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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000916641-03-001034.txt : 20030414
<SEC-HEADER>0000916641-03-001034.hdr.sgml : 20030414
<ACCEPTANCE-DATETIME>20030414171706
ACCESSION NUMBER:		0000916641-03-001034
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20030414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPTICAL CABLE CORP
		CENTRAL INDEX KEY:			0001000230
		STANDARD INDUSTRIAL CLASSIFICATION:	DRAWING AND INSULATING NONFERROUS WIRE [3357]
		IRS NUMBER:				541237042
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-103108
		FILM NUMBER:		03649142

	BUSINESS ADDRESS:	
		STREET 1:		5290 CONCOURSE DR
		CITY:			ROANOKE
		STATE:			VA
		ZIP:			24019
		BUSINESS PHONE:		5402650690

	MAIL ADDRESS:	
		STREET 1:		5290 CONCOURSE DRIVE
		CITY:			ROANOKE
		STATE:			VA
		ZIP:			24019
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>ds3a.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM S-3
<TEXT>
<HTML><HEAD>
<TITLE>Amendment No. 1 to Form S-3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">As
filed with the Securities and Exchange Commission on April 14, 2003 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Registration No. 333-103108 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Washington, D.C. 20549 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%"
SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>AMENDMENT NO. 1
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="4" COLOR="#000000"><B>FORM S-3 </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>REGISTRATION STATEMENT </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Under </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>THE SECURITIES ACT OF 1933
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>OPTICAL CABLE CORPORATION </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">(Exact name of registrant as specified in our charter) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Virginia</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="51%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">54-1237042</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="48%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(State or Other Jurisdiction of</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Incorporation or Organization)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="51%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(I.R.S. Employer<BR>Identification Number)</FONT></P></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5290
Concourse Drive </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Roanoke, Virginia 24019 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">(540) 265-0690 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Address and telephone number of registrant&#146;s principal
executive offices) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Mr. Neil D. Wilkin, Jr. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Optical Cable Corporation </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5290 Concourse Drive </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Roanoke, Virginia 24019 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">540-265-0609 </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Name, address and telephone number of agent for service) </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Copy to: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Leslie A. Grandis </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">McGuireWoods LLP </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">One James Center </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">901 East Cary Street </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Richmond, Virginia 23219 </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Approximate date of commencement of proposed sale to the public: as soon as practicable after the effective
date of this registration statement. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If the only
securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. /&nbsp;&nbsp;&nbsp;&nbsp;/ </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If any of the securities being registered on this form are to be offered on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. /X/ </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the
Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. /&nbsp;&nbsp;&nbsp;&nbsp;/ </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If this form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. / / </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">If delivery of the prospectus is expected to be made pursuant
to Rule 434, please check the following box. / / </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">

<IMG SRC="g83014g61p85.jpg" ALT="LOGO"> </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">OPTICAL CABLE CORPORATION </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">250,000 COMMON SHARES </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"><U>NO PAR VALUE PER SHARE</U> </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">The shares offered by this prospectus are issuable upon exercise of common share purchase warrants to be issued to class members pursuant to a settlement agreement among Optical Cable Corporation, some of our current and former
officers and directors and plaintiffs&#146; counsel that was approved by the United States District Court for the Western District of Virginia on September 23, 2002, relating to a consolidated class action law suit filed against Optical Cable
Corporation and some of our current and former officers and directors. Optical Cable Corporation will sell the common shares to class members upon exercise of the warrants at an exercise price of $4.88 per common share. If all of the warrants are
exercised, Optical Cable Corporation would receive aggregate cash proceeds of $1,220,000. However, holders of warrants may not exercise some or all of the warrants. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Optical Cable Corporation&#146;s common shares are quoted on the Nasdaq Stock Market under the symbol
&#147;OCCF.&#148; On April 4, 2003, the last reported sale price of the common shares was $4.70 per common share. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE
COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Investing in Optical Cable Corporation&#146;s common
shares involves risks. See &#147;Risk Factors&#148; beginning on page 3. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B>The information in this prospectus is not complete and may be changed. Optical Cable Corporation may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The date of this Prospectus is April 14, 2003. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_3">Where You Can Find More Information </A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">1</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_4">Optical Cable Corporation </A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_5">Risk Factors </A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_10">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">10</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_6">Use of Proceeds </A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">10</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_7">Plan of Distribution</A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_8">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="96%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">
<A HREF="#tx014_9">Experts </A></FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">i </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Optical
Cable Corporation has not authorized anyone to provide you with information that is different from that contained or incorporated by reference in this prospectus. If anyone provides you with different or inconsistent information, you should not rely
on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_3"></A>WHERE YOU CAN FIND MORE INFORMATION </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">We are subject to the information requirements of the Securities Exchange Act of 1934, as amended, and in accordance therewith we file annual, quarterly and current reports, proxy statements and other information with the Securities
and Exchange Commission (&#147;SEC&#148;). Such reports, proxy statements and information may be inspected without charge and copied at prescribed rates, at the SEC&#146;s Public Reference Room at 450 Fifth Street, N.W., Washington, D.C. 25049. You
may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Such reports, proxy statements and other information, when available, also may be accessed through the Internet site maintained by the SEC
(http://www.sec.gov). In addition, our common shares, no par value, are quoted on the Nasdaq Stock Market under the symbol &#147;OCCF,&#148; and such material may also be available from the Nasdaq Stock Market. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We have filed with the SEC a registration statement on Form
S-3 under the Securities Act with respect to the securities registered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement and in the
exhibits and schedules thereto. For further information about us and our common shares, we urge you to carefully review the registration statement and the accompanying exhibits and schedules. The registration statement may be inspected without
charge at, or copies obtained upon payment of prescribed fees from, the SEC. The registration statement also may be accessed through the Internet site maintained by the SEC (http://www.sec.gov). Any statements we have made in this prospectus
concerning a provision of any document are not necessarily complete, and, in each instance, we urge you to carefully review the copy of such document filed as an exhibit to the registration statement or otherwise filed with the SEC.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The SEC allows us to
&#147;incorporate&#148; into this prospectus information that we file with the SEC in other documents. This means that we can disclose important information to you by referring to other documents that contain that information. The information
incorporated by reference is considered to be part of this prospectus, and the information that we file with the SEC in the future and incorporate by reference will automatically update and may supersede the information contained in this prospectus.
We incorporate by reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 and 15 (d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior to the sale of all
of the shares covered by this prospectus. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">The following documents that Optical Cable Corporation has filed with the SEC are incorporated by reference: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>



