospectus</B>&#148;),
    including any amendments, remains valid, sell under this
    Prospectus up to Cdn. $150,000,000 (or the equivalent in other
    currencies or currency units) aggregate initial offering price
    of our common shares (&#147;<B>Common Shares</B>&#148;),
    subscription receipts (&#147;<B>Subscription
    Receipts</B>&#148;), warrants to purchase Common Shares
    (&#147;<B>Warrants</B>&#148;), senior or subordinated unsecured
    debt securities (&#147;<B>Debt Securities</B>&#148;), and/or
    units comprised of one or more of the other securities described
    in this Prospectus in any combination, (&#147;<B>Units</B>&#148;
    and, together with the Common Shares, Subscription Receipts,
    Debt Securities and Warrants, the
    &#147;<B>Securities</B>&#148;). We may offer Securities in such
    amount and, in the case of the Subscription Receipts, Debt
    Securities, Warrants and Units, with such terms, as we may
    determine in light of market conditions. We may sell the
    Subscription Receipts, Debt Securities and Warrants in one or
    more series.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>There are certain risk factors that should be carefully
    reviewed by prospective purchasers. See &#147;Risk
    Factors&#148;.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The specific variable terms of any offering of Securities will
    be set forth in a supplement to this Prospectus relating to such
    Securities (each, a <B>&#147;Prospectus Supplement&#148;</B>)
    including where applicable: (i)&#160;in the case of the Common
    Shares, the number of Common Shares offered, the currency (which
    may be Canadian dollars or any other currency), the issue price
    and any other specific terms; (ii)&#160;in the case of
    Subscription Receipts, the number of Subscription Receipts
    offered, the currency (which may be Canadian dollars or any
    other currency), the issue price, the terms and procedures for
    the
</DIV>

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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    exchange of the Subscription Receipts and any other specific
    terms; (iii)&#160;in the case of Warrants, the designation, the
    number of Warrants offered, the currency (which may be Canadian
    dollars or any other currency), number of the Common Shares that
    may be acquired upon exercise of the Warrants, the exercise
    price, dates and periods of exercise, adjustment procedures and
    any other specific terms; (iv)&#160;in the case of Debt
    Securities, the designation, aggregate principal amount and
    authorized denominations of the Debt Securities, any limit on
    the aggregate principal amount of the Debt Securities, the
    currency (which may be Canadian dollars or any other currency),
    the issue price (at par, at a discount or at a premium), the
    issue and delivery date, the maturity date (including any
    provisions for the extension of a maturity date), the interest
    rate (either fixed or floating and, if floating, the method of
    determination thereof), the interest payment date(s), the
    provisions (if any) for subordination of the Debt Securities to
    other indebtedness, any redemption provisions, any repayment
    provisions, any terms entitling the holder to exchange or
    convert the Debt Securities into other securities and any other
    specific terms; and (v)&#160;in the case of Units, the
    designation, the number of Units offered, the offering price,
    the currency (which may be Canadian dollars or any other
    currency), terms of the Units and of the securities comprising
    the Units and any other specific terms.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>We are permitted, as a foreign issuer in the United States,
    under a multi-jurisdictional disclosure system adopted by the
    United States and Canada, to prepare this Prospectus in
    accordance with Canadian disclosure requirements. You should be
    aware that such requirements are different from those of the
    United States. We have prepared our financial statements
    included or incorporated herein by reference in accordance with
    Canadian generally accepted accounting principles, and they are
    subject to Canadian auditing and auditor independence standards.
    Thus, they may not be comparable to the financial statements of
    United States companies. Information regarding the impact upon
    our financial statements of significant differences between
    Canadian and United States generally accepted accounting
    principles is contained in the notes to the financial statements
    incorporated by reference in this Prospectus.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should be aware that the purchase of the Securities may
    have tax consequences both in the United States and Canada. Such
    consequences for investors who are resident in, or citizens of,
    the United States may not be described fully herein. You should
    read the tax discussion contained in the applicable Prospectus
    Supplement with respect to a particular offering of securities.
    See &#147;Certain Income Tax Considerations&#148;.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Your ability to enforce civil liabilities under United States
    federal securities laws may be affected adversely by the fact
    that we are incorporated under the laws of Canada, the majority
    of our officers and directors and some of the experts named in
    this Prospectus are residents of Canada, and a substantial
    portion of our assets and the assets of such persons are located
    outside the United States.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
    (THE &#147;SEC&#148;) NOR ANY STATE SECURITIES COMMISSION HAS
    APPROVED OR DISAPPROVED THESE SECURITIES NOR PASSED UPON THE
    ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
    THE CONTRARY IS A CRIMINAL OFFENCE.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All shelf information permitted under applicable laws to be
    omitted from this Prospectus will be contained in one or more
    Prospectus Supplements that will be delivered to purchasers
    together with this Prospectus. Each Prospectus Supplement will
    be incorporated by reference into this Prospectus for the
    purposes of securities legislation as of the date of the
    Prospectus Supplement and only for the purposes of the
    distribution of the Securities to which the Prospectus
    Supplement pertains.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our outstanding securities are listed for trading on the Toronto
    Stock Exchange under the trading symbol &#147;ONC&#148; and on
    the NASDAQ Capital Market under the trading symbol
    &#147;ONCY&#148;. Unless otherwise specified in any applicable
    Prospectus Supplement, the Subscription Receipts, Warrants, Debt
    Securities, and Units will not be listed on any securities
    exchange. <B>There is no market through which the Subscription
    Receipts, Warrants, Debt Securities or Units may be sold and
    purchasers may not be able to resell the Subscription Receipts,
    Warrants, Debt Securities or Units purchased under this
    Prospectus. This may affect the pricing of these securities in
    the secondary market, the transparency and availability of
    trading prices, the liquidity of the securities, and the extent
    of issuer regulation. See the &#147;Risk Factors&#148; section
    of the applicable Prospectus Supplement.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ii
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<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the Securities to or through underwriters, dealers,
    placement agents or other intermediaries or directly to
    purchasers or through agents. See &#147;Plan of
    Distribution&#148;. The Prospectus Supplement relating to a
    particular offering of Securities will identify each person who
    may be deemed to be an underwriter with respect to such offering
    and will set forth the terms of the offering of such Securities,
    including, to the extent applicable, the initial public offering
    price, the proceeds that we will receive, the underwriting
    discounts or commissions and any other discounts or concessions
    to be allowed or reallowed to dealers. The managing underwriter
    or underwriters with respect to Securities sold to or through
    underwriters, if any, will be named in the related Prospectus
    Supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to applicable securities legislation, in connection with
    any offering of Securities under this Prospectus, the
    underwriters, if any, may over-allot or effect transactions
    which stabilize or maintain the market price of the Securities
    offered at a level above that which might otherwise prevail in
    the open market. These transactions, if commenced, may be
    discontinued at any time. See &#147;Plan of Distribution&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained in this
    Prospectus. We have not authorized anyone to provide you with
    information different from that contained in this Prospectus.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our head office and principal place of business is located at
    210, 1167 Kensington Crescent N.W., Calgary, Alberta T2N 1X7.
    Our registered office is located at 4500 Bankers Hall East,
    855&#160;&#151; 2nd Street S.W., Calgary, Alberta T2P 4K7.
</DIV>

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    <BR>
    iii
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</DIV>

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Page</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>DEFINITIONS AND OTHER MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>SPECIAL NOTICE REGARDING FORWARD-LOOKING
    STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>DOCUMENTS INCORPORATED BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>WHERE YOU CAN FIND ADDITIONAL INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>ENFORCEABILITY OF CIVIL LIABILITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>ONCOLYTICS BIOTECH INC.</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>OUR BUSINESS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>RECENT DEVELOPMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>PRIOR SALES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>DESCRIPTION OF SHARE CAPITAL</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>DESCRIPTION OF SUBSCRIPTION RECEIPTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>DESCRIPTION OF WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>DESCRIPTION OF UNITS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>MARKET FOR SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>CERTAIN INCOME TAX CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>AUDITOR</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>DOCUMENTS FILED AS PART&#160;OF THE REGISTRATION
    STATEMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>PURCHASERS&#146; STATUTORY RIGHTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#125'>AUDITORS&#146; CONSENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#126'>CERTIFICATE OF THE CORPORATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left">
<!-- /TOC -->
</DIV>
<A name='101'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this Prospectus and any Prospectus Supplement, unless
    otherwise indicated, references to &#147;we&#148;,
    &#147;us&#148;, &#147;our&#148;, &#147;Oncolytics&#148; or the
    &#147;Corporation&#148; are to Oncolytics Biotech Inc. All
    references to &#147;dollars&#148;, &#147;Cdn.$&#148; or
    &#147;$&#148; are to Canadian dollars and all references to
    &#147;U.S.$&#148; are to United States dollars. Unless otherwise
    indicated, all financial information included and incorporated
    by reference in this Prospectus and any Prospectus Supplement is
    determined using Canadian generally accepted accounting
    principles.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We prepare our financial statements in accordance with Canadian
    generally accepted accounting principles (<B>&#147;Canadian
    GAAP&#148;</B>), which differ from United States generally
    accepted accounting principles (<B>&#147;U.S. GAAP&#148;</B>).
    Therefore, our financial statements incorporated by reference in
    this Prospectus and any Prospectus Supplement and in the
    documents incorporated by reference in this Prospectus and in
    any applicable Prospectus Supplement may not be comparable to
    financial statements prepared in accordance with U.S. GAAP. You
    should refer to Note&#160;21 of our financial statements for the
    year ended December&#160;31, 2007 for a discussion of the
    principal differences between our financial results determined
    under Canadian GAAP and under U.S. GAAP. For our financial
    statements as at and for the three months ended March&#160;31,
    2008, you should refer to our reconciliation of our financial
    statements as at and for the three months ended March&#160;31,
    2008 to U.S. GAAP furnished to the SEC on the Company&#146;s
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated June&#160;4, 2008 and incorporated into this Prospectus by
    reference. See &#147;Documents Incorporated by Reference&#148;.
</DIV>
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of the statements that we make contain forward-looking
    statements reflecting our current beliefs, plans, estimates and
    expectations. Readers are cautioned that these forward-looking
    statements involve risks and uncertainties, including, without
    limitation, clinical trial study delays, product development
    delays, our ability to attract and retain
</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    business partners, future levels of government funding,
    competition from other biotechnology companies and our ability
    to obtain the capital required for research, product
    development, operations and marketing. These factors should be
    carefully considered and readers should not place undue reliance
    on our forward-looking statements. Actual events may differ
    materially from our current expectations due to risks and
    uncertainties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our statements of &#147;belief&#148;, &#147;estimates&#148;,
    &#147;expectations&#148; and other similar statements are based
    primarily upon our results derived to date from our research and
    development program with animals and early stage human results
    and upon which we believe we have a reasonable scientific basis
    to expect the particular results to occur. It is not possible to
    predict, based upon studies in animals or early stage human
    results, whether a new therapeutic will be proved to be safe and
    effective in humans. There can be no assurance that the
    particular result expected by us will occur. Except as required
    by applicable securities laws, we undertake no obligation to
    update publicly any forward-looking statements for any reason
    after the date of this Prospectus or to conform these statements
    to actual results or to changes in our expectations.
</DIV>

