<SEC-DOCUMENT>0000917225-11-000014.txt : 20110412
<SEC-HEADER>0000917225-11-000014.hdr.sgml : 20110412
<ACCEPTANCE-DATETIME>20110412172915
ACCESSION NUMBER:		0000917225-11-000014
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110412
DATE AS OF CHANGE:		20110412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO EXPLORATION & ROYALTY CORP.
		CENTRAL INDEX KEY:			0000917225
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841285791
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-172929
		FILM NUMBER:		11755694

	BUSINESS ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
		BUSINESS PHONE:		3035341030

	MAIL ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>prossupp.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Filed
Pursuant to Rule&nbsp;424(b)(5)<BR>
Registration Statement File Number&nbsp;</FONT>333-172929<FONT STYLE="font-family: Times New Roman, Times, Serif"> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #CC062A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #CC062A"><B>This preliminary prospectus supplement relates
to an effective registration statement under the Securities Act of 1933, as amended, but is not complete and may be changed. This
preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities, and we are not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted. </B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #CC062A"><B>SUBJECT TO COMPLETION, DATED
APRIL 12, 2011 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>PRELIMINARY PROSPECTUS SUPPLEMENT<BR>
(To Prospectus dated March 29, 2011) </B></P>

<P STYLE="font: 9pt Arial; text-align: center; margin-right: 0; margin-left: 0; color: Red"><IMG SRC="logo.jpg" ALT=""><B></B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>_________ Shares
of Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We are offering _________&nbsp;shares
of our common stock, par value $.01 per share (&quot;common stock&quot;), at a price of $____ per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Our common stock is listed
on the NYSE Amex under the symbol &ldquo;XPL.&rdquo; On April 11, 2011, the last reported sale price of our common stock as reported
on the NYSE Amex was $3.09 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in our common stock involves a high degree of risk. You should review carefully the risks and uncertainties described under the
heading &quot;Risk Factors&quot; beginning on page&nbsp;S-2</B></FONT><B>
of this prospectus supplement and under similar headings in the other documents that are incorporated by reference into this prospectus
supplement and the accompanying prospectus.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense.</B></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"> <FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Per&nbsp;Share</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold; text-align: center"> <FONT STYLE="font: 7.5pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; line-height: 115%; text-indent: -12pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Public offering price</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; line-height: 115%; text-indent: -12pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Underwriting discounts and commissions (1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; line-height: 115%; text-indent: -12pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds, before expenses, to us</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.6pt 0 0; text-indent: 0.5in">______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.6pt 0 0; text-indent: 0.5in">(1) In addition, we have agreed to reimburse
the underwriter for certain of its expenses as described under &ldquo;Underwriting&rdquo; on page S-12 of this prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.6pt 0 0; text-indent: 0.5in">We have granted the underwriter an option
for a period of 30 days from the date of this prospectus supplement to purchase up to an additional &#9679;shares of our common
stock from us to cover over-allotments, if any. If the underwriter exercises this option in full, the total underwriting discounts
and commissions will be $&#9679;, and our total proceeds, before expenses, will be $&#9679;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The underwriter expects
to deliver the shares of our common stock on or about April __, 2011.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Roth Capital Partners</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">The date of this prospectus
supplement is April __, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><A HREF="#toc"></A></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><A HREF="#toc"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You
should rely only on the information contained in or incorporated by reference in this prospectus supplement and the accompanying
prospectus. We have not, and the underwriter has not, authorized anyone to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely on it. We are not, and the underwriter is not, making an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing
in this prospectus supplement, the accompanying prospectus, and the documents incorporated by reference is accurate only as of
their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
prospectus supplement contains summaries of certain provisions contained in some of the documents described herein, and reference
is made to the actual documents filed with the United States Securities and Exchange Commission, or SEC, for complete information.
You may obtain copies of those documents as described below under &quot;Where You Can Find More Information.&quot;</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><A NAME="toc"></A><BR>
<B>TABLE OF CONTENTS </B></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold">Page</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="padding-left: 10pt; font-weight: bold; text-align: center; text-indent: -10pt">Prospectus Supplement</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">About This Prospectus Supplement</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-ii</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Disclosure Regarding Forward-Looking Statements</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-ii</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Summary</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-1</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Risk Factors</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-2</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Use of Proceeds</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-10</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Dilution</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-11</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Capitalization</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-11</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Description of Securities We Are Offering</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-11</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Underwriting</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-12</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Notice to Investors</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-15</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Legal Matters</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-16</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Experts</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-16</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Where You Can Find More Information</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-17</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">Incorporation of Certain Documents by Reference</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">S-17</TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-weight: bold; text-decoration: underline; text-align: center">Prospectus</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%; font-weight: bold">Page</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">ABOUT THIS PROSPECTUS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">1</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">ABOUT SOLITARIO EXPLORATION &amp; ROYALTY CORP.</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">1</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">RISK FACTORS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">2</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">2</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">RATIOS OF EARNINGS TO FIXED CHARGES</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">3</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">HOW WE INTEND TO USE THE PROCEEDS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">4</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">DESCRIPTION OF THE SECURITIES</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">5</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">DESCRIPTION OF DEBT SECURITIES</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">6</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">DESCRIPTION OF PREFERRED STOCK</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">21</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">DESCRIPTION OF COMMON STOCK</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">23</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">DESCRIPTION OF WARRANTS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">24</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">DESCRIPTION OF UNITS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">25</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">HOW WE PLAN TO SELL THE SECURITIES</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">28</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">CERTAIN PROVISIONS OF COLORADO LAW AND OF OUR AMENDED AND RESTATED</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">31</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp; &nbsp;&nbsp;&nbsp;ARTICLES OF INCORPORATION, AS AMENDED, AND AMENDED AND RESTATED BY-LAWS</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">INFORMATION INCORPORATED BY REFERENCE</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">33</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">34</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">EXPERTS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">34</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-left: 12pt; line-height: 115%">LEGAL MATTERS</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">34</TD>
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 20px">&nbsp;</TD>
    <TD STYLE="width: 9px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-i</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>ABOUT THIS PROSPECTUS SUPPLEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">This document is part
of the registration statement that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo;
registration process and consists of two parts. The first part is this prospectus supplement, including the documents incorporated
by reference, which describes the specific terms of this offering. The second part, the accompanying prospectus, including the
documents incorporated by reference, gives more general information, some of which may not apply to this offering. Generally, when
we refer only to the &ldquo;prospectus,&rdquo; we are referring to both parts combined. This prospectus supplement may add to,
update or change information in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement
or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">If information in this
prospectus supplement is inconsistent with the accompanying prospectus or with any document incorporated by reference that was
filed with the SEC before the date of this prospectus supplement, you should rely on this prospectus supplement. This prospectus
supplement, the accompanying prospectus and the documents incorporated into each by reference include important information about
us, the securities being offered and other information you should know before investing in our securities. You should also read
and consider information in the documents we have referred you to in the section of this prospectus supplement and the accompanying
prospectus entitled &ldquo;Where you can find more information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">You should rely only on
this prospectus supplement, the accompanying prospectus and the information incorporated or deemed to be incorporated by reference
in this prospectus supplement and the accompanying prospectus. We have not authorized anyone to provide you with information that
is in addition to or different from that contained or incorporated by reference in this prospectus supplement and the accompanying
prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. We are not offering to
sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information
contained or incorporated by reference in this prospectus supplement or the accompanying prospectus is accurate as of any date
other than as of the date of this prospectus supplement or the accompanying prospectus, as the case may be, or in the case of the
documents incorporated by reference, the date of such documents regardless of the time of delivery of this prospectus supplement
and the accompanying prospectus or any sale of our securities. Our business, financial condition, liquidity, results of operations
and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Unless the context otherwise
requires, all references to &ldquo;Solitario,&rdquo; &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo;
or &ldquo;our company&rdquo; in this prospectus supplement and the accompanying prospectus refer to Solitario Exploration &amp;
Royalty Corp., a Colorado corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">This prospectus <FONT STYLE="font-family: Times New Roman, Times, Serif">supplement,
the accompanying prospectus and the documents we have incorporated by reference contain</FONT> forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions
that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied
by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed
forward-looking statements, including any projections of financing needs, revenue, expenses, earnings or losses from operations,
or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements
concerning exploration and development plans and timelines; any statements of expectation or belief; and any statements of assumptions
underlying any of the foregoing. In addition, forward looking statements may contain the words &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;will be,&rdquo;
&ldquo;will continue,&rdquo; &ldquo;will result,&rdquo; &ldquo;seek,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo;
or any variations of such words or other words with similar meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The forward-looking statements
included in this prospectus supplement represent our estimates as of the date of this prospectus supplement. We specifically disclaim
any obligation to update these forward-looking statements in the future, except as required by law. These forward-looking statements
should not be relied upon as representing our estimates or views as of any date subsequent to the date of this prospectus supplement.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-ii</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SUMMARY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><I>This summary highlights
selected information appearing elsewhere in this prospectus supplement or in the accompanying prospectus or incorporated by reference
in this prospectus supplement and the accompanying prospectus and does not contain all of the information that may be important
to you and does not contain all of the information that you should consider before investing in our securities. This prospectus
supplement and the accompanying prospectus include or incorporate by reference information about the securities we are offering
as well as information regarding our business and detailed financial data. You should read this prospectus supplement and the
accompanying prospectus and the information incorporated by reference herein in their entirety, including the risk factors beginning
on page S-2 and the financial statements and related notes.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>Our Company </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Solitario is an exploration stage company
with a focus on the acquisition of precious and base metal properties with exploration potential and the development or purchase
of royalty interests. We acquire and hold a portfolio of exploration properties for future sale, joint venture, or to create a
royalty prior to the establishment of proven and probable reserves. Although our mineral properties may be developed in the future
on our own or through a joint venture, Solitario has never developed a mineral property. However, in August 2010 and December 2010,
respectively, Solitario signed a Letter of Intent and a Limited Liability Company Operating Agreement to earn up to an 80% interest
in and develop the Mt. Hamilton project located in Nevada and we intend to develop the Mt. Hamilton project. Solitario may also
evaluate mineral properties to potentially buy a royalty. At December 31, 2010, Solitario&rsquo;s mineral properties are located
in the State of Nevada in the United States and in Mexico, Brazil, Bolivia and Peru.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: center"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We were incorporated in Colorado on
November 15, 1984 under the name Solitario Resources Corporation as a wholly-owned subsidiary of Crown Resources Corporation, or
Crown. On June 12, 2008, our shareholders approved an amendment to the Articles of Incorporation to change our name from Solitario
Resources Corporation to Solitario Exploration &amp; Royalty Corp. In July 1994, Solitario became a publicly traded company on
the Toronto Stock Exchange through its Initial Public Offering. On July 26, 2004, Crown completed a spin-off of its holdings of
our shares to its shareholders as part of the acquisition of Crown by Kinross Gold Corporation. Our website address is www.solitarioxr.com.
The information contained in, or that can be accessed through, our website is not incorporated by reference into this prospectus
supplement and is not part of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Our common stock is listed
on the NYSE Amex under the symbol &ldquo;XPL&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;SLR.&rdquo; Our principal
executive offices are located at 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033. Our telephone number is (303)&nbsp;534-1030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>The Offering </B></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 35%; vertical-align: top; padding-left: 5.25pt; line-height: 115%; font-family: Times New Roman, Times, Serif">Issuer</TD>
    <TD STYLE="width: 65%; vertical-align: bottom; padding-left: 0.5in; line-height: 115%; font-family: Times New Roman, Times, Serif">Solitario Exploration &amp; Royalty Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.25pt; line-height: 115%; font-family: Times New Roman, Times, Serif">Common stock we are offering</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; line-height: 115%; font-family: Times New Roman, Times, Serif">&#9679; &nbsp;shares (&#9679; shares if the underwriter's over-allotment option is exercised in full)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.25pt; line-height: 115%; font-family: Times New Roman, Times, Serif">Common stock to be outstanding after this offering</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; line-height: 115%; font-family: Times New Roman, Times, Serif">&#9679; shares of common stock (&#9679; shares if the underwriter's over-allotment option is exercised in full)(1)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.25pt; line-height: 115%; font-family: Times New Roman, Times, Serif">Use of proceeds</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; line-height: 115%; font-family: Times New Roman, Times, Serif">We expect that the net proceeds from this offering will be approximately $&#9679; million after deducting underwriting discounts and commissions and estimated offering expenses payable by us (approximately $____&nbsp;million if the underwriter's over-allotment option is exercised in full). We intend to use the net proceeds from this offering for fund exploration and development of our mineral properties, to repay certain outstanding indebtedness and for general corporate purposes, including capital expenditures and working capital. We may use a portion of our net proceeds to invest in or acquire additional mineral properties or royalty interests. See &quot;Use of Proceeds.&quot;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">Risk Factors</TD>
    <TD STYLE="padding-left: 31.95pt; line-height: 115%">See &ldquo;Risk Factors&rdquo; beginning on page S-2 of this prospectus supplement and the reports we file with the SEC pursuant to the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;), incorporated by reference in this prospectus supplement and the accompanying prospectus before making an investment in our common stock.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 5.25pt; line-height: 115%; font-family: Times New Roman, Times, Serif">Listing</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; line-height: 115%; font-family: Times New Roman, Times, Serif">Our common stock is listed on the NYSE Amex under the symbol &ldquo;XPL&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;SLR.&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0.5in">S-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Unless otherwise indicated, the information
contained in this prospectus supplement assumes no exercise of the underwriter&rsquo;s over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(1)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">The number of shares of common stock to be outstanding
after this offering is based on 29,793,342 shares of common stock outstanding as of April&nbsp;8, 2011 and excludes 2,565,900 shares
of common stock issuable upon the exercise of outstanding options and up to 275,000 shares issuable to DHI Minerals (U.S.) Ltd.
(&ldquo;DHI-US&rdquo;) pursuant to the Limited Liability Company Operating Agreement of Mt. Hamilton LLC (&ldquo;MH-LLC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>RISK FACTORS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><I>Investing in our securities
involves a high degree of risk. You should carefully consider the risks described below and in the documents incorporated by reference
into this prospectus supplement and the accompanying prospectus before making a decision to invest in our securities. Some of these
factors relate principally to our business and the industry in which we operate. Other factors relate principally to your investment
in our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties
not presently known to us or that we currently deem immaterial may also materially and adversely affect our business and operations.
The risks and uncertainties we have described are not the only ones facing our company. Additional risks and uncertainties not
presently known to us or that we currently deem immaterial may also affect our business operations. The occurrence of any of these
risks might cause you to lose all or part of your investment in our common stock. The discussion of risks includes or refers to
forward-looking statements; you should read the explanation of the qualifications and limitations on such forward-looking statements
discussed elsewhere in this prospectus. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -0.5in; margin-right: 0; margin-left: 0.5in"><B>General
Risks and Uncertainties </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><B><I>During 2010, we
entered into an agreement with Ely Gold and Minerals, Inc. (&quot;Ely&quot;) to acquire up to 80% of the Mt. Hamilton project through
our membership interest in MH-LLC. We currently intend to develop this property. The potential development of the Mt. Hamilton
project adds new risks to Solitario including permitting, finance, mining operations and closure, for which Solitario has limited
experience, resources and personnel. Failure on any of these or other components of the planned development of the Mt. Hamilton
project could contribute to our inability to profitably develop, operate and close the Mt. Hamilton project, which could result
in the loss of our investment in MH-LLC, and the loss of all or a significant portion of our financial reserves. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>The
development of mining properties involves a high degree of risk including the requirement to obtain permits, significant financial
resources for the construction and development of an operating mine, operational expertise and reclamation. Permitting of a mine
for development can be an expensive and uncertain endeavor, with no assurance of receiving required permits in a timely manner,
if ever. We do not have a history of developing or operating mines and may not be able to acquire the additional personnel to adequately
manage such operations. In addition, the financial resources required to put a mine into production and to sustain profitable operating
mines is significant and far exceed our existing financial resources and there can be no assurance that we could obtain such financial
resources. Should we fail to timely complete any of the activities required for the planned development of the Mt. Hamilton project
or if upon completion of the development of the Mt. Hamilton project we are unable to operate the project profitably, it could
result in the loss of our investment in MH-LLC, the loss of all or a significant portion of our financial reserves and be a detriment
to our other exploration assets. The failure to permit, develop, operate and close the Mt. Hamilton project on a timely and profitable
basis could negatively affect our stock price and our financial position and operational results.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B><I>Our mineral exploration
activities involve a high degree of risk; a significant portion of our business model envisions the sale or joint venture of mineral
property, prior to the establishment of reserves. If we are unable to sell or joint venture these properties, the money spent on
exploration may never be recovered and we could incur an impairment on our investments in our projects. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The exploration for mineral deposits involves
significant financial and other risks over an extended period of time. Few properties that are explored are ultimately developed
into producing mines. Major expenses are required to determine if any of our mineral properties may have the potential to be commercially
viable and be salable or joint ventured. We have never established reserves on any of our properties. Significant additional expense
and risks, including drilling and determining the feasibility of a project, are required prior to the establishment of reserves.