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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Annual Report on Form 10-K for the year ended October 31, 2002; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(2)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Quarterly Report, as amended, on Forms 10-Q and 10-Q/A for the quarter ended January 31, 2003; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(3)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Current Report on Form 8-K dated January 10, 2003 filed January 22, 2003; and </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(4)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The description of our common shares and share purchase rights, all as contained in our registration statements on Form 8-A filed February 12, 2003, including any
amendments or reports filed for the purpose of updating or supplementing such description. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We will provide without charge to each person to whom this prospectus is delivered, upon a written or oral request, a copy of any of the
documents incorporated herein by reference (other than exhibits to such documents unless such exhibits are specifically incorporated by reference herein). Requests for such documents should be directed to the Secretary of Optical Cable Corporation,
in writing, at 5290 Concourse Drive, Roanoke, Virginia 24019 or by telephone at 540-265-0690. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_4"></A>OPTICAL CABLE CORPORATION </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Optical Cable Corporation was incorporated in Virginia in 1983. Our executive offices are located at 5290 Concourse Drive, Roanoke, Virginia 24019, and our telephone number is (540) 265-0690. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We are a leading manufacturer of a broad range of tight-buffer
fiber optic cables primarily for the local area network and premise markets, often referred to as the enterprise market. Our fiber optic cables are well-suited for use in short to moderate distance applications to connect metropolitan, access and
enterprise networks. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We pioneered the design
and production of special tight-buffer fiber optic cables for the most demanding military field applications in the early 1980s&#151;applications requiring rugged, flexible and compact fiber optic cables. At our ISO 9001 registered facility in
Roanoke, Virginia, we manufacture a broad range of fiber optic cables for &#147;high bandwidth&#148; transmission of data, video, and audio communications over short to moderate distances. Our cables can be used both indoors and outdoors and utilize
a unique tight-buffer coating process and cable construction that provide excellent mechanical and environmental protection for each optical fiber. Our current portfolio of products is built on the evolution and refinement of the original
fundamental technology into a comprehensive and versatile product line designed to provide end-users with significant value and performance. Our fiber optic cables are easy and economical to install, provide a high degree of reliability and offer
outstanding performance characteristics. We have designed and implemented an efficient and automated manufacturing process based on our proprietary technologies. This enables us to produce high quality indoor/outdoor tight-buffer fiber optic cable
rapidly and cost efficiently. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_5"></A>RISK FACTORS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><I>Investing in our common shares involves a high degree of risk. You should carefully consider the following risk factors and all other information contained in this prospectus before investing in Optical Cable Corporation&#146;s
common shares. The risk factors include risks related to our industry as well as risks related to our business. The trading price of Optical Cable Corporation&#146;s common shares could decline due to any of these risks or other factors and you may
lose all or part of your investment. </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Any decline
in the demand for tight-buffer fiber optic cable may cause our sales to fall. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Tight-buffer fiber optic cable accounts for all of our sales. As a result, any decline in the demand for tight-buffer fiber optic cable will likely cause our sales to fall, cause our share price to
decline and limit our future prospects. Furthermore, if alternative fiber optic cable constructions, such as loose-tube fiber optic cable, become more accepted as alternatives to tight-buffer fiber optic cable construction in our target markets,
then our sales could decrease materially, our future prospects could be limited and our share price could decline significantly. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Any decline in demand for fiber optic cable used in short to moderate distance applications such as metropolitan, access and enterprise networks may
cause our sales to fall. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">A majority
of our fiber optic cables are used in short to moderate distance applications for enterprise networks, and to a lesser extent, metropolitan and access networks. Any decline in the demand for fiber optic cable used in short to moderate distance
applications, such as metropolitan, access and enterprise networks, will likely cause our sales to fall, limit our prospects for the future and cause a decline in our share price. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Our future growth depends on the rate at which optical networks are deployed in the metropolitan, access and enterprise
markets. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We focus on producing
tight-buffer fiber optic cable that is used to connect optical networking equipment in short to moderate distance applications, for the enterprise market, and to a lesser extent, the metropolitan and access markets. Our future growth depends on the
rate at which optical networking and related optical cabling are deployed in these markets. The desire of organizations to deploy fiber optic cabling depends on such factors as end-user demand for the increased bandwidth made possible by optical
networks, as well as a lack of suitable alternative technologies. The current economic downturn has dampened capital spending on fiber optic networking and fiber optic cables, and may continue to do so for the foreseeable future. If organizations in
metropolitan, access and enterprise markets cease to deploy fiber optic cabling to extend the reach of their fiber optic networks, our sales could decrease materially, our share price could decline and our growth rate could be impaired.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>The optical networking market is ever changing and if
the fiber optic networking market does not develop and expand as we anticipate, sales for our products may decline, which would negatively impact our financial performance. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">3 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The optical networking market is characterized by rapid technological change, changes in
customer requirements, evolving industry standards and frequent new product introductions. Our success will, to a significant degree, depend on our ability to develop and introduce in a timely fashion new products that address customers&#146;
diverse needs, incorporate new technologies, conform to changing industry standards and achieve market acceptance. Fiber optic cabling also competes with alternative broadband delivery technologies such as wireless and coaxial cable. If alternative
broadband technologies gain greater relative acceptance, demand for fiber optic cables may decline. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Our ability to remain competitive in the fiber optic cable market is crucial to our continued success. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The market for fiber optic cables, including the short to moderate distance market in which our products
are concentrated, is highly competitive. We compete with large, integrated fiber optic cable manufacturers such as Corning Cabling Systems, Pirelli, OFS (formerly Lucent Technologies), Alcatel and Draka, as well as with other large fiber optic cable
manufacturers such as General Cable, Mohawk/CDT, Berk-Tek, CommScope and others. Some of our competitors are more established, benefit from greater market recognition and have much greater financial, research and development, production and
marketing resources than we do. Competition could increase if new companies enter the market or if existing competitors expand their product lines. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Robert Kopstein, our former Chairman, President and Chief Executive Officer, who was removed from his roles with us by a Special Committee
of our Board of Directors in December 2001, may choose to compete with us in the future. Furthermore, fiber optic cable competes with copper wire cable and other alternative transmission media including wireless and satellite communications.
Increased competition could result in price reductions and loss of market share, which could cause a material decrease in our sales. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>We are a &#147;microcap&#148; stock with little, if any, coverage by security analysts, and with few institutional investors. Therefore, the price
of our common shares is volatile and subject to significant fluctuations. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Optical Cable Corporation has a relatively low market capitalization represented by the total number of common shares issued and outstanding multiplied by the price per common share. Often the capital
stock of companies with such low market capitalizations are referred to as &#147;microcap&#148; stocks. As a result of this low market capitalization, it is quite difficult for us to secure coverage by security analysts and to convince institutional
investors to invest in our common shares. Additionally, our low market capitalization makes it likely that the sale or purchase of even relatively small blocks of our common shares can result in significant fluctuations in the price of our common
shares with or without any underlying change in our financial performance. As a result, the price of our common stock is volatile and subject to significant fluctuations. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>We believe our quarterly results may tend to fluctuate due to many factors, including seasonality.
The price of our common shares will likely fall if our quarterly results are lower than the expectations of securities analysts, if any, or our shareholders. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We expect our sales and income to fluctuate from quarter to quarter. In future quarters, our operating
results may be below the expectations of securities analysts, if any securities analysts are offering coverage of us, or our shareholders. If this occurs, the price of our common shares is likely to fall and you may lose all or part of your
investment. A number of factors, many of which are discussed in more detail in other risk factors, may cause variations in the results of our operations, including: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="SYMBOL" SIZE="2" COLOR="#000000">&#183;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">the proportion of our net sales made to distributors relative to other types of customers; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="SYMBOL" SIZE="2" COLOR="#000000">&#183;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">the proportion of large to small orders; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="SYMBOL" SIZE="2" COLOR="#000000">&#183;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">our product mix; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="SYMBOL" SIZE="2" COLOR="#000000">&#183;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">the timing of orders that we receive from our customers; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="SYMBOL" SIZE="2" COLOR="#000000">&#183;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">changes in the cost and availability of our raw materials; </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="SYMBOL" SIZE="2" COLOR="#000000">&#183;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">our manufacturing capacity and yield; and </FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT><FONT FACE="SYMBOL" SIZE="2" COLOR="#000000">&#183;</FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">capital spending for fiber optic cabling in the metropolitan, access and enterprise markets. </FONT></TD></TR></TABLE><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">A significant percentage of our expenses, including those
relating to manufacturing, sales and marketing, and general and administrative functions, are relatively fixed in the short term. As a result, if we experience delays in generating or recognizing revenue, our operating results would be
disproportionately affected. You should not rely on our results for one quarter as any indication of our future performance. We believe our results of operations may reflect some seasonality. Historically, our sales are lower in the first half of
each fiscal year and higher in the second half of each fiscal year, which we believe may be partially due to construction cycles and budgetary cycles of our customers. However, our sales have not followed this pattern in fiscal years 2001 and 2002,
and may not follow this pattern in fiscal year 2003. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Some of our optical fiber suppliers are also competitors and if our supply relationship with them
deteriorates, it could harm our business. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Some of our suppliers of optical fiber are also major competitors in the market for fiber optic cables. For example, we may buy some of our optical fiber from a supplier that also offers fiber optic cables that compete with our fiber
optic cables. Our business, financial condition, future prospects, and results of operations could be harmed if these suppliers reduce the amount of optical fiber available to us, increase their prices, lengthen the lead time for orders or otherwise
impair our ability to secure optical fiber on competitive terms. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"><B><I>If our supplier relationships are disrupted, our operating results may suffer. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We currently rely on a limited number of suppliers for our supply of optical fiber and aramid yarns. We do not have long-term agreements
with all of these suppliers. These raw materials are critical to our production of fiber optic cables, and any disruption in the supply of raw materials could adversely affect our fiber optic cable production capability and adversely affect our
operating results. There can be no assurance that our suppliers will continue to meet our optical fiber and aramid yarn requirements or meet these requirements on competitive terms. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>A material portion of our net sales are made to distributors. If one or more of our distributors do not continue to
purchase our products in significant quantities, our net sales and profitability may materially decline. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We depend on our distributors offering our products. Our distributors carry the products of our competitors and are not contractually
committed to carry our products or purchase any minimum quantities. For example, one of our major distributors notified us during fiscal year 2002 that they would no longer stock our product as part of that distributor&#146;s regular product
offering. As a result, we experienced a decline in sales. If any one of our distributors decides to purchase significantly less of our products or terminate their relationship with us, our sales and profitability may materially decline. We could
lose our key distributors because of factors beyond our control, such as a significant disruption in our distributors&#146; businesses generally or in a specific product line. For example, one of our major distributors filed for bankruptcy in
January 2001. In addition, if any of our distributors merge, we may experience lower overall sales. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>We rely on our proprietary manufacturing processes, and if our competitors develop similar processes or third parties infringe upon those processes, our ability to compete may be harmed.
</I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Our success and ability to compete
is dependent in part on our proprietary manufacturing technology. None of our current manufacturing processes or products is protected by patents. We rely on a combination of trade secrets and technical measures to establish and protect our rights
pertaining to our production technology. This protection may not deter misappropriation or preclude competitors from developing production processes, techniques or equipment with features identical, similar or superior to ours, which could harm our
ability to compete. We believe that none of our products, trademarks or other proprietary rights infringe on the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">proprietary rights of others. However, third parties may assert infringement claims against us in the future with respect to our present or
future products that may require us to enter into license agreements or result in protracted and costly litigation, regardless of the merits of these claims. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>If we fail to retain our key employees, our business may be harmed. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Our success has been largely dependent on the skills, experience and efforts of our key employees, and the
loss of the services of any of our executive officers or other key employees could have an adverse effect on us. The loss of our key employees who have intimate knowledge of our manufacturing process could lead to increased competition in the
marketplace to the extent that those employees are able to recreate our manufacturing process. Our future success will also depend in part upon our continuing ability to attract and retain highly qualified personnel, who are in great demand.
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Our ability to manage our growth, if any, successfully is
crucial to our future prospects. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Our
ability to operate successfully in the future will depend on our ability to manage the effects of growth, if any, on our manufacturing, distribution, marketing, customer service, engineering, product development, quality control, administration and
financial condition. Our failure to manage growth, if any, effectively could have a material adverse effect on our business or results of operations by impairing our competitiveness, causing a fall in our share price, causing a decline in our cash
flow, limiting our earnings growth or impairing our ability to conduct business with vendors on the best terms. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>International sales are important to us and may put our future revenues at the risk of currency, political, economic and regulatory fluctuations.
</I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">In fiscal years 2000, 2001 and 2002,
export net sales represented approximately 21%, 23% and 23% of our net sales, respectively, and we expect that international business will continue to account for a significant portion of our sales. Our international business subjects us to added
burdens and risks. These burdens and risks include currency fluctuations, greater uncertainty in political and economic conditions, unexpected changes in regulatory and tariff requirements and added complexity in complying with legal requirements.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">As a result of our international sales,
we are subject to legal requirements in addition to those applicable in the United States. For example, foreign regulatory bodies often establish standards different from those in the United States. Our products are designed generally to meet U.S.
standards. Although our quality management system is certified to the internationally recognized ISO 9001 quality standard, and although some of our products are designed to meet the requirements of various European and Far Eastern markets, any
inability by us to maintain our ISO 9001 quality standard certification or to design products in compliance with foreign standards could have a material adverse effect on our operating results. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Our failure to comply with foreign legal requirements or
any trade or other policies of foreign countries could result in a significant decline in our international sales. </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Although most of our international sales are denominated in U.S. dollars, our international business may be affected by changes in demand
resulting from fluctuations in currency exchange rates as well as by risks such as restrictive tariff regulations. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Potential strategic alliances may not achieve their objectives. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We intend to explore strategic alliances designed to increase the use of our manufacturing capacity, to
increase distribution of our products and to secure supplies of raw materials. We may not be successful in developing these strategic alliances. Moreover, alliances that Optical Cable Corporation does develop may not achieve their strategic
objectives, and parties to our strategic alliances may not perform as contemplated. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"><B><I>If a disaster struck our primary business facility, our business, results of operations and financial condition may be harmed. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We believe that our success to date has been, and future results of operations will be, dependent in large
part upon our ability to provide prompt and efficient service to our customers. As a result, any disruption of our day-to-day operations could cause a significant decline in our sales, negatively impact our financial performance and cause a decline
in our share price. Our manufacturing operations, marketing, management information systems, customer service and distribution functions are housed in a single facility in Roanoke, Virginia. A fire, flood, earthquake, terrorist attack, act of war,
military conflict, or any other disaster affecting our facility could disable the functions performed at our Roanoke, Virginia facility. Any significant damage to this facility would have a material adverse effect on our business, results of
operations and financial condition. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Any future growth
could be adversely affected if we are unable to expand our manufacturing facilities on a timely basis. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Our manufacturing facilities are more than adequate for our current level of production. We currently estimate that we are operating at
about 60% of our plant manufacturing capacity. However, if our sales were to grow significantly or if our product mix changed dramatically, we may need to increase our plant manufacturing capacity and/or hire additional production employees. If we
are unable to expand our plant manufacturing capacity and/or hire additional production employees on a timely basis, we may lose sales opportunities and not be able to realize any growth potential. Our ability to expand our plant manufacturing
capacity at our current facilities and/or hire additional production employees will depend on a number of factors, including timely delivery and installation of equipment, the availability of labor and the hiring and training of new personnel. If we
grow significantly, we may also need to construct additional manufacturing facilities which will expose us to construction delays, cost overruns and other risks of new construction. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">8 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Provisions of our charter documents and Virginia law may have anti-takeover effects that could
prevent a change of control, which may cause our share price to decline. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">Each of the Virginia Stock Corporation Act, our Amended and Restated Articles of Incorporation and our Bylaws contain provisions that may discourage acquisition offers, if any, for us. For example, one
provision in the Articles of Incorporation authorizes the Board of Directors to issue up to 1,000,000 preferred shares in series, with the terms of each series to be fixed by the Board of Directors. On November 2, 2001, our Board of Directors
adopted a Shareholders Rights Plan and declared a dividend of one preferred share purchase right (a &#147;Right&#148;) on each outstanding common share. Under the terms of the Shareholders Rights Plan, if a person or group who is deemed an Acquiring
Person as defined in the Shareholders Rights Plan acquires 15% (or other applicable percentage, as provided in the Shareholders Rights Plan) or more of our outstanding common shares, each Right will entitle its holder (other than such Acquiring
Person or members of such group) to purchase, at the Right&#146;s then current exercise price, a number of common shares having a market value of twice such price. In addition, if we are acquired in a merger or other business transaction after a
person or group who is deemed an Acquiring Person has acquired such percentage of the outstanding common shares, each Right will entitle its holder (other than such Acquiring Person or members of such group) to purchase, at the Right&#146;s then
current exercise price, a number of the acquiring company&#146;s common shares having a market value of twice such price. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">These provisions of the Virginia Stock Corporation Act, our Amended and Restated Articles of Incorporation (including the provisions of
our Shareholders Rights Plan), and our Bylaws may have the effect of delaying, deterring or preventing a change in control in us and could limit the price that investors might be willing to pay in the future for common shares. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>The volatility of the stock market may have a harmful effect on the
price of our common shares and our ability to raise capital. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000">The market price of Optical Cable Corporation&#146;s common shares could be subject to significant fluctuations in response to variations in anticipated or actual operating results and other events or factors such as
announcements of technological innovations or new products by us or by our competitors, government regulations and developments in patent or other proprietary rights. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">In addition, the market prices for common shares of companies in the optical networking sector have
recently experienced significant price fluctuations and declines. Broad market fluctuations, as well as general economic conditions, in the United States or internationally, may adversely affect the market price of our common shares and cause the
market price of the common shares to decline below the price at which shares are initially sold to the public in this offering. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">9 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>Terrorism, acts of war,
or military conflicts, may adversely affect the markets for our products and adversely affect our sales, financial performance and the price of our common shares. </I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Any future terrorism, acts of war or military conflicts may adversely affect the markets in which we
operate and adversely affect our sales, financial performance and the price of our common shares. These risks have increased given the acts of terrorism against the United States of America, and the subsequent military responses by the United
States. Additionally, as the United States proceeds militarily against Iraq or should the United States proceed militarily against other countries, such acts could disrupt the markets in which we operate and adversely affect us. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B><I>We have no current intention to pay cash dividends.
</I></B></FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We have not historically paid cash
dividends, and do not anticipate paying any cash dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance operations and the expansion of our business. Any future determination to pay cash dividends will
be at the discretion of our Board of Directors and will be dependent upon our financial condition, operating results, capital requirements and other factors that the Board of Directors deems relevant. In addition, our Loan and Security Agreement,
dated April 18, 2002, as amended, restricts our ability to pay cash dividends. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_10"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Statements contained in this prospectus may discuss future expectations, contain projections of results of operations or financial condition or state other &#147;forward-looking&#148; information. You can identify these
forward-looking statements by the use of the words &#147;believes,&#148; &#147;anticipates,&#148; &#147;plans,&#148; &#147;expects,&#148; &#147;may,&#148; &#147;will,&#148; &#147;intends,&#148; &#147;estimates,&#148; and similar expressions, whether
in the negative or affirmative. Those statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements, including those risks and
uncertainties discussed in the &#147;Risk Factors&#148; section of this prospectus or in Optical Cable Corporation&#146;s periodic filings with the SEC. In light of the significant risks and uncertainties inherent in the forward-looking statements
included in this prospectus, the inclusion of such statements should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_6"></A>USE OF PROCEEDS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The
proceeds from the sale of the common shares pursuant to the exercise of the warrants will be used for general corporate purposes. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">10 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_7"></A>PLAN OF DISTRIBUTION </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">We are registering the common shares issuable upon the exercise of the warrants to be issued to class members pursuant to the Stipulation of Settlement among us, some of our current and former officers and directors and
plaintiffs&#146; counsel that was approved by the United States District Court for the Western District of Virginia relating to a consolidated class action lawsuit filed against us and some of our current and former officers and directors by certain
of our shareholders. We will issue the common shares directly to the holders of the warrants, upon exercise of the warrants, from time to time after the date of this prospectus. The warrants are exercisable pursuant to the terms of the warrants and
a warrant agreement between us and Wachovia Bank, National Association. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_8"></A>LEGAL MATTERS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Certain legal matters including, without limitation, the legality of the issuance of the shares offered hereby, will be passed upon for Optical Cable Corporation by McGuireWoods LLP, One James Center, 901 East Cary Street, Richmond,
Virginia 23219. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>
<A NAME="tx014_9"></A>EXPERTS </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Optical
Cable Corporation&#146;s financial statements as of October 31, 2002 and 2001, and for each of the years in the three-year period ended October 31, 2002, have been incorporated by reference in this prospectus and in the registration statement of
which it forms a part in reliance upon the report of KPMG LLP, independent certified public accountants, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">11 </FONT></P>