<DIV style="margin-top: 27pt; font-size: 1pt">&nbsp;</DIV>
<A name='103'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Information has been incorporated by reference in this
    Prospectus from documents filed with securities commissions or
    similar authorities in Canada.</B> Copies of the documents
    incorporated herein by reference may be obtained on request
    without charge from our Corporate Secretary at 210, 1167
    Kensington Crescent N.W., Calgary, Alberta T2N&#160;1X7
    telephone
    <FONT style="white-space: nowrap">(403)&#160;670-7377,</FONT>
    and are available electronically at www.sedar.com.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed the following documents with the securities
    commissions or similar regulatory authorities in certain of the
    provinces of Canada and such documents are specifically
    incorporated by reference in this Prospectus:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Renewal Annual Information Form dated March&#160;5, 2008,
    for the year ended December&#160;31, 2007 (the
    &#147;<B>AIF</B>&#148;);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Management Proxy Circular dated March&#160;23, 2007 relating
    to the annual and special meeting of shareholders held on
    May&#160;2, 2007;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Management Proxy Circular dated March&#160;20, 2008 relating
    to the annual and special meeting of shareholders held on
    May&#160;7, 2008;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our audited financial statements, together with the notes
    thereto, for the years ended December&#160;31, 2007 and 2006 and
    the auditors&#146; report thereon addressed to our shareholders;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our management&#146;s discussion and analysis of financial
    condition and results of operations dated March&#160;5, 2008,
    for the year ended December&#160;31, 2007;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our unaudited interim consolidated financial statements as at
    and for the three months ended March&#160;31, 2008, together
    with the notes thereto;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our management&#146;s discussion and analysis of financial
    condition and results of operations dated April&#160;30, 2008,
    for the three months ended March&#160;31, 2008; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the reconciliation of our consolidated financial statements as
    at and for the three months ended March&#160;31, 2008 to U.S.
    GAAP, filed on June&#160;3, 2008 under the heading
    &#147;Other&#148;.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any documents of the type required by National Instrument
    44-101&#160;&#151; Short Form&#160;Prospectus Distributions of
    the Canadian Securities Administrators to be incorporated by
    reference in a short form prospectus, including any annual
    information form, comparative annual financial statements and
    the auditors&#146; report thereon, comparative interim financial
    statements, management&#146;s discussion and analysis of
    financial condition and results of operations, material change
    report (except a confidential material change report), business
    acquisition report and information circular, if filed by us with
    the securities commissions or similar authorities in the
    provinces of Canada after the date of this Prospectus shall be
    deemed to be incorporated by reference in this Prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any report filed by us with the SEC pursuant to section 13(a),
    13(c), 14 or 15(d) of the United States Securities Exchange Act
    of 1934 after the date of this Prospectus shall be deemed to be
    incorporated by reference into the registration statement of
    which this Prospectus forms a part, if and to the extent
    expressly provided in such report.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Any statement contained in this Prospectus or in a document
    incorporated or deemed to be incorporated by reference herein
    will be deemed to be modified or superseded for purposes of this
    Prospectus to the extent that a statement contained in this
    Prospectus or in any other subsequently filed document which
    also is, or is deemed to be, incorporated by reference into this
    Prospectus modifies or supersedes that statement. The modifying
    or superseding statement need not state that it has modified or
    superseded a prior statement or include any other </B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>information set forth in the document that it modifies or
    supersedes. The making of a modifying or superseding statement
    shall not be deemed an admission for any purposes that the
    modified or superseded statement when made, constituted a
    misrepresentation, an untrue statement of a material fact or an
    omission to state a material fact that is required to be stated
    or that is necessary to make a statement not misleading in light
    of the circumstances in which it was made. Any statement so
    modified or superseded shall not be deemed, except as so
    modified or superseded, to constitute part of this
    Prospectus.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon a new annual information form and related audited annual
    financial statements and management&#146;s discussion and
    analysis being filed by us with, and where required, accepted
    by, the securities commission or similar regulatory authority in
    each of the provinces of British Columbia, Alberta, Manitoba and
    Ontario during the term of this Prospectus, the previous annual
    information form, the previous audited annual financial
    statements and related management&#146;s discussion and
    analysis, all unaudited interim financial statements and related
    management&#146;s discussion and analysis, material change
    reports and business acquisition reports filed prior to the
    commencement of our financial year in which the new annual
    information form and related audited annual financial statements
    and management&#146;s discussion and analysis are filed shall be
    deemed no longer to be incorporated into this Prospectus for
    purposes of future offers and sales of Securities under this
    Prospectus. Upon new interim financial statements and related
    management&#146;s discussion and analysis being filed by us with
    the securities commission or similar regulatory authority in
    each of the provinces of British Columbia, Alberta, Manitoba and
    Ontario during the term of this Prospectus, all interim
    financial statements and related management&#146;s discussion
    and analysis filed prior to the new interim consolidated
    financial statements and related management&#146;s discussion
    and analysis shall be deemed no longer to be incorporated into
    this Prospectus for purposes of future offers and sales of
    Securities under this Prospectus. Upon a new information
    circular relating to an annual meeting of holders of Common
    Shares being filed by us with the securities commission or
    similar regulatory authority in each of the provinces of British
    Columbia, Alberta, Manitoba and Ontario during the term of this
    Prospectus, the information circular for the preceding annual
    meeting of holders of Common Shares shall be deemed no longer to
    be incorporated into this Prospectus for purposes of future
    offers and sales of Securities under this Prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One or more Prospectus Supplements containing the specific
    variable terms for an issue of the Securities and other
    information in relation to such Securities will be delivered to
    purchasers of such Securities together with this Prospectus and
    will be deemed to be incorporated by reference into this
    Prospectus as of the date of the Prospectus Supplement solely
    for the purposes of the offering of the Securities covered by
    any such Prospectus Supplement.
</DIV>

