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<SEC-DOCUMENT>0001130319-05-000175.txt : 20050314
<SEC-HEADER>0001130319-05-000175.hdr.sgml : 20050314
<ACCEPTANCE-DATETIME>20050314123825
ACCESSION NUMBER:		0001130319-05-000175
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050311
FILED AS OF DATE:		20050314
DATE AS OF CHANGE:		20050314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		05677740

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o15740e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES</B>

<DIV align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></DIV>


<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>


<P align="center" style="font-size: 12pt"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934</B>


<P align="center" style="font-size: 10pt">For the month of March, 2005


<P align="center" style="font-size: 24pt"><B>Cameco Corporation</B>


<DIV align="center" style="font-size: 10pt">(Commission file No.&nbsp;1-14228)</DIV>



<P align="center" style="font-size: 10pt"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)


<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.



<P align="center" style="font-size: 10pt">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT> Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT>


<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.



<P align="center" style="font-size: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>


<P align="left" style="font-size: 10pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):




<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>


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

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="o15740exv1.txt">Articles of Incorporation and Amendments</A></TD></TR>
<TR><TD colspan="9"><A HREF="o15740exv2.txt">Bylaws No. 5 and No. 6</A></TD></TR>
<TR><TD colspan="9"><A HREF="o15740exv3.htm">Trust Indenture dated September 25, 2003</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><U><B>Exhibit&nbsp;Index</B></U>



<P>
<DIV style="width: 100%; border: 1px solid black; padding: 1px;">


<P align="right" style="font-size: 10pt"><B>Page 2</B>


</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation
and Amendments</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws No.&nbsp;5 and No.&nbsp;6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Indenture dated</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;25, 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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

<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>


<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
March&nbsp;11, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Gary M.S. Chad&#148;</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="45%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary M.S. Chad</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice-President, Governance,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal and Regulatory Affairs, and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>o15740exv1.txt
<DESCRIPTION>ARTICLES OF INCORPORATION AND AMENDMENTS
<TEXT>
<PAGE>

                                                                       EXHIBIT 1


[CANADIAN FLAG] Industry Canada                Industrie Canada



CERTIFICATE                                    CERTIFICAT
OF AMENDMENT                                   DE MODIFICATION

CANADA BUSINESS                                LOI CANADIENNE SUR
CORPORATIONS ACT                               LES SOCIETES PAR ACTIONS



CAMECO CORPORATION/

CORPORATION CAMECO                                       332981-0

- --------------------------------              --------------------------------
Name of corporation-                          Corporation number-
Denomination de la societe                    Numero de la societe

I hereby certify that the articles            Je certifie que les statuts de
of the above-named corporation were           la societe susmentionnee ont ete
amended:                                      modifies:

a) under section 13 of the Canada        [ ]  a) en vertu de l'article 13 de la
   Business Corporations Act in                  Loi canadienne sur les societes
   accordance with the attached                  par actions, conformement a
   notice;                                       l'avis ci-joint;

b) under section 27 of the Canada        [ ]  b) en vertu de l'article 27 de
   Business Corporations Act                     la Loi canadienne sur les
   as set out in the attached                    societes par actions, tel qu'il
   articles of amendment                         est indique dans les clauses
   designating a series of                       modificatrices ci-jointes
   shares;                                       designant une serie d'actions;

c) under section 179 of the              [X]  c) en vertu de l'article 179 de
   Canada Business Corporations                  la Loi canadienne sur les
   Act as set out in the                         societes par actions, tel qu'il
   attached articles of                          est indique dans les clauses
   amendment;                                    modificatrices ci-jointes;

d) under section 191 of the Canada       [ ]  d) en vertu de l'article 191 de la
   Business Corporations Act as                  Loi canadienne sur les societes
   set out in the attached                       par actions, tel qu'il est
   articles of reorganization;                   indique dans les clauses de
                                                 reorganisation ci-jointes;


                                                   MAY 8,2003 / LE 8 MAI 2003
     /s/                                               Date of Amendment -
     Director - Directeur                             Date de modification



[CANADA LOGO]