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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>PART II
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Information Not Required in Prospectus </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item</B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution </B></FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The expenses of issuance and distribution of the common shares underlying the warrants are to be paid by the
registrant. The following itemized list is an estimate of the expenses: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">SEC registration fee</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">112.24</FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Legal fees and expenses</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">25,000.00</FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Accounting fees and expenses</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4,000.00</FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Miscellaneous</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">2,600.00</FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="75%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Total</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">$</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">31,712.24</FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item</B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers </B></FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Article 10 of the Virginia Stock Corporation Act (the &#147;Act&#148;) allows, in general, for
indemnification, in certain circumstances, by a corporation of any person threatened with or made a party to any action, suit, or proceeding by reason of the fact that he or she is, or was, a director, officer, employee or agent of the corporation.
Indemnification is also authorized with respect to a criminal action or proceeding where the person had no reasonable cause to believe that his conduct was unlawful. Article 9 of the Act provides limitations on damages payable by officers and
directors, except in cases of willful misconduct or knowing violation of criminal law or any federal or state securities law. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Optical Cable Corporation&#146;s Articles of Incorporation provide for mandatory indemnification of our directors and officers against
liability incurred by them in proceedings instituted or threatened against them by third parties, or by or on behalf of Optical Cable Corporation itself, relating to the manner in which they performed their duties unless they have been found guilty
of willful misconduct or a knowing violation of the criminal law. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item</B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits </B></FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Exhibit&nbsp;No.</B></FONT></P><HR WIDTH="63" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Item</B></FONT></P><HR WIDTH="23" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;4.1**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Warrant Agreement dated October 24, 2002, by and between Optical Cable Corporation and Wachovia Bank, National
Association</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;4.2**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of Warrant Certificate relating to the warrants</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&nbsp;&nbsp;5.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Opinion of McGuireWoods LLP (filed herewith)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of KPMG LLP (filed herewith)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.2</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of McGuireWoods LLP (included in Exhibit 5.1)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.1**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Luke J. Huybrechts</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">II-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Exhibit&nbsp;No.</B></FONT></P><HR WIDTH="63" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Item</B></FONT></P><HR WIDTH="23" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.2**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Kenneth W. Harber</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.3**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Tracy G. Smith</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.4**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Randall H. Frazier</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.5**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of John M. Holland</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.6**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Craig H. Weber</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Stipulation of Settlement dated October 24, 2002, in settlement of litigation in the United States District Court for
the&nbsp;Western District of Virginia, entitled In re Optical Cable Corporation Securities Litigation, Civil Action No.&nbsp;7:01 CV00937 (filed herewith)</FONT></P></TD></TR>
</TABLE> <HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">**</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Previously filed. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Item</B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings </B></FONT></TD></TR></TABLE><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The undersigned registrant hereby undertakes: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(1)&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement: </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(i)&nbsp;&nbsp;&nbsp;&nbsp;to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;); </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration statement; and </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(iii) &nbsp;&nbsp;to include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(2)&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(3)&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(4)&nbsp;&nbsp;&nbsp;&nbsp;That, for purposes of determining any liability under the Securities Act, each filing of the registrant&#146;s
annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">II-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act, and will be governed by the final adjudication of such issue. </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">II-3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>SIGNATURES
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the County of Roanoke, Commonwealth of Virginia, on April 14, 2003. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <DIV
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">OPTICAL CABLE CORPORATION</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="2%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;N<SMALL>EIL</SMALL> D. W<SMALL>ILKIN</SMALL>, J<SMALL>R</SMALL>.</FONT></P><HR SIZE="1" NOSHADE
COLOR="#000000" ALIGN="left"></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="37%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Neil D. Wilkin, Jr.</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">President and Chief Financial Officer</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated. </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD VALIGN="bottom" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Signature</B></FONT></P><HR WIDTH="54" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Title</B></FONT></P><HR WIDTH="25" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Date</B></FONT></P><HR WIDTH="26" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Neil D. Wilkin, Jr.</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">President, Chief Financial Officer and<BR>Director (principal executive officer<BR>and principal financial
officer)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">April 14, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Luke J. Huybrechts</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Senior Vice President of Sales and<BR>Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">April 14, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Tracy G. Smith</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Controller (principal accounting officer)</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">April 14, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Randall H. Frazier</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">April 14, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">John M. Holland</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">April 14, 2003</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;*</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Craig H. Weber</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" WIDTH="41%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Director</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP WIDTH="17%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">April 14, 2003</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="3%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">*By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" WIDTH="36%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;N<SMALL>EIL</SMALL> D. W<SMALL>ILKIN</SMALL>,
J<SMALL>R</SMALL>.</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="36%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Neil D. Wilkin, Jr.</B></FONT></P></TD></TR>
<TR>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="36%"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B><I>Attorney-in-Fact for<BR>the above-named persons</I></B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">II-4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>EXHIBIT
INDEX </B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Exhibit&nbsp;No.</B></FONT></P><HR WIDTH="63" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><B>Item</B></FONT></P><HR WIDTH="23" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4.1**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Warrant Agreement dated October 24, 2002, by and between Optical Cable Corporation and Wachovia Bank, National
Association</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">4.2**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Form of Warrant Certificate relating to the warrants</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">5.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Opinion of McGuireWoods LLP (filed herewith)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of KPMG LLP (filed herewith)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">23.2</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Consent of McGuireWoods LLP (included in Exhibit 5.1)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.1**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Luke J. Huybrechts</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.2**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Kenneth W. Harber</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.3**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Tracy G. Smith</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.4**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Randall H. Frazier</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.5**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of John M. Holland</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">24.6**</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Power of Attorney of Craig H. Weber</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="9%"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">99.1</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="3%"><FONT FACE="Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="90%"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Stipulation of Settlement dated October 24, 2002, in settlement of litigation in the United States District Court for
the Western District of Virginia, entitled In re Optical Cable Corporation Securities Litigation, Civil Action No. 7:01 CV00937 (filed herewith)</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>  <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">**&nbsp;&nbsp;Previously filed. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">II-5 </FONT></P>