<DIV style="margin-top: 27pt; font-size: 1pt">&nbsp;</DIV>
<A name='104'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-10</FONT>
    relating to the Securities. This Prospectus, which constitutes a
    part of the registration statement, does not contain all of the
    information contained in the registration statement, certain
    items of which are contained in the exhibits to the registration
    statement as permitted by the rules and regulations of the SEC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual and quarterly financial information and material
    change reports and other material with the SEC and with the
    securities commissions or similar regulatory authorities in
    Canada. Under a multi-jurisdictional disclosure system adopted
    by the United States, documents and other information that we
    file with the SEC may be prepared in accordance with the
    disclosure requirements of Canada, which are different from
    those of the United States. You may read and copy any document
    that we have filed with the SEC at the SEC&#146;s public
    reference rooms in Washington, D.C. and Chicago, Illinois. You
    may also obtain copies of those documents from the public
    reference room of the SEC at 100 F Street, N.E., Washington,
    D.C. 20549 by paying a fee. You should call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    or access its website at www.sec.gov for further information
    about the public reference rooms. You may read and download some
    of the documents we have filed with the SEC&#146;s Electronic
    Data Gathering and Retrieval system at www.sec.gov. You may read
    and download any public document that we have filed with the
    securities commissions or similar regulatory authorities in
    Canada at www.sedar.com.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a corporation existing under the <I>Business Corporations
    Act</I> (Alberta). The majority of our officers and directors
    and some of the experts named in this Prospectus, are residents
    of Canada or otherwise reside outside the United States, and
    all, or a substantial portion of their assets and a substantial
    portion of our assets, are located outside the United States. We
    have appointed an agent for service of process in the United
    States, but it may be difficult for holders of Securities who
    reside in the United States to effect service within the United
    States upon those directors, officers and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    experts who are not residents of the United States. It may also
    be difficult for holders of Securities who reside in the United
    States to realize in the United States upon judgments of courts
    of the United States predicated upon our civil liability and the
    civil liability of our directors, officers and experts under the
    United States federal securities laws. We have been advised by
    our Canadian counsel, Bennett Jones LLP, that a judgment of a
    United States court predicated solely upon civil liability under
    United States federal securities laws would probably be
    enforceable in Canada if the United States court in which the
    judgment was obtained has a basis for jurisdiction in the matter
    that would be recognized by a Canadian court for the same
    purposes. We have also been advised by Bennett Jones LLP,
    however, that there is substantial doubt whether an action could
    be brought in Canada in the first instance on the basis of
    liability predicated solely upon United States federal
    securities laws.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We filed with the SEC, concurrently with our registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;F-10,</FONT>
    an appointment of agent for service of process on
    <FONT style="white-space: nowrap">Form&#160;F-X.</FONT>
    Under the
    <FONT style="white-space: nowrap">Form&#160;F-X,</FONT>
    we appointed DL Services, Inc. at 1420, Fifth Avenue,
    Suite&#160;3400, Seattle, Washington 98101 as our agent for
    service of process in the United States in connection with any
    investigation or administrative proceeding conducted by the SEC,
    and any civil suit or action brought against or involving us in
    a United States court arising out of or related to or concerning
    the offering of the Securities under this Prospectus.
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>A prospective purchaser of Securities should carefully
    consider the list of risk factors set forth below as well as the
    other information contained in and incorporated by reference in
    this Prospectus before purchasing our Securities.</B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">All of
    our potential products, including
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,
    are in the research and development stage and will require
    further development and testing before they can be marketed
    commercially.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prospects for companies in the biotechnology industry generally
    may be regarded as uncertain given the nature of the industry
    and, accordingly, investments in biotechnology companies should
    be regarded as speculative. We are currently in the research and
    development stage on one product,
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,
    for human application, the riskiest stage for a company in the
    biotechnology industry. It is not possible to predict, based
    upon studies in animals and early stage human clinical trials
    whether
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    will prove to be safe and effective in humans.
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    will require additional research and development, including
    extensive additional clinical testing, before we will be able to
    obtain the approvals of the relevant regulatory authorities in
    applicable countries to market
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    commercially. There can be no assurance that the research and
    development programs we conducted will result in
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    or any other products becoming commercially viable products, and
    in the event that any product or products result from the
    research and development program, it is unlikely they will be
    commercially available for a number of years.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To achieve profitable operations we, alone or with others, must
    successfully develop, introduce and market our products. To
    obtain regulatory approvals for products being developed for
    human use, and to achieve commercial success, human clinical
    trials must demonstrate that the product is safe for human use
    and that the product shows efficacy. Unsatisfactory results
    obtained from a particular study relating to a program may cause
    us to abandon our commitment to that program or the product
    being tested. No assurances can be provided that any current or
    future animal or human test, if undertaken, will yield
    favourable results. If we are unable to establish that
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is a safe, effective treatment for cancer, we may be required to
    abandon further development of the product and develop a new
    business strategy.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">There are
    inherent risks in pharmaceutical research and
    development.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pharmaceutical research and development is highly speculative
    and involves a high and significant degree of risk. The
    marketability of any product we develop will be affected by
    numerous factors beyond our control, including but not limited
    to:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the discovery of unexpected toxicities or lack of sufficient
    efficacy of products which make them unattractive or unsuitable
    for human use;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    preliminary results as seen in animal and/or limited human
    testing may not be substantiated in larger, controlled clinical
    trials;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    manufacturing costs or other production factors may make
    manufacturing of products ineffective, impractical and
    non-competitive;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    proprietary rights of third parties or competing products or
    technologies may preclude commercialization;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requisite regulatory approvals for the commercial distribution
    of products may not be obtained; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other factors may become apparent during the course of research,
    up-scaling or manufacturing which may result in the
    discontinuation of research and other critical projects.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our products under development have never been manufactured on a
    commercial scale, and there can be no assurance that such
    products can be manufactured at a cost or in a quantity to
    render such products commercially viable. Production and
    utilization of our products may require the development of new
    manufacturing technologies and expertise. The impact on our
    business in the event that new manufacturing technologies and
    expertise are required to be developed is uncertain. There can
    be no assurance that we will successfully meet any of these
    technological challenges, or others that may arise in the course
    of development.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Pharmaceutical
    products are subject to intense regulatory approval
    processes.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The regulatory process for pharmaceuticals, which includes
    preclinical studies and clinical trials of each compound to
    establish its safety and efficacy, takes many years and requires
    the expenditure of substantial resources. Moreover, if
    regulatory approval of a drug is granted, such approval may
    entail limitations on the indicated uses for which it may be
    marketed. Failure to comply with applicable regulatory
    requirements can, among other things, result in suspension of
    regulatory approvals, product recalls, seizure of products,
    operating restrictions and criminal prosecution. Further,
    government policy may change, and additional government
    regulations may be established that could prevent or delay
    regulatory approvals for our products. In addition, a marketed
    drug and its manufacturer are subject to continual review. Later
    discovery of previously unknown problems with the product or
    manufacturer may result in restrictions on such product or
    manufacturer, including withdrawal of the product from the
    market and risk of litigation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S. Food and Drug Administration (the
    <B>&#147;FDA&#148;</B>) in the United States and similar
    regulatory authorities in other countries may deny approval of a
    new drug application if required regulatory criteria are not
    satisfied, or may require additional testing. Product approvals
    may be withdrawn if compliance with regulatory standards is not
    maintained or if problems occur after the product reaches the
    market. The FDA and similar regulatory authorities in other
    countries may require further testing and surveillance programs
    to monitor the pharmaceutical product that has been
    commercialized. Non-compliance with applicable requirements can
    result in fines and other judicially imposed sanctions,
    including product withdrawals, product seizures, injunction
    actions and criminal prosecutions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to our own pharmaceuticals, we may supply active
    pharmaceutical ingredients and advanced pharmaceutical
    intermediates for use in our customers&#146; drug products. The
    final drug products in which the pharmaceutical ingredients and
    advanced pharmaceutical intermediates are used, however, are
    subject to regulation for safety and efficacy by the FDA and
    other jurisdictions, as the case may be. Such products must be
    approved by such agencies before they can be commercially
    marketed. The process of obtaining regulatory clearance for
    marketing is uncertain, costly and time consuming. We cannot
    predict how long the necessary regulatory approvals will take or
    whether our customers will ever obtain such approval for their
    products. To the extent that our customers do not obtain the
    necessary regulatory approvals for marketing new products, our
    product sales could be adversely affected.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The FDA and other governmental regulators have increased
    requirements for drug purity and have increased environmental
    burdens upon the pharmaceutical industry. Because pharmaceutical
    drug manufacturing is a highly regulated industry, requiring
    significant documentation and validation of manufacturing
    processes and quality control assurance prior to approval of the
    facility to manufacture a specific drug, there can be
    considerable transition time between the initiation of a
    contract to manufacture a product and the actual initiation of
    manufacture of that product. Any lag time in the initiation of a
    contract to manufacture product and the actual initiation of
    manufacture could cause us to lose profits or incur liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pharmaceutical regulatory regime in Europe and other
    countries is, by and large, generally similar to that of the
    United States. We could face similar risks in these other
    jurisdictions, as the risks described above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operations and products may be subject to other government
    manufacturing and testing regulations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securing regulatory approval for the marketing of therapeutics
    by the FDA in the United States and similar regulatory agencies
    in other countries is a long and expensive process, which can
    delay or prevent product development and marketing. Approval to
    market products may be for limited applications or may not be
    received at all.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The products we anticipate manufacturing will have to comply
    with the FDA&#146;s current Good Manufacturing Practices
    (<B>&#147;GMP&#148;</B>) and other FDA, and local government
    guidelines and regulations, including other international
    regulatory requirements and guidelines. Additionally, certain of
    our customers may require the manufacturing facilities
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    contracted by us to adhere to additional manufacturing
    standards, even if not required by the FDA. Compliance with GMP
    regulations requires manufacturers to expend time, money and
    effort in production, and to maintain precise records and
    quality control to ensure that the product meets applicable
    specifications and other requirements. The FDA and other
    regulatory bodies periodically inspect drug-manufacturing
    facilities to ensure compliance with applicable GMP
    requirements. If the manufacturing facilities contracted by us
    fail to comply with the GMP requirements, the facilities may
    become subject to possible FDA or other regulatory action and
    manufacturing at the facility could consequently be suspended.
    We may not be able to contract suitable alternative or back-up
    manufacturing facilities on terms acceptable to us or at all.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The FDA or other regulatory agencies may also require the
    submission of any lot of a particular product for inspection. If
    the lot product fails to meet the FDA requirements, then the FDA
    could take any of the following actions: (i)&#160;restrict the
    release of the product; (ii)&#160;suspend manufacturing of the
    specific lot of the product; (iii)&#160;order a recall of the
    lot of the product; or (iv)&#160;order a seizure of the lot of
    the product.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to regulation by governments in many
    jurisdictions and, if we do not comply with healthcare, drug,
    manufacturing and environmental regulations, among others, our
    existing and future operations may be curtailed, and we could be
    subject to liability.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the regulatory approval process, we may be
    subject to regulations under local, provincial, state, federal
    and foreign law, including requirements regarding occupational
    health, safety, laboratory practices, environmental protection
    and hazardous substance control, and may be subject to other
    present and future local, provincial, state, federal and foreign
    regulations.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">The
    biotechnology industry is extremely competitive and we must
    successfully compete with larger companies with substantially
    greater resources.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Technological competition in the pharmaceutical industry is
    intense and we expect competition to increase. Other companies
    are conducting research on therapeutics involving the Ras
    pathway as well as other novel treatments or therapeutics for
    the treatment of cancer which may compete with our product. Many
    of these competitors are more established, benefit from greater
    name recognition and have substantially greater financial,
    technical and marketing resources than us. In addition, many of
    these competitors have significantly greater experience in
    undertaking research, preclinical studies and human clinical
    trials of new pharmaceutical products, obtaining regulatory
    approvals and manufacturing and marketing such products. In
    addition, there are several other companies and products with
    which we may compete from time to time, and which may have
    significantly better and larger resources than us. Accordingly,
    our competitors may succeed in manufacturing and/or
    commercializing products more rapidly or effectively, which
    could have a material adverse effect on our business, financial
    condition or results of operations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate that we will face increased competition in the
    future as new products enter the market and advanced
    technologies become available. There can be no assurance that
    existing products or new products developed by our competitors
    will not be more effective, or be more effectively manufactured,
    marketed and sold, than any that may be developed or sold by us.
    Competitive products may render our products obsolete and
    uncompetitive prior to recovering research, development or
    commercialization expenses incurred with respect to any such
    products.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We rely
    on patents and proprietary rights to protect our
    technology.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our success will depend, in part, on our ability to obtain
    patents, maintain trade secret protection and operate without
    infringing the rights of third parties. We have patents in the
    United States, Canada and Europe and have filed applications for
    patents in the United States and under the PCT, allowing us to
    file in other jurisdictions. See &#147;Narrative
    Description&#160;&#151; Patent and Patent Application
    Summary&#148; in our AIF. Our success will depend, in part, on
    our ability to obtain, enforce and maintain patent protection
    for our technology in Canada, the United States and other
    countries. We cannot be assured that patents will issue from any
    pending applications or that claims now or in the future, if
    any, allowed under issued patents will be sufficiently broad to
    protect our technology. In addition, no assurance can be given
    that any patents issued to or licensed by us will not be
    challenged, invalidated, infringed or circumvented, or that the
    rights granted thereunder will provide continuing competitive
    advantages to us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The patent positions of pharmaceutical and biotechnology firms,
    including us, are generally uncertain and involve complex legal
    and factual questions. In addition, it is not known whether any
    of our current research endeavours will result in the issuance
    of patents in Canada, the United States, or elsewhere, or if any
    patents already issued will provide significant proprietary
    protection or will be circumvented or invalidated. Since patent
    applications in the United States
</DIV>