These additional costs potentially diminish the value of our properties for sale or joint venture. It is impossible to ensure that
the current or proposed exploration programs on properties in which we have an interest will be commercially viable or that we
will be able to sell, joint venture or develop our properties. Whether a mineral deposit will be commercially viable depends on
a number of factors, some of which are the particular attributes of the deposit, such as its size and grade, costs and efficiency
of the recovery methods that can be employed, proximity to infrastructure, financing costs and governmental regulations, including
regulations relating to prices, taxes, royalties, infrastructure, land use, importing and exporting of gold or other minerals,
and environmental protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">We believe the data obtained from our own
exploration activities or our partners' activities to be reliable, however the nature of exploration of mineral properties and
analysis of geological information is subjective and data and conclusions are subject to uncertainty including invalid data as
a result of many reasons, including sample contamination, analysis variation, extrapolation, undetected instrumentation malfunctions
and the use of geologic and economic assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Even if our exploration activities determine
that a project is commercially viable, it is impossible to ensure that such determination will result in a profitable sale of the
project or development by a joint venture in the future and that such project will result in profitable commercial mining operations.
If we determine that capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur
an impairment of our investment in such property interest. All of these factors may result in losses in relation to amounts spent,
which are not recoverable. We have experienced losses of this type from time to time including during 2010 when we wrote down our
investment in our Santiago, Cajatambo, La Noria and Palmira projects, recording mineral property impairment of $55,000. We recorded
mineral property impairment of $51,000 during 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have a significant investment in Kinross Gold Corporation (&ldquo;Kinross&rdquo;) common stock. We have no control over fluctuations
in the price of Kinross common stock and reductions in the value of this investment could have a negative impact on the market
price of our common stock. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;We have a significant investment in
Kinross as of April 11, 2011. A significant fluctuation in the market value of Kinross common stock could have a material impact
on our investment in Kinross, the market price of our common stock and our liquidity and capital resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2010 and 2011 we have borrowed money using short-term margin accounts, secured by our investment in Kinross. In the event this
borrowing increases, or the price of a share of Kinross common stock decreases, we may be subject to a margin call against our
investment in Kinross. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">As of April 11, 2011 we have borrowed $3,875,000
in short term margin loans, secured by our investment in Kinross. These margin loans provide that if the net equity in our investment
in Kinross, defined as the market value our equity holdings, consisting primarily of Kinross common stock, falls below a minimum
margin equity level of between 35% and 40%, the lender of the short term margin loans may demand immediate payment or sell as much
Kinross stock as necessary to repay the margin loan (a &quot;Margin Call&quot;). A significant decline in the market value of Kinross
could result in the sale of some or all our investment in Kinross at a steep discount to the current investment balance. Such a
Margin Call could have a negative effect on our liquidity, capital resources and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market for shares of our common stock has limited liquidity and the market price of our common stock has fluctuated and may decline.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">An investment in our common stock involves
a high degree of risk. The liquidity of our shares, or ability of the shareholder to buy or sell our common stock, may be significantly
limited for various unforeseeable periods. The average combined daily volume of our shares traded on the Toronto Stock Exchange
and the NYSE Amex Equities during 2010 was approximately 30,000 shares, with no shares traded on many days. The market price of
our shares has historically fluctuated in a wide range. The price of our common stock may be affected by many factors, including
adverse change in our business, a decline in gold or other commodity prices, and general economic trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
mineral exploration activities are inherently dangerous and could cause us to incur significant unexpected costs including legal
liability for loss of life, damage to property and environmental damage, any of which could materially adversely affect our financial
position or results of operations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Our operations are subject to the hazards
and risks normally related to exploration of a mineral deposit including mapping and sampling, drilling, road building, trenching,
assaying and analyzing rock samples, transportation over primitive roads or via small contract aircraft or helicopters and severe
weather conditions, any of which could result in damage to life or property, environmental damage and possible legal liability
for such damage. Any of these risks could cause us to incur significant unexpected costs that could have a material adverse effect
on our financial condition and ability to finance our exploration activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have a history of losses and if we do not operate profitably in the future it could have a material adverse affect on our financial
position or results of operations and the trading price of our common stock would likely decline. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">We have reported losses in 15 of our 17 years
of operations. We reported losses of $4,066,000 and $1,786,000 for the years ended December 31, 2010 and 2009, respectively. We
can provide no assurance that we will be able to operate profitably in the future. We have had net income in only two years in
our history, during 2003, as a result of a $5,438,000 gain on derivative instrument related to our investment in certain Crown
warrants and during 2000, when we sold our Yanacocha property. We cannot predict when, if ever, we will be profitable again. If
we do not operate profitably, the trading price of our common stock will likely decline.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operations outside of the United States of America may be adversely affected by factors outside our control, such as changing political,
local and economic conditions, any of which could materially adversely affect our financial position or results of operations.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Our mineral properties located in Latin America
consist primarily of mineral concessions granted by national governmental agencies and are held 100% by us or under lease, option
or purchase agreements. Our mineral properties are located in Peru, Bolivia, Mexico and Brazil. We act as operator on all of our
mineral properties that are not held in joint ventures. The success of projects held under joint ventures that are not operated
by us is substantially dependent on the joint venture partner, over which we have limited or no control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Our exploration activities and mineral properties
located outside of the United States of America (&quot;United States&quot;) are subject to the laws of Peru, Bolivia, Brazil and
Mexico, where we operate. Exploration and potential development activities in these countries are potentially subject to political
and economic risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">cancellation or renegotiation of contracts;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">disadvantages of competing against companies from countries that are not subject to US laws
and regulations,<BR>
including the Foreign Corrupt Practices Act;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">changes in foreign laws or regulations;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">changes in tax laws;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">royalty and tax increases or claims by governmental entities, including retroactive claims;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">expropriation or nationalization of property;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">currency fluctuations (particularly related to declines in the US dollar compared to local
currencies);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">foreign exchange controls;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">restrictions on the ability for us to hold US dollars or other foreign currencies in offshore
bank accounts;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">import and export regulations;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">environmental controls; </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">risks of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism;
and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 3pt 0.85in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">other risks arising out of foreign sovereignty over the areas in which our exploration activities
are&nbsp;conducted.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">During 2006, the government of Bolivia took
steps toward the nationalization of its oil and gas industry by unilaterally increasing taxes payable by private owners of oil
and gas properties. In 2007 the government effectively increased corporate taxes on mining companies from 25% to 37.5% of profits.
More recently, the government has proposed sweeping changes in the mining law concerning the amount of mining rights private companies
may own, and the potential for the Bolivian government to effectively become a carried 50% partner in mining operations. These
political and legal uncertainties could have an adverse effect upon our projects in Bolivia. We have significantly reduced our
activities in Bolivia, while monitoring this situation. Our capitalized costs in Bolivia are approximately $25,000 as of December
31, 2010 and December 31, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Consequently, our current exploration activities
outside of the United States may be substantially affected by factors beyond our control, any of which could materially adversely
affect our financial position or results of operations. Furthermore, in the event of a dispute arising from such activities, we
may be subject to the exclusive jurisdiction of courts outside of the United States or may not be successful in subjecting persons
to the jurisdictions of the courts in the United States, which could adversely affect the outcome of a dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may not have sufficient funding for exploration and potential development; which may impair our profitability and growth. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The capital required for exploration and potential
development of mineral properties is substantial. We have financed operations through utilization of joint venture arrangements
with third parties (generally providing that the third party will obtain a specified percentage of our interest in a certain property
or a subsidiary owning a property in exchange for the expenditure of a specified amount), the sale of interests in properties or
other assets, the sale of strategic investments in other companies such as Kinross, short-term margin loans and the issuance of
common stock. At some point in the future, we will need to raise additional cash, or enter into joint venture arrangements, in
order to fund the exploration activities required to determine whether mineral deposits on our projects are commercially viable
and in the case of MH-LLC, potential funding for development activities to place the project into production. New financing or
acceptable joint venture partners may or may not be available on a basis that is acceptable to us. Inability to obtain new financing
or joint venture partners on acceptable terms may prohibit us from continued exploration or potential development of such mineral
properties. Without successful sale or future development of our mineral properties through joint ventures, or on our own, we will
not be able to realize any profit from our interests in such properties, which could have a material adverse effect on our financial
position and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
investment in MH-LLC includes the obligation to make payments necessary to provide Ely with the funds for Ely to repay a long-term
loan secured by the assets of the Mt. Hamilton project; failure to make all of the payments associated with MH-LLC including those
due to underlying leaseholders may result in losing all of our interest in the Mt. Hamilton project. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">In connection with the formation of MH-LLC,
the Mt. Hamilton properties contributed by DHI-US to MH-LLC were subject to a security interest granted to Augusta Resource Corporation
(&quot;Augusta&quot;) related to Ely's acquisition of the Mt. Hamilton properties. Pursuant to the <FONT STYLE="font-family: Times New Roman, Times, Serif">Limited
Liability Company Operating Agreement of MH-LLC</FONT>, as part of our earn-in, we agreed to make payments of $3,750,000, with
$1,250,000 of that in cash to DHI-US and $2,500,000 of that in the form of private placement investments in Ely common stock, all
to provide Ely with the funds necessary for Ely to make the loan payments due to Augusta. Failure to make any of the payments or
investments necessary to provide Ely with funds to make the required payments due to Augusta may result in the loss of all of our
interest in the Mt. Hamilton project.<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
large number of companies are engaged in the exploration of mineral properties, many of which have substantially greater technical
and financial resources than us and, accordingly, we may be unable to compete effectively in the mining industry which could have
a material adverse effect on our financial position or results of operations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">We may be at a disadvantage with respect to
many of our competitors in the acquisition and exploration of mining projects. The marketing of mineral properties is affected
by numerous factors, many of which are beyond our control. These include the price of the raw or refined minerals in the marketplace,
imports of minerals from other countries, the availability of adequate milling and smelting facilities, the number and quality
of other mineral properties that may be for sale or are being explored. Our competitors with greater financial resources than us
will be better able to withstand the uncertainties and fluctuations associated with the marketing of exploration projects. In addition,
we compete with other mining companies to attract and retain key executives and other employees with technical skills and experience
in the mineral exploration business. We also compete with other mineral exploration and development companies for exploration projects.
There can be no assurance that we will continue to attract and retain skilled and experienced employees or to acquire additional
exploration projects. The realization of any of these risks from competitors could have a material adverse affect on our financial
position or results of operations.<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
title to our mineral properties may be defective or challenged which could have a material adverse effect on our financial position
or results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">In connection with the acquisition of our
mineral properties, we conduct limited reviews of title and related matters, and obtain certain representations regarding ownership.
These limited reviews do not necessarily preclude third parties from challenging our title and, furthermore, our title may be defective.
Consequently, there can be no assurance that we hold good and marketable title to all of our mineral interests. If any of our mineral
interests were challenged, we could incur significant costs in defending such a challenge. These costs or an adverse ruling with
regards to any challenge of our titles could have a material adverse effect on our financial position or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have no reported mineral reserves and if we are unsuccessful in identifying mineral reserves in the future, we may not be able
to realize any profit from our property interests. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">We are an exploration stage company and have
no reported mineral reserves. Any mineral reserves will only come from extensive additional exploration, engineering and evaluation
of existing or future mineral properties. The lack of reserves on our mineral properties could prohibit us from sale or joint venture
of our mineral properties. If we are unable to sell or develop either on our own or through a joint venture our mineral properties,
we will not be able to realize any profit from our interests in such mineral properties, which could materially adversely affect
our financial position or results of operations. Additionally, if we or partners to whom we may joint venture our mineral properties
are unable to develop reserves on our mineral properties we may be unable to realize any profit from our interests in such properties,
which could have a material adverse effect on our financial position or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operations could be negatively affected by existing as well as potential changes in laws and regulatory requirements that we are
subject to, including regulation of mineral exploration and land ownership, environmental regulations and taxation. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The exploration and potential development
of mineral properties is subject to federal, state, provincial and local laws and regulations in the countries in which we operate
in a variety of ways, including regulation of mineral exploration and land ownership, environmental regulation and taxation. These
laws and regulations, as well as future interpretation of or changes to existing laws and regulations may require substantial increases
in capital and operating costs to us and delays, interruptions, or a termination of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;In the countries in which we operate,
in order to obtain permits for exploration or potential future development of mineral properties environmental regulations generally
require a description of the existing environment, both natural, archeological and socio-economic, at the project site and in the
region; an interpretation of the nature and magnitude of potential environmental impacts that might result from such activities;
and a description and evaluation of the effectiveness of the operational measures planned to mitigate the environmental impacts.
Currently the expenditures to obtain exploration permits to conduct our exploration activities are not material to our total exploration
cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0; text-indent: 0.5in">S-6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">The laws and regulations in all the countries
in which we operate are continually changing and are generally becoming more restrictive, especially environmental laws and regulations.
As part of our ongoing exploration activities, we have made expenditures to comply with such laws and regulations, but we cannot
predict that the regulatory environment in which we operate could change in ways that would substantially increase our costs to
achieve compliance. Delays in obtaining or failure to obtain government permits and approvals or significant changes in regulation
could have a material adverse effect on our exploration activities, our ability to locate economic mineral deposits, and our potential
to sell, joint venture or eventually develop our properties, which could have a material adverse effect on our financial position
or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occurrence
of events for which we are not insured may materially adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Mineral exploration is subject to risks of
human injury, environmental liability and loss of assets. We maintain limited insurance coverage to protect ourselves against certain
risks related to loss of assets for equipment in our operations; however, we have elected not to have insurance for other risks
because of the high premiums associated with insuring those risks or for various other reasons including those risks where insurance
may not be available. There are additional risks in connection with investments in parts of the world where civil unrest, war,
nationalist movements, political violence or economic crisis are possible. These countries may also pose heightened risks of expropriation
of assets, business interruption, increased taxation and a unilateral modification of concessions and contracts. We do not maintain
insurance against political risk. Occurrence of events for which we are not insured could have a material adverse effect on our
financial position or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severe
weather or violent storms could materially affect our operations due to damage or delays caused by such weather. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Our exploration activities in Peru, Bolivia,
Brazil and Mexico as well as our activities associated with the exploration and potential development of the Mt. Hamilton project
are subject to normal seasonal weather conditions that often hamper and may temporarily prevent exploration or development activities.
There is a risk that unexpectedly harsh weather or violent storms could affect areas where we conduct these activities. Delays
or damage caused by severe weather could materially affect our operations or our financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business is extremely dependent on gold, commodity prices and currency exchange rates over which we have no control. </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">Our operations
are significantly affected by changes in the market price of gold and other commodities since the evaluation of whether a mineral
deposit is commercially viable is heavily dependent upon the market price of gold and other commodities. The price of commodities
also affects the value of exploration projects we own or may wish to acquire. These prices of commodities fluctuate on a daily
basis and are affected by numerous factors beyond our control. The supply and demand for gold and other commodities, the level
of interest rates, the rate of inflation, investment decisions by large holders of these commodities, including governmental reserves,
and stability of exchange rates can all cause significant fluctuations in prices. Such external economic factors are in turn influenced
by changes in international investment patterns and monetary systems and political developments. Currency exchange rates relative
to the Unite States dollar can affect the cost of doing business in a foreign country in United States dollar terms, which is our
functional currency. Consequently, the cost of conducting exploration in the countries where we operate, accounted for in United
States dollars, can fluctuate based upon changes in currency exchange rates and may be higher than we anticipate in terms of United
States dollars because of a decrease in the relative strength of the United States dollar to currencies of the countries where
we operate. We currently do not hedge against currency fluctuations. The prices of commodities have fluctuated widely and future
serious price declines could have a material adverse effect on our financial position or results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business is dependent on key executives and the loss of any of our key executives could adversely affect our business, future operations
and financial condition. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">We are dependent
on the services of key executives, including our Chief Executive Officer, Christopher E. Herald, our Chief Financial Officer, James
R. Maronick, and our Chief Operating Officer, Walter H. Hunt. All of the above named officers have many years of experience and
an extensive background in Solitario and the mining industry in general. We may not be able to replace that experience and knowledge
with other individuals. We do not have &quot;Key-Man&quot; life insurance policies on any of our key executives. The loss of these
persons or our inability to attract and retain additional highly skilled employees may adversely affect our business, future operations
and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to our Mt. Hamilton project, we may look to joint venture with another mining company in the future to develop and or
operate one of our foreign projects, therefore, in the future, our results may become subject to additional risks associated with
development and production of our foreign mining projects. </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">We are not currently
involved in mining development or operating activities at any of our properties located outside of the United States. In order
to realize a profit from these mineral interests we either have to: (1) sell such properties outright at a profit; (2) form a joint
venture for the project with a larger mining company with greater resources, both technical and financial, to further develop and/or
operate the project at a profit; (3) develop and operate such projects at a profit on our own; or 4) create and retain a royalty
interest in a property with a third-party that agrees to advance the property toward development and mining . However, we have
never developed a mineral property. In the future, if our exploration activities show sufficient promise in one of our foreign
projects, we may either look to form a joint venture with another mining company to develop and or operate the project, or sell
the property outright and retain partial ownership or a retained royalty based on the success of such project. Therefore, in the
future, our results may become subject to the additional risks associated with development and production of mining projects in
general.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the future, we may participate in a transaction to acquire a property, royalty or another company that requires a substantial amount
of capital or Solitario equity to complete. Our acquisition costs may never be recovered due to changing market conditions, or
our own miscalculation concerning the recoverability of our acquisition investment. Such an occurrence could adversely affect our
business, future operations and financial condition. </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">We are currently
involved in evaluating a wide variety of acquisition opportunities involving mineral properties and companies for acquisition.