</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>dex51.txt
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<PAGE>

                                                                     EXHIBIT 5.1

                          [McGUIREWOODS LLP LETTERHEAD]
                                 April 14, 2003

Board of Directors
Optical Cable Corporation
5290 Concourse Drive
Roanoke, Virginia 24019

Ladies and Gentlemen:

         We have acted as counsel to Optical Cable Corporation (the "Company"),
a Virginia corporation, in connection with the preparation of a registration
statement on Form S-3 (the "Registration Statement"), to which this opinion is
an exhibit. The Registration Statement pertains to the registration of 250,000
common shares of the Company (the "Common Shares") issuable upon exercise of
common share purchase warrants issued and to be issued to class members pursuant
to a Stipulation of Settlement that was approved by the United States District
Court of the Western District of Virginia relating to a consolidated class
action lawsuit filed against the Company and some of its current and former
officers and directors. The Registration Statement is being filed with the
Securities and Exchange Commission under the Securities Act of 1933, as amended
(the "Act"). Terms not otherwise defined herein shall have the meanings assigned
to them in the Registration Statement.

         We have reviewed originals or copies of (i) the Amended and Restated
Articles of Incorporation, Bylaws and other corporate documents of the Company,
(ii) the Warrant Agreement between the Company and Wachovia Bank, N.A. dated
October 24, 2002 (the "Warrant Agreement"), (iii) the Stipulation of Settlement
dated October 24, 2002 (the "Stipulation") and (iv) the Registration Statement.
In addition, we have reviewed such other documents and have made such legal and
factual inquiries as we have deemed necessary or advisable for purposes of
rendering the opinions set forth below. Where we have considered it appropriate,
as to certain facts we have relied without investigation or analysis of any
underlying data contained therein, upon representations of officers or other
appropriate representatives of the Company.

         Based on and subject to the foregoing and the further limitations and
qualifications hereinafter expressed, we are of the opinion that:

         (1)  The Company is validly existing under the laws of the Commonwealth
              of Virginia; and

         (2)  The Common Shares, when issued in accordance with the terms of the
              Warrant Agreement and the Stipulation, will be, legally issued,
              fully paid and non-assessable.

         Our opinions expressed herein are as of the date hereof, and we
undertake no obligation to advise you of any changes in applicable law or any
other matters that may come to our attention after the date hereof that may
affect our opinions expressed herein.

         We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to us with respect to this opinion
under the heading ""Legal Matters" in the prospectus which is a part of such
Registration Statement. In giving this consent, we do not admit that we are in
the category of persons whose consent is required by Section 7 of the Act or the
rules and regulations promulgated thereunder by the Securities and Exchange
Commission.

                                            Very truly yours,



                                            /s/ McGuireWoods LLP

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>dex231.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML><HEAD>
<TITLE>EXHIBIT 23.1</TITLE>
</HEAD>
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<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Exhibit 23.1
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>Independent Auditors&#146; Consent
</B></FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">The Board of Directors<B></B> </FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Optical Cable Corporation: </FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">We consent to the use of our report incorporated by reference herein and to the reference to our firm under the heading &#147;Experts&#148; in the
prospectus. </FONT></P><P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">/s/&nbsp;&nbsp;KPMG LLP
</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">Roanoke, Virginia </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">April 14, 2003 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>dex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>

                                                                    Exhibit 99.1

                          UNITED STATES DISTRICT COURT
                          WESTERN DISTRICT OF VIRGINIA
                                ROANOKE DIVISION

                      IN RE OPTICAL CABLE CORPORATION      )

            SECURITIES LITIGATION            )    Case No. 7:01CV00937

                                   ___________

                            STIPULATION OF SETTLEMENT

     THIS STIPULATION OF SETTLEMENT ("Stipulation" or "Settlement") is made and
entered into as of July 18, 2002, by and among (a) plaintiffs in the
above-captioned class action lawsuit ("Plaintiffs") on their own behalf and on
behalf of the class as hereinafter defined, and (b) Optical Cable Corporation
("OCCF" or "the Company"), Robert Kopstein ("Kopstein"), Kenneth W. Harber
("Harber") and Luke J. Huybrechts ("Huybrechts") (collectively, the
"Defendants") by their undersigned counsel as set forth below:

     WHEREAS, the captioned securities class action entitled Optical Cable
Corporation Securities Litigation, Master Consolidated Docket No. 7:01CV00937
(the "Action") consists of several lawsuits filed in the United States District
Court for the Western District of Virginia: Charles S. Farrell, Jr. v. Optical
Cable Corporation, No. 7-01CV00937; Lerner Group v. Optical Cable Corporation,
No. 7:01CV01005; Richard Simone v. Optical Cable Corporation, No. 7:01CV01033;
Charles H. Yeatts v. Optical Cable Corporation, No. 7:02CV00088.