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    <BR>
    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and Canada may be maintained in secrecy until at least
    18&#160;months after filing of the original priority
    application, and since publication of discoveries in the
    scientific or patent literature tends to lag behind actual
    discoveries by several months, we cannot be certain that we or
    any licensor were the first to create inventions claimed by
    pending patent applications or that we or the licensor were the
    first to file patent applications for such inventions. Loss of
    patent protection could lead to generic competition for these
    products, and others in the future, which would materially and
    adversely affect our financial prospects for these products and
    which could have a material adverse effect on our business,
    financial condition or results of operations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Similarly, since patent applications filed before
    November&#160;29, 2000 in the United States may be maintained in
    secrecy until the patents issue or foreign counterparts, if any,
    publish, we cannot be certain that we or any licensor were the
    first creator of inventions covered by pending patent
    applications or that we or such licensor were the first to file
    patent applications for such inventions. There is no assurance
    that our patents, if issued, would be held valid or enforceable
    by a court or that a competitor&#146;s technology or product
    would be found to infringe such patents.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accordingly, we may not be able to obtain and enforce effective
    patents to protect our proprietary rights from use by
    competitors, and the patents of other parties could require us
    to stop using or pay to use certain intellectual property, and
    as such, our competitive position and profitability could suffer
    as a result.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may be required to obtain licenses under patents
    or other proprietary rights of third parties. No assurance can
    be given that any licenses required under such patents or
    proprietary rights will be available on terms acceptable to us.
    If we do not obtain such licenses, we could encounter delays in
    introducing one or more of our products to the market while we
    attempt to design around such patents, or could find that the
    development, manufacture or sale of products requiring such
    licenses could be foreclosed. In addition, we could incur
    substantial costs in defending ourselves in suits brought
    against us on such patents or in suits in which our attempts to
    enforce our own patents against other parties.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    products may fail or cause harm, subjecting us to product
    liability claims.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Use of our product during current clinical trials may entail
    risk of product liability. We maintain clinical trial liability
    insurance; however, it is possible this coverage may not provide
    full protection against all risks. Given the scope and
    complexity of the clinical development process, the uncertainty
    of product liability litigation, and the shrinking capacity of
    insurance underwriters, it is not possible at this time to
    assess the adequacy of current clinical trial coverage, nor the
    ability to secure continuing coverage at the same level and at
    reasonable cost in the foreseeable future. While we carry, and
    intend to continue carrying amounts believed to be appropriate
    under the circumstances, it is not possible at this time to
    determine the adequacy of such coverage.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the sale and commercial use of our product entails
    risk of product liability. We currently do not carry any product
    liability insurance for this purpose. There can be no assurance
    that we will be able to obtain appropriate levels of product
    liability insurance prior to any sale of our pharmaceutical
    products. An inability to obtain insurance on economically
    feasible terms or to otherwise protect against potential product
    liability claims could inhibit or prevent the commercialization
    of products developed by us. The obligation to pay any product
    liability claim or a recall of a product could have a material
    adverse effect on our business, financial condition and future
    prospects.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We have
    limited manufacturing experience and intend to rely on third
    parties to commercially manufacture our products, if and when
    developed.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To date, we have relied upon a contract manufacturer to
    manufacture small quantities of
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>.
    The manufacturer may encounter difficulties in scaling up
    production, including production yields, quality control and
    quality assurance. Only a limited number of manufacturers can
    supply therapeutic viruses and failure by the manufacturer to
    deliver the required quantities of
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>
    on a timely basis at a commercially reasonable price may have a
    material adverse effect on us. We have completed a program for
    the development of a commercial process for manufacturing
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>
    and have filed a number of patent applications related to the
    process. There can be no assurance that we will successfully
    obtain sufficient patent protection related to our manufacturing
    process.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">New
    products may not be accepted by the medical community or
    consumers.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our primary activity to date has been research and development
    and we have no experience in marketing or commercializing
    products. We will likely rely on third parties to market our
    products, assuming that they receive regulatory approvals. If we
    rely on third parties to market our products, the commercial
    success of such product may be outside of our control. Moreover,
    there can be no assurance that physicians, patients or the
    medical community will accept
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    our product even if it proves to be safe and effective and is
    approved for marketing by Health Canada, the FDA and other
    regulatory authorities. A failure to successfully market our
    product would have a material adverse effect on our revenue.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    technologies may become obsolete.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pharmaceutical industry is characterized by rapidly changing
    markets, technology, emerging industry standards and frequent
    introduction of new products. The introduction of new products
    embodying new technologies, including new manufacturing
    processes, and the emergence of new industry standards may
    render our products obsolete, less competitive or less
    marketable. The process of developing our products is extremely
    complex and requires significant continuing development efforts
    and third party commitments. Our failure to develop new
    technologies and products and the obsolescence of existing
    technologies could adversely affect our business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may be unable to anticipate changes in our potential customer
    requirements that could make our existing technology obsolete.
    Our success will depend, in part, on our ability to continue to
    enhance our existing technologies, develop new technology that
    addresses the increasing sophistication and varied needs of the
    market, and respond to technological advances and emerging
    industry standards and practices on a timely and cost-effective
    basis. The development of our proprietary technology entails
    significant technical and business risks. We may not be
    successful in using our new technologies or exploiting our niche
    markets effectively or adapting our businesses to evolving
    customer or medical requirements or preferences or emerging
    industry standards.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We are
    highly dependent on third party relationships for research and
    clinical trials.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We rely upon third party relationships for assistance in the
    conduct of research efforts, pre-clinical development and
    clinical trials, and manufacturing. In addition, we expect to
    rely on third parties to seek regulatory approvals for and to
    market our product. Although we believe that our collaborative
    partners will have an economic motivation to commercialize our
    product included in any collaborative agreement, the amount and
    timing of resources diverted to these activities generally is
    expected to be controlled by the third party. Furthermore, if we
    cannot maintain these relationships, our business may suffer.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We have
    no operating revenues and a history of losses.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To date, we have not generated sufficient revenues to offset our
    research and development costs and accordingly have not
    generated positive cash flow or made an operating profit. As of
    December&#160;31, 2007, we had an accumulated deficit of
    $80.5&#160;million and we incurred net losses of
    $15.6&#160;million, $14.3&#160;million, and $12.8&#160;million,
    for the years ended December&#160;31, 2007, 2006 and 2005,
    respectively. As at March&#160;31, 2008, we had an accumulated
    deficit of $83.3&#160;million and in the three month period then
    ended we incurred a net loss of $3.3&#160;million. We anticipate
    that we will continue to incur significant losses during 2008
    and in the foreseeable future. We do not expect to reach
    profitability at least until after successful and profitable
    commercialization of one or more of our products. Even if one or
    more of our products are profitably commercialized, the initial
    losses incurred by us may never be recovered.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to obtain third-party reimbursement for the cost of
    our product.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Uncertainty exists regarding the reimbursement status of
    newly-approved pharmaceutical products and reimbursement may not
    be available for
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>.
    Any reimbursements granted may not be maintained or limits on
    reimbursements available from third-party payors may reduce the
    demand for, or negatively affect the price of, these products.
    If
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>
    does not qualify for reimbursement, if reimbursement levels
    diminish, or if reimbursement is denied, our sales and
    profitability would be adversely affected.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We may
    need additional financing in the future to fund the research and
    development of our products and to meet our ongoing capital
    requirements.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As at December&#160;31, 2007, we had cash and cash equivalents
    (including short-term investments) of $25.2&#160;million and
    working capital of approximately $22.4&#160;million. As at
    March&#160;31, 2008, we had cash and cash equivalents (including
    short-term investments) of $22.0&#160;million and working
    capital of approximately $19.5&#160;million. We anticipate that
    we may need additional financing in the future to fund research
    and development and to meet our ongoing capital requirements.
    The amount of future capital requirements will depend on many
    factors, including continued scientific progress in our drug
    discovery and development programs, progress in our pre-clinical
    and clinical evaluation of drug candidates, time and expense
    associated with filing, prosecuting and enforcing our patent
    claims and costs associated with obtaining regulatory approvals.
    In order to meet such capital requirements, we will consider
    contract fees, collaborative research and development
    arrangements, and additional public or private financings
    (including the incurrence of debt and the issuance
</DIV>