Some of these opportunities may involve a substantial amount of capital or Solitario equity to successfully acquire. As many of
these opportunities do not have reliable feasibility-level studies, we may have to rely on our own estimates for investment analysis.
Such estimates, by their very nature, contain substantial uncertainty. In addition, economic assumptions, such as future costs
and commodity prices, also contain significant uncertainty. Consequently, if our estimates prove to be in error, either through
miscalculations or changing market conditions, this could have a material adverse effect on our financial position or results of
operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to comply with the United States Foreign Corrupt Practices Act (FCPA) could subject us to penalties and other adverse consequences.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">As a Colorado corporation, we are subject
to the FCPA and similar worldwide anti-bribery laws, which generally prohibits United States companies and their intermediaries
from engaging in bribery or other improper payments to foreign officials for the purpose of obtaining or retaining business. Foreign
companies, including some that may compete with our company, are not subject to U.S. laws and regulations, including the FCPA,
and therefore our exploration, development, production and mine closure activities are subject to the disadvantage of competing
against companies from countries that are not subject to these prohibitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;In addition, we could be adversely affected
by violations of the FCPA and similar anti-bribery laws in other jurisdictions. Corruption, extortion, bribery, pay-offs, theft
and other fraudulent practices may occur from time-to-time in the in the countries outside of the United States in which we operate.
Our mineral properties are located in countries that may have experienced governmental corruption to some degree and, in certain
circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. Our policies mandate compliance
with these anti-bribery laws, however, we cannot assure you that our internal controls and procedures always will protect us from
the reckless or criminal acts committed by our employees or agents. We can make no assurance that our employees or other agents
will not engage in such conduct for which we might be held responsible. If our employees or other agents are found to have engaged
in such practices or we are found to be liable for FCPA violations, we could suffer severe criminal or civil penalties or other
sanctions and other consequences that may have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in"><B>Risks Relating to this Offering and
our common stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>Approximately 28.8% of our common stock
is controlled by two significant shareholders and management. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately
18.9% of our common stock is controlled by two significant shareholders. In addition, our directors and officers are the beneficial
owners of approximately 9.9% of our common stock. This includes, with respect to our directors and officers, shares that may be
purchased upon the exercise of outstanding options. Should these shareholders decide to act together, they may be able to substantially
influence the management, affairs and operations of our company and all matters requiring approval by our shareholders, including
the election of directors and the approval of mergers or other business combination transactions. Accordingly, the concentration
of ownership by such shareholders may have the effect of delaying, deferring, preventing or facilitating a sale of our company
or a business combination with a third party. Further, circumstances may arise in which the interests of these shareholders could
conflict with the interests of our other shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The availability for sale of a large amount of shares may depress the market price of our common stock. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of April 8, 2011, 29,793,342 shares of our common stock were currently outstanding, substantially all of which are registered or
otherwise transferable. The availability for sale of a large amount of shares by any one or several shareholders may depress the
market price of our common stock and impair our ability to raise additional capital through the public sale of our common stock.
We have no arrangement with any of the holders of the foregoing shares to address
the possible effect on the price of our common stock of the sale by them of their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You will experience immediate dilution in the book value per share of the common stock you purchase. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Because the price per share of our common
stock being offered is substantially higher than the book value per share of our common stock, you will suffer substantial dilution
in the net tangible book value of the common stock you purchase in this offering. After giving effect to the sale by us of ___________&nbsp;shares
of common stock in this offering, and based on a public offering price of $____ per share in this offering and a pro forma net
tangible book value per share of our common stock of $0.46 as of December 31, 2010, if you purchase shares in this offering, you
will suffer immediate and substantial dilution of $____ per share in the net tangible book value of the common stock purchased.
See &quot;Dilution&quot; for a more detailed discussion of the dilution you will incur in connection with this offering.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Terms of subsequent financings may adversely impact our shareholders. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to finance our working capital needs, we may have to raise funds through the issuance of equity or debt securities in the
future. Depending on the type and the terms of any financing we pursue, shareholder's rights and the value of their investment
in our common stock could be reduced. For example, if we issue secured debt securities, the holders of the debt would have a claim
to our assets that would be prior to the rights of shareholders until the debt is paid. Interest on these debt securities would
increase costs and negatively impact operating results. If the issuance of new securities results in diminished rights to holders
of our common stock, the market price of our common stock could be negatively impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholders could be diluted if we were to use common stock to raise capital. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may need to seek additional capital to carry out our business plan. This financing could involve one or more types of securities
including common stock, preferred stock, convertible debt or warrants to acquire common stock. These securities could be issued
at or below the then prevailing market price for our common stock. Any issuance of additional shares of our common stock could
be dilutive to existing shareholders and could adversely affect the market price of our common stock.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our management will have broad discretion over the use of the net proceeds from this offering. You may not agree with how we use
the proceeds and the proceeds may not be invested successfully. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described below in &ldquo;Use of Proceeds,&rdquo; we intend to </FONT><FONT STYLE="color: #333333">use the net proceeds from this
offering for (i) the completion of the feasibility study, advancement of permitting and exploration drilling at our Mt. Hamilton
Project, (ii) exploration in Peru and Mexico, (iii) the repayment of certain margin loans and (iv) general corporate purposes,
including possible acquisition and exploration of new mining properties. We </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">have
not designated what all of the net proceeds from this offering are to be used for, and in addition, our management will have broad
discretion as to the use of the net proceeds from any offering by us and could use them for purposes other than those contemplated
at the time of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds,
and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.
It is possible that the proceeds will be invested in a way that does not yield a favorable, or any, return for our company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not intend to pay any cash dividends in the foreseeable future. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have never paid cash dividends and any future decision as to the payment of cash dividends will be at the discretion of our board
of directors and will depend upon our earnings, financial position, capital requirements, plans for expansion and such other factors
as our board of directors deems relevant. We intend to retain our earnings, if any, to finance the growth and development of our
business. Any return on an investment in our common stock will come from the appreciation, if any, in the value of our common stock.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>USE OF PROCEEDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect that the net proceeds from this offering will be approximately $____&nbsp;million after deducting underwriting
discounts and commissions and estimated offering expenses payable by us (or approximately $&#9679; million if the underwriter's
over-allotment option is exercised in full). </FONT><FONT STYLE="color: #333333">We intend to use the net proceeds from this offering
for (i) the completion of the feasibility study, advancement of permitting and exploration drilling at its Mt. Hamilton Project,
(ii) exploration in Peru and Mexico, (iii) the repayment of our</FONT> outstanding short-term margin borrowing of $1,922,000, including
interest to April 9, 2011, due to RBC Capital Markets, LLC (&ldquo;RBC&rdquo;), which carries an interest rate of 4.25%, is callable
by RBC at any time and is secured by our investment in Kinross, and <FONT STYLE="color: #333333">(iv) general corporate purposes,
including possible acquisition and exploration of new mining properties. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Until
we use the proceeds for any purpose, we expect to invest them in </FONT>investment-grade, interest-bearing securities<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>DILUTION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">If you invest in our common
stock, you will experience dilution to the extent of the difference between the price per share you pay in this offering and the
net tangible book value per share of our common stock immediately after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Our net tangible book
value as of December 31, 2010 was approximately $13.78 million, or approximately $0.46 per share of common stock. Net tangible
book value per share is equal to our total tangible assets minus total liabilities, divided by the number of shares of common stock
outstanding as of December 31, 2010. After giving effect to the sale by us of &#9679; shares of common stock at a public
offering price of $&#9679; per share and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as
adjusted net tangible book value would have been approximately $&#9679; million, or $&#9679; per share of common stock as of December
31, 2010. As a result, the completion of the offering will increase our net tangible book value by $&#9679; per share to our existing
shareholders and result in an immediate dilution of $&#9679; per share to anyone who purchases our common stock in the offering.
The following table illustrates this calculation on a per share basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 76%; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Public offering price per share</TD>
    <TD STYLE="width: 12%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">$ &nbsp;&nbsp; &#9679;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Net tangible book value per share as of December 31, 2010</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">$0.46</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Increase per share attributable to the offering</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">$&#9679;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Adjusted net tangible book value per share as of December 31, 2010
        after giving effect</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">to this offering</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">$&#9679;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">Dilution per share to new investors</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-align: right">$&#9679;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The foregoing table is
based on 29,750,242&nbsp;shares of common stock outstanding as of December 31, 2010, which does not take into effect further dilution
to new investors that could occur upon the exercise of outstanding options having a per share exercise price less than the offering
price and the issuance of up to 275,000 shares issuable to DHI-US pursuant to the Limited Liability Company Operating Agreement
of MH-LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">If the underwriter&rsquo;s
over-allotment option is exercised in full, our as adjusted net tangible book value at December 31, 2010 would have been $&#9679;
million, or approximately $&#9679; per share of common stock, and the dilution to new investors purchasing shares in this offering
would have been approximately $&#9679; per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">To the extent that any
of our outstanding options are exercised, we grant additional options under our stock option plan or issue additional shares of
common stock in the future, there may be further dilution to new investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>CAPITALIZATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth our capitalization as of December 31, 2010 (1)&nbsp;on an actual basis and (2)&nbsp;as adjusted to reflect
estimated net proceeds from the sale by us of &#9679; shares of common stock, at a public offering price of $&#9679; per
share. You should read this
table in conjunction with &quot;Management's Discussion and Analysis of Financial Condition and Results of Operations&quot; in
our Form&nbsp;10-K and our audited financial statements and related notes for the period ended December 31, 2010, included in our
Form&nbsp;10-K.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(in thousands of US dollars, except share and per share amounts)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2010</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Actual</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">As adjusted</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Cash and cash equivalents</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp; $&nbsp;&nbsp; 478</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Halvetica, Sans-Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Long term debt</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,604</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Halvetica, Sans-Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Solitario shareholders&rsquo; equity</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp;Preferred stock, $0.01 par value, authorized 10,000,000 shares (none issued <BR> &nbsp;&nbsp;&nbsp;&nbsp;and outstanding at December 31, 2010)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">- &nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">- &nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;Common stock, $0.01 par value, authorized, 100,000,000&nbsp;shares</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(29,750,242 shares issued and outstanding; &#9679;
        issued and outstanding, as adjusted(1)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">297 &nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Halvetica, Sans-Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp;Additional paid-in capital</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,799 &nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Halvetica, Sans-Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp;Accumulated deficit</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(36,996)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(36,996)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp;Accumulated other comprehensive income</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right">&nbsp; 11,786&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right">&nbsp; 11,786&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp; Total Solitario shareholders&rsquo; equity</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,886 &nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Halvetica, Sans-Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; Noncontrolling interest</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right">&nbsp; 1,890&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right">&nbsp;&nbsp;&nbsp; 1,890&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp;&nbsp;&nbsp;Total shareholders' equity</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right">&nbsp; 13,776&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Halvetica, Sans-Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-underline-style: double; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$<U>29,608</U>&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Calibri, Halvetica, Sans-Serif; text-align: right"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&#9679;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(1) Excludes 2,584,000 shares of common stock issuable
upon exercise of stock options outstanding at December 31, 2010, at a weighted average exercise price of Cdn$2.23 per share.
As of December 31, 2010, an additional 165,250 shares of common stock were reserved for issuance under our stock option plan.
Also excludes, as of December 31, 2010, the issuance of up to 300,000 shares issuable to DHI-US pursuant to the Limited
Liability Company Operating Agreement of MH-LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>DESCRIPTION OF SECURITIES WE ARE OFFERING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
this offering, we are offering &#9679; shares of our common stock (&#9679; shares if the underwriter's over-allotment option is
exercised in full). The following description does not purport to be complete and is subject to and qualified by our </FONT>Amended
and Restated Articles of Incorporation, as amended, or the Articles, and our amended and restated by-laws, or the By-laws<FONT STYLE="font-family: Times New Roman, Times, Serif">,
which are incorporated by reference. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Our Articles authorize
us to issue 100,000,000 shares of common stock, par value $.01 per share. As of April 8, 2011, there were 29,793,342 shares of
our common stock issued and outstanding. There are 2,565,900 shares of common stock issuable upon exercise of outstanding stock
options and up to 275,000 shares issuable to DHI-US pursuant to the Limited Liability Company Operating Agreement of MH-LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Except as otherwise provided
in any resolution providing for the issue of any series of preferred stock, holders of our common stock have exclusive voting rights
for the election of directors and for all other purposes. Holders of our common stock are entitled to one vote per share on all
matters to be voted upon by our shareholders. Neither our Articles nor our By-laws authorize cumulative voting. The holders of
our common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out
of funds legally available for the payment of dividends, subject to the rights of any series of preferred stock. In the event of
a liquidation, dissolution or winding up of Solitario, the holders of our common stock are entitled to share ratably in all assets
remaining after payment of the preferential amounts, if any, to which the holders of our preferred stock, if any, are entitled.
Our common stock has no preemptive, conversion or other subscription rights. There are no redemption or sinking fund provisions
applicable to our common stock. All of our outstanding shares of common stock are fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Transfer Agent and Registrar </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The transfer agent and
registrar for our common stock in the United States is Computershare Trust Company, N.A. and in Canada is Computershare Investor
Services Inc.<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Listing on NYSE Amex Toronto Stock Exchange</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Our common stock is listed
on the NYSE Amex Equities under the symbol &ldquo;XPL&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;SLR.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>UNDERWRITING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We have entered into an
underwriting agreement with Roth Capital Partners, LLC with respect to the shares of common stock subject to this offering. Subject
to certain conditions, we have agreed to sell to the underwriter, and the underwriter has agreed to purchase, the number of shares
of common stock provided below opposite its name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 66%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1.5pt double; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold">Underwriter</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold">Number &nbsp;of&nbsp;Shares</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; font-family: Times New Roman, Times, Serif">Roth Capital Partners, LLC</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Total</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The underwriter is offering
the shares of common stock subject to its acceptance of the shares of common stock from us and subject to prior sale. The underwriting
agreement provides that the obligation of the underwriter to pay for and accept delivery of the shares of common stock offered
by this prospectus supplement and the accompanying prospectus is subject to the approval of certain legal matters by its counsel
and to certain other conditions. The underwriter is obligated to take and pay for all of the shares of common stock if any such
shares are taken. However, the underwriter is not required to take or pay for the shares of common stock covered by the underwriter&rsquo;s
over-allotment option described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Over-Allotment Option </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We have granted the underwriter
an option, exercisable for 30 days from the date of this prospectus, to purchase up to an aggregate of &#9679; additional shares
of common stock to cover over-allotments, if any, at the public offering price set forth on the cover page of this prospectus supplement,
less underwriting discounts and commissions. The underwriter may exercise this option solely for the purpose of covering over-allotments,
if any, made in connection with the offering of the shares of common stock offered by this prospectus supplement and the accompanying
prospectus. If the underwriter exercises this option, the underwriter will be obligated, subject to certain conditions, to purchase
the additional shares for which the option has been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Commission and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The underwriter has advised
us that they propose to offer the shares of Common stock to the public at the initial public offering price set forth on the cover
page of this prospectus supplement and to certain dealers at that price less a concession not in excess of $&#9679; per share.