     WHEREAS, by Order dated March 22, 2002, the United States District Court
for the Western District of Virginia (the "District Court") consolidated all
pending Federal securities actions against the Defendants and appointed Charles
S. Farrell, Jr., Richard Simone, Charles E.

<PAGE>

Yeatts and Rivka Carmi as lead plaintiffs ("Lead Plaintiffs") and approved Lead
Plaintiffs' selection of Federman & Sherwood and Cauley, Geller, Bowman &
Coates, LLP as co-lead counsel for Lead Plaintiffs ("Co-Lead Counsel for Lead
Plaintiffs"); and

     WHEREAS, on May 2, 2002, Lead Plaintiffs, individually and as putative
representatives of a class consisting of all persons and entities who purchased
the common stock of the Company during the period commencing June 14, 2000,
through and including September 26, 2001 (the "Class Period"), but excluding the
Defendants, their immediate families, and any subsidiary, or controlling or
controlled person of such persons or entities, filed a consolidated amended
class action complaint (the "Complaint") in the Action, against the Defendants,
superseding all complaints previously filed;

     WHEREAS, Plaintiffs allege, inter alia, that the Defendants violated
certain sections of the Securities Exchange Act of 1934 (the "Exchange Act") as
a result of certain alleged material misstatements and omissions in connection
with the investment practices of the Company's former President, CEO and
controlling shareholder, Robert Kopstein, and the potential impact of such
practices on the Company's financial position, which allegedly had the effect of
artificially inflating the market price of the Company's common stock during the
Class Period;

     WHEREAS, on June 10, 2002, the Defendants moved to dismiss the Complaint;

     WHEREAS, Co-Lead Counsel for Lead Plaintiffs and counsel for the Defendants
have engaged in several negotiations regarding settling the claims against the
Defendants, which resulted in settlement of the Action on terms contained in a
Memorandum of Understanding ("MOU") executed by Co-Lead Counsel for Lead
Plaintiffs and counsel for the Defendants;

                                        2

<PAGE>

     WHEREAS, Defendants deny any wrongdoing in connection with the claims
alleged in the Action, but, nevertheless, without acknowledging in any way any
fault, wrongdoing or liability whatsoever, Defendants have concluded that
further defense of the Action would be protracted and burdensome and expensive
and therefore are willing to enter into a settlement in accordance with the
terms of this Stipulation (the "Settlement"), solely in order to eliminate the
controversies and to avoid further expense and inconvenience;

     WHEREAS, attorneys for Plaintiffs have: (i) conducted a thorough
investigation into and analysis of the facts and the law relating to the matters
at issue in the Action which investigation included review and analysis of the
Company's filings with the United States Securities and Exchange Commission for
fiscal years 1999 through 2002, the Company's press releases and other publicly
disseminated statements made by the Company during the relevant time period,
reports and articles contained in the print and electronic media and computer
data bases and reports of securities analysts and investor advisory services;
(ii) considered carefully the likelihood of success against the Defendants and
the likely total damages which could be recovered against the Defendants; (iii)
conducted extensive arms' length settlement negotiations with counsel for
Defendants; and (iv) determined, after taking into account the substantial
benefits conferred on the Class by a settlement in accordance with the terms of
this Stipulation, that this settlement would be fair, reasonable and adequate
and in the best interests of the Class;

     NOW THEREFORE, it is hereby stipulated and agreed by Lead Plaintiffs and
the Defendants, acting through their respective counsel, subject to District
Court approval pursuant to Rule 23(e) of the Federal Rules of Civil Procedure
that the Action be compromised and settled

                                        3

<PAGE>

as against the Defendants, with prejudice, upon and subject to the following
terms and conditions:

I.   DEFINITIONS

1.   As used in this Stipulation, in addition to the terms defined above and
elsewhere in the Stipulation, the following terms shall have the following
meanings:

a.      "Authorized Claimant" means any Class Member whose claim for recovery
has been allowed pursuant to the terms of the Stipulation;

b.      "Claimant" means any Class Member who files a Proof of Claim in such
form and manner, and within such time, as the Court shall prescribe;

c.      "Class" and "Class Members" mean, for purposes of this settlement only,
Plaintiffs and all other persons or entities who purchased or acquired the
common stock of the Company during the period commencing June 14, 2000 through
and including September 26, 2001. Excluded from the Class are Defendants; the
members of the individual Defendants' immediate families; the Company's current
and former officers and directors, and their assigns; any entity in which any
Defendant has or had a controlling interest; and the legal affiliates,
representatives, heirs, controlling persons, successors and predecessors in
interest or assigns of any such excluded person or entity.

d.      "Class Period" means, the period of time commencing June 14, 2000
through and including September 26, 2001;

e.      "Co-Lead Counsel for Lead Plaintiffs" means the law firms of Federman &
Sherwood and Cauley, Geller, Bowman & Coates, LLP ("Cauley Geller");

                                        4

<PAGE>

f.      "Effective Date" means the date upon which the settlement contemplated
by this Stipulation becomes effective as set forth in paragraph 10 below;

g.      "Escrow Agent" means the law firms of Federman & Sherwood and Cauley
Geller or their agent or successor(s);

h.      "Releasees" means any and all of the Defendants and any and all of their
present and former parents, subsidiaries, affiliates, predecessors and
successors, and each of their present and former officers, directors, employees,
partners, and principals, trustees, attorneys, auditors, accountants, investment
bankers, consultants, agents, insurers, co-insurers, re-insurers and each of
their respective heirs, executors, administrators, predecessors, successors, and
assigns;

i.      "Settled Claims" means any and all claims arising out of the purchase,
sale or ownership of the Company's common stock during the Class Period, whether
known or unknown, and all claims, which were or could have been asserted
directly, indirectly or derivatively, in the Action, including but not limited
to claims for negligence, gross negligence, recklessness, fraud (whether
intentional or constructive), or violations of any federal or state securities
laws, rules or regulations, arising from or based upon any acts, facts,
transactions, occurrences, representations, or omissions during the Class Period
in connection with, arising out of, or in any way related to the allegations of
the Complaint, any violation of law in connection therewith, or any public
statements concerning or relating to the Company. Class Members and Defendants
stipulate and agree that, upon the Effective Date, each of the Class Members
shall be deemed to, and by operation of the Final Judgment (defined below)
shall, waive and relinquish, to the fullest extent permitted by law, the
provisions, rights, and benefits of (S) 1542 of the California Civil Code, which
provides:

                                        5

<PAGE>

        A general release does not extend to claims which the creditor does
        not know or suspect to exist in his favor at the time of executing
        the release, which if known by him must have materially affected
        his settlement with the debtor.

Each of the Class Members also shall be deemed to, and upon the Effective Date
and by operation of the Final Judgment shall, waive and relinquish any and all
provisions, rights, and benefits conferred by any Federal law or law of any
state or territory of the United States, or any principle of common law, that is
similar, comparable, or equivalent to (S) 1542 of the California Civil Code. The
foregoing waiver was separately bargained for and is a key element of the
Settlement of which this release is a part;

j.      "Settled Defendants' Claims" means any and all claims of any and all
Defendants' relating to the institution, prosecution, or settlement of the
Action; and

k.      "Settlement Fund" means $700,000 in cash and the Warrants, defined
below.

l.      "Warrants" means warrants to purchase two million (2,000,000) shares of
Common Voting Stock of Optical Cable Corporation at any time within five years
from date of issuance at an exercise price equal to the average of the closing
ask prices for such Common Stock for the last fifteen (15) trading days prior to
June 18, 2002, in the form of Warrant Agreement provided at Exhibit E; provided
that if at any time or from time to time Optical Cable Corporation combines or
reclassifies, or conducts a "reverse stock split" of, the number of its shares
of Common Stock then outstanding into a lesser number of shares of Common Stock,
then the number of shares purchasable upon exercise of the Warrants shall be
reduced proportionately as of the effective date of such action, and the
exercise price of the Warrants shall be adjusted accordingly in a manner
consistent with the terms and conditions typical of

                                        6

<PAGE>

instruments of this type. Optical Cable Corporation shall be responsible to and
will use its reasonable best efforts to register the shares of Common Stock
purchasable pursuant to such Warrants for sale under the Securities Act of 1933,
as amended, within a reasonable amount of time after the issuance of such
Warrants;

m.      "Settlement Administrator" means the firm retained by Co-Lead Counsel
for Lead Plaintiffs to provide Notice to the Class and to process Proof of Claim
forms;

n.      "Summary Notice" means the initial Summary Notice of Pendency and
Settlement of Class Action that counsel for the Company will cause to be
published in the form of Exhibit A hereto;

o.      "Notice" means the Notice to Class Members that Co-Lead Counsel for
Plaintiffs will caused to be issued in the form of Exhibit B hereto;

p.      "Proof of Claim" means the Proof of Claim incorporated in the Notice
attached hereto as Exhibit B;

q.      "Order of Preliminary Approval" means the Order of Preliminary Approval
Pursuant to Rule 23 of the Federal Rules of Civil Procedure attached hereto as
Exhibit C;

r.      "Plan of Allocation" means a plan or formula of allocation of the Net
Settlement Proceeds whereby the Settlement Fund shall be distributed to
Authorized Claimants after payment of Notice and Administration Costs, Taxes and
Tax Expenses and the Fee Award. The Plan of Allocation is not part of the
Stipulation and Defendants shall have no responsibility or liability with
respect thereto;