<PAGE>

<TABLE>
<CAPTION>
                                                              FORM 4                         FORMULE 4
[CANADIAN FLAG]                                        ARTICLES OF AMENDMENT           CLAUSES MODIFICATRICES
INDUSTRY CANADA       INDUSTRIE CANADA                  (SECTION 27 OR 177)             (ARTICLES 27 OU 177)
<S>                   <C>                              <C>                             <C>

CANADA BUSINESS       LOI CANADIENNE SUR LES
CORPORATIONS ACT      SOCIETES PAR ACTIONS

- ----------------------------------------------------------------------------------------------------------------------------
1 - NAME OF THE CORPORATION -- DENOMINATION SOCIALE DE LA SOCIETE                 2 - CORPORATION NO. -- NO DE LA SOCIETE

    CAMECO CORPORATION/CORPORATION CAMECO                                                          332981-0
- -----------------------------------------------------------------------------------------------------------------------------
3 - THE ARTICLES OF THE ABOVE-NAMED CORPORATION ARE AMENDED AS FOLLOWS:        LES STATUTS DE LA SOCIETE MENTIONNEE CI-DESSUS
                                                                               SONT MODIFIES DE LA FACON SUIVANTE :

     I. To include under item 7, "Other Provisions", the following:

        "The number of directors of the Corporation shall be determined by
        the Directors of the Corporation but shall be not fewer than the
        minimum and not more than the maximum provided in these articles. The
        Directors of the Corporation may appoint one or more directors, who
        shall hold office for a term expiring not later than the close of the
        next annual meeting of shareholders, but the total number of
        directors so appointed may not exceed one-third of the number of
        directors elected at the previous annual meeting of shareholders."

    II. See schedule annexed hereto as Schedule "A".






- -----------------------------------------------------------------------------------------------------------------------------
DATE                           SIGNATURE                                          4 - CAPACITY OF -- EN QUALITE DE

    May 8, 2003                "Gary M.S. Chad"                                       Corporate Secretary
- -----------------------------------------------------------------------------------------------------------------------------

FOR DEPARTMENTAL USE ONLY      PRINTED NAME -- NOM EN LETTRES MOULEES
A L'USAGE DU MINISTERE
SEULEMENT                      Gary M.S. Chad

FILED
DEPOSEE    May/Mai 8, 2003
- ---------------------------------------------------------------------------------                             [CANADA LOGO]
IC 3069 (2001/11)

</TABLE>


<PAGE>


                                  SCHEDULE "A"



Amending Section 1.01 of Schedule B - Part I, Head Office, to read as follows:

1.01     For the purposes of Part I of Schedule B to these Articles and Schedule
         A to these Articles, the following terms have the following means:


(a)      "Head Office Operations" means:

         (i)   all or substantially all of the collective executive, corporate
               planning, senior administrative and general management functions
               of the Corporation and those of its subsidiaries owning assets or
               carrying on business in Canada, taken as a whole; and

         (ii)  the office or offices at which persons carrying out the functions
               of the chief executive officer, chief operating officer, chief
               financial officer, vice-chairman and the president of the
               Corporation and all or substantially all other Executive
               Officers, Senior Officers and other persons carrying out the
               functions referred to in paragraph (i), are located.


(b)      "Executive Officers" means:

         (i)   the Corporation's Executive Officers; and

         (ii)  (if a substantial portion of the Corporation's assets represents
               an investment in subsidiaries and a substantial portion of the
               functions performed by the Corporation's Executive Officers
               relates merely to the management of such investment and not to
               the active businesses carried on by the Corporation's direct or
               indirect subsidiaries owning assets or carrying on business in
               Canada), the persons, whether employed by the Corporation or any
               subsidiary, carrying out as a substantial part of their duties
               any of the functions of the chief executive officer, chief
               operating officer, chief financial officer, vice-chairman,
               president, any executive vice-president, treasurer, controller
               or secretary with respect to a substantial portion of the
               collective businesses carried on by the Corporation's direct and
               indirect subsidiaries owning assets or carrying on business in
               Canada, taken as a whole.

(c)      "Corporation's Executive Officers" means the persons carrying out as a
         substantial part of their duties any of the functions of the chief
         executive officer, chief operating officer, chief financial officer,
         vice-chairman and president of the Corporation.

(d)      "Senior Officers" means the persons carrying out as a substantial part
         of their duties any of the functions or duties ordinarily performed by
         a vice-president.