The underwriter may allow, and certain dealers may reallow, a discount from the concession not in excess of $&#9679; per share
to certain brokers and dealers. After this offering, the initial public offering price, concession and reallowance to dealers may
be reduced by the underwriter. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover
page of this prospectus supplement. The shares of common stock are offered by the underwriter as stated herein, subject to receipt
and acceptance by it and subject to its right to reject any order in whole or in part. The underwriter has informed us that it
does not intend to confirm sales to any accounts over which it exercises discretionary authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The following table shows
the underwriting discounts and commissions payable to the underwriter by us in connection with this offering. Such amounts are
shown assuming both no exercise and full exercise of the underwriter&rsquo;s over-allotment option to purchase additional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Per share</P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Total Without Exercise of Over-Allotment Option</P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Total With Exercise of Over-Allotment Option</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Public offering price</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$&#9679;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$&#9679;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$&#9679;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Underwriting discounts and commissions payable by us</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">$&#9679;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">$&#9679;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">$&#9679;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We estimate that expenses
payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be
approximately $&#9679;. We have paid the underwriter $25,000 as an advance payment for certain out-of-pocket expenses expected
to be incurred by the underwriter in connection with this offering and have agreed to reimburse the underwriter for certain out-of-pocket
expenses, including up to $50,000 (before deducting the advance) of fees and disbursements of the underwriter&rsquo;s counsel.<B>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Indemnification </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We have agreed to indemnify
the underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or the Securities
Act, and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute
to payments that the underwriter may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Lock-up Agreements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We and our officers and
directors have agreed, subject to limited exceptions, for a period of 90 days after the date of the underwriting agreement, not
to offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of, directly or
indirectly any shares of common stock or any securities convertible into or exchangeable for our common stock either owned as of
the date of the underwriting agreement or thereafter acquired without the prior written consent of the underwriter. If (1)&nbsp;during
the last 17 days of the 90-day period, we issue an earnings release or material news or a material event regarding us occurs or
(2)&nbsp;prior to the expiration of the 90-day period, we announce that we will release earnings results during the 16-day period
beginning on the last day of the 90-day period, then the 90-day period will be extended 18 days, beginning on the issuance of the
earnings release or the occurrence of the material news or material event. If after any announcement described in clause (2)&nbsp;of
the preceding sentence, we announce that we will not release earnings results during the 16-day period, the lock-up period shall
expire on the later of the expiration of the 90-day period and the end of any extension of such period made pursuant to clause
(1)&nbsp;of the preceding sentence. The underwriter may, in its sole discretion and at any time or from time to time before the
termination of the lock-up period, without notice, release all or any portion of the securities subject to lock-up agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Electronic Distribution </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This prospectus supplement and the accompanying
prospectus in electronic format may be made available on websites or through other online services maintained by the underwriter
or by its affiliates. Other than this prospectus supplement and the accompanying prospectus in electronic format, the information
on the underwriter&rsquo;s website and any information contained in any other website maintained by the underwriter is not part
of this prospectus supplement, the accompanying prospectus or the registration statement of which this prospectus supplement and
the accompanying prospectus form a part, has not been approved and/or endorsed by us or the underwriter in its capacity as underwriter,
and should not be relied upon by investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15in 0 10pt"><B>Price Stabilization and Short Positions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">In connection with the offering the underwriter
may engage in stabilizing transactions, over-allotment transactions and syndicate covering transactions in accordance with Regulation
M under the Exchange Act:</P>

<UL TYPE="DISC" STYLE="margin-top: 0in">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<UL TYPE="DISC" STYLE="margin-top: 0in">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Over-allotment involves sales by the underwriter of shares in excess
of the number of shares the underwriter is obligated to purchase, which creates a syndicate short position. The short position
may be either a covered short position or a naked short position. In a covered short position, the number of shares over-allotted
by the underwriter is not greater than the number of shares that it may purchase in the over-allotment option. In a naked short
position, the number of shares involved is greater than the number of shares in the over-allotment option. The underwriter may
close out any covered short position by either exercising its over-allotment option and/or purchasing shares in the open market.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<UL TYPE="DISC" STYLE="margin-top: 0in">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Syndicate covering transactions involve purchases of shares of
<FONT STYLE="color: windowtext">common stock</FONT> in the open market after the distribution has been completed in order to cover
syndicate short positions. In determining the source of shares to close out the short position, the underwriter will consider,
among other things, the price of shares available for purchase in the open market as compared to the price at which it may purchase
shares through the over-allotment option. If the underwriter sells more shares than could be covered by the over-allotment option,
a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more
likely to be created if the underwriter is concerned that there could be downward pressure on the price of the shares in the open
market after pricing that could adversely affect investors who purchase in the offering.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<UL TYPE="DISC" STYLE="margin-top: 0in">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Penalty bids permit the representative to reclaim a selling concession
from a syndicate member when the <FONT STYLE="color: windowtext">common stock</FONT> originally sold by the syndicate member is
purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0.25in">S-14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">These stabilizing transactions, syndicate
covering transactions and penalty bids may have the effect of raising or maintaining the market price of our common stock or preventing
or retarding a decline in the market price of the common stock. As a result, the price of our common stock may be higher than the
price that might otherwise exist in the open market. Neither we nor the underwriter makes any representation or prediction as to
the direction or magnitude of any effect that the transactions described above may have on the price of the common stock. In addition,
neither we nor the underwriter makes any representations that the underwriter will engage in these stabilizing transactions or
that any transaction, once commenced, will not be discontinued without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Other</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black">The
underwriter and/or its affiliates have provided, and may in the future provide, various investment banking
and other financial services for us for which services it has received and, may in the future receive,
customary fees. </FONT>Except for services provided in connection with this offering, the underwriter
has not provided any investment banking or other financial services during the 180-day period preceding
the date of this prospectus supplement and we do not expect to retain the underwriter to perform any
investment banking or other financial services for at least 90 days after the date of this prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>NOTICE TO INVESTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Notice to Investors in the United Kingdom </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">In relation to each Member State of the
European Economic Area which has implemented the Prospectus Directive, or a Relevant Member State, an offer to the public of any
securities which are the subject of the offering contemplated by this prospectus supplement and the accompanying prospectus may
not be made in that Relevant Member State except that an offer to the public in that Relevant Member State of any such securities
may be made at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant
Member State:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#9;(a)&#9;to legal entities which are authorized or regulated
to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#9;(b)&#9;to any legal entity which has two or more of (1)
an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than &euro;43,000,000, and
(3) an annual net turnover of more than &euro;50,000,000, as shown in its last annual or consolidated accounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#9;(c)&#9;by the underwriter to fewer than 100 natural or
legal persons (other than qualified investors as defined in the Prospectus Directive); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#9;(d)&#9;in any other circumstances falling within Article
3(2) of the Prospectus Directive, provided that no such offer of these securities shall result in a requirement for the publication
by the issuer or the underwriter of a prospectus pursuant to Article 3 of the Prospectus Directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">For the purposes of this provision, the
expression an &ldquo;offer to the public&rdquo; in relation to any of the securities in any Relevant Member State means the communication
in any form and by any means of sufficient information on the terms of the offer and any such securities to be offered so as to
enable an investor to decide to purchase any such securities, as the same may be varied in that Member State by any measure implementing
the Prospectus Directive in that Member State and the expression &ldquo;Prospectus Directive&rdquo; means Directive 2003/71/EC
and includes any relevant implementing measure in each Relevant Member State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The underwriter has represented, warranted
and agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#9;(a)&#9;it has only communicated or caused to be communicated
and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the
meaning of section 21 of the Financial Services and Markets Act 2000 (the FSMA)) received by it in connection with the issue or
sale of any of the securities in circumstances in which section 21(1) of the FSMA does not apply to the issuer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#9;(b)&#9;it has complied with and will comply with all
applicable provisions of the FSMA with respect to anything done by it in relation to the securities in, from or otherwise involving
the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0.25in">S-15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>European Economic Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">In particular, this document does not
constitute an approved prospectus in accordance with European Commission&rsquo;s Regulation on Prospectuses no. 809/2004 and no
such prospectus is to be prepared and approved in connection with this offering. Accordingly, in relation to each Member State
of the European Economic Area which has implemented the Prospectus Directive (being the Directive of the European Parliament and
of the Council 2003/71/EC and including any relevant implementing measure in each Relevant Member State) (each, also a Relevant
Member State), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member
State, or the Relevant Implementation Date, an offer of securities to the public may not be made in that Relevant Member State
prior to the publication of a prospectus in relation to such securities which has been approved by the competent authority in that
Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority
in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with effect from and including
the Relevant Implementation Date, make an offer of securities to the public in that Relevant Member State at any time:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">to legal entities which are authorized or regulated to operate in the financial markets or,
if not so authorized or regulated, whose corporate purpose is solely to invest in securities;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">to any legal entity which has two or more of (1) an average of at least 250 employees during
the last financial year; (2) a total balance sheet of more than &euro;43,000,000; and (3) an annual net turnover of more than &euro;50,000,000,
as shown in the last annual or consolidated accounts; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">in any other circumstances which do not require the publication by us of a prospectus pursuant
to Article 3 of the Prospectus Directive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">For the purposes of this
provision, the expression an &ldquo;offer of securities to the public&rdquo; in relation to any of the securities in any Relevant
Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the securities
to be offered so as to enable an investor to decide to purchase or subscribe for the securities, as the same may be varied in that
Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State. For these purposes the
shares offered hereby are &ldquo;securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>LEGAL MATTERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the common stock offered by this prospectus supplement will be passed upon for us by Hensley Kim &amp; Holzer, LLC,
Denver, Colorado. Lowenstein Sandler PC, Roseland, New Jersey, is acting as counsel for the underwriter in connection with certain
legal matters related to this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements of Solitario Exploration &amp; Royalty Corp. as of December&nbsp;31, 2010 and 2009 and for each
of the two years ended December&nbsp;31, 2010 included in Solitario Exploration &amp; Royalty Corp.'s Annual Report (Form&nbsp;10-K)
for the year ended December&nbsp;31, 2010, have been audited by </FONT>Ehrhardt Keefe Steiner &amp; Hottman PC<FONT STYLE="font-family: Times New Roman, Times, Serif">,
independent registered public accounting firm, as set forth in their report thereon, included therein, and incorporated herein
by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such report given on
the authority of such firm as experts in accounting and auditing. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information regarding our Mt. Hamilton project incorporated by reference in this prospectus is included in reliance on portions
of an independent technical report prepared by SRK Consulting (US), Inc., completed in 2009 and updated in 2010, concerning the
Mt. Hamilton project and has been included herein in reliance on the authority of such firm as experts in geology and engineering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0.25in">S-16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>WHERE YOU CAN FIND MORE INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read, without charge,
and copy the documents we file at the SEC's public reference rooms in Washington, D.C., New York, New York and Chicago, Illinois.
You can request copies of these documents by writing to the SEC and paying a fee for the copying cost. Please call the SEC at 1-800-SEC-0330
for further information on the public reference rooms. Our SEC filings are also available to the public at no cost from the SEC's
website at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><BR>
<B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
that we have previously filed with the SEC can be &quot;incorporated by reference&quot; into this prospectus supplement and the
accompanying prospectus. The process of incorporation by reference allows us to disclose important information to you without duplicating
that information in this prospectus supplement and the accompanying prospectus. The information we incorporate by reference is
considered a part of this prospectus supplement and the accompanying prospectus. The information in this prospectus supplement
and the accompanying prospectus, including any information that we incorporate by reference, will be updated and superseded automatically
by our filings with the SEC after the date of this prospectus supplement and the accompanying prospectus and prior to our sale
of the common stock covered by this prospectus supplement. We are incorporating by reference the filed information contained in
documents listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Our
Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2010; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
description of our common stock contained in our registration statement on Form 8-A, which was filed with the SEC on August&nbsp;9,
2006, including any amendment or report filed for the purpose of updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also incorporating by reference any filed information in filings we make with the SEC pursuant to Sections&nbsp;13(a), 13(c),
14, or 15(d) of the Exchange Act after the date of this prospectus supplement and prior to our sale of the common stock covered
by this prospectus supplement, except in each case for information contained in any such filing where we indicate that such information
is being furnished and is not to be considered &quot;filed&quot; under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
request, we will provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus supplement
is delivered a copy of the documents incorporated by reference into this prospectus supplement and the accompanying prospectus.
You may request a copy of these filings, and any exhibits we have specifically incorporated by reference as an exhibit in this
prospectus supplement and the accompanying prospectus, at no cost by writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attn: Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4251 Kipling Street, Suite 390</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Wheat Ridge, Colorado 80033</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(303) 534-1030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">S-17</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 13.5pt Times New Roman, Times, Serif"><B>Prospectus
</B></FONT></P>



<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-align: center"><B>SOLITARIO EXPLORATION &amp; ROYALTY
CORP. </B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-align: center"><B>$75,000,000 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-align: center"><B>Debt Securities </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Preferred Stock </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Warrants </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Units </B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-indent: 24.5pt">This prospectus provides you with
a general description of debt and equity securities that Solitario Exploration &amp; Royalty Corp. may offer and sell, from time
to time, either individually or in units. Each time we sell securities we will provide a prospectus supplement that will contain
specific information about the terms of any debt or equity securities we offer and the specific manner in which we will offer the
debt or equity securities. The prospectus supplement will also contain information, where appropriate, about material United States
federal income tax consequences relating to, and any listing on a securities exchange of, the debt or equity securities covered
by the prospectus supplement. The prospectus supplement may also add, update or change information contained in this prospectus.
You should read this prospectus and the applicable prospectus supplement carefully before you invest in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-indent: 24.5pt">We may offer these securities in amounts,
at prices and on terms determined at the time of offering. We may sell the securities directly to you, through agents we select,
or through underwriters and dealers we select. If we use agents, underwriters or dealers to sell the securities, we will name them
and describe their compensation in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-indent: 24.5pt">Our common stock is listed on the
NYSE Amex Equities under the symbol &ldquo;XPL.&rdquo; On March 24, 2011, the closing price for our common stock as reported on
the NYSE Amex Equities was $3.59 per share. Our principal executive offices are located at 4251 Kipling Street, Suite 390, Wheat
Ridge, Colorado 80033.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-indent: 24.5pt"><B>Investing in our securities involves
a high degree of risk. You should review carefully the risks and uncertainties described under the heading &ldquo;Risk Factors&rdquo;
contained in this prospectus beginning on page 2 and the applicable prospectus supplement, and under similar headings in the other
documents that are incorporated by reference into this prospectus. </B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-align: center"><B>The date of this prospectus is March
29, 2011</B>.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(i)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Unless the context otherwise requires, all
references to &ldquo;Solitario,&rdquo; &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; or &ldquo;our
company&rdquo; in this prospectus refer to Solitario Exploration &amp; Royalty Corp., a Colorado corporation.</I></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This prospectus is part of a registration
statement filed with the Securities and Exchange Commission, or SEC, utilizing a shelf registration process. Under this shelf registration
process, we may sell any combination of the securities described in this prospectus, either individually or in units, in one or
more offerings, up to a total dollar amount of $75,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This prospectus provides you with a general
description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain
specific information about the terms of that specific offering. The prospectus supplement may also add, update or change information
contained in this prospectus. You should read this prospectus and the applicable prospectus supplement together with the additional
information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>ABOUT SOLITARIO EXPLORATION &amp;
ROYALTY CORP. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Solitario is an exploration stage company
with a focus on the acquisition of precious and base metal properties with exploration potential and the development or purchase
of royalty interests. We acquire and hold a portfolio of exploration properties for future sale, joint venture, or to create a
royalty prior to the establishment of proven and probable reserves. Although our mineral properties may be developed in the future
on our own or through a joint venture, Solitario has never developed a mineral property. However, in August 2010 and December 2010,
respectively, Solitario signed a Letter of Intent and a Limited Liability Company Operating Agreement to earn up to an 80% interest
in and develop the Mt. Hamilton project located in Nevada and we intend to develop the Mt. Hamilton project. Solitario may also
evaluate mineral properties to potentially buy a royalty. At December 31, 2010, Solitario&rsquo;s mineral properties are located
in the State of Nevada in the United States and in Mexico, Brazil, Bolivia and Peru.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Corporate Information </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We were incorporated in Colorado on
November 15, 1984 under the name Solitario Resources Corporation as a wholly-owned subsidiary of Crown Resources Corporation, or
Crown. On June 12, 2008, our shareholders approved an amendment to the Articles of Incorporation to change our name from Solitario
Resources Corporation to Solitario Exploration &amp; Royalty Corp. In July 1994, Solitario became a publicly traded company on
the Toronto Stock Exchange through its Initial Public Offering. On July 26, 2004, Crown completed a spin-off of its holdings of
our shares to its shareholders as part of the acquisition of Crown by Kinross Gold Corporation. Our website address is www.solitarioxr.com.