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    <BR>
    8
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of additional equity securities) to fund all or a part of
    particular programs as well as potential partnering or licensing
    opportunities. There can be no assurance that additional funding
    will be available or, if available, that it will be available on
    acceptable terms. If adequate funds are not available on terms
    favorable to us, we may have to reduce substantially or
    eliminate expenditures for research and development, testing,
    production and marketing of our proposed product, or obtain
    funds through arrangements with corporate partners that require
    us to relinquish rights to certain of our technologies or
    product. There can be no assurance that we will be able to raise
    additional capital if our current capital resources are
    exhausted.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">The cost
    of director and officer liability insurance may increase
    substantially and may affect our ability to retain quality
    directors and officers.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We carry liability insurance on behalf of our directors and
    officers. Given a number of large director and officer liability
    insurance claims in the U.S. equity markets, director and
    officer liability insurance has become increasingly more
    expensive with increased restrictions. Consequently, there is no
    assurance that we will continue to be offered this insurance or
    be able to obtain adequate coverage. The inability to acquire
    the appropriate insurance coverage may limit our ability to
    attract and maintain directors and officers as required to
    conduct our business.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We are
    dependent on our key employees and collaborators.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ability to develop the product will depend, to a great
    extent, on our ability to attract and retain highly qualified
    scientific personnel and to develop and maintain relationships
    with leading research institutions. Competition for such
    personnel and relationships is intense. We are highly dependent
    on the principal members of our management staff, as well as our
    advisors and collaborators, the loss of whose services might
    impede the achievement of development objectives. The persons
    working with us are affected by a number of influences outside
    of our control. The loss of key employees and/or key
    collaborators may affect the speed and success of product
    development.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We presently carry key man insurance in the amounts of
    $1,500,000, $1,000,000 and $500,000 for Dr.&#160;Thompson,
    Dr.&#160;Coffey and Mr.&#160;Ball, respectively.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Our share
    price may be highly volatile.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Market prices for securities of biotechnology companies
    generally are volatile. This increases the risk of securities
    litigation. Factors such as announcements (publicly made or at
    scientific conferences) of technological innovations, new
    commercial products, patents, the development of proprietary
    rights, results of clinical trials, regulatory actions,
    publications, quarterly financial results, our financial
    position, public concern over the safety of biotechnology,
    future sales of shares by us or our current shareholders and
    other factors could have a significant effect on the market
    price and volatility of the Common Shares.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We incur
    some of our expenses in foreign currencies and therefore we are
    exposed to foreign currency exchange rate
    fluctuations.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We incur some of our manufacturing, clinical, collaborative and
    consulting expenses in foreign currencies (primarily the U.S.
    dollar and the British Pound (<B>&#147;BP&#148;</B>). Over the
    past few years the Canadian dollar has appreciated relative to
    the U.S. dollar and the BP thereby decreasing the Canadian
    dollar equivalent. However, if this trend reverses, our Canadian
    dollar equivalent costs will increase.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Also, as we expand to other foreign jurisdictions there may be
    an increase in our foreign exchange exposure.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">We earn
    interest income on our excess cash reserves and are exposed to
    changes in interest rates.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We invest our excess cash reserves in investment vehicles that
    provide a rate of return with little risk to principal. As
    interest rates change the amount of interest income we earn will
    be directly impacted.
</DIV>
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Oncolytics Biotech Inc. was incorporated pursuant to the
    provisions of the <I>Business Corporations Act</I> (Alberta) on
    April&#160;2, 1998 as 779738 Alberta Ltd. On April&#160;8, 1998,
    we amended our articles and changed our name to Oncolytics
    Biotech Inc. On July&#160;29, 1999, we further amended our
    articles by removing the private company restrictions and
    subdividing our 2,222,222 Common Shares issued and outstanding
    into 6,750,000 Common Shares. On February&#160;9, 2007, we
    further amended our articles to permit for our shareholder
    meetings to be held at any place in Alberta or at any other
    location as determined by our directors.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our head office and principal place of business is located at
    210, 1167 Kensington Crescent N.W., Calgary, Alberta T2N 1X7.
    Our registered office is located at 4500 Bankers Hall East,
    855&#160;&#151; 2nd Street S.W., Calgary, Alberta T2P 4K7.
</DIV>
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We focus on the discovery and development of oncolytic viruses
    for the treatment of cancers that have not been successfully
    treated with conventional therapeutics. Recent scientific
    advances in oncology, virology, and molecular biology have
    created opportunities for new approaches to the treatment of
    cancer. The product we are presently developing may represent a
    novel treatment for Ras-mediated cancers which can be used as an
    alternative to existing cytotoxic or cytostatic therapies or as
    an adjuvant therapy to conventional chemotherapy, radiation
    therapy, or surgical resections. It could also potentially be
    used to treat certain cellular proliferative disorders for which
    no current therapy exists.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our technologies are based primarily on discoveries in the
    Department of Microbiology and Infectious Diseases at the
    University of Calgary in the 1990&#146;s. Oncolytics was formed
    in 1998 to explore the natural oncolytic capability of the
    reovirus, a virus that preferentially replicates in cells with
    an activated Ras pathway.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The lead product being developed by us may represent a novel
    treatment for certain tumour types and some cellular
    proliferative disorders. Our lead product is a virus that is
    able to replicate specifically in, and hence kill, certain
    tumour cells both in tissue culture as well as in a number of
    animal models without damaging normal cells.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our potential product for human use,
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,
    is developed from the reovirus. This virus has been demonstrated
    to replicate specifically in tumour cells bearing an activated
    Ras pathway. Activating mutations of Ras occur in approximately
    thirty per cent of all human tumours directly, but considering
    its central role in signal transduction, activation of the Ras
    pathway has been shown to play a role in approximately
    two-thirds of all tumours.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The functionality of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is based upon the finding that tumours bearing an activated Ras
    pathway are deficient in their ability to activate the
    anti-viral response mediated by the host cellular protein,
    Protein Kinase&#160;R <B>(&#147;PKR&#148;)</B>. Since PKR is
    responsible for preventing reovirus replication, tumour cells
    lacking the activity of PKR are susceptible to reovirus
    infections. As normal cells do not possess Ras activations,
    these cells are able to thwart reovirus infections by the
    activity of PKR. In a tumour cell with an activated Ras pathway,
    reovirus is able to freely replicate and hence kill the host
    tumour cell. The result of this replication is progeny viruses
    that are then free to infect surrounding cancer cells. This
    cycle of infection, replication and cell death is believed to be
    repeated until there are no longer any tumour cells carrying an
    activated Ras pathway available.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following schematic illustrates the molecular basis of how
    the reovirus kills cancer cells.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="o57875o4107401.gif" alt="(GRAPH)">
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For both non-cancer cells and cancer cells with an activated Ras
    pathway, virus binding, entry, and production of viral genes all
    proceed normally. In the case of normal cells however, the viral
    genes cause the activation of the anti-viral response that is
    mediated by the host cell&#146;s PKR, thus blocking the
    replication of the reovirus. In cells with an activated Ras
    pathway, the activation of PKR is prevented or reversed by an
    element of the Ras signal transduction pathway, thereby allowing
    the replication of the reovirus in these cancer cells. The end
    result of this replication is the death of the cancer
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    cell. The action of the Ras pathway in allowing reovirus
    replication to ensue can be mimicked in non-cancerous cells by
    treating these cells with the chemical
    <FONT style="white-space: nowrap">2-aminopurine</FONT>
    which prevents the activation of PKR.
</DIV>
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">RECENT
    DEVELOPMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    Development since the First Quarter of 2008</FONT></B>
</DIV>