<PAGE>
<TABLE>
<CAPTION>
<S>                                                   <C>
(CANADIAN FLAG GRAPHIC)
Industry Canada                                       Industrie Canada


CERTIFICATE                                           CERTIFICAT
OF AMENDMENT                                          DE MODIFICATION

CANADA BUSINESS                                       LOI CANADIENNE SUR
CORPORATIONS ACT                                      LES SOCIETES PAR ACTIONS


CAMECO CORPORATION/

CORPORATION CAMECO                                              332981-0


Name of corporation - Denomination de la societe      Corporation number - Numero de la societe

I hereby certify that the articles of the             Je certifie que les statuts de la societe
above-named corporation were amended:                 susmentionnee ont ete modifies:


a)   under section 13 of the Canada             [ ]  a)   en vertu de l'article 13 de la Loi
     Business Corporations Act in accordance              canadienne sur les societes par actions,
     with the attached notice;                            conformement a l'avis ci-joint;

b)   under section 27 of the Canada             [ ]  b)   en vertu de l'article 27 de la Loi canadienne
     Business Corporations Act as set out in              sur les societes par actions, tel qu'il est
     the attached articles of amendment                   indique dans les clauses modificatrices
     designating a series of shares;                      ci-jointes designant une serie d'actions;

c)   under section 179 of the Canada            [X]  c)   en vertu de l'article 179 de la Loi
     Business Corporations Act as set out in              canadienne sur les societes par actions, tel
     the attached articles of amendment;                  qu'il est indique dans les clauses
                                                          modificatrices ci-jointes;

d)   under section 191 of the Canada            [ ]  d)   en vertu de l'article 191 de la Loi
     Business Corporations Act as set out in              canadienne sur les societes par actions, tel
     the attached articles of reorganization;             qu'il est indique dans les clauses de
                                                          reorganisation ci-jointes;

              /s/                                                  MAY 3, 2002 / LE 3 MAI 2002
- ------------------------------------------------
              Director - Directeur                           Date of Amendment - Date de modification
</TABLE>


(CANADA LOGO)
<PAGE>



<TABLE>
<CAPTION>
                                                              FORM 4                         FORMULE 4
[CANADIAN FLAG]                                        ARTICLES OF AMENDMENT           CLAUSES MODIFICATRICES
INDUSTRY CANADA       INDUSTRIE CANADA                  (SECTION 27 OR 177)             (ARTICLES 27 OU 177)
<S>                   <C>                              <C>                             <C>
CANADA BUSINESS       LOI CANADIENNE SUR LES
CORPORATIONS ACT      SOCIETES PAR ACTIONS

- ----------------------------------------------------------------------------------------------------------------------------
1 - NAME OF THE CORPORATION -- DENOMINATION SOCIALE DE LA SOCIETE                 2 - CORPORATION No. -- No DE LA SOCIETE

    Cameco Corporation/Corporation Cameco                                                          3329810
- -----------------------------------------------------------------------------------------------------------------------------
3 - THE ARTICLES OF THE ABOVE-NAMED CORPORATION ARE AMENDED AS FOLLOWS:        LES STATUTS DE LA SOCIETE MENTIONNEE CI-DESSUS
                                                                               SONT MODIFIES DE LA FACON SUIVANTE :

    See schedule annexed hereto as Schedule "A"





















- -----------------------------------------------------------------------------------------------------------------------------
DATE                           SIGNATURE                                          4 - CAPACITY OF -- EN QUALITE DE

    May 3, 2002                "Gary M.S. Chad"                                       Senior Vice-President, Law,
                                                                                      Regulatory Affairs & Corporate
                                                                                      Secretary
- -----------------------------------------------------------------------------------------------------------------------------

FOR DEPARTMENTAL USE ONLY      PRINTED NAME -- NOM EN LETTRES MOULEES
A L'USAGE DU MINISTERE
SEULEMENT                      Gary M.S. Chad

FILED      May 03, 2002
DEPOSEE    Mai                                                                      [CANADA LOGO]
- --------------------------------------------------------------------------------
IC 3069 (2001/11)

</TABLE>






<PAGE>
                                  SCHEDULE "A"