The information contained in, or that can be accessed through, our website is not incorporated by reference into this prospectus
and is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Our common stock is listed on the NYSE
Amex Equities under the symbol &ldquo;XPL&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;SLR.&rdquo; Our principal
executive offices are located at 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033. Our telephone number is (303)&nbsp;534-1030.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RISK FACTORS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Investing in our securities involves
a high degree of risk. Please see the risk factors under the heading &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K
for the year ended December&nbsp;31, 2010, on file with the SEC, which are incorporated by reference into this prospectus. Before
you invest in our securities, you should carefully consider these risks as well as other information we include or incorporate
by reference into this prospectus and the applicable prospectus supplement. The risks and uncertainties we have described are not
the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial
may also affect our business operations. The occurrence of any of these risks might cause you to lose all or part of your investment
in the offered securities. The discussion of risks includes or refers to forward-looking statements; you should read the explanation
of the qualifications and limitations on such forward-looking statements discussed elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>FORWARD-LOOKING STATEMENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This prospectus contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as
well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including any projections of financing needs, revenue, expenses, earnings or losses
from operations, or other financial items; any statements of the plans, strategies and objectives of management for future operations;
any statements concerning exploration and development plans and timelines; any statements of expectation or belief; and any statements
of assumptions underlying any of the foregoing. In addition, forward looking statements may contain the words &ldquo;believe,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo;
&ldquo;will be,&rdquo; &ldquo;will continue,&rdquo; &ldquo;will result,&rdquo; &ldquo;seek,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo;
&ldquo;might,&rdquo; or any variations of such words or other words with similar meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The forward-looking statements included
in this prospectus represent our estimates as of the date of this prospectus. We specifically disclaim any obligation to update
these forward-looking statements in the future, except as required by law. These forward-looking statements should not be relied
upon as representing our estimates or views as of any date subsequent to the date of this prospectus.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RATIOS OF EARNINGS TO FIXED CHARGES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If we offer debt securities and/or preference
equity securities under this prospectus, then we will, at that time, provide a ratio of earnings to fixed charges and/or ratio
of combined fixed charges and preference dividends to earnings, respectively, in the applicable prospectus supplement for such
offering.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>HOW WE INTEND TO USE THE PROCEEDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise provided in the applicable
prospectus supplement, we intend to use the net proceeds from the sale of the securities under this prospectus to fund exploration
and development of our mineral properties, to repay any outstanding indebtedness and for general corporate purposes, including
capital expenditures and working capital. We may use a portion of our net proceeds to invest in or acquire additional mineral properties
or royalty interests. We will set forth in the prospectus supplement our intended use for the net proceeds received from the sale
of any securities. Pending the application of the net proceeds, we intend to invest the net proceeds in investment-grade, interest-bearing
securities.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF THE SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may offer, from time to time, in one
or more offerings, up to $75,000,000 of the following securities:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">senior debt securities;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">subordinated debt securities;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">preferred stock;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">common stock;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">warrants;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">units; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any combination of the foregoing securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The aggregate initial offering price
of the offered securities that we may issue will not exceed $75,000,000. If we issue debt securities at a discount from their principal
amount, then, for purposes of calculating the aggregate initial offering price of the offered securities issued under this prospectus,
we will include only the initial offering price of the debt securities and not the principal amount of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This prospectus contains a summary of
the general terms of the various securities that we may offer. The prospectus supplement relating to any particular securities
offered will describe the specific terms of the securities, which may be in addition to or different from the general terms summarized
in this prospectus. Because the summary in this prospectus and in any prospectus supplement does not contain all of the information
that you may find useful, you should read the documents relating to the securities that are described in this prospectus or in
any applicable prospectus supplement. Please read &ldquo;Where You Can Find More Information&rdquo; to find out how you can obtain
a copy of those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The applicable prospectus supplement
will also contain the terms of a given offering, the initial offering price and our net proceeds. Where applicable, a prospectus
supplement will also describe any material United States federal income tax consequences relating to the securities offered and
indicate whether the securities offered are or will be quoted or listed on any quotation system or securities exchange.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF DEBT SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This prospectus describes the general
terms and provisions of the debt securities we may issue. When we offer to sell a particular series of debt securities, we will
describe the specific terms of the securities in a supplement to this prospectus, including any additional covenants or changes
to existing covenants relating to such series. The prospectus supplement also will indicate whether the general terms and provisions
described in this prospectus apply to a particular series of debt securities. You should read the actual indenture if you do not
fully understand a term or the way we use it in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may offer senior or subordinated debt
securities. Each series of debt securities may have different terms. The senior debt securities will be issued under one or more
senior indentures, dated as of a date prior to such issuance, between us and the trustee identified in the applicable prospectus
supplement, as amended or supplemented from time to time. We will refer to any such indenture throughout this prospectus as the
&ldquo;senior indenture.&rdquo; Any subordinated debt securities will be issued under one or more separate indentures, dated as
of a date prior to such issuance, between us and the trustee identified in the applicable prospectus supplement, as amended or
supplemented from time to time. We will refer to any such indenture throughout this prospectus as the &ldquo;subordinated indenture&rdquo;
and to the trustee under the senior or subordinated indenture as the &ldquo;trustee.&rdquo; The senior indenture and the subordinated
indenture are sometimes collectively referred to in this prospectus as the &ldquo;indentures.&rdquo; The indentures will be subject
to and governed by the Trust Indenture Act of 1939, as amended. We included copies of the forms of the indentures as exhibits to
our registration statement and they are incorporated into this prospectus by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If we issue debt securities at a discount
from their principal amount, then, for purposes of calculating the aggregate initial offering price of the offered securities issued
under this prospectus, we will include only the initial offering price of the debt securities and not the principal amount of the
debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We have summarized below the material
provisions of the indentures and the debt securities, or indicated which material provisions will be described in the related prospectus
supplement. The prospectus supplement relating to any particular securities offered will describe the specific terms of the securities,
which may be in addition to or different from the general terms summarized in this prospectus. Because the summary in this prospectus
and in any prospectus supplement does not contain all of the information that you may find useful, you should read the documents
relating to the securities that are described in this prospectus or in any applicable prospectus supplement. Please read &ldquo;Where
You Can Find More Information&rdquo; to find out how you can obtain a copy of those documents. Except as otherwise indicated, the
terms of the indentures are identical. As used under this caption, the term &ldquo;debt securities&rdquo; includes the debt securities
being offered by this prospectus and all other debt securities issued by us under the indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The indentures:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">do not limit the amount of debt securities that we may issue;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">allow us to issue debt securities in one or more series;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">do not require us to issue all of the debt securities of a series at the same time;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">allow us to reopen a series to issue additional debt securities without the consent of the holders of the debt securities of such series; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">provide that the debt securities will be unsecured, except as may be set forth in the applicable prospectus supplement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless we give you different information
in the applicable prospectus supplement, the senior debt securities will be unsubordinated obligations and will rank equally with
all of our other unsecured and unsubordinated indebtedness. Payments on the subordinated debt securities will be subordinated to
the prior payment in full of all</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of our senior indebtedness, as described under &ldquo;Description
of the Debt Securities&mdash;Subordination&rdquo; and in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Each indenture provides that we may,
but need not, designate more than one trustee under an indenture. Any trustee under an indenture may resign or be removed and a
successor trustee may be appointed to act with respect to the series of debt securities administered by the resigning or removed
trustee. If two or more persons are acting as trustee with respect to different series of debt securities, each trustee shall be
a trustee of a trust under the applicable indenture separate and apart from the trust administered by any other trustee. Except
as otherwise indicated in this prospectus, any action described in this prospectus to be taken by each trustee may be taken by
each trustee with respect to, and only with respect to, the one or more series of debt securities for which it is trustee under
the applicable indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The prospectus supplement for each offering
will provide the following terms, where applicable:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the title of the debt securities and whether they are senior or subordinated;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the aggregate principal amount of the debt securities being offered, the aggregate principal amount of the debt securities outstanding as of the most recent practicable date and any limit on their aggregate principal amount, including the aggregate principal amount of debt securities authorized;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the price at which the debt securities will be issued, expressed as a percentage of the principal and, if other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or, if applicable, the portion of the principal amount of such debt securities that is convertible into common stock or preferred stock or the method by which any such portion shall be determined;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if convertible, the terms on which such debt securities are convertible, including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability of common stock or preferred stock received on conversion;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the date or dates, or the method for determining the date or dates, on which the principal of the debt securities will be payable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the fixed or variable interest rate or rates of the debt securities, or the method by which the interest rate or rates is determined;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the date or dates, or the method for determining the date or dates, from which interest will accrue;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the dates on which interest will be payable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the record dates for interest payment dates, or the method by which we will determine those dates;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the persons to whom interest will be payable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the basis upon which interest will be calculated if other than that of a 360-day year of twelve 30-day months;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any make-whole amount, which is the amount in addition to principal and interest that is required to be paid to the holder of a debt security as a result of any optional redemption or accelerated payment of such debt security, or the method for determining the make-whole amount;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the place or places where the principal of, and any premium, or make-whole amount, and interest on, the debt securities will be payable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">where the debt securities may be surrendered for registration of transfer or conversion or exchange;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">where notices or demands to or upon us in respect of the debt securities and the applicable indenture may be served;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the times, prices and other terms and conditions upon which we may redeem the debt securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any obligation we have to redeem, repay or purchase the debt securities pursuant to any sinking fund or analogous provision or at the option of holders of the debt securities, and the times and prices at which we must redeem, repay or purchase the debt securities as a result of such an obligation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the currency or currencies in which the debt securities are denominated and payable if other than United States dollars, which may be a foreign currency or units of two or more foreign currencies or a composite currency or currencies and the terms and conditions relating thereto, and the manner of determining the equivalent of such foreign currency in United States dollars;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether the principal of, and any premium, or make-whole amount, or interest on, the debt securities of the series are to be payable, at our election or at the election of a holder, in a currency or currencies other than that in which the debt securities are denominated or stated to be payable, and other related terms and conditions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether the amount of payments of principal of, and any premium, or make-whole amount, or interest on, the debt securities may be determined according to an index, formula or other method and how such amounts will be determined;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether the debt securities will be in registered form, bearer form or both and (1)&nbsp;if in registered form, the person to whom any interest shall be payable, if other than the person in whose name the security is registered at the close of business on the regular record date for such interest, or (2)&nbsp;if in bearer form, the manner in which, or the person to whom, any interest on the security shall be payable if otherwise than upon presentation and surrender upon maturity;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any restrictions applicable to the offer, sale or delivery of securities in bearer form and the terms upon which securities in bearer form of the series may be exchanged for securities in registered form of the series and vice versa if permitted by applicable laws and regulations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether any debt securities of the series are to be issuable initially in temporary global form and whether any debt securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global security may or shall be required to exchange their interests for other debt securities of the series, and the manner in which interest shall be paid;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the identity of the depositary for securities in registered form, if such series are to be issuable as a global security;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the date as of which any debt securities in bearer form or in temporary global form shall be dated if other than the original issuance date of the first security of the series to be issued;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the applicability, if any, of the defeasance and covenant defeasance provisions described in this prospectus or in the applicable indenture;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether and under what circumstances we will pay any additional amounts on the debt securities in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities in lieu of making such a payment;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether and under what circumstances the debt securities being offered are convertible into common stock or preferred stock, as the case may be, including the conversion price or rate or manner or calculation thereof;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the circumstances, if any, specified in the applicable prospectus supplement, under which beneficial owners of interests in the global security may obtain definitive debt securities and the manner in which payments on a permanent global debt security will be made if any debt securities are issuable in temporary or permanent global form;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any provisions granting special rights to holders of securities upon the occurrence of such events as specified in the applicable prospectus supplement;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if the debt securities of such series are to be issuable in definitive form only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the name of the applicable trustee and the nature of any material relationship with us or any of our affiliates, and the percentage of debt securities of the class necessary to require the trustee to take action;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any deletions from, modifications of, or additions to our events of default or covenants and any change in the right of any trustee or any of the holders to declare the principal amount of any of such debt securities due and payable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">applicable CUSIP numbers; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any other terms of such debt securities not inconsistent with the provisions of the applicable indenture.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may issue debt securities at a discount
below their principal amount and provide for less than the entire principal amount thereof to be payable upon declaration of acceleration
of the maturity of the debt securities. We refer to any such debt securities throughout this prospectus as &ldquo;original issue
discount securities.&rdquo; The applicable prospectus supplement will describe the United States federal income tax consequences
and other relevant considerations applicable to original issue discount securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We also may issue indexed debt securities.
Payments of principal of and premium and interest on, indexed debt securities are determined with reference to the rate of exchange
between the currency or currency unit in which the debt security is denominated and any other currency or currency unit specified
by us, to the relationship between two or more currencies or currency units or by other similar methods or formulas specified in
the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except as described under &ldquo;&mdash;Merger,
Consolidation or Sale of Assets&rdquo; or as may be set forth in any prospectus supplement, the debt securities will not contain
any provisions that (1)&nbsp;would limit our ability to incur indebtedness or (2)&nbsp;would afford holders of debt securities
protection in the event of (a)&nbsp;a highly leveraged or similar transaction involving us, or (b)&nbsp;a change of control or
reorganization, restructuring, merger or similar transaction involving us that may adversely affect the holders of the debt securities.
In the future, we may enter into transactions, such as the sale of all or substantially all of our assets or a merger or consolidation,
that may have an adverse effect on our ability to service our indebtedness, including the debt securities, by, among other things,
substantially reducing or eliminating our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Neither the Colorado Business Corporation
Act nor our governing instruments define the term &ldquo;substantially all&rdquo; as it relates to the sale of assets. Additionally,
Colorado cases interpreting the term &ldquo;substantially all&rdquo; rely upon the facts and circumstances of each particular case.
Consequently, to determine whether a sale of &ldquo;substantially all&rdquo; of our assets has occurred, a holder of debt securities
must review the financial and other information that we have disclosed to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We will provide you with more information
in the applicable prospectus supplement regarding any deletions, modifications, or additions to the events of default or covenants
that are described below, including any addition of a covenant or other provision providing event risk or similar protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Payment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Unless we give you different information
in the applicable prospectus supplement, the principal of, and any premium, or make-whole amount, and interest on, any series of
the debt securities will be payable at the corporate trust office of the trustee. We will provide you with the address of the trustee
in the applicable prospectus supplement. We may also pay interest by mailing a check to the address of the person entitled to it
as it appears in the applicable register for the debt securities or by wire transfer of funds to that person at an account maintained
within the United States.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">All monies that we pay to a paying agent or
a trustee for the payment of the principal of, and any premium, or make-whole amount, or interest on, any debt security will be
repaid to us if unclaimed at the end of two years after the obligation underlying payment becomes due and payable. After funds
have been returned to us, the holder of the debt security may look only to us for payment, without payment of interest for the
period which we hold the funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Denomination, Interest, Registration and Transfer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Unless otherwise described in the applicable
prospectus supplement, the debt securities of any series will be issuable in denominations of $1,000 and integral multiples of
$1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Subject to the limitations imposed upon
debt securities that are evidenced by a computerized entry in the records of a depository company rather than by physical delivery
of a note, a holder of debt securities of any series may:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">exchange them for any authorized denomination of other debt securities of the same series and of a like aggregate principal amount and kind upon surrender of such debt securities at the corporate trust office of the applicable trustee or at the office of any transfer agent that we designate for such purpose; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">surrender them for registration of transfer or exchange at the corporate trust office of the applicable trustee or at the office of any transfer agent that we designate for such purpose.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Every debt security surrendered for registration
of transfer or exchange must be duly endorsed or accompanied by a written instrument of transfer satisfactory to the applicable
trustee or transfer agent. Payment of a service charge will not be required for any registration of transfer or exchange of any
debt securities, but we or the trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith. If in addition to the applicable trustee, the applicable prospectus supplement refers to any transfer
agent initially designated by us for any series of debt securities, we may at any time rescind the designation of any such transfer
agent or approve a change in the location through which any such transfer agent acts, except that we will be required to maintain
a transfer agent in each place of payment for such series. We may at any time designate additional transfer agents for any series
of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Neither we, nor any trustee, will be
required to:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">issue, register the transfer of or exchange debt securities of any series during a period beginning at the opening of business 15 days before the day that the notice of redemption of any debt securities selected for redemption is mailed and ending at the close of business on the day of such mailing;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">register the transfer of or exchange any debt security, or portion thereof, so selected for redemption, in whole or in part, except the unredeemed portion of any debt security being redeemed in part; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">issue, register the transfer of or exchange any debt security that has been surrendered for repayment at the option of the holder, except the portion, if any, of such debt security not to be so repaid.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Merger, Consolidation or Sale of Assets </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The indentures provide that we may,
without the consent of the holders of any outstanding debt securities, (1)&nbsp;consolidate with, (2)&nbsp;sell, lease or convey
all or substantially all of our assets to, or (3)&nbsp;merge with or into, any other entity provided that:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">either we are the continuing entity, or the successor entity, if other than us, assumes the obligations (A)&nbsp;to pay the principal of, and any premium (or make-whole amount) and interest on, all of the debt securities and (B)&nbsp;to duly perform and observe all of the covenants and conditions contained in each indenture;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">after giving effect to the transaction, there is no event of default under the indentures and no event which, after notice or the lapse of time, or both, would become such an event of default, occurs and continues; and</TD></TR>
</TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">an officers&rsquo; certificate and legal opinion covering such conditions are delivered to each applicable trustee.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Covenants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt"><I>Existence</I>. Except as permitted
under &ldquo;&mdash;Merger, Consolidation or Sale of Assets,&rdquo; the indentures require us to do or cause to be done all things
necessary to preserve and keep in full force and effect our existence, rights and franchises. However, the indentures do not require
us to preserve any right or franchise if we determine that any right or franchise is no longer desirable in the conduct of our
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><I>Payment of taxes and other claims</I>.
The indentures require us to pay, discharge or cause to be paid or discharged, before they become delinquent (1)&nbsp;all taxes,
assessments and governmental charges levied or imposed on us, our subsidiaries or our subsidiaries&rsquo; income, profits or property,
and (2)&nbsp;all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon our property
or the property of our subsidiaries. However, we will not be required to pay, discharge or cause to be paid or discharged any such
tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><I>Provision of financial information</I>.