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

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

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

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trials&#160;&#151;&#160;Results</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, we announced that interim results of our Phase II
    study of intravenous
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in patients with sarcomas metastatic to the lung were presented
    at the American Society of Clinical Oncology annual meeting. The
    presentation, entitled &#147;A Phase II Study of Intravenous
    REOLYSIN (Wild-type Reovirus) in the Treatment of Patients with
    Bone and Soft Tissue Sarcomas Metastatic to the Lung&#148; was
    delivered by Dr.&#160;Monica Mita, the study principal
    investigator and her team at the Institute of Drug Development,
    the Cancer Therapy and Research Center at the University of
    Texas Health Science Center, San Antonio, Texas.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The interim results demonstrated that the treatment has been
    well tolerated to date, with 8 of 16 evaluable patients
    experiencing stable disease for periods ranging from two to more
    than ten,
    <FONT style="white-space: nowrap">28-day</FONT>
    cycles. As previously announced by Oncolytics, the third patient
    treated in the study was demonstrated to have stable disease by
    RECIST criteria for more than six months as measured by
    CT&#160;scan. A PET scan taken at the same time showed that any
    residual mass was metabolically inert.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we completed patient enrolment in the dose
    escalation portion and reported positive interim results from
    our U.K. clinical trial to evaluate the anti-tumour effects of
    systemic administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with paclitaxel and carboplatin in patients with
    advanced cancers including head and neck, melanoma, lung and
    ovarian.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Four of the first eight patients treated in the study to date
    have a diagnosis of carcinoma of the head and neck. All three
    head and neck patients evaluated to date have had excellent
    clinical and radiological responses without appreciable
    toxicity. Preliminary assessment after recruitment of the first
    two cohorts has suggested that patients with head and neck
    carcinomas may represent a group of patients in whom the
    combination of carboplatin/paclitaxel and
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is active.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the first cohort, the patient with head and neck cancer
    received 8 cycles of treatment (the maximum allowed) and
    achieved a clinical complete response. In the second cohort, the
    two patients with head and neck cancers with widespread
    disseminated disease have each received six cycles of treatment
    to date and both have achieved significant partial responses.
    Two of the three patients, including the patient with the
    clinical complete response, had previously received
    cisplatin/5-FU treatment and all three had previously received
    radiotherapy.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trial has two components. The first is an open-label,
    dose-escalating, non-randomized study of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    given intravenously with paclitaxel and carboplatin every three
    weeks. Standard dosages of paclitaxel and carboplatin were
    delivered to patients with escalating dosages of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    intravenously. The second component of the trial includes the
    enrolment of a further 12 patients at the maximum dosage of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with a standard dosage of paclitaxel and
    carboplatin.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eligible patients include those who have been diagnosed with
    advanced or metastatic solid tumours such as head and neck,
    melanoma, lung and ovarian cancers that are refractory (have not
    responded) to standard therapy or for which no curative standard
    therapy exists. The primary objective of the trial is to
    determine the Maximum Tolerated Dose, Dose-Limiting Toxicity,
    recommended dose and dosing schedule and safety profile of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    when administered in combination with paclitaxel and
    carboplatin. Secondary objectives include the evaluation of
    immune response to the drug combination, the body&#146;s
    response to the drug combination compared to chemotherapy alone
    and any evidence of anti-tumour activity.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trials&#160;&#151;&#160;Approved to Commence</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we announced that we received a letter of approval
    from the U.K. Medicines and Healthcare Products Regulatory
    Agency for our Clinical Trial Application to begin a Phase II
    clinical trial using intravenous administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with paclitaxel and carboplatin in patients with
    advanced head and neck cancers. The principal investigator is
    Dr.&#160;Kevin Harrington of The Institute of Cancer Research
    and The Royal Marsden NHS Foundation Trust.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This trial is a 14&#160;patient, single arm, open-label,
    dose-targeted, non-randomized, multi-centre trial of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    given intravenously in combination with a standard dosage of
    paclitaxel and carboplatin. Patients with a variety of advanced
    cancers, including head and neck cancers, will continue to be
    treated in the ongoing U.K.&#160;combination paclitaxel and
    carboplatin trial.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eligible patients include those with advanced or metastatic head
    and neck cancer that are refractory to standard therapy or for
    which no curative standard therapy exists. The primary objective
    of the Phase II trial is to measure tumour responses and
    duration of response, and to describe any evidence of antitumour
    activity. The secondary objective is to determine the safety and
    tolerability of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    when administered in combination with paclitaxel and carboplatin
    to patients with advanced or metastatic head and neck cancer.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trials&#160;&#151;&#160;Actively Enrolling</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, we announced that we commenced patient enrolment
    in the Phase&#160;II clinical trial described above under
    &#147;Clinical Trials&#160;&#151;&#160;Approved to
    Commence&#148; using intravenous administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with paclitaxel and carboplatin in patients with
    advanced head and neck cancers.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we announced that we had begun patient enrolment in
    a clinical trial using intravenous administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with cyclophosphamide, a chemotherapeutic agent
    as well as immune modulator, in patients with advanced cancers.
    The Principal Investigators are Dr.&#160;James Spicer of
    King&#146;s College in London, Dr.&#160;Johann de Bono and
    Dr.&#160;Kevin Harrington of The Royal Marsden NHS Foundation
    Trust and The Institute of Cancer Research, London, and
    Professor Hardev Pandha of the Royal Surrey County Hospital NHS
    Trust, Surrey and Mount Alvernia Hospitals.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trial is an open-label, dose-escalating, non-randomized
    trial of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    given intravenously with escalating doses of cyclophosphamide. A
    standard dose of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is administered intravenously over five consecutive days, while
    an intravenous dose of cyclophosphamide is administered three
    days before
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    treatment and continues through the course of the treatment
    cycle. The total number of patients studied will depend on the
    number of dose levels tested, but it is anticipated to be
    approximately 30&#160;patients.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eligible patients include those who have been diagnosed with
    advanced or metastatic solid tumours including pancreatic, lung
    and ovarian cancers that are refractory (have not responded) to
    standard therapy or for which no curative standard therapy
    exists. The primary objectives of the trial include determining
    the Minimum Effective Immunomodulatory Dose of cyclophosphamide
    to obtain successful immune modulation. Secondary objectives
    include determining the safety profile of the combination and
    gathering any evidence of anti-tumour activity.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we announced that we had successfully transferred
    GMP production for
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    at the 40-litre batch size to SAFC
    Pharma<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>,
    a Division of Sigma-Aldrich Corporation. This follows the
    successful scale-up from 20 litres to 40 litres announced by us
    last year.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yields at the 40-litre scale should provide sufficient doses to
    support future development plans leading to registration and
    also anticipated early stage commercial requirements.
    Development work to support further scale-up to the 100-litre
    level is currently underway.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that Prof. Alan Melcher and his
    research group at St. James&#146;s University Hospital in Leeds,
    U.K. published the results of their work with reovirus in the
    May&#160;1, 2008 online issue of The Journal of Immunology. The
    paper is entitled &#147;Reovirus Activates Human Dendritic Cells
    to Promote Innate Antitumor Immunity.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The researchers studied the ability of reovirus to activate
    human dendritic cells <B>(&#147;DC&#148;)</B>, key regulators of
    both innate and adaptive immune responses. The data demonstrated
    that reovirus directly activates human DC, which in turn
    stimulate innate killing of cancer cells by natural killer and T
    cells, suggesting a novel potential role for T&#160;cells in
    oncolytic virus-induced local tumor cell death. Combined with
    the virus&#146;s ability to directly kill cancer cells, the
    researchers concluded that reovirus recognition by DC may
    enhance the efficacy of reovirus as a therapeutic agent.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that Prof. Alan Melcher and his
    research group at St.&#160;James&#146;s University Hospital in
    Leeds, U.K. published the results of their work in the April 10
    online issue of Gene Therapy. The paper is entitled
    &#147;Inflammatory Tumour Cell Killing by Oncolytic Reovirus for
    the Treatment of Melanoma.&#148;
</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investigators showed that reovirus effectively kills and
    replicates in both human melanoma cell lines and freshly
    resected tumours. They demonstrated that reovirus melanoma
    killing is more potent than, and distinct from, chemotherapy or
    radiotherapy-induced cell death. They concluded that reovirus is
    suitable for clinical testing in melanoma.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that an oral presentation by
    Dr.&#160;Chandini Thirukkumaran of the Tom Baker Cancer Centre,
    Calgary, entitled &#147;Targeting Multiple Myeloma with
    Oncolytic Viral Therapy&#148; was presented at the American
    Association for Cancer Research (&#147;<B>AACR</B>&#148;) Annual
    Meeting in April.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The presentation covered preclinical work using reovirus as a
    purging agent during autologous (harvested from the patient
    themselves) hematopoietic stem cell transplants for multiple
    myeloma. The results demonstrated that up to 70% of multiple
    myeloma cell lines tested showed reovirus sensitivity and
    reovirus induced cell death mediated through apoptosis.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investigators concluded that this preclinical data supports
    initiating a Phase I purging trial using reovirus against
    multiple myeloma.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that a poster presentation by
    Dr.&#160;Anders Kolb of the Nemours Center for Childhood Cancer
    Research entitled &#147;Radiation in Combination with Reolysin
    for Pediatric Sarcomas&#148; was presented at AACR.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The poster covers preclinical work using reovirus in combination
    with radiation in mice implanted with pediatric rhabdomyosarcoma
    and Ewing&#146;s sarcoma tumours. The results demonstrated that
    the combination of reovirus and radiation significantly enhanced
    efficacy compared to either treatment alone in terms of tumour
    regression and event-free survival.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='110'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated in an applicable Prospectus
    Supplement relating to an offering of Securities, we will use
    the net proceeds we receive from the sale of Securities for
    general corporate purposes, which may include our clinical trial
    program and our manufacturing activities in support of such
    program. The amount of net proceeds to be used for any purpose
    will be described in the applicable Prospectus Supplement.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>
<A name='111'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;31, 2008, we had 41,180,748 Common Shares issued
    and outstanding. Since March&#160;31, 2008, we have issued no
    Common Shares pursuant to the exercise of stock options and no
    warrants have expired. As at June&#160;16, 2008, we have
    41,180,748 Common Shares issued and outstanding. After giving
    effect to the exercise of all our Common Share purchase warrants
    and options, we would have 49,271,241 Common Shares issued and
    outstanding as at June&#160;16, 2008.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>
<A name='112'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;29, 2007, we issued 60,000 Common Shares on the
    exercise of 60,000 options at an exercise price of $0.85 per
    Common Share. We granted options to acquire an aggregate of
    1,050&#160;Common Shares at an exercise price of $2.35 per
    Common Share and options to acquire an aggregate of
    431,493&#160;Common Shares at an exercise price of $2.22 per
    Common Share on October&#160;30, 2007 and December&#160;12,
    2007, respectively. No other Common Shares or securities
    exchangeable or convertible into Common Shares have been issued
    during the twelve month period preceding the date of this
    Prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='113'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized capital consists of an unlimited number of Common
    Shares.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of our Common Shares are entitled to one vote per
    share at meetings of shareholders, to receive such dividends as
    declared by us and to receive our remaining property and assets
    upon dissolution or wind up. Our Common Shares are not subject
    to any future call or assessment and there are no pre-emptive,
    conversion or redemption rights attached to such shares.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of the terms of Subscription Receipts
    sets forth certain general terms and provisions of Subscription
    Receipts in respect of which a Prospectus Supplement may be
    filed. The particular terms and provisions of Subscription
    Receipts offered by any Prospectus Supplement, and the extent to
    which the general terms and provisions described below may apply
    thereto, will be described in the Prospectus Supplement filed in
    respect of such Subscription Receipts.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subscription Receipts may be offered separately or in
    combination with one or more other Securities. The Subscription
    Receipts will be issued under a subscription receipt agreement.
    A copy of the subscription receipt agreement will be filed by us
    with the applicable securities commission or similar regulatory
    authorities after it has been entered into by us and will be
    available electronically at www.sedar.com.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the subscription receipt agreement, original
    purchasers of Subscription Receipts will have a contractual
    right of rescission against Oncolytics, following the issuance
    of the underlying Common Share or other securities to such
    purchasers upon the surrender or deemed surrender of the
    Subscription Receipts, to receive the amount paid for the
    Subscription Receipts in the event that this Prospectus and any
    amendment thereto contains a misrepresentation or is not
    delivered to such purchaser, provided such remedy for rescission
    is exercised within 180&#160;days from the closing date of the
    offering of Subscription Receipts.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The description of general terms and provisions of Subscription
    Receipts described in any Prospectus Supplement will include,
    where applicable:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price at which the Subscription Receipts will be offered;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than Canadian dollars, the currency or currency unit in
    which the Subscription Receipts are denominated;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the procedures for the exchange of the Subscription Receipts
    into Common Shares or other securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Common Shares or other securities that may be
    obtained upon exercise of each Subscription Receipt;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of any other Securities with which the
    Subscription Receipts will be offered, if any, and the number of
    Subscription Receipts that will be offered with each Security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms applicable to the gross proceeds from the sale of the
    Subscription Receipts plus any interest earned thereon;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other material terms, conditions and rights (or limitations
    on such rights) of the Subscription Receipts.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to set forth in a Prospectus Supplement
    specific terms of the Subscription Receipts that are not within
    the options and parameters set forth in this Prospectus. In
    addition, to the extent that any particular terms of the
    Subscription Receipts described in a Prospectus Supplement
    differ from any of the terms described in this Prospectus, the
    description of such terms set forth in this Prospectus shall be
    deemed to have been superseded by the description of such
    differing terms set forth in such Prospectus Supplement with
    respect to such Subscription Receipts.
</DIV>
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of the terms of Warrants sets forth
    certain general terms and provisions of Warrants in respect of
    which a Prospectus Supplement may be filed. The particular terms
    and provisions of Warrants offered by any Prospectus Supplement,
    and the extent to which the general terms and provisions
    described below may apply thereto, will be described in the
    Prospectus Supplement filed in respect of such Warrants.
    Warrants may be offered separately or in combination with one or
    more other Securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The description of general terms and provisions of Warrants
    described in any Prospectus Supplement will include, where
    applicable:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price at which the Warrants will be offered;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than Canadian dollars, the currency or currency unit in
    which the Warrants are denominated;
</TD>
</TR>

</TABLE>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the Common Shares that may be
    acquired upon exercise of the Warrants;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the Warrants will
    commence and the date on which the right will expire;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Common Shares that may be purchased upon exercise
    of each Warrant and the price at which and currency or
    currencies in which that amount of securities may be purchased
    upon exercise of each Warrant;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of any Securities with which the
    Warrants will be offered, if any, and the number of the Warrants
    that will be offered with each Security;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates, if any, on or after which the Warrants and
    the related Securities will be transferable separately;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the minimum or maximum amount, if any, of Warrants that may be
    exercised at any one time;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the Warrants will be subject to redemption or call, and,
    if so, the terms of such redemption or call provisions; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other material terms, conditions and rights (or limitations
    on such rights) of the Warrants.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to set forth in a Prospectus Supplement
    specific terms of the Warrants that are not within the options
    and parameters set forth in this Prospectus. In addition, to the
    extent that any particular terms of the Warrants described in a
    Prospectus Supplement differ from any of the terms described in
    this Prospectus, the description of such terms set forth in this
    Prospectus shall be deemed to have been superseded by the
    description of such differing terms set forth in such Prospectus
    Supplement with respect to such Warrants.
</DIV>

<DIV style="margin-top: 27pt; font-size: 1pt">&nbsp;</DIV>
<A name='116'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description sets forth certain general terms and
    provisions of the Debt Securities and is not intended to be
    complete. The particular terms and provisions of the Debt
    Securities and a description of how the general terms and
    provisions described below may apply to the Debt Securities will
    be included in the applicable Prospectus Supplement. The
    following description is subject to the detailed provisions of
    the applicable Trust&#160;Indenture. Accordingly, reference
    should also be made to the applicable Trust&#160;Indenture, a
    copy of which will be filed by us with the securities commission
    or similar regulatory authority in each of the provinces of
    British Columbia, Alberta, Manitoba and Ontario after it has
    been entered into by us and will be available electronically at
    www.sedar.com.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Debt Securities will be issued under one or more indentures
    (each, a <B>&#147;Trust&#160;Indenture&#148;</B>), in each case
    between ourselves and a financial institution authorized to
    carry on business as a trustee (each, a
    <B>&#147;Trustee&#148;</B>).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Debt Securities may be offered separately or in combination with
    one or more other Securities. We may, from time to time, issue
    debt securities and incur additional indebtedness other than
    through the issuance of Debt Securities pursuant to this
    Prospectus.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Debt Securities may be issued from time to time in one or
    more series. We may specify a maximum aggregate principal amount
    for the Debt Securities of any series and, unless otherwise
    provided in the applicable Prospectus Supplement, a series of
    Debt Securities may be reopened for issuance of additional Debt
    Securities of such series.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Prospectus Supplement for Debt Securities supplementing this
    Prospectus will contain the specific terms and other information
    with respect to the Debt Securities being offered thereby,
    including:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation, aggregate principal amount and authorized
    denominations of such Debt Securities;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency or currency units for which such Debt Securities
    may be purchased and the currency or currency units in which the
    principal and any interest is payable (in either case, if other
    than Canadian dollars);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issue price (at par, at a discount or at a premium) of such
    Debt Securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which such Debt Securities will be issued
    and delivered;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which such Debt Securities will mature,
    including any provision for the extension of a maturity date, or
    the method of determination of such date(s);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate or rates per annum (either fixed or floating) at which
    such Debt Securities will bear interest (if any) and, if
    floating, the method of determination of such rate;
</TD>
</TR>