                                        7

<PAGE>

s.      "Final Judgment" means a judgment entered by the District Court in the
Action substantially in the form of Exhibit D hereto that contains all of the
provisions of (P) 7 of this Stipulation.

t.      "Notice and Administration Costs" means all costs and expenses
reasonably and actually incurred in connection with providing notice to the
Class (other than those costs and expenses incurred by the Company in publishing
the Summary Notice at Exhibit A), locating Class Members, distributing and
processing Proofs of Claim, administering and distributing the Net Settlement
Proceeds to Authorized Claimants, and paying escrow fees and related costs, if
any;

u.      "Net Settlement Proceeds" means the amount remaining of the Settlement
Fund after the payment of any Fee Award, as described in (P) 8, the payment of
any Taxes and Tax Expenses, as described in (P) 4(k), and the payment of any
Notice and Administration Costs;

II. TERMS AND CONDITIONS

2.      Upon the Effective Date, each of the Class Members, on behalf of
themselves and their respective present and former officers, directors,
controlling shareholders, general partners, limited partners, parent companies,
subsidiaries, trusts, divisions and affiliates, their respective successors,
predecessors, assigns, heirs, executors, administrators, attorneys, servants,
agents and representatives, their respective related or affiliated entities,
entities in which they directly or indirectly have a controlling interest, and
any and all persons natural or corporate in privity with them or acting in
concert with them or any of them, and for anyone claiming through any of the
foregoing entities (and regardless of whether any such Class Member submits a
timely and valid Proof of Claim), shall be deemed to have, and by operation of
the Final Judgment shall have,

                                        8

<PAGE>

fully, finally, and forever released, relinquished, discharged, and covenanted
not to sue all Releasees with respect to all Settled Claims and shall be
permanently barred and enjoined from instituting, commencing, or prosecuting any
such Settled Claim against any Releasee.

3.  Upon the Effective Date, each Defendant, on behalf of itself, himself, his
executor, administrator and the Releasees, shall be deemed to have, and by
operation of the Final Judgment shall have, fully, finally, and forever
released, relinquished, discharged, and covenanted not to sue any of the Class
Members or their attorneys with respect to all Settled Defendants' Claims and
shall be permanently barred and enjoined from instituting, commencing, or
prosecuting any such Settled Defendants' Claim against any of the Class Members
or their attorneys.

4.  In full and final satisfaction of the foregoing:

a.      The Company agrees to pay the sum of $700,000 as follows: (i) $500,000
upon Court approval of the settlement agreement and certification of the class
defined in the Amended Complaint, and (ii) $200,000 on November 1, 2002 or upon
approval of the settlement agreement and certification of the Class by the
Court, whichever occurs later. The $200,000 payment will bear interest at a
fixed rate equal to the prime lending rate of WachoviaBank, National
Association, as of and from the date of Court approval of the settlement
agreement through and until the date on which it is paid. The Company shall
transfer this cash component by wire transfer into an interest-bearing joint
account (the "Escrow Account") as designated by Co-Lead Counsel for Lead
Plaintiffs.

b.      The Company agrees to issue to Class Plaintiffs warrants
(the "Warrants") to purchase two million (2,000,000) shares of Common Voting
Stock of Optical Cable Corporation at any time within five years from date of
issuance at an exercise price equal to the average of the

                                        9

<PAGE>

closing ask prices for such Common Stock for the last fifteen (15) trading days
prior to June 18, 2002, in the form of Warrant Agreement provided at Exhibit E;
provided that if at any time or from time to time Optical Cable Corporation
combines or reclassifies, or conducts a "reverse stock split" of, the number of
its shares of Common Stock then outstanding into a lesser number of shares of
Common Stock, then the number of shares purchasable upon exercise of the
Warrants shall be reduced proportionately as of the effective date of such
action, and the exercise price of the Warrants shall be adjusted accordingly in
a manner consistent with the terms and conditions typical of instruments of this
type. Optical Cable Corporation shall be responsible to and will use its
reasonable best efforts to register the shares of Common Stock purchasable
pursuant to such Warrants for sale under the Securities Act of 1933, as amended,
within a reasonable amount of time after the issuance of such Warrants.

c.        Co-Lead Counsel for Lead Plaintiffs, as Escrow Agent, shall administer
the Escrow Account subject to Court oversight, and a signature from a partner of
Cauley Geller and Federman & Sherwood shall be required to release deposited
funds from the Escrow Account.

d.        The Settlement Fund may be invested only in instruments with maturity
dates that do not exceed six months and which are backed by the full faith and
credit of the United States Government or fully insured by the United States
Government or an agency thereof and reinvestments of the proceeds derived from
such investments also are limited to similar instruments at their then-current
market rates. The Escrow Agent shall bear all risks related to investment of the
Settlement Fund. Defendants expressly shall have no responsibility, obligation
or oversight over the Settlement Fund, its administration or disbursement.

                                       10

<PAGE>

e.        The Settlement Fund shall not be disbursed except as provided in the
Stipulation unless by an order of the District Court.

f.        Subject to further orders and/or directions as may be made by the
District Court, the Escrow Agent is authorized to execute such transactions on
behalf of the Class Members as are consistent with the terms of the Stipulation.

g.        The Settlement Fund shall be deemed and considered to be in custodia
legis of the Court, and shall remain subject to the jurisdiction of the Court,
until such time as the Settlement Fund shall be distributed pursuant to the
Stipulation and/or further order(s) of the Court.

h.        None of the Defendants shall be required to pay any portion of the
class Notice and Administration Costs, which costs shall be paid from the
Settlement Fund.

i.        The Parties agree to treat the Settlement Fund as being at all times a
"qualified settlement fund" within the meaning of Treas. Reg. (S)1.468B-1. In
addition, the Escrow Agent shall timely make such elections as necessary or
advisable to carry out the provisions of this paragraph, including the
"relation-back election" (as defined in Treas. Reg. (S)1.468B-1) back to the
earliest permitted date. Such elections shall be made in compliance with the
procedures and requirements contained in such regulations. It shall be the
responsibility of the Escrow Agent to timely and properly prepare and deliver
the necessary documentation for signature by all necessary parties, and
thereafter to cause the appropriate filing to occur.

j.        For the purpose of (S)468B of the Internal Revenue Code of 1986, as
amended, and the regulations promulgated thereunder, the "administrator" shall
be the Escrow Agent. The Escrow Agent shall timely and properly file all
informational and other tax returns necessary or advisable with respect to the
Settlement Fund (including without limitation the returns described

                                       11

<PAGE>

in Treas. Reg.(S)1.468B-2(k)). Such returns (as well as the relation back
election described above), shall be consistent with the terms of this
Stipulation and in all events shall reflect that all Taxes (including any
estimated taxes, interest or penalties) on the income earned by the Settlement
Fund shall be paid out of the Settlement Fund.

k.        All (i) Taxes (including any estimated Taxes, interest or penalties)
arising with respect to the income earned by the Settlement Fund, including any
Taxes or tax detriments that may be imposed upon the Defendants, the Insurer or
their counsel with respect to any income earned by the Settlement Fund for any
period during which the Settlement Fund does not qualify as a "qualified
settlement fund" for federal or state income tax purposes ("Taxes"), and (ii)
expenses and costs incurred in connection with the operation and implementation
of this P. 4(k) (including, without limitation, expenses of tax attorneys and/or
accountants and mailing and distribution costs and expenses relating to filing
(or failing to file) the returns described in this (P) 4(k) ("Tax Expenses"),
shall be paid out of the Settlement Funds; in all events the Defendants, the
Insurers and their counsel shall have no liability or responsibility for the
Taxes or the Tax Expenses or the filing of any tax returns or other document
with the IRS or any other state or local taxing authority. Taxes and Tax
Expenses shall be treated as, and considered to be, a cost of administration of
the Settlement Fund and shall be timely paid by the Escrow Agent out of the
Settlement Fund without prior order from the Court and the Escrow Agent shall be
obligated (notwithstanding anything herein to the contrary) to withhold from
distribution to Authorized Claimants any funds necessary to pay such amounts
including the establishment of adequate reserves for any Taxes and Tax Expenses
(as well as any amounts that may be required to be withheld under Treas. Reg.
(S)1.468B-2(1)(2)); neither the Defendants, the Insurers nor their

                                       12

<PAGE>

counsel are responsible nor shall they have any liability therefore or for any
reporting requirements that may relate thereto. The parties hereto agree to
cooperate with the Escrow Agent, each other, and their tax attorneys and
accountants to the extent reasonably necessary to carry out the provisions of
this Stipulation.

l.        Subject to further order of and direction by, the District Court,
Co-Lead Counsel for Lead Plaintiffs are authorized to execute such transactions
on behalf of the Class Members as are consistent with the terms of this
Stipulation.