1.       amending section 2.01 of Schedule B - Part II - OWNERSHIP RESTRICTIONS
         ("Schedule B - Part II") to read as follows:

                  "2.01    The Corporation shall not:

                  (a)      issue any form of proxy or recognize any form of
                           proxy in respect of Voting Securities;

                  (b)      permit the exercise of voting rights in respect of
                           any Voting Securities; or


                  (c)      pay any dividend or make any distribution in respect
                           of any Voting Securities;


                  in respect of any holder or Beneficial Owner of Voting
                  Securities, who, together with the Associates of that Person,
                  is the registered holder or Beneficial Owner of Voting
                  Securities to which are attached more than twenty-five (25%)
                  percent of the votes that may ordinarily be cast to elect
                  directors of the Corporation, in the case of a Resident, or of
                  Voting Securities to which are attached more than fifteen
                  (15%) percent of the votes that may ordinarily be cast to
                  elect directors of the Corporation, in the case of a
                  Non-resident."

2.       amending section 2.02 of Schedule B - Part II to read as follows:

                  "2.02 The Corporation shall not:

                  (a)      accept any subscription for Voting Securities;

                  (b)      issue any Voting Securities; or

                  (c)      register or otherwise recognize the transfer of any
                           Voting Securities;

                  if the subscriber, Person to whom Voting Securities are to be
                  issued, transferee or Beneficial Owner of the Voting
                  Securities, as the case may be, together with the Associates
                  of that Person is, or would be, if the subscription, issue or
                  transfer, as the case may be, were permitted, the registered
                  holder or Beneficial Owner of Voting Securities to which are
                  attached more than twenty-five (25%) percent of the votes that
                  may ordinarily be cast to elect directors of the Corporation
                  in the case of a Resident, or of Voting Securities to which
                  are attached more than fifteen (15%) percent of the votes that
                  may ordinarily be cast to elect directors of the Corporation,
                  in the case of a Non-resident."



<PAGE>

                                      -2-


3.       amending section 2.09 of Schedule B - Part II to read as follows:

                  "2.09 If it appears to the Corporation, whether through
                  declarations filed with it or its books and records or those
                  of its registrar and transfer agent or otherwise, that the
                  number of votes cast in respect of any matter at a meeting of
                  shareholders and attached to Voting Securities held or
                  Beneficially Owned by Non-residents exceeds twenty-five 25% of
                  the total number of votes cast in respect of such matter and
                  attached to all Voting Securities, then the voting rights in
                  respect of such matter attached to Voting Securities held or
                  Beneficially Owned by such Non-residents shall be reduced by
                  multiplying the number of votes attached to the Voting
                  Securities held or Beneficially Owned by such Non-residents by
                  a fraction, the numerator of which is the number of such votes
                  which would have been exercisable if the limitation of
                  twenty-five (25%) percent were not exceeded and the
                  denominator of which is the total number of votes cast in
                  respect of such matter and attached to the Voting Securities
                  held or Beneficially Owned by all Non-residents. The Chairman
                  of any meeting may make rules not inconsistent with these
                  provisions for the implementation of the foregoing, including
                  rules in respect of taking ballots and the counting of votes."


4.       amending section 2.10 of Schedule B - Part II to read as follows:

                  "2.10 If the Corporation has reason to believe, whether
                  through declarations filed with it or its books and records or
                  those of its registrar and transfer agent or otherwise, that
                  the holdings or Beneficial Ownership of Voting Securities by
                  any one Resident together with his Associates or that the
                  holdings or Beneficial Ownership of Voting Securities by any
                  one Non-resident together with his Associates (in either case,
                  referred to as a "Contravening Shareholder") exceeds or would
                  exceed if any particular transfer, issue or request for
                  registration were effected, twenty-five (25%) percent or
                  fifteen (15%) percent respectively, of the votes attached to
                  all Voting Securities, then the Corporation shall give the
                  Contravening Shareholder, and his Associates, if applicable,
                  notice in writing to the registered address of such Persons or
                  the address in respect of which registration is requested of
                  the Corporation's determination, which notice shall specify a
                  date 30 days after the date of the notice by which day the
                  Contravening Shareholder shall have sold or otherwise disposed
                  of sufficient of his Voting Securities or his Associates shall
                  have sold or disposed of sufficient of their Voting Securities
                  such that the holding or Beneficial Ownership does not exceed
                  twenty-five (25%) percent or fifteen (15%) percent, as the
                  case may be. If a Contravening Shareholder or his Associates
                  sell or otherwise dispose of Voting Securities during such 30
                  day period, the Contravening Shareholder shall forthwith
                  advise the Corporation in writing of the Voting Securities
                  disposed of or sold. If a Contravening Shareholder or his
                  Associates fail to sell or dispose of such