The indentures require us to (1)&nbsp;within 15 days of each of the respective dates by which we are required to file our annual
reports, quarterly reports and other documents with the SEC, file with the trustee copies of the annual report, quarterly report
and other documents that we file with the SEC under Section&nbsp;13 or 15(d) of the Exchange Act, (2)&nbsp;file with the trustee
and the SEC any additional information, documents and reports regarding compliance by us with the conditions and covenants of the
indentures, as required, and (3)&nbsp;within 30 days after the filing with the trustee, mail to all holders of debt securities,
as their names and addresses appear in the applicable register for such debt securities, without cost to such holders, summaries
of any documents and reports required to be filed by us pursuant to (1)&nbsp;and (2)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><I>Additional covenants</I>. The applicable
prospectus supplement will set forth any additional covenants of Solitario relating to any series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Events of Default, Notice and Waiver </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Unless the applicable prospectus supplement
states otherwise, when we refer to &ldquo;events of default&rdquo; as defined in the indentures with respect to any series of debt
securities, we mean:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">default in the payment of any installment of interest on any debt security of such series continuing for 30 days;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">default in the payment of principal of, or any premium, or make-whole amount, on any debt security of such series at its stated maturity;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">default in making any sinking fund payment as required for any debt security of such series;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">default in the performance or breach of any covenant or warranty in the debt securities or in the indenture by Solitario continuing for 60 days after written notice specifying such default, but not of a covenant added to the indenture solely for the benefit of a series of debt securities issued thereunder other than such series.&nbsp; Such notice shall be given to us by the trustee, or to us and the trustee by the holders of at least 25% in principal amount of the outstanding debt securities of that series. The written notice specifying such default or breach and requiring it to be remedied and shall state that such notice is a &ldquo;Notice of Default&rdquo; under such indenture;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">a default under any bond, debenture, note, mortgage, indenture or instrument under which there may be issued, secured or evidenced any existing or later created indebtedness for money borrowed by us or our subsidiaries, if we are directly responsible or liable as obligor or guarantor, having an aggregate principal amount of at least $30,000,000, under which there may be issued, secured or evidenced any existing or later created indebtedness for money borrowed by us or our subsidiaries, if we are directly responsible or liable as obligor or guarantor, having an aggregate principal amount of at least $30,000,000, if the default results in the indebtedness becoming or being declared due and payable prior to the date it otherwise would have, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within 30 days after notice to the issuing company specifying such default. Such notice shall be given to us by the trustee, or to us and the trustee by the holders of at least 10% in principal amount of the outstanding debt securities of that series. The written notice specifying such default and requiring us to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and shall state that such notice is a &ldquo;Notice of Default&rdquo; under such indenture;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of Solitario or any significant subsidiary of Solitario; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any other event of default provided with respect to a particular series of debt securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">When we use the term &ldquo;significant
subsidiary,&rdquo; we refer to the meaning ascribed to such term in Rule 1-02 of Regulation S-X promulgated under the Securities
Act of 1933, as amended, or Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If an event of default occurs and is
continuing with respect to debt securities of any series outstanding, then the applicable trustee or the holders of 25% or more
in principal amount of the debt securities of that series will have the right to declare the principal amount of all the debt securities
of that series to be due and payable. If the debt securities of that series are original issue discount securities or indexed securities,
then the applicable trustee or the holders of 25% or more in principal amount of the debt securities of that series will have the
right to declare the portion of the principal amount as may be specified in the terms thereof to be due and payable. However, at
any time after such a declaration of acceleration has been made, but before a judgment or decree for payment of the money due has
been obtained by the applicable trustee, the holders of at least a majority in principal amount of outstanding debt securities
of such series or of all debt securities then outstanding under the applicable indenture may rescind and annul such declaration
and its consequences if:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">we have deposited with the applicable trustee all required payments of the principal, any premium, or make-whole amount, interest and, to the extent permitted by law, interest on overdue installment of interest, plus applicable fees, expenses, disbursements and advances of the applicable trustee; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">all events of default, other than the non-payment of accelerated principal, or a specified portion thereof, and any premium, or make-whole amount, have been cured or waived.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The indentures also provide that the
holders of at least a majority in principal amount of the outstanding debt securities of any series or of all debt securities then
outstanding under the applicable indenture may, on behalf of all holders, waive any past default with respect to such series and
its consequences, except a default:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">in the payment of the principal, any premium, or make-whole amount, or interest;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">in respect of a covenant or provision contained in the applicable indenture that cannot be modified or amended without the consent of the holders of the outstanding debt security that is affected by the default; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">in respect of a covenant or provision for the benefit or protection of the trustee, without its express written consent.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The indentures require each trustee to
give notice to the holders of debt securities within 90 days of a default unless such default has been cured or waived. However,
the trustee may withhold notice if specified persons of such trustee consider such withholding to be in the interest of the holders
of debt securities. The trustee may not withhold notice of a default in the payment of principal, any premium or interest on any
debt security of such series or in the payment of any sinking fund installment in respect of any debt security of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The indentures provide that holders of
debt securities of any series may not institute any proceedings, judicial or otherwise, with respect to such indenture or for any
remedy under the indenture, unless the trustee fails to act for a period of 60 days after the trustee has received a written request
to institute proceedings in</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">respect of an event of default from the holders of 25% or more in
principal amount of the outstanding debt securities of such series, as well as an offer of indemnity reasonably satisfactory to
the trustee. However, this provision will not prevent any holder of debt securities from instituting suit for the enforcement of
payment of the principal of, and any premium, or make-whole amount, and interest on, such debt securities at the respective due
dates thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The indentures provide that, subject
to provisions in each indenture relating to its duties in the case of a default, a trustee has no obligation to exercise any of
its rights or powers at the request or direction of any holders of any series of debt securities then outstanding under the indenture,
unless the holders have offered to the trustee reasonable security or indemnity. The holders of at least a majority in principal
amount of the outstanding debt securities of any series or of all debt securities then outstanding under an indenture shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the applicable trustee,
or of exercising any trust or power conferred upon such trustee. However, a trustee may refuse to follow any direction which:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">is in conflict with any law or the applicable indenture;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">may involve the trustee in personal liability; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">may be unduly prejudicial to the holders of debt securities of the series not joining the proceeding.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Within 120 days after the close of each
fiscal year, we will be required to deliver to each trustee a certificate, signed by one of our several specified officers, stating
whether or not that officer has knowledge of any default under the applicable indenture. If the officer has knowledge of any default,
the notice must specify the nature and status of the default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Modification of the Indentures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The indentures provide that modifications
and amendments may be made only with the consent of the affected holders of at least a majority in principal amount of all outstanding
debt securities issued under that indenture. However, no such modification or amendment may, without the consent of the holders
of the debt securities affected by the modification or amendment:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">change the stated maturity of the principal of, or any premium, or make-whole amount, on, or any installment of principal of or interest on, any such debt security;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">reduce the principal amount of, the rate or amount of interest on or any premium, or make-whole amount, payable on redemption of any such debt security;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">reduce the amount of principal of an original issue discount security that would be due and payable upon declaration of acceleration of the maturity thereof or would be provable in bankruptcy, or adversely affect any right of repayment of the holder of any such debt security;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">change the place of payment or the coin or currency for payment of principal of, or any premium, or make-whole amount, or interest on, any such debt security;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">impair the right to institute suit for the enforcement of any payment on or with respect to any such debt security;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if such debt security is convertible, adversely affect the right of the holder to convert such debt security;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">reduce the percentage in principal amount of any outstanding debt securities necessary to modify or amend the applicable indenture with respect to such debt securities, to waive compliance with particular provisions thereof or defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in the applicable indenture; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">modify any of the foregoing provisions or any of the provisions relating to the waiver of particular past defaults or covenants, except to increase the required percentage to effect such action or to provide that some of the other provisions may not be modified or waived without the consent of the holder of such debt security.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The holders of a majority in aggregate principal
amount of the outstanding debt securities of each series may, on behalf of all holders of debt securities of that series, waive,
insofar as that series is concerned, our compliance with material restrictive covenants of the applicable indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We and our respective trustee may make
modifications and amendments of an indenture without the consent of any holder of debt securities for any of the following purposes:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to evidence the succession of another person to us as obligor under such indenture;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to add to our covenants for the benefit of the holders of all or any series of debt securities or to surrender any right or power conferred upon us in such indenture;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to add events of default for the benefit of the holders of all or any series of debt securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to add or change any provisions of an indenture (1)&nbsp;to change or eliminate restrictions on the payment of principal of, or premium, or make-whole amount, or interest on, debt securities in bearer form, or (2)&nbsp;to permit or facilitate the issuance of debt securities in uncertificated form, provided that such action shall not adversely affect the interests of the holders of the debt securities of any series in any material respect;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to change or eliminate any provisions of an indenture, provided that any such change or elimination shall become effective only when there are no debt securities outstanding of any series created prior thereto which are entitled to the benefit of such provision;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to secure the debt securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to establish the form or terms of debt securities of any series;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts under an indenture by more than one trustee;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to cure any ambiguity, defect or inconsistency in an indenture, provided that such action shall not adversely affect the interests of holders of debt securities of any series issued under such indenture;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">to supplement any of the provisions of an indenture to the extent
        necessary to permit or facilitate defeasance and discharge of any series of such debt securities, provided that such action shall
        not adversely affect the interests of the holders of the outstanding debt securities of any series; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to make provisions with respect to holders&rsquo; rights of conversion with respect to the debt securities of any series.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Voting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The indentures provide that in determining
whether the holders of the requisite principal amount of outstanding debt securities of a series have given any request, demand,
authorization, direction, notice, consent or waiver under the indentures or whether a quorum is present at a meeting of holders
of debt securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the principal amount of an original issue discount security that shall be deemed to be outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon declaration of acceleration of the maturity thereof;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the principal amount of any debt security denominated in a foreign currency that shall be deemed outstanding shall be the United States dollar equivalent, determined on the issue date for such debt security, of the principal amount or, in the case of an original issue discount security, the United States dollar equivalent on the issue date of such debt security of the amount determined as provided in the preceding bullet point;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the principal amount of an indexed security that shall be deemed outstanding shall be the principal face amount of such indexed security at original issuance, unless otherwise provided for such indexed security under such indenture; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">debt securities owned by us or any other obligor upon the debt securities or by any affiliate of ours or of such other obligor shall be disregarded.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The indentures contain provisions for convening
meetings of the holders of debt securities of a series. A meeting will be permitted to be called at any time by the applicable
trustee, and also, upon request, by us or the holders of at least 25% in principal amount of the outstanding debt securities of
such series, in any such case upon notice given as provided in such indenture. Except for any consent that must be given by the
holder of each debt security affected by the modifications and amendments of an indenture described above, any resolution presented
at a meeting or adjourned meeting duly reconvened at which a quorum is present may be adopted by the affirmative vote of the holders
of a majority of the aggregate principal amount of the outstanding debt securities of that series represented at such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the preceding paragraph,
except as referred to above, any resolution relating to a request, demand, authorization, direction, notice, consent, waiver or
other action that may be made, given or taken by the holders of a specified percentage, which is less than a majority of the aggregate
principal amount of the outstanding debt securities of a series, may be adopted at a meeting or adjourned meeting duly reconvened
at which a quorum is present by the affirmative vote of such specified percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any resolution passed or decision taken
at any properly held meeting of holders of debt securities of any series will be binding on all holders of such series. The quorum
at any meeting called to adopt a resolution, and at any reconvened meeting, will be persons holding or representing a majority
in principal amount of the outstanding debt securities of a series. However, if any action is to be taken relating to a consent
or waiver which may be given by the holders of at least a specified percentage in principal amount of the outstanding debt securities
of a series, the persons holding such percentage will constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the foregoing provisions,
the indentures provide that if any action is to be taken at a meeting with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action that such indenture expressly provides may be made, given or taken by the holders of a
specified percentage in principal amount of all outstanding debt securities affected by such action, or of the holders of such
series and one or more additional series:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">there shall be no minimum quorum requirement for such meeting; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the principal amount of the outstanding debt securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under such indenture.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Subordination </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Unless otherwise provided in the applicable
prospectus supplement, subordinated securities will be subject to the following subordination provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Upon any distribution to our creditors
in a liquidation, dissolution or reorganization, the payment of the principal of and interest on any subordinated securities will
be subordinated to the extent provided in the applicable indenture in right of payment to the prior payment in full of all senior
debt. However, our obligation to make payments of the principal of and interest on such subordinated securities otherwise will
not be affected. No payment of principal or interest will be permitted to be made on subordinated securities at any time if a default
on senior debt exists that permits the holders of such senior debt to accelerate its maturity and the default is the subject of
judicial proceedings or we receive notice of the default. After all senior debt is paid in full and until the subordinated securities
are paid in full, holders of subordinated securities will be subrogated to the rights of holders of senior debt to the extent that
distributions otherwise payable to holders of subordinated securities have been applied to the payment of senior debt. The subordinated
indenture will not restrict the amount of senior debt or other indebtedness of Solitario and its subsidiaries. As a result of these
subordination provisions, in the event of a distribution of assets upon insolvency, holders of subordinated securities may recover
less, ratably, than our general creditors.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The term &ldquo;senior debt&rdquo; will be
defined in the applicable indenture as the principal of and interest on, or substantially similar payments to be made by us in
respect of, other outstanding indebtedness, whether outstanding at the date of execution of the applicable indenture or subsequently
incurred, created or assumed. The prospectus supplement may include a description of additional terms implementing the subordination
feature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No restrictions will be included in any
indenture relating to subordinated securities upon the creation of additional senior debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If this prospectus is being delivered
in connection with the offering of a series of subordinated securities, the accompanying prospectus supplement or the information
incorporated in this prospectus by reference will set forth the approximate amount of senior debt outstanding as of the end of
our most recent fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Discharge, Defeasance and Covenant Defeasance </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Unless otherwise indicated in the applicable
prospectus supplement, the indentures allow us to discharge our obligations to holders of any series of debt securities issued
under any indenture when:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 7.5pt/115% t">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%; font-family: t">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; font: 7.5pt/115% t">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-family: t">either (1)&nbsp;all securities of such series have already been delivered to the applicable trustee for cancellation; or (2)&nbsp;all securities of such series have not already been delivered to the applicable trustee for cancellation but (A)&nbsp;have become due and payable, (B)&nbsp;will become due and payable within one year, or (C)&nbsp;if redeemable at our option, are to be redeemed within one year, and we have irrevocably deposited with the applicable trustee, in trust, funds in such currency or currencies, currency unit or units or composite currency or currencies in which such debt securities are payable, an amount sufficient to pay the entire indebtedness on such debt securities in respect of principal and any premium, or make-whole amount, and interest to the date of such deposit if such debt securities have become due and payable or, if they have not, to the stated maturity or redemption date;</TD></TR>
</TABLE>
<P STYLE="font: 5pt t,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 7.5pt/115% t">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%; font-family: t">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; font: 7.5pt/115% t">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-family: t">we have paid or caused to be paid all other sums payable; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt t,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; font: 7.5pt/115% t">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%; font-family: t">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; font: 7.5pt/115% t">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-family: t">an officers&rsquo; certificate and an opinion of counsel stating the conditions to discharging the debt securities have been satisfied has been delivered to the trustee.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise indicated in the applicable
prospectus supplement, the indentures provide that, upon our irrevocable deposit with the applicable trustee, in trust, of an amount,
in such currency or currencies, currency unit or units or composite currency or currencies in which such debt securities are payable
at stated maturity, or government obligations, or both, applicable to such debt securities, which through the scheduled payment
of principal and interest in accordance with their terms will provide money in an amount sufficient to pay the principal of, and
any premium, or make-whole amount, and interest on, such debt securities, and any mandatory sinking fund or analogous payments
thereon, on the scheduled due dates therefor, the issuing company may elect either:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to defease and be discharged from any and all obligations with respect to such debt securities; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to be released from its obligations with respect to such debt securities under the applicable indenture or, if provided in the applicable prospectus supplement, its obligations with respect to any other covenant, and any omission to comply with such obligations shall not constitute an event of default with respect to such debt securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the above, we may not
elect to defease and be discharged from the obligation to pay any additional amounts upon the occurrence of particular events of
tax, assessment or governmental charge with respect to payments on such debt securities and the obligations to register the transfer
or exchange of such debt securities, to replace temporary or mutilated, destroyed, lost or stolen debt securities, to maintain
an office or agency in respect of such debt securities, or to hold monies for payment in trust.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The indentures only permit us to establish
the trust described in the paragraph above if, among other things, it has delivered to the applicable trustee an opinion of counsel
to the effect that the holders of such debt securities will not recognize income, gain or loss for United States federal income
tax purposes as a result of such defeasance or covenant defeasance and will be subject to United States federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such defeasance or covenant defeasance had
not occurred. Such opinion of counsel, in the case of defeasance, will be required to refer to and be based upon a ruling received
from or published by the Internal Revenue Service or a change in applicable United States federal income tax law occurring after
the date of the indenture. In the event of such defeasance, the holders of such debt securities would be able to look only to such
trust fund for payment of principal, any premium, or make-whole amount, and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">When we use the term &ldquo;government
obligations,&rdquo; we mean securities that are:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">direct obligations of the United States or the government that issued the foreign currency in which the debt securities of a particular series are payable, for the payment of which its full faith and credit is pledged; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States or other government that issued the foreign currency in which the debt securities of such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States or such other government, which are not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such government obligation or a specific payment of interest on or principal of any such government obligation held by such custodian for the account of the holder of a depository receipt. However, except as required by law, such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the government obligation or the specific payment of interest on or principal of the government obligation evidenced by such depository receipt.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise provided in the applicable
prospectus supplement, if after we have deposited funds and/or government obligations to effect defeasance or covenant defeasance
with respect to debt securities of any series, (1)&nbsp;the holder of a debt security of such series is entitled to, and does,
elect under the terms of the applicable indenture or the terms of such debt security to receive payment in a currency, currency
unit or composite currency other than that in which such deposit has been made in respect of such debt security, or (2)&nbsp;a
conversion event occurs in respect of the currency, currency unit or composite currency in which such deposit has been made, the
indebtedness represented by such debt security will be deemed to have been, and will be, fully discharged and satisfied through
the payment of the principal of, and premium, or make-whole amount, and interest on, such debt security as they become due out
of the proceeds yielded by converting the amount so deposited in respect of such debt security into the currency, currency unit
or composite currency in which such debt security becomes payable as a result of such election or such cessation of usage based
on the applicable market exchange rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">When we use the term &ldquo;conversion
event,&rdquo; we mean the cessation of use of:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">a currency, currency unit or composite currency both by the government of the country that issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the European Currency Unit both within the European Monetary System and for the settlement of transactions by public institutions of or within the European Communities; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any currency unit or composite currency other than the European Currency Unit for the purposes for which it was established.</TD></TR>
</TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">17</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The applicable prospectus supplement
may further describe the provisions, if any, permitting such defeasance or covenant defeasance, including any modifications to
the provisions described above, with respect to the debt securities of or within a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Conversion Rights </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The terms and conditions, if any, upon
which the debt securities are convertible into common stock or preferred stock will be set forth in the applicable prospectus supplement.