5. The parties to this Stipulation and their respective counsel shall use their
best efforts and cooperate fully with one another in (a) preparing and executing
all documents necessary to effectuate the Settlement contemplated by this
Stipulation; (b) seeking first preliminary and then final District Court
approval of the Settlement; and (c) effecting the full consummation of the
Settlement in accordance with their respective responsibilities set forth
herein.

6. Promptly after execution of this Stipulation, the parties shall submit this
Stipulation to the District Court and shall jointly present to the District
Court the proposed Order of Preliminary Approval, which, among other things:

a.        Preliminarily approves the terms of the Settlement contemplated by
this Stipulation;

b.        Certifies the Class solely for purposes of the Settlement;

c.        Schedules a hearing date to determine whether the Settlement proposed
by this Stipulation is fair, reasonable, and adequate and whether the District
Court should enter final judgment finally approving such Settlement (the "Final
Approval Hearing");

                                       13

<PAGE>

d.        Directs for a Summary Notice substantially in the form annexed hereto
as Exhibit A (the "Summary Notice") to be published by the Company once in the
national edition of The Wall Street Journal.

e.        Provides for notice of the proposed Settlement and the Final Approval
Hearing to be sent by Co-Lead Counsel for Lead Plaintiffs or by the Settlement
Administrator to all members of the Class that can be identified through a
reasonable effort, by mail, in a form substantially the same as the document
attached hereto as Exhibit B (the "Notice");

f.        Provides that any requests for exclusion from the Class be submitted
in the manner set forth in the Notice and by the time specified by the District
Court, but in no event later than 10 business days prior to the Final Approval
Hearing.

g.        Provides that any person who is legally entitled to object, and who
desires to object to the approval of the proposed Settlement, Plan of
Allocation, or the application for attorneys' fees and expenses, and entry of a
final judgment of approval in the form attached hereto as Exhibit D (the "Final
Judgment"), must appear at the Final Approval Hearing and show cause why the
proposed Settlement should not be approved as fair, reasonable and adequate, and
why said Final Judgment should not be entered approving the Settlement.

h.        Provides that objections to the Settlement shall be heard at the Final
Approval Hearing; and that objectors must file with the District Court written
notice of their intention to appear and must file, and serve Co-Lead Counsel for
Lead Plaintiffs and Defendants' counsel with copies of, all papers in support of
their objections by a date prior to that hearing specified by the District
Court, but in no event later than 10 business days prior to that hearing, or
else be deemed to have waived and be forever foreclosed and barred from
asserting such objections.

                                       14

<PAGE>

i.        Provides that Class Members must timely submit a qualifying Proof of
Claim or else be forever barred from receiving any payment from the Net
Settlement Proceeds notwithstanding that they will be bound by all other aspects
of any judgment finally approving the Settlement.

j.        Provides that pending final determination as to whether the Settlement
as set forth in this Stipulation should be approved, no Class Member shall
commence, prosecute, pursue or litigate any Settled Claim against any Releasee,
whether directly, representatively or in any other capacity, and whether or not
any such Class Member has appeared in the Action.

7. If the District Court grants final approval of the Settlement embodied in
this Stipulation, the parties to this Stipulation shall submit to the District
Court pursuant to Rule 23 of the Federal Rules of Civil Procedure a proposed
Final Judgment in a form substantially the same as the document attached hereto
as Exhibit D, which:

a.        Approves this Settlement as fair, reasonable and adequate as to
members of the Class, and directs the consummation and performance of the terms
of this Stipulation;

b.        Approves the Plan of Allocation;

c.        Provides that all Class Members who do not exclude themselves from the
Class in the manner and by the time specified in the Order of Preliminary
Approval shall be Class Members and be deemed to have released the Releasees
from the Settled Claims in accordance with the terms of this Stipulation and the
Final Judgment and shall be forever barred from prosecuting any action against
the Releasees asserting the Settled Claims;

d.        Dismisses the Action with prejudice;

                                       15

<PAGE>

e.        Provides that the Releasees are released and discharged by the Final
Judgment from the Settled Claims and that Class Members and their attorneys are
released and discharged by the Final Judgment from the Settled Defendants'
Claims;

f.        Awards counsel fees and expenses to plaintiffs' counsel or reserves
jurisdiction with respect thereto; and

g.        Without affecting the finality of the Final Judgment, reserves
jurisdiction over consummation, performance, enforcement and administration of
the Settlement.

8. On or before the date for the Final Approval Hearing, Co-Lead Counsel for
Lead Plaintiffs shall serve and file a motion for an award of attorneys' fees
and reimbursement of expenses (including experts' fees and expenses) to be paid
out of the Settlement Fund (the "Fee Award"). The parties to this Stipulation
have had no discussions concerning any Fee Award, except that the parties have
agreed that those fees and expenses will be paid only out of the Settlement
Fund. Defendants agree that they will take no position with regard to such an
application for a Fee Award of up to thirty percent of the value of the
Settlement Fund. The procedure for, and the allowance or disallowance by the
District Court of, any application for an award of attorneys' fees and
reimbursement of expenses to be paid out of the Settlement Fund are not part of
the Settlement and are to be considered by the District Court separately from
the District Court's consideration of the fairness, reasonableness and adequacy
of the Settlement, and any order or proceedings relating to the Fee Award, or
any appeal from any order relating thereto or reversal or modification thereof,
shall not operate to terminate or cancel this Settlement or to affect or delay
the finality of the Order and Final Judgment. All fees and expenses (including
experts' fees and expenses) awarded by the District Court to plaintiffs' counsel
shall be paid out

                                       16

<PAGE>

of the Settlement Fund upon entry of the Final Judgment to Co-Lead Counsel for
Lead Plaintiffs for distribution to plaintiffs' counsel at the sole discretion
of Co-Lead Counsel for Lead Plaintiffs in accordance with the work performed by
plaintiffs' counsel and the benefit provided to the Class. In the event that the
Settlement does not become effective, or the Final Judgment is reversed or
modified, or the Settlement is cancelled or terminated for any other reason, and
in the event that the attorneys' fees and expenses have been paid to any extent,
then Co-Lead Counsel for Lead Plaintiffs shall be jointly and severally liable
for, within five (5) business days from receiving notice from counsel for any
Defendant or from a court of appropriate jurisdiction, refunding to the
Settlement Fund the fees, expenses, and costs previously paid to them and other
plaintiffs' counsel from the Settlement Fund plus interest thereon from the time
of withdrawal to the date of refund at the same rate as earned on the Settlement
Fund. Co-Lead Counsel for Lead Plaintiffs and other plaintiffs' counsel, as a
condition to receiving such fees and expenses, on behalf of itself and each
partner and/or shareholder of it, agrees that the law firm and its partners
and/or shareholders are subject to the jurisdiction of the District Court for
purposes of enforcing the provisions of this paragraph.

9.        In the event that the Settlement and/or any orders proposed jointly by
the parties relating thereto are not approved by the District Court
substantially in the form submitted, or approval of the Settlement and/or such
orders are modified or reversed in any material respect by any appellate or
other court, Lead Plaintiffs and the Company shall have the right to terminate
the Settlement by providing written notice to all parties within thirty (30)
days from the denial, modification or reversal of its approval of the Settlement
by the District Court or from the modification or reversal of the approval of
the Settlement in any material respect by any such

                                       17

<PAGE>

appellate or other court. In that event, this Stipulation and all orders entered
in connection with it shall become null and void and of no further force and
effect with respect to Defendants and Lead Plaintiffs, except that the
provisions of paragraphs 12 and 17 of this Stipulation shall take effect.

10.       The "Effective Date" of the Settlement contemplated by this
Stipulation shall be the later of the date, after entry of the Final Judgment
contemplated by paragraph 7 above, when (a) the time to file a motion to alter
or amend the Final Judgment has expired without any such motion having been
filed, (b) the time to seek review of or appeal from the Final Judgment has
expired without any such review or appeal having been sought or taken, or (c) if
such motion to alter or amend is filed or if such review or appeal is sought or
taken, the last of such motion, review or appeal shall have been finally
determined in such a manner as to permit the implementation of the Settlement
according to the terms set out in this Stipulation.

11. If the Effective Date occurs, the Settlement Fund shall be distributed as
follows:

a.        to the extent not already paid pursuant to paragraph 9, all Taxes, Tax
Expenses, Notice and Administration Costs and payment of plaintiffs' counsel
fees and related expenses (including experts' fees and expenses and compensatory
awards), shall be payable out of the Settlement Funds; and

b.        after the distributions contemplated by subparagraph (a), the
remaining Settlement Fund (the "Net Settlement Proceeds") shall be distributed
to Authorized Claimants in accordance with the Plan of Allocation and subject to
the following:

                    i.   Each Class Member who wishes to make a claim against
                         the Net Settlement Proceeds shall be required to submit
                         to the settlement

                                       18

<PAGE>

                    administrator identified in the Notice annexed hereto as
                    Exhibit B (the "Settlement Administrator") a completed Proof
                    of Claim postmarked by the date set by the District Court.

               ii.  Except as otherwise ordered by the District Court, Class
                    Members who fail to submit a qualifying Proof of Claim on a
                    timely basis shall be forever barred from receiving any
                    payment from the Net Settlement Proceeds, but will in all
                    other respects be subject to and bound by the provisions of
                    this Stipulation, the Final Judgment and any orders entered
                    in connection therewith, including the releases contained in
                    said documents, and will be barred from commencing,
                    prosecuting, pursuing, or litigating any Settled Claim
                    against any Releasee, whether directly or indirectly,
                    representatively, or in any other capacity.

               iii. The Plan of Allocation shall be considered by the District
                    Court separately from the District Court's consideration of
                    the fairness, reasonableness and adequacy of the Settlement.
                    Notwithstanding the provisions of paragraph 9 of this
                    Stipulation, any order or proceeding relating to the Plan of
                    Allocation, or any appeal from any order relating thereto or
                    reversal or modification thereof, shall not operate to allow
                    the parties hereto to terminate or cancel this Stipulation,
                    or be grounds for delaying the approval or the entry of, or
                    for modifying or otherwise affecting the Settlement, this

                                       19

<PAGE>

                    Stipulation, the Final Judgment or any other order entered
                    pursuant to this Stipulation.

c.        Defendants shall not have any reversionary interest in the cash
component of the Settlement Fund and any cash balance in the Net Settlement
Proceeds remaining one (1) year after the initial distribution to the Authorized
Claimants shall be contributed to not-for-profit entities organized under
Section 501(c)(3) of the Internal Revenue Code and existing in the Roanoke
Valley, as may be jointly agreed by Co-Lead Counsel for Lead Plaintiffs and
counsel for the Company, and as approved by the District Court. Any Warrants
issued to the Class but not distributed to any Authorized Claimants pursuant to
the approved Plan of Allocation one (1) year after the initial distribution
shall be returned to the Company and cancelled.