</TABLE>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates from which any such interest will accrue and
    on which such interest will be payable and the record date or
    dates for the payment of such interest, or the method of
    determination of such date(s);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the provisions for subordination of such Debt
    Securities to other indebtedness of the Corporation;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Trustee under the Trust&#160;Indenture pursuant to which
    such Debt Securities are to be issued;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any redemption term or terms under which such Debt Securities
    may be defeased whether at or prior to maturity;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any events of default applicable to such Debt Securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether such Debt Securities are to be issued in registered form
    or in the form of temporary or permanent global securities and
    the basis of exchange, transfer and ownership thereof;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any exchange or conversion terms and any provisions for the
    adjustment thereof;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, our ability to satisfy all or a portion of any
    redemption of such Debt Securities, any payment of any interest
    on such Debt Securities or any repayment of the principal owing
    upon the maturity of such Debt Securities through the issuance
    of securities by us or of any other entity, and any
    restriction(s) on the persons to whom such securities may be
    issued;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the provisions applicable to the modification of the terms of
    the Trust&#160;Indenture; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other specific material terms or covenants applicable to
    such Debt Securities.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to include in a Prospectus Supplement
    specific terms pertaining to the Debt Securities which are not
    within the options and parameters set forth in this Prospectus.
    In addition, to the extent that any particular terms of the Debt
    Securities described in a Prospectus Supplement differ from any
    of the terms described in this Prospectus, the description of
    such terms set forth in this Prospectus shall be deemed to have
    been superseded by the description of such differing terms set
    forth in such Prospectus Supplement with respect to such Debt
    Securities.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Debt Securities will be direct unsecured obligations of
    Oncolytics. The Debt Securities will be senior or subordinated
    indebtedness of Oncolytics as described in the applicable
    Prospectus Supplement. If the Debt Securities are senior
    indebtedness, they will rank equally and rateably with all other
    unsecured indebtedness of Oncolytics from time to time issued
    and outstanding which is not subordinated. If the Debt
    Securities are subordinated indebtedness, they will be
    subordinated to senior indebtedness of Oncolytics as described
    in the applicable Prospectus Supplement, and they will rank
    equally and rateably with other subordinated indebtedness of
    Oncolytics from time to time issued and outstanding as described
    in the applicable Prospectus Supplement. We reserve the right to
    specify in a Prospectus Supplement whether a particular series
    of subordinated Debt Securities is subordinated to any other
    series of subordinated Debt Securities.
</DIV>

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

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

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

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities in Book Entry Form</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Debt Securities of any series may be issued in whole or in part
    in the form of one or more global securities (each a
    &#147;<B>Global Security</B>&#148; and together &#147;<B>Global
    Securities</B>&#148;) registered in the name of a designated
    clearing agency (a &#147;<B>Depositary</B>&#148;) or its nominee
    and held by or on behalf of the Depositary in accordance with
    the terms of the applicable Trust&#160;Indenture. The specific
    terms of the depositary arrangement with respect to any portion
    of a series of Debt Securities to be represented by a Global
    Security will, to the extent not described herein, be described
    in the Prospectus Supplement relating to such series.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Global Security may not be transferred, except as a whole
    between the Depositary and a nominee of the Depositary or as
    between nominees of the Depositary, or to a successor Depositary
    or nominee thereof, until it is wholly exchanged for Debt
    Securities in certificated non-book-entry form in accordance
    with the terms of the applicable Trust&#160;Indenture. So long
    as the Depositary for a Global Security, or its nominee, is the
    registered owner of such Global Security, such Depositary or
    such nominee, as the case may be, will be considered the sole
    owner or holder of the Debt Securities represented by such
    Global Security for all purposes under the applicable
    Trust&#160;Indenture and payments of principal of and interest,
    if any, on the Debt Securities represented by a Global Security
    will be made by us to the Depositary or its nominee.
</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to such exceptions, if any, as may be provided for in
    the Trust&#160;Indenture and described in the applicable
    Prospectus Supplement, owners of beneficial interests in a
    Global Security will not be entitled to have the Debt Securities
    represented by such Global Security registered in their names,
    will not receive or be entitled to receive physical delivery of
    such Debt Securities in certificated non-book-entry form, will
    not be considered the owners or holders thereof under the
    applicable Trust&#160;Indenture and will be unable to pledge
    Debt Securities as security. The laws of some states in the
    United States may require that certain purchasers of Debt
    Securities take physical delivery of such Debt Securities in
    definitive form.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principal and interest payments, if any, on the Debt Securities
    represented by a Global Security registered in the name of a
    Depositary or its nominee will be made to such Depositary or its
    nominee, as the case may be, as the registered owner of such
    Global Security. Neither Oncolytics, the Trustee nor any paying
    agent for such Debt Securities will have any responsibility or
    liability for any aspect of the records relating to or payments
    made on account of beneficial ownership interests in such Global
    Security or for maintaining, supervising or reviewing any
    records relating to such beneficial ownership interests.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Oncolytics, any underwriters, dealers or agents and any Trustee
    identified in an accompanying Prospectus Supplement, as
    applicable, will not have any liability or responsibility for:
    (i)&#160;records maintained by the Depositary relating to
    beneficial ownership interests in the Debt Securities held by
    the Depositary or the book-entry accounts maintained by the
    Depositary; (ii)&#160;maintaining, supervising or reviewing any
    records relating to any such beneficial ownership interests; or
    (iii)&#160;any advice or representation made by or with respect
    to the Depositary and contained in this Prospectus or in any
    Prospectus Supplement or Trust&#160;Indenture with respect to
    the rules and regulations of the Depositary or at the direction
    of Depositary participants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable Prospectus Supplement will identify the
    applicable Depositary for any Debt Securities represented by a
    Global Security.
</DIV>

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

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

    <B><I><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities in Registered Form</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Debt Securities of any series may be issued in whole or in part
    in registered form as provided in the applicable
    Trust&#160;Indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the Debt Securities are issued in certificated
    non-book-entry form, principal and interest, if any, will be
    payable, the transfer of such Debt Securities will be
    registerable and such Debt Securities will be exchangeable for
    Debt Securities in other denominations of a like aggregate
    principal amount at the office or agency maintained by us.
    Payment of principal and interest, if any, on Debt Securities in
    certificated non-book-entry form may be made by check mailed to
    the address of the holders entitled thereto.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the foregoing limitations, Debt Securities of any
    authorized form or denomination issued under the applicable
    Trust&#160;Indenture may be transferred or exchanged for Debt
    Securities of any other authorized form or denomination or
    denominations, any such transfer or exchange to be for an
    equivalent aggregate principal amount of Debt Securities of the
    same series, carrying the same rate of interest and same
    redemption and other provisions as the Debt Securities so
    transferred or exchanged. Exchanges of Debt Securities of any
    series may be made at the offices of the applicable Trustee and
    at such other places as we may from time to time designate with
    the approval of the applicable Trustee and may be specified in
    the applicable Prospectus Supplement. Unless otherwise specified
    in the applicable Prospectus Supplement, the applicable Trustee
    will be the registrar and transfer agent for any Debt Securities
    issued in certificated non-book-entry form under the applicable
    Trust&#160;Indenture.
</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue Units comprised of one or more of the other
    Securities described in this Prospectus in any combination. Each
    Unit will be issued so that the holder of the Unit is also the
    holder of each Security included in the Unit. Thus, the holder
    of a Unit will have the rights and obligations of a holder of
    each included Security. The unit agreement, if any, under which
    a Unit is issued may provide that the Securities included in the
    Unit may not be held or transferred separately, at any time or
    at any time before a specified date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The particular terms and provisions of Units offered by any
    Prospectus Supplement, and the extent to which the general terms
    and provisions described below may apply thereto, will be
    described in the Prospectus Supplement filed in respect of such
    Units.
</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The particular terms of each issue of Units will be described in
    the related Prospectus Supplement. This description will
    include, where applicable:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price at which the Units will be offered;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than Canadian dollars, the currency or currency unit in
    which the Units are denominated;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms of the Units and of the Securities comprising the
    Units, including whether and under what circumstances those
    securities may be held or transferred separately;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Securities that may be purchased upon exercise of
    each Unit and the price at which and currency or currency unit
    in which that amount of Securities may be purchased upon
    exercise of each Unit;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions for the issuance, payment, settlement, transfer
    or exchange of the Units or of the Securities comprising the
    Units; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other material terms, conditions and rights (or limitations
    on such rights) of the Units.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to set forth in a Prospectus Supplement
    specific terms of the Units that are not within the options and
    parameters set forth in this Prospectus. In addition, to the
    extent that any particular terms of the Units described in a
    Prospectus Supplement differ from any of the terms described in
    this Prospectus, the description of such terms set forth in this
    Prospectus shall be deemed to have been superseded by the
    description of such differing terms set forth in such Prospectus
    Supplement with respect to such Units.
</DIV>