The terms will include whether the debt securities are convertible into shares of common stock or preferred stock, the conversion
price, or manner of calculation thereof, the conversion period, provisions as to whether conversion will be at the issuing company&rsquo;s
option or the option of the holders, the events requiring an adjustment of the conversion price and provisions affecting conversion
in the event of the redemption of the debt securities and any restrictions on conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Global Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The debt securities of a series may
be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depository
identified in the applicable prospectus supplement relating to such series. Global securities, if any, issued in the United States
are expected to be deposited with The Depository Trust Company, or DTC, as depository. We may issue global securities in either
registered or bearer form and in either temporary or permanent form. We will describe the specific terms of the depository arrangement
with respect to a series of debt securities in the applicable prospectus supplement relating to such series. We expect that unless
the applicable prospectus supplement provides otherwise, the following provisions will apply to depository arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Once a global security is issued, the
depository for such global security or its nominee will credit on its book-entry registration and transfer system the respective
principal amounts of the individual debt securities represented by such global security to the accounts of participants that have
accounts with such depository. Such accounts shall be designated by the underwriters, dealers or agents with respect to such debt
securities or by us if we offer such debt securities directly. Ownership of beneficial interests in such global security will be
limited to participants with the depository or persons that may hold interests through those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We expect that, under procedures established
by DTC, ownership of beneficial interests in any global security for which DTC is the depository will be shown on, and the transfer
of that ownership will be effected only through, records maintained by DTC or its nominee, with respect to beneficial interests
of participants with the depository, and records of participants, with respect to beneficial interests of persons who hold through
participants with the depository. Neither we nor the trustee will have any responsibility or liability for any aspect of the records
of DTC or for maintaining, supervising or reviewing any records of DTC or any of its participants relating to beneficial ownership
interests in the debt securities. The laws of some states require that certain purchasers of securities take physical delivery
of such securities in definitive form. Such limits and laws may impair the ability to own, pledge or transfer beneficial interest
in a global security.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">So long as the depository for a global security
or its nominee is the registered owner of such global security, such depository or such nominee, as the case may be, will be considered
the sole owner or holder of the debt securities represented by the global security for all purposes under the applicable indenture.
Except as described below or in the applicable prospectus supplement, owners of beneficial interest in a global security will not
be entitled to have any of the individual debt securities represented by such global security registered in their names, will not
receive or be entitled to receive physical delivery of any such debt securities in definitive form and will not be considered the
owners or holders thereof under the applicable indenture. Beneficial owners of debt securities evidenced by a global security will
not be considered the owners or holders thereof under the applicable indenture for any purpose, including with respect to the giving
of any direction, instructions or approvals to the trustee under the indenture. Accordingly, each person owning a beneficial interest
in a global security with respect to which DTC is the depository must rely on the procedures of DTC and, if such person is not
a participant with the depository, on the procedures of the participant through which such person owns its interests, to exercise
any rights of a holder under the applicable indenture. We understand that, under existing industry practice, if DTC requests any
action of holders or if an owner of a beneficial interest in a global security desires to give or take any action which a holder
is entitled to give or take under the applicable indenture, DTC would authorize the participants holding the relevant beneficial
interest to give or take such action, and such participants would authorize beneficial owners through such participants to give
or take such actions or would otherwise act upon the instructions of beneficial owners holding through them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Payments of principal of, and any premium,
or make-whole amount, and interest on, individual debt securities represented by a global security registered in the name of a
depository or its nominee will be made to or at the direction of the depository or its nominee, as the case may be, as the registered
owner of the global security under the applicable indenture. Under the terms of the applicable indenture, we and the trustee may
treat the persons in whose name debt securities, including a global security, are registered as the owners thereof for the purpose
of receiving such payments. Consequently, neither we nor the trustee have or will have any responsibility or liability for the
payment of such amounts to beneficial owners of debt securities including principal, any premium, or make-whole amount, or interest.
We believe, however, that it is currently the policy of DTC to immediately credit the accounts of relevant participants with such
payments, in amounts proportionate to their respective holdings of beneficial interests in the relevant global security as shown
on the records of DTC or its nominee. We also expect that payments by participants to owners of beneficial interests in such global
security held through such participants will be governed by standing instructions and customary practices, as is the case with
securities held for the account of customers in bearer form or registered in street name, and will be the responsibility of such
participants. Redemption notices with respect to any debt securities represented by a global security will be sent to the depository
or its nominee. If less than all of the debt securities of any series are to be redeemed, we expect the depository to determine
the amount of the interest of each participant in such debt securities to be redeemed to be determined by lot. Neither we, the
trustee, any paying agent nor the security registrar for such debt securities will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial ownership interests in the global security for such
debt securities or for maintaining any records with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Neither we nor the trustee will be liable
for any delay by the holders of a global security or the depository in identifying the beneficial owners of debt securities, and
we and the trustee may conclusively rely on, and will be protected in relying on, instructions from the holder of a global security
or the depository for all purposes. The rules applicable to DTC and its participants are on file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If a depository for any debt securities
is at any time unwilling, unable or ineligible to continue as depository and we do not appoint a successor depository within 90
days, we will issue individual debt securities in exchange for the global security representing such debt securities. In addition,
we may at any time and in their sole discretion, subject to any limitations described in the applicable prospectus supplement relating
to such debt securities, determine not to have any of such debt securities represented by one or more global securities and in
such event will issue individual debt securities in exchange for the global security or securities representing such debt securities.
Individual debt securities so issued will be issued in denominations of $1,000 and integral multiples of $1,000.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The debt securities of a series may also be
issued in whole or in part in the form of one or more bearer global securities that will be deposited with a depository, or with
a nominee for such depository, identified in the applicable prospectus supplement. Any such bearer global securities may be issued
in temporary or permanent form. The specific terms and procedures, including the specific terms of the depositary arrangement,
with respect to any portion of a series of debt securities to be represented by one or more bearer global securities will be described
in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>No Recourse </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">There is no recourse under any obligation,
covenant or agreement in the applicable indenture or with respect to any security against any past, present or future stockholders,
employees, officers, directors or agents, as such, of ours or of any successor.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF PREFERRED STOCK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We are authorized to issue 10,000,000
shares of preferred stock. As of the date of this prospectus, no shares of our preferred stock were outstanding. The following
summary of certain provisions of our preferred stock does not purport to be complete. You should refer to our Amended and Restated
Articles of Incorporation, as amended, or the Articles, and our amended and restated by-laws, or the By-laws, both of which are
included as exhibits to the registration statement we have filed with the SEC in connection with this offering. The summary below
is also qualified by provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>General Terms </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Our board of directors may, without
further action by our stockholders, from time to time, direct the issuance of shares of preferred stock in series and may, at the
time of issuance, determine the rights, preferences and limitations of each series, including voting rights, dividend rights and
redemption and liquidation preferences. Satisfaction of any dividend preferences of outstanding shares of preferred stock would
reduce the amount of funds available for the payment of dividends on shares of our common stock. Holders of shares of preferred
stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of our company
before any payment is made to the holders of shares of our common stock. In some circumstances, the issuance of shares of preferred
stock may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder
of a large block of our securities or the removal of incumbent management as discussed below. Upon the affirmative vote of our
board of directors, without stockholder approval, we may issue shares of preferred stock with voting and conversion rights which
could adversely affect the holders of shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If we offer a specific series of preferred
stock under this prospectus, we will describe the terms of the preferred stock in the prospectus supplement for such offering and
will file a copy of the articles of amendment to the Articles establishing the terms of the preferred stock with the SEC. To the
extent required, this description will include:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the title and stated value;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the number of shares offered, the liquidation preference per share and the purchase price;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the dividend rate(s), period(s) and/or payment date(s), or method(s) of calculation for such dividends;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether dividends will be cumulative or non-cumulative and, if cumulative, the date from which dividends will accumulate;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the procedures for any auction and remarketing, if any;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the provisions for a sinking fund, if any;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the provisions for redemption, if applicable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any listing of the preferred stock on any securities exchange or market;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether the preferred stock will be convertible into our common stock, and, if applicable, the conversion price (or how it will be calculated) and conversion period;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether the preferred stock will be exchangeable into debt securities, and, if applicable, the exchange price (or how it will be calculated) and exchange period;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">voting rights, if any, of the preferred stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">a discussion of any material and/or special United States federal income tax considerations applicable to the preferred stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the relative ranking and preferences of the preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of Solitario; and</TD></TR>
</TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any material limitations on issuance of any class or series of preferred stock ranking senior to or on a parity with the series of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of Solitario.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The preferred stock offered by this prospectus
will, when issued not have, or be subject to, any preemptive or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Transfer Agent and Registrar </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The transfer agent and registrar for
our preferred stock in the United States will be Computershare Trust Company, N.A. and in Canada is Computershare Investor Services
Inc.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF COMMON STOCK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The following summary of certain provisions
of our common stock does not purport to be complete. You should refer to our Articles, and our By-laws, both of which are included
as exhibits to the registration statement we have filed with the SEC in connection with this offering. The summary below is also
qualified by provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>General Terms </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We are authorized to issue 100,000,000
shares of common stock. On March 24, 2011, we had 29,783,342 shares of common stock outstanding and approximately 2,700 stockholders
of record. Except as otherwise provided in any resolution providing for the issue of any series of preferred stock, holders of
our common stock have exclusive voting rights for the election of directors and for all other purposes. Holders of our common stock
are entitled to one vote per share on all matters to be voted upon by our stockholders. Neither our Articles nor our By-laws authorize
cumulative voting. The holders of our common stock are entitled to receive dividends, if any, as may be declared from time to time
by our board of directors out of funds legally available for the payment of dividends, subject to the rights of any series of preferred
stock. In the event of a liquidation, dissolution or winding up of Solitario, the holders of our common stock are entitled to share
ratably in all assets remaining after payment of the preferential amounts, if any, to which the holders of our preferred stock,
if any, are entitled. Our common stock has no preemptive, conversion or other subscription rights. There are no redemption or sinking
fund provisions applicable to our common stock. All of our outstanding shares of common stock are fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Our Board of Directors </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Our board of directors currently has
five (5)&nbsp;members. Our Articles and our By-laws provide that the number of directors shall be fixed from time to time by resolution
adopted by the vote of a majority of the directors then in office, but shall in no event be less than three (except that there
need be only as many directors as there are stockholders in the event the outstanding shares are held of record by fewer than three
stockholders) nor more than nine. Our Articles provide that, upon the first election of directors by the stockholders after an
increase in the number of directors to nine or more, the board of directors shall be divided into three nearly equal classes, with
each classes&rsquo; term expiring on a staggered basis. Vacancies and newly created directorships may be filled by a majority of
the directors then in office, though less than a quorum. Directors may be removed with or without cause by the affirmative vote
of a majority&nbsp;of the outstanding shares of capital stock entitled to vote generally in the election of directors cast at a
meeting of the stockholders called for that purpose. If a director is elected by a voting group of stockholders, only the stockholders
of that voting group may participate in the vote to remove that director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Transfer Agent and Registrar </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The transfer agent and registrar for
our common stock in the United States is Computershare Trust Company, N.A. and in Canada is Computershare Investor Services Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>NYSE Amex Equities and Toronto Stock Exchange </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Our common stock is listed for quotation
on the NYSE Amex Equities under the symbol &ldquo;XPL&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;SLR.&rdquo;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">23</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF WARRANTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As of the date of this prospectus, no
warrants to purchase shares of our common stock, preferred stock and/or debt securities were outstanding. We may issue warrants
to purchase shares of our common stock, preferred stock and/or debt securities in one or more series together with other securities
or separately, as described in the applicable prospectus supplement. Below is a description of certain general terms and provisions
of the warrants that we may offer. Particular terms of the warrants will be described in the warrant agreements and the prospectus
supplement to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The applicable prospectus supplement
will contain, where applicable, the following terms of and other information relating to the warrants:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the specific designation and aggregate number of, and the price at which we will issue, the warrants;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the currency or currency units in which the offering price, if any, and the exercise price are payable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the designation, amount and terms of the securities purchasable upon exercise of the warrants;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if applicable, the exercise price for shares of our common stock and the number of shares of common stock to be received upon exercise of the warrants;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if applicable, the exercise price for shares of our preferred stock, the number of shares of preferred stock to be received upon exercise, and a description of that series of our preferred stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if applicable, the exercise price for our debt securities, the amount of debt securities to be received upon exercise, and a description of that series of debt securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether the warrants will be issued in fully registered form or bearer form, in definitive or global form or in any combination of these forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any security included in that unit;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any applicable material United States federal income tax consequences;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other agents;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if applicable, the date from and after which the warrants and the common stock, preferred stock and/or debt securities will be separately transferable;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">information with respect to book-entry procedures, if any;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the anti-dilution provisions of the warrants, if any;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any redemption or call provisions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">whether the warrants are to be sold separately or with other securities as parts of units; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Transfer Agent and Registrar </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The transfer agent and registrar for
any warrants will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">24</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF UNITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This section outlines some of the provisions
of the units and the unit agreements. This information may not be complete in all respects and is qualified entirely by reference
to the unit agreement with respect to the units of any particular series. The specific terms of any series of units will be described
in the applicable prospectus supplement. If so described in a particular supplement, the specific terms of any series of units
may differ from the general description of terms presented below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may issue units comprised of shares
of preferred stock, shares of common stock, warrants and debt securities in any combination. Each unit will be issued so that the
holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and
obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities
included in the unit may not be held or transferred separately, at any time or at any time before a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The applicable prospectus supplement
may describe:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any provisions of the governing unit agreement;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the price or prices at which such units will be issued;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">the applicable United States federal income tax considerations relating to the units;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">any other terms of the units and of the securities comprising the units.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The provisions described in this section,
as well as those described under &ldquo;Description of Preferred Stock,&rdquo; &ldquo;Description of Common Stock,&rdquo; &ldquo;Description
of Warrants&rdquo; and &ldquo;Description of Debt Securities&rdquo; will apply to the securities included in each unit, to the
extent relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Issuance in Series </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We may issue units in such amounts
and in as many distinct series as we wish. This section summarizes terms of the units that apply generally to all series. Most
of the financial and other specific terms of your series will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Unit Agreements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We will issue the units under one or
more unit agreements to be entered into between us and a bank or other financial institution, as unit agent. We may add, replace
or terminate unit agents from time to time. We will identify the unit agreement under which each series of units will be issued
and the unit agent under that agreement in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The following provisions will generally
apply to all unit agreements unless otherwise stated in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Modification Without Consent </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We and the applicable unit agent may
amend any unit or unit agreement without the consent of any holder:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to cure any ambiguity; any provisions of the governing unit agreement that differ from those described below;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to correct or supplement any defective or inconsistent provision; or</TD></TR>
</TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">25</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">to make any other change that we believe is necessary or desirable and will not adversely affect the interests of the affected holders in any material respect.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We do not need any approval to make changes
that affect only units to be issued after the changes take effect. We may also make changes that do not adversely affect a particular
unit in any material respect, even if they adversely affect other units in a material respect. In those cases, we do not need to
obtain the approval of the holder of the unaffected unit; we need only obtain any required approvals from the holders of the affected
units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Modification With Consent </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We may not amend any particular unit
or a unit agreement with respect to any particular unit unless we obtain the consent of the holder of that unit, if the amendment
would:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">impair any right of the holder to exercise or enforce any right under a security included in the unit if the terms of that security require the consent of the holder to any changes that would impair the exercise or enforcement of that right; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">reduce the percentage of outstanding units or any series or class the consent of whose holders is required to amend that series or class, or the applicable unit agreement with respect to that series or class, as described below.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any other change to a particular unit
agreement and the units issued under that agreement would require the following approval:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">If the change affects only the units of a particular series issued under that agreement, the change must be approved by the holders of a majority of the outstanding units of that series; or</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">If the change affects the units of more than one series issued under that agreement, it must be approved by the holders of a majority of all outstanding units of all series affected by the change, with the units of all the affected series voting together as one class for this purpose.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">These provisions regarding changes with
majority approval also apply to changes affecting any securities issued under a unit agreement, as the governing document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In each case, the required approval must
be given by written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Unit Agreements Will Not Be Qualified Under Trust Indenture
Act </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">No unit agreement will be qualified
as an indenture, and no unit agent will be required to qualify as a trustee, under the Trust Indenture Act. Therefore, holders