12.  If the Effective Date does not occur, or the Settlement contemplated by
this Stipulation is voided or terminated, (a) the entire amounts (Settlement
Fund) paid by the Company pursuant to paragraph 4 above (including all interest
that has accrued thereon), less (i) Notice and Administration Costs and (ii)
Taxes and Tax Expenses that have been paid from the Escrow Account, shall be
promptly returned to the Company; and (b) the parties will be restored to their
respective positions existing immediately prior to the execution of this
Stipulation.

13.  Except for the Company's obligations to pay the amounts set forth in
paragraph 4, the Defendants shall have no responsibility for, interest in, or
liability whatsoever with respect to the administration of the Settlement or
disbursement of the Settlement Fund, including without limitation the
administration, investment or distribution of the Escrow Account or the Net
Settlement Proceeds, the determination or implementation of the Plan of
Allocation, the determination, administration, calculation or payment of claims,
the payment or withholding of

                                       20

<PAGE>

taxes in connection with any of the foregoing, or any losses incurred in
connection with any of the foregoing.

14.  Counsel for each of the Defendants shall cooperate in the administration of
the Settlement to the extent reasonably necessary to effectuate its terms;
provided, however, that such cooperation shall under no circumstances be
construed to give rise to any responsibility for, interest in, or liability
whatsoever on the part of any Defendant for any matter related to the
administration of the Settlement (including without limitation the matters set
forth in paragraph 12 above).

15.  The Company agrees to request from its transfer agent a list of its
shareholders sufficient to permit Co-Lead Counsel for Lead Plaintiffs to direct
notices to the Class of the proposed Settlement. The Company further agrees to
direct its transfer agent to cooperate with Co-Lead Counsel for Lead Plaintiffs
in providing any information necessary to notify Class Members of the proposed
Settlement. In agreeing to the foregoing, it is understood and agreed that any
costs associated with obtaining such information from the Company's transfer
agent shall not be the responsibility of the Defendants, or any of them but
rather, such costs are to be paid from the Settlement Fund.

16.  The Company may withdraw from the Settlement prior to the Final Approval
Hearing in the event that the beneficial owners of greater than ten percent
(10%) of the number of shares of the Company common stock purchased during the
Class Period timely and validly request exclusion from the Class. Copies of all
requests for exclusion from the Class, together with copies of all written
revocations of such requests for exclusion, shall be delivered by Co-Lead

                                       21

<PAGE>

Counsel for Lead Plaintiffs to counsel for the Defendants no fewer than five (5)
business days before the Final Approval Hearing.

17.  This Stipulation and the Settlement provided for herein, whether or not
consummated, and all related negotiations, statements, and proceedings
constitute an attempt to compromise disputed claims, are encompassed by Rule 408
of the Federal Rules of Evidence and analogous state rules of evidence, and are
not and shall not in any event be:

a.        construed as or deemed to be evidence of a presumption, concession or
admission by any one or more of the Defendants of the truth of any fact alleged
or the validity of any claim which has or could have been asserted in any
litigation, or the deficiency of any defense which has or could have been
asserted in any litigation, or of any liability, fault, wrongdoing or otherwise
of any Defendant or as a presumption, concession or an admission of any
infirmity of any defense asserted by any Defendant; or

b.        offered or received as evidence of a presumption, concession or
admission of any fault, misrepresentation or omission in any statement or
written document approved or made by any Defendant; or

c.        offered or received as evidence of a presumption, concession or
admission of any liability, fault or wrongdoing alleged or in any way referred
to by any of the parties in the Action or in any other civil, criminal or
administrative action or proceeding other than such proceedings as may be
necessary to effectuate the provisions of this Stipulation; or

d.        construed as an admission or concession by anyone that the
consideration to be given hereunder represents the amount which could be or
would have been recovered after trial or construed as an admission or concession
by anyone against the Class Members or any of them

                                       22

<PAGE>

that any of their claims are without merit or that damages recoverable under the
Complaint would not have exceeded the value of the Settlement Fund.

18.  All counsel executing this Stipulation and any of the Exhibits hereto
warrant and represent that they are fully authorized to enter into the terms and
conditions of, and to execute, such documents on behalf of their respective
clients.

19.  This Stipulation and its Exhibits may be executed in one or more
counterparts, all of which together shall be considered one instrument, and all
of which shall be considered duplicate originals.

20.  This Stipulation may be amended or modified only by a written instrument
signed by all the signatories hereto, their principals or their principals'
respective successors-in-interest.

21.  This Stipulation, and all Exhibits hereto, shall be governed by and
construed in accordance with the laws of the Commonwealth of Virginia, without
giving effect to the choice-of-law rules thereof.

22.  The parties to this Stipulation intend the Settlement to be a final and
complete resolution of all disputes asserted or which could be asserted by Class
Members against the Releasees with respect to the Settled Claims. Accordingly,
all parties to this Stipulation agree that none of them will assert in any forum
that the litigation was brought or defended in bad faith or without a reasonable
basis, under Federal Rule of Civil Procedure 11 or otherwise. No press release
or other public statement to that effect shall be made by any party hereto or
any party's counsel, except as may be agreed to by the parties hereto.

23.  The headings herein are used for the purpose of convenience only and are
not meant to have legal effect.

                                       23

<PAGE>

24.  All recitals contained in this Stipulation are incorporated into and deemed
to be part of the substantive provisions hereof as if fully set forth therein.

25.  The District Court shall retain jurisdiction over the Action, including
without limitation over all matters arising from or related to the Stipulation
and the Settlement, and all parties hereto submit to the jurisdiction of the
District Court for such purposes.

26.  The waiver by one party of any breach of this Stipulation by any other
party shall not be deemed a waiver of any other prior or subsequent breach of
this Stipulation.

27.  This Stipulation, and the exhibits attached hereto, constitutes the entire
agreement among the parties hereto, and supersede all prior oral or written
agreements, representations, and understandings among the parties concerning the
subject matter hereof, except that any and all provisions of the MOU that are
expressly incorporated herein shall survive as set forth herein.

28.  Whenever this Stipulation requires or contemplates that one party give
notice to another, or notice shall be otherwise required by law, notice should
be provided by personal delivery, by fax, or by a national overnight carrier to
the party's counsel as listed at the end of this Stipulation.

                                       24

<PAGE>

FOR LEAD PLAINTIFFS AND THE CLASS


By /s/ William B. Federman
   -----------------------------------
William B. Federman
Stuart W. Emmons
FEDERMAN & SHERWOOD
120 N. Robinson Ave., Ste. 2720
Oklahoma City, OK 73102


Steven E. Cauley
CAULEY, GELLER, BOWMAN & COATES, LLP
11311 Arcade Drive
Little Rock, AR 72212
(501) 312-8500

       Co-Lead Counsel for Lead Plaintiffs and the Class


By /s/ Jefrrey H. Krasnow
   -----------------------------------
Jeffrey H. Krasnow (VSB 12736)
JEFFREY H. KRASNOW & ASSOCIATES, P.C.
301 W. Campbell Avenue
P.O. Box 120
Roanoke, VA 24002-0120

       Liaison Counsel for Lead Plaintiffs and the Class

                                       25

<PAGE>

FOR OPTICAL CABLE CORPORATION,  KENNETH W. HARBER AND LUKE J. HUYBRECHTS


By /s/ James R. Creekmore
   -----------------------------------
William B. Poff (VSB 03477)
Michael F. Urbanski (VSB 20700)
James R. Creekmore (VSB 36246)
WOODS ROGERS & HAZLEGROVE, PLC
P. O. Box 14125
Roanoke, Virginia 24038-4125

Michael D. Warden
SIDLEY AUSTIN BROWN & WOOD LLP
1501 K Street, NW
Washington, D.C. 20005

     Counsel for Optical Cable Corporation, Kenneth W. Harber and
     Luke J. Huybrechts


FOR ROBERT KOPSTEIN


By /s/ William W. Terry,  III
   -----------------------------------
William W. Terry, III
WETHERINGTON MELCHIONNA TERRY DAY & AMMAR
1100 BB&T Bank Building
Roanoke, Virginia 24011

     Counsel for Robert Kopstein

                                       26

</TEXT>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