<DIV style="margin-top: 27pt; font-size: 1pt">&nbsp;</DIV>
<A name='118'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our outstanding Common Shares are listed and posted for trading
    on the Toronto Stock Exchange under the trading symbol
    &#147;ONC&#148; and on the NASDAQ Capital Market under the
    trading symbol &#147;ONCY&#148;. The following table sets forth
    the market price ranges and the aggregate volume of trading of
    the Common Shares on the Toronto Stock Exchange and NASDAQ
    Capital Market for the periods indicated:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Toronto Stock Exchange</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>NASDAQ Capital Market</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>High<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Low<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Close<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Volume<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>High<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Low<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Close<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Volume<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Shares)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(U.S.$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(U.S.$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(U.S.$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Shares)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2007</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    880,135
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,026,481
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    755,603
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,746,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,512,581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,296,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    514,617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    592,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,046,083
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,172,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,614,255
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,470,044
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,779
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,038,246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    355,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    795,031
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2008</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    538,887
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    622,530
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    564,976
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    588,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    376,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    618,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,159,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,138,020
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,683,183
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    897,410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June (1-13)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    452,450
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    692,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell Securities to or through underwriters, dealers,
    placement agents or other intermediaries and also may sell
    Securities directly to purchasers or through agents, subject to
    obtaining any applicable exemption from registration
    requirements.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The distribution of Securities may be effected from time to time
    in one or more transactions at a fixed price or prices, which
    may be changed, at market prices prevailing at the time of sale,
    or at prices related to such prevailing market prices to be
    negotiated with purchasers and as set forth in an accompanying
    Prospectus Supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the sale of Securities, underwriters may
    receive compensation from us or from purchasers of Securities
    for whom they may act as agents in the form of discounts,
    concessions or commissions. Underwriters, dealers, placement
    agents or other intermediaries that participate in the
    distribution of Securities may be deemed to be underwriters and
    any discounts or commissions received by them from us and any
    profit on the resale of Securities by them may be deemed to be
    underwriting discounts and commissions under applicable
    securities legislation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If so indicated in the applicable Prospectus Supplement, we may
    authorize dealers or other persons acting as our agents to
    solicit offers by certain institutions to purchase the
    Securities directly from us pursuant to contracts providing for
    payment and delivery on a future date. These contracts will be
    subject only to the conditions set forth in the applicable
    Prospectus Supplement or supplements, which will also set forth
    the commission payable for solicitation of these contracts.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Prospectus Supplement relating to any offering of Securities
    will also set forth the terms of the offering of the Securities,
    including, to the extent applicable, the initial offering price,
    the proceeds to us, the underwriting discounts or commissions,
    and any other discounts or concessions to be allowed or
    reallowed to dealers. Underwriters with respect to any offering
    of Securities sold to or through underwriters will be named in
    the Prospectus Supplement relating to such offering.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Warrants resident in the United States who acquire
    Common Shares pursuant to the exercise of Warrants in accordance
    with their terms and under this Prospectus and any applicable
    Prospectus Supplement may have a right of action against the
    Corporation for any misrepresentation in this Prospectus or any
    applicable Prospectus Supplement. However, the existence and
    enforceability of such a right of action is not without doubt.
    By contrast, holders of Warrants resident in Canada who may
    acquire Common Shares pursuant to the exercise of Warrants in
    accordance with their terms and who will be deemed to acquire
    such Common Shares under applicable Canadian prospectus
    exemptions, will not have any such right of action.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under agreements which may be entered into by us, underwriters,
    dealers, placement agents and other intermediaries who
    participate in the distribution of Securities may be entitled to
    indemnification by us against certain liabilities, including
    liabilities under applicable securities legislation. The
    underwriters, dealers, placement agents and other intermediaries
    with whom we enter into agreements may be customers of, engage
    in transactions with or perform services for us in the ordinary
    course of business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any offering of Subscription Receipts, Debt Securities, Warrants
    or Units will be a new issue of securities with no established
    trading market. Unless otherwise specified in the applicable
    Prospectus Supplement, the Subscription Receipts, Debt
    Securities, Warrants or Units will not be listed on any
    securities exchange. <B>Unless otherwise specified in the
    applicable Prospectus Supplement, there is no market through
    which the Subscription Receipts, Debt Securities, Warrants or
    Units may be sold and purchasers may not be able to resell
    Subscription Receipts, Debt Securities, Warrants or Units
    purchased under this Prospectus or any Prospectus Supplement.
    This may affect the pricing of the Subscription Receipts, Debt
    Securities, Warrants or Units in the secondary market, the
    transparency and availability of trading prices, the liquidity
    of the securities, and the extent of issuer regulation.</B>
    Certain dealers may make a market in the Subscription Receipts,
    Debt Securities, Warrants or Units, as applicable, but will not
    be obligated to do so and may discontinue any market making at
    any time without notice. No assurance can be given that any
    dealer will make a market in the Subscription Receipts, Debt
    Securities, Warrants or Units or as to the liquidity of the
    trading market, if any, for the Subscription Receipts, Debt
    Securities, Warrants or Units.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to applicable securities legislation, in connection with
    any offering of Securities under this Prospectus, the
    underwriters, if any, may over-allot or effect transactions
    which stabilize or maintain the market price of the Securities
    offered at a level above that which might otherwise prevail in
    the open market. These transactions, if commenced, may be
    discontinued at any time.
</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the filing of this Prospectus, our short form
    base shelf prospectus dated February&#160;15, 2007 and the
    related prospectus supplement dated February&#160;16, 2007
    (collectively, the <B>&#147;2007 Base Shelf
    Prospectus&#148;</B>) will remain in full force and effect and
    continue to qualify the Common Shares issuable to U.S. residents
    on exercise of the Common Share purchase warrants issued in
    connection with our Unit offering under a short form prospectus
    dated February&#160;14, 2007 (the <B>&#147;2007 Unit
    Offering&#148;</B>) until such time as the 2007 Base Shelf
    Prospectus expires in accordance with applicable securities
    laws. In the event that the 2007 Base Shelf Prospectus expires
    prior to the exercise of all the Common Shares purchase warrants
    issued to U.S. residents in connection with the 2007 Unit
    Offering, we may use this Prospectus to qualify the remaining
    Common Shares issuable to U.S. residents on the exercise of
    Common Share purchase warrants issued in connection with the
    2007 Unit Offering. If such a determination is made, the
    applicable prospectus supplement will set out the relevant facts
    to qualify such Common Shares. We may also use this Prospectus
    to qualify Common Shares issuable to U.S. residents on the
    exercise of future Common Share purchase warrants issued by us.
</DIV>
<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement may describe certain
    Canadian federal income tax consequences which may be applicable
    to a purchaser of Securities offered thereunder, and may also
    include a discussion of certain United States federal income tax
    consequences to the extent applicable.
</DIV>
<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in the Prospectus Supplement, certain
    legal matters relating to the offering of the securities will be
    passed upon for us by Bennett Jones LLP and Dorsey&#160;&#038;
    Whitney LLP. In addition, certain legal matters in connection
    with any offering of securities will be passed upon for any
    underwriters, dealers or agents by counsel to be designated at
    the time of the offering by such underwriters, dealers or agents
    with respect to matters of Canadian and United States law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partners and associates of Bennett Jones LLP, as a group,
    and the partners and associates of Dorsey&#160;&#038; Whitney
    LLP, as a group, each beneficially own, directly or indirectly,
    less than 1% of our securities.
</DIV>
<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our financial statements as at December&#160;31, 2007 and 2006
    incorporated by reference into this Prospectus have been audited
    by Ernst&#160;&#038; Young LLP, independent auditors, as
    indicated in their report dated February&#160;15, 2008 and are
    incorporated herein in reliance upon the authority of said firm
    as experts in accounting and auditing in giving said report.
    Ernst&#160;&#038; Young LLP has been our auditor since inception
    in 1998.
</DIV>
<A name='123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    FILED AS PART&#160;OF THE REGISTRATION STATEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents have been filed with the SEC as part of
    the registration statement of which this Prospectus is a part
    insofar as required by the SEC&#146;s
    <FONT style="white-space: nowrap">Form&#160;F-10:</FONT>
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the documents listed under &#147;Documents Incorporated by
    Reference&#148; in this Prospectus;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the consent of our auditors Ernst&#160;&#038; Young LLP;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the consent of our Canadian counsel Bennett Jones LLP;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    powers of attorney from our directors and officers; and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">Form&#160;F-X&#160;&#151;</FONT>
    Appointment of Agent for Service of Proceeds and Undertaking.
</TD>
</TR>

</TABLE>
<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">PURCHASERS&#146;
    STATUTORY RIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securities legislation in certain of the 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,
    the accompanying prospectus supplement relating to securities
    purchased by a purchaser and any amendment thereto. The
    legislation further provides a purchaser with remedies for
    rescission or damages if the prospectus, the accompanying
    prospectus supplement relating to securities purchased by a
    purchaser or any amendment contains a misrepresentation or are
    not delivered to the purchaser, provided that the remedies for
    rescission or damages are exercised by the purchaser within the
    time limit prescribed by the securities legislation in the
    purchaser&#146;s province. The purchaser should refer to any
    applicable provisions of the securities legislation of the
    purchaser&#146;s province for the particulars of these rights or
    consult with a legal advisor.
</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">AUDITORS&#146;
    CONSENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have read the short form base shelf prospectus of Oncolytics
    Biotech Inc. (the <B>&#147;Corporation&#148;</B>) dated
    June&#160;16, 2008 relating to the qualification for
    distribution of up to $150,000,000 aggregate initial offering
    price of common shares, subscription receipts, warrants, debt
    securities and/or units of the Corporation (the
    <B>&#147;Prospectus&#148;</B>). We have complied with Canadian
    generally accepted standards for an auditor&#146;s involvement
    with offering documents.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We consent to the incorporation by reference in the Prospectus
    of our report to the shareholders of the Corporation on the
    balance sheets of the Corporation as at December&#160;31, 2007
    and 2006 and the statements of loss and comprehensive loss and
    cash flows for each of the years in the three year period ended
    December&#160;31, 2007 and for the cumulative period from
    inception on April&#160;2, 1998. Our report is dated
    February&#160;15, 2008.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="14%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="61%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="top">
    Calgary, Canada<BR>
    June&#160;16, 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (Signed) Ernst&#160;&#038; Young LLP<BR>
    Chartered Accountants
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='126'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATE
    OF THE CORPORATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Dated:
    June&#160;16, 2008</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This short form prospectus, together with the documents
    incorporated in this prospectus by reference, will, as of the
    date of the last supplement to this prospectus relating to the
    securities offered by this prospectus and the supplement(s),
    constitute full, true and plain disclosure of all material facts
    relating to the securities offered by this prospectus and the
    supplement(s) as required by the securities legislation in the
    provinces of British Columbia, Alberta, Manitoba and Ontario.
</DIV>

<DIV style="margin-top: 30pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="33%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="center" valign="top">
    <FONT style="font-variant: SMALL-CAPS">(Signed)
    </FONT><B>Bradley G. Thompson<BR>
    </B>Chief Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-variant: SMALL-CAPS">(Signed)
    </FONT><B>Douglas A. Ball<BR>
    </B>Chief Financial Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 24pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    On behalf of the Board of Directors of<BR>
    Oncolytics
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 24pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-variant: SMALL-CAPS">(Signed) </FONT><B>Jim
    Dinning<BR>
    </B>Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-variant: SMALL-CAPS">(Signed) </FONT><B>Fred
    A. Stewart<BR>
    </B>Director
</TD>
</TR>
</TABLE>

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

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-1
</DIV><!-- END PAGE WIDTH -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