of units issued under unit agreements will not have the protections of the Trust Indenture Act with respect to their units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Mergers and Similar Transactions Permitted; No Restrictive
Covenants or Events of Default </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">The unit agreements will not restrict
our ability to merge or consolidate with, or sell our assets to, another corporation or other entity or to engage in any other
transactions. If at any time we merge or consolidate with, or sell our assets substantially as an entirety to, another corporation
or other entity, the successor entity will succeed to and assume our obligations under the unit agreements. We will then be relieved
of any further obligation under these agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The unit agreements will not include
any restrictions on our ability to put liens on our assets, including our interests in our subsidiaries, nor will they restrict
our ability to sell our assets. The unit agreements also will not provide for any events of default or remedies upon the occurrence
of any events of default.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">26</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Form, Exchange and Transfer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">We anticipate that we will issue each
unit in global&mdash;i.e., book-entry&mdash;form only. Units in book-entry form will be represented by a global security registered
in the name of a depositary, which will be the holder of all the units represented by the global security. Those who own beneficial
interests in a unit will do so through participants in the depositary&rsquo;s system, and the rights of these indirect owners will
be governed solely by the applicable procedures of the depositary and its participants. We will describe book-entry securities,
and other terms regarding the issuance and registration of the units in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Each unit and all securities comprising
the unit will be issued in the same form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If we issue any units in registered,
non-global form, the following will apply to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The units will be issued in the denominations
stated in the applicable prospectus supplement. Holders may exchange their units for units of smaller denominations or combined
into fewer units of larger denominations, as long as the total amount is not changed.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">Holders may exchange or transfer their units at the office of the unit agent. Holders may also replace lost, stolen, destroyed or mutilated units at that office. We may appoint another entity to perform these functions or perform them ourselves.</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">Holders will not be required to pay a service charge to transfer or exchange their units, but they may be required to pay for any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange, and any replacement, will be made only if our transfer agent is satisfied with the holder&rsquo;s proof of legal ownership. The transfer agent may also require an indemnity before replacing any units.</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">If we have the right to redeem, accelerate or settle any units before their maturity, and we exercise our right as to less than all those units or other securities, we may block the exchange or transfer of those units during the period beginning 15 days before the day we mail the notice of exercise and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers of or exchange any unit selected for early settlement, except that we will continue to permit transfers and exchanges of the unsettled portion of any unit being partially settled. We may also block the transfer or exchange of any unit in this manner if the unit includes securities that are or may be selected for early settlement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Only the depositary will be entitled
to transfer or exchange a unit in global form, since it will be the sole holder of the unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Payments and Notices </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">In making payments and giving notices
with respect to our units, we will follow the procedures as described in the applicable prospectus supplement.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>HOW WE PLAN TO SELL THE SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may sell the securities in any one
or more of the following methods from time to time:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">directly to investors, directly to agents, or to investors through agents;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">through underwriting syndicates led by one or more managing underwriters, or through one or more underwriters acting alone, for resale to the public or investors;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">purchases by a broker or dealer as principal and resale by such broker or dealer for its own account;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">through a block trade (which may involve crosses) in which the broker or dealer so engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">ordinary brokerage transactions and transactions in which the broker solicits purchasers;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">in &ldquo;at the market offerings,&rdquo; within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing trading market, on an exchange or otherwise;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">transactions not involving market makers or established trading markets, including direct sales or privately negotiated transactions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">exchange distributions and/or secondary distributions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">by delayed delivery contracts or by remarketing firms;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">transactions in options, swaps or other derivatives that may or may not be listed on an exchange; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">through a combination of any such methods of sale.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The distribution of the securities may
be effected from time to time in one or more transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">at a fixed price or prices, which may be changed;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">at market prices prevailing at the time of sale;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">at prices related to such prevailing market prices; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">at negotiated prices.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any of the prices may represent a discount
from the prevailing market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any underwritten offering may be on a
best efforts or a firm commitment basis. If underwriters are used in the sale, the securities acquired by the underwriters will
be for their own account. The underwriters may resell the securities in one or more transactions, including without limitation
negotiated transactions, at a fixed public offering price or at a varying price determined at the time of sale. The obligations,
if any, of the underwriter to purchase any securities will be subject to certain conditions. We may offer the securities to the
public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to
certain conditions, the underwriters will be obligated to purchase all of the securities if any are purchased, other than securities
covered by any over-allotment option. Any public offering price and any discounts or concessions allowed, reallowed or paid to
dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If a dealer is used in an offering of
securities, we may sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at
varying prices to be determined by the dealer at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may sell securities directly or through
agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe
any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent
will act on a best-efforts basis for the period of its appointment.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">28</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">We may also sell securities directly to one
or more purchasers without using underwriters, dealers or agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We may also make direct sales through
subscription rights distributed to our stockholders on a pro rata basis, which may or may not be transferable. In any distribution
of subscription rights to stockholders, if all of the underlying securities are not subscribed for, we may then sell the unsubscribed
securities directly to third parties or may engage the services of one or more underwriters, dealers or agents, including standby
underwriters, to sell the unsubscribed securities to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In the sale of the securities, underwriters,
dealers or agents may receive compensation from us or from purchasers of the securities, for whom they may act as agents, in the
form of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers, and such dealers may
receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers
for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of the securities may be
deemed to be underwriters under the Securities Act and any discounts or commissions they receive from us and any profit on the
resale of securities they realize may be deemed to be underwriting discounts and commissions under the Securities Act. The applicable
prospectus supplement will, where applicable:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">identify any such underwriter or agent;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">describe any compensation in the form of discounts, concessions, commissions or otherwise received from us by each of such underwriter, dealer or agent and in the aggregate to all underwriters, dealers and agents;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">identify the purchase price and proceeds from such sale;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">identify the amounts underwritten;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">identify the nature of the underwriter&rsquo;s obligation to take the securities;</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">identify any over-allotment option under which the underwriters may purchase additional securities from us; and</TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">identify any quotation systems or securities exchanges on which the securities may be quoted or listed.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified in the related
prospectus supplement, each series of securities will be a new issue with no established trading market, other than the common
stock, which is listed on the NYSE Amex Equities and the Toronto Stock Exchange. Any common stock sold pursuant to a prospectus
supplement will be listed on the NYSE Amex Equities and the Toronto Stock Exchange, subject to applicable notices. We may elect
to apply for quotation or listing of any other class or series of our securities, on a quotation system or an exchange but we are
not obligated to do so. It is possible that one or more underwriters may make a market in a class or series of our securities,
but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. Therefore,
no assurance can be given as to the liquidity of, or the trading market for, any other class or series of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In connection with an offering, an underwriter
may purchase and sell securities in the open market. These transactions may include short sales, stabilizing transactions and purchases
to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of securities than
they are required to purchase in the offering. &ldquo;Covered&rdquo; short sales are sales made in an amount not greater than the
underwriters&rsquo; option to purchase additional securities, if any, from us in the offering. If the underwriters have an over-allotment
option to purchase additional securities from us, the underwriters may close out any covered short position by either exercising
their over-allotment option or purchasing securities in the open market. In determining the source of securities to close out the
covered short position, the underwriters may consider, among other things, the price of securities available for purchase in the
open market as compared to the price at which they may purchase securities through the over-allotment option. &ldquo;Naked&rdquo;
short sales are any sales in excess of such option or where the underwriters do not have an over-allotment option. The underwriters
must close out any naked short position by purchasing securities in the open market. A naked short position is more likely to be
created if the underwriters are concerned that there may be downward pressure on the price of the securities in the open market
after pricing that could adversely affect investors who purchase in the offering.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">29</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Accordingly, to cover these short sales positions
or to otherwise stabilize or maintain the price of the securities, the underwriters may bid for or purchase securities in the open
market and may impose penalty bids. If penalty bids are imposed, selling concessions allowed to syndicate members or other broker-dealers
participating in the offering are reclaimed if securities previously distributed in the offering are repurchased, whether in connection
with stabilization transactions or otherwise. The effect of these transactions may be to stabilize or maintain the market price
of the securities at a level above that which might otherwise prevail in the open market. The impositions of a penalty bid may
also affect the price of the securities to the extent that it discourages resale of the securities. The magnitude or effect of
any stabilization or other transactions is uncertain. These transactions may be effected on the NYSE Amex Equities or otherwise
and, if commenced, may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We do not make any representation or
prediction as to the direction or magnitude of any effect that the transactions described above might have on the price of the
securities. In addition, we do not make any representation that underwriters will engage in such transactions or that such transactions,
once commenced, will not be discontinued without notice at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Under agreements into which we may enter,
underwriters, dealers and agents who participate in the distribution of the securities may be entitled to indemnification by us
against certain civil liabilities, including liabilities under the Securities Act, or contribution from us to payments which the
underwriters, dealers or agents may be required to make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Underwriters, dealers and agents may
engage in transactions with us or perform services for us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If indicated in the applicable prospectus
supplement, securities may also be offered or sold by a &ldquo;remarketing firm&rdquo; in connection with a remarketing arrangement
contemplated by the terms of the securities. Remarketing firms may act as principals for their own accounts or as agents. The applicable
prospectus supplement will identify any remarketing firm and the terms of its agreement, if any, with us. It will also describe
the remarketing firms compensation. Remarketing firms may be deemed to be underwriters in connection with the remarketing of the
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If indicated in the applicable prospectus
supplement, we will authorize underwriters, dealers or other persons acting as our agents to solicit offers by particular institutions
to purchase securities from us at the public offering price set forth in such prospectus supplement pursuant to delayed delivery
contracts providing for payment and delivery on such future date or dates stated in such prospectus supplement. Each delayed delivery
contract will be for an amount no less than, and the aggregate principal amounts of securities sold under delayed delivery contracts
shall be not less nor more than, the respective amounts stated in the applicable prospectus supplement. Institutions with which
such delayed delivery contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension
funds, investment companies, educational and charitable institutions and others, but will in all cases be subject to our approval.
The obligations of any purchaser under any such contract will be subject to the conditions that (1)&nbsp;the purchase of the securities
shall not at the time of delivery be prohibited under the laws of any jurisdiction in the United States to which the purchaser
is subject, and (2)&nbsp;if the securities are being sold to underwriters, we shall have sold to the underwriters the total principal
amount of the securities less the principal amount thereof covered by the delayed delivery contracts. The underwriters and such
other agents will not have any responsibility in respect of the validity or performance of such delayed delivery contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">With respect to the sale of any securities
under this prospectus, the maximum compensation to be received by any member of the Financial Industry Regulatory Authority,&nbsp;Inc.
or independent broker or dealer will not be greater than eight percent (8%)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">To comply with applicable state securities
laws, the securities offered by this prospectus will be sold, if necessary, in such jurisdictions only through registered or licensed
brokers or dealers. In addition, securities may not be sold in some states unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">30</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN PROVISIONS OF COLORADO LAW AND OF
OUR </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLES AND BY-LAWS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Anti-Takeover Provisions of our Articles By-laws </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">In addition to the board of directors&rsquo;
ability to issue shares of preferred stock, our Articles and our By-laws contain other provisions that are intended to enhance
the likelihood of continuity and stability in the composition of the board of directors and which may have the effect of delaying,
deferring or preventing a future takeover or change in control of our company unless such takeover or change in control is approved
by our board of directors. These provisions include the possibility of a classified board of directors as discussed above in &ldquo;Description
of Common Stock &ndash; Our Board of Directors&rdquo; and advance notice procedures for stockholder proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><I>Classified Board</I>. The provision
for a classified board could prevent a party who acquires control of a majority of our outstanding common stock from obtaining
control of the board until our second annual stockholders meeting following the date the acquirer obtains the controlling stock
interest. The classified board provision could have the effect of discouraging a potential acquirer from making a tender offer
or otherwise attempting to obtain control of us and could increase the likelihood that incumbent directors will retain their positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt"><I>Advance Notice Procedures for Stockholder
Proposals</I>. Our By-laws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting
of our stockholders, including proposed nominations of persons for election to our board. Stockholders at our annual meeting may
only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction
of our board or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at
the meeting and who has given to our secretary timely written notice, in proper form, of the stockholder&rsquo;s intention to bring
that business before the meeting. Although our By-laws do not give our board the power to approve or disapprove stockholder nominations
of candidates or proposals regarding other business to be conducted at a special or annual meeting, our By-laws may have the effect
of precluding the conduct of some business at a meeting if the proper procedures are not followed or may discourage or defer a
potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain
control of us.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">31</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Limitations on Liability and Indemnification of Officers
and Directors </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">Our Articles limit the liability of
our directors to the fullest extent permitted by Colorado law and provide that we are authorized to indemnify them to the fullest
extent permitted by such law. Our By-laws provide that we are authorized to indemnify our officers to the fullest extent permitted
by Colorado law.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">32</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION INCORPORATED BY REFERENCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The SEC allows us to incorporate by reference
the information and reports we file with it, which means that we can disclose important information to you by referring you to
these documents. Our SEC file number is 001-32978. The information incorporated by reference is an important part of this prospectus,
and information that we file later with the SEC will automatically update and supersede the information already incorporated by
reference. We are incorporating by reference the documents listed below, which we have already filed with the SEC, and any future
filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, except as to any portion of any future
report or document that is not deemed filed under such provisions, until we sell all of the securities:</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="width: 1%; vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2010; and</TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&bull;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">The description of our common stock contained in our registration statement on Form 8-A, which was filed with the SEC on August&nbsp;9, 2006, including any amendment or report filed for the purpose of updating such description.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Upon request, we will provide, without
charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered a copy of the documents
incorporated by reference into this prospectus. You may request a copy of these filings, and any exhibits we have specifically
incorporated by reference as an exhibit in this prospectus, at no cost by writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attn: Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4251 Kipling Street, Suite 390</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Wheat Ridge, Colorado 80033</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(303) 534-1030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This prospectus is part of a registration
statement we filed with the SEC. We have incorporated exhibits into this registration statement. You should read the exhibits carefully
for provisions that may be important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">You should rely only on the information
incorporated by reference or provided in this prospectus or any prospectus supplement. We have not authorized anyone to provide
you with different information. We are not making an offer of these securities in any state where the offer is not permitted. You
should not assume that the information in this prospectus or in the documents incorporated by reference is accurate as of any date
other than the date on the front of this prospectus or those documents.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We are subject to the information requirements
of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and in accordance with the Exchange Act, file annual,
quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any document we file
at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may call the SEC at 1-800-SEC-0330
for further information on the operation of the Public Reference Room. These documents also may be accessed through the SEC&rsquo;s
electronic data gathering, analysis and retrieval system, or EDGAR, via electronic means, including the SEC&rsquo;s home page on
the Internet (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We have the authority to designate and
issue more than one class or series of stock having various preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions of redemption. See &ldquo;Description of Preferred Stock&rdquo;
and &ldquo;Description of Common Stock.&rdquo; We will furnish a full statement of the relative rights and preferences of each
class or series of our stock which has been so designated and any restrictions on the ownership or transfer of our stock to any
stockholder upon request and without charge. Written requests for such copies should be directed to Solitario Exploration &amp;
Royalty Corp., Attn: Corporate Secretary, 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033. Our telephone number is
(303)&nbsp;534-1030. Our website is located at www.solitarioxr.com. Information contained on our website is not incorporated by
reference into this prospectus and, therefore, is not part of this prospectus or any accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Ehrhardt Keefe Steiner &amp; Hottman
PC, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report
on Form 10-K for the year ended December&nbsp;31, 2010, as set forth in their report, which is incorporated by reference in this
prospectus and elsewhere in the registration statement. Our financial statements are incorporated by reference in reliance on Ehrhardt
Keefe Steiner &amp; Hottman PC&rsquo;s report, given on their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 24.5pt">Certain information regarding our Mt.
Hamilton project incorporated by reference in this prospectus is included in reliance on portions of an independent technical report
prepared by SRK Consulting (US), Inc., completed in 2009, concerning the Mt. Hamilton project and has been included herein in reliance
on the authority of such firm as experts in geology and engineering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>LEGAL MATTERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Certain legal matters, including the
legality of the securities offered, will be passed upon for us by Hensley Kim &amp; Holzer, LLC, Denver, Colorado.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">34</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;<B> </B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#toc" STYLE="font-style: italic">Table of Contents</A></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"></B></P>

<P STYLE="font: 9pt Arial; text-align: center; margin-right: 0; margin-left: 0; color: Red"><IMG SRC="logo.jpg" ALT=""></B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>_________ Shares
of Common Stock </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: center">____________________________________<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center">____________________________________</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Roth Capital Partners</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>April __, 2011 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 4.5pt solid; border-bottom: Black 0 solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&nbsp;</P>


<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