<PAGE>
                                      -3-

                  Voting Securities or fail to so advise the Corporation, the
                  Contravening Shareholder and the Associates thereof shall be
                  deemed to be struck from the register of securities for all
                  purposes except the transferring of excess Voting Securities,
                  shall not be entitled to and shall forfeit dividends or other
                  distributions to shareholders, shall not be entitled to vote
                  or to receive forms of proxy or exercise proxy rights and
                  shall not be entitled to receive any communications from the
                  Corporation to its shareholders or to exercise or receive any
                  other rights or privileges as a shareholder until such Voting
                  Securities have been sold or disposed of and the Corporation
                  has been so advised."

5.       amending section 2.12 of Schedule B - Part II to read as follows:

                  "2.12   If, as a result in whole or in part of the operation
                  of Sections 2.09 and 2.10, any Resident who held or
                  Beneficially Owned twenty-five (25%) percent or less of the
                  total votes attached to Voting Securities and any Non-resident
                  who held or Beneficially Owned fifteen (15%) percent or less
                  of the total votes attached to Voting Securities, becomes
                  entitled to more than twenty-five (25%) percent or fifteen
                  (15%) percent, as the case may be, of the votes attached to
                  Voting Securities eligible to be exercised at a meeting of
                  shareholders of the Corporation, such Resident or Non-resident
                  shall not, for that reason only, be deemed to be a
                  Contravening Shareholder, but the voting rights exercisable in
                  respect of Voting Securities held or Beneficially Owned by
                  such Resident or Non-resident shall be reduced by multiplying
                  the number or votes attached to the Voting Securities held or
                  Beneficially Owned by such shareholder by a fraction the
                  numerator of which is the number of votes attached to Voting
                  Securities remaining after the application of Sections 2.09
                  and 2.10 and the denominator of which is the total number of
                  votes attached to Voting Securities, without regard to the
                  application of such Sections."



<PAGE>


[CANADIAN FLAG]        Industry Canada      Industrie Canada






Certificate                             Certificat
of Amalgamation                         de fusion

Canada Business                         Loi canadienne sur
Corporations Act                        les societes par actions


CAMECO CORPORATION/
CORPORATION CAMECO                                   332981-0

- --------------------------------        ----------------------------------
Name of corporation-Denomination        Corporation number-Numero
de la societe                           de la societe


I hereby certify that the               Je certifie que la societe susmentionnee
above-named corporation resulted        est issue d'une fusion, en vertu de
from an amalgamation, under             l'article 185 de la Loi canadienne sur
section 185 of the Canada Business      les societes par actions, des
Corporations Act, of the                societes dont les denominations
corporations set out in the attached    apparaissent dans les statuts de fusion
articles of amalgamation.               ci-joints.

/s/
Director -  Directeur                   January 1, 1997/le 1 Janvier 1997
                                        Date of Amalgamation - Date de fusion



[CANADA LOGO]

<PAGE>


                                                                          FORM 9
                                                        ARTICLES OF AMALGAMATION
                                                                   (SECTION 185)
                                                CANADA BUSINESS CORPORATIONS ACT

<TABLE>
<S>      <C>              <C>              <C>                  <C>             <C>
- --------------------------------------------------------------------------------
1.       NAME OF AMALGAMATED CORPORATION:

         CAMECO CORPORATION/CORPORATION CAMECO

- --------------------------------------------------------------------------------
2.       THE PLACE IN CANADA WHERE THE REGISTERED OFFICE IS TO BE SITUATED:

         City of Saskatoon, in the Province of Saskatchewan

- --------------------------------------------------------------------------------
3.       THE CLASSES AND ANY MAXIMUM NUMBER OF SHARES THAT THE CORPORATION IS
         AUTHORIZED TO ISSUE:

         The annexed Schedule A is incorporated in this form
- --------------------------------------------------------------------------------
4.       RESTRICTIONS, IF ANY, ON SHARE TRANSFERS:

         None
- --------------------------------------------------------------------------------
5.       NUMBER (OR MINIMUM OR MAXIMUM NUMBER) OF DIRECTORS:

         Not less than three (3) directors and not more than fifteen (15)
         directors, the number of which shall be determined by resolution of
         the Board of Directors of the Corporation from time to time.
- --------------------------------------------------------------------------------
6.       RESTRICTIONS, IF ANY, ON BUSINESS THE CORPORATION MAY CARRY ON:

         None
- --------------------------------------------------------------------------------
7.       OTHER PROVISIONS, IF ANY:

         The annexed Schedules B and C are incorporated in this form.
- --------------------------------------------------------------------------------
8.       THE AMALGAMATION HAS BEEN APPROVED PURSUANT TO THAT SECTION OR
         SUBSECTION OF THE ACT WHICH IS INDICATED AS FOLLOWS: SECTION 184(1)
- -----------------------------------------------------------------------------------------------
9.       NAME OF THE      CORPORATION      SIGNATURE            DATE            TITLE
         AMALGAMATING     NO.
         CORPORATIONS
- -----------------------------------------------------------------------------------------------
         CAMECO
         CORPORATION/                      "Gary M.S. Chad"
         CORPORATION      298604-3         Gary M.S. Chad       13 Dec 1996     General Counsel
         CAMECO                                                                 & Corporate
                                                                                Secretary
- -----------------------------------------------------------------------------------------------
         CAMECO
         RESOURCES                         "Gary M.S. Chad"
         LTD.             228145-7         Gary M.S. Chad       13 Dec 1996     General Counsel
                                                                                & Corporate
                                                                                Secretary
- -----------------------------------------------------------------------------------------------
332981-0                                                                        Dec 20 1996
</TABLE>
<PAGE>


                               CAMECO CORPORATION

                               CORPORATION CAMECO

                                    SCHEDULE A



The Corporation is authorized to issue:

         (i)      an unlimited number of First Preferred Shares issuable in one
                  or more series;

         (ii)     an unlimited number of Second Preferred Shares issuable in one
                  or more series;

         (iii)    an unlimited number of Common Shares; and

         (iv)     one Class B Share.


                             First Preferred Shares

         The rights, privileges, restrictions, and conditions attaching to the
First Preferred Shares, as a class, are as follows:

         1.       The First Preferred Shares may be issued from time to time in
                  one or more series, each series to consist of such number of
                  shares with such designation, rights, privileges, restrictions
                  and conditions attached thereto as may be determined by the
                  Board of Directors of the Corporation.

         2.       The First Preferred Shares of each series shall rank on a
                  parity with the First Preferred Shares of every other series
                  with respect to payment of dividends and with respect to the
                  distribution of the assets of the Corporation in the event of
                  the liquidation, dissolution or winding-up of the Corporation
                  or any other distribution of the assets of the Corporation
                  among its shareholders for the purpose of winding up its
                  affairs.

         3.       The First Preferred Shares shall rank in priority to the
                  Second Preferred Shares, the Common Shares, the Class B Share
                  and any class of shares ranking junior to the First Preferred
                  Shares with respect to payment of dividends and with respect
                  to the distribution of the assets of the Corporation in the
                  event of the liquidation, dissolution or winding-up of the
                  Corporation or any



<PAGE>

                                                                          Page 2

                  other distribution of the assets of the Corporation among its
                  shareholders for the purpose of winding up its affairs.

         4.       The class provisions attaching to the First Preferred Shares
                  may be amended with the prior approval of the holders of the
                  First Preferred Shares as a class given in writing by all the
                  holders of the First Preferred Shares outstanding or by at
                  least two-thirds of the votes cast at a meeting or adjourned
                  meeting of the holders of such shares called for that purpose
                  and at which a quorum is present.

                             Second Preferred Shares

         The rights, privileges, restrictions and conditions attaching to the
Second Preferred Shares, as a class, are as follows:

         1.       The Second Preferred Shares may be issued from time to time in
                  one or more series, each series to consist of such number of
                  shares with such designation, rights, privileges, restrictions
                  and conditions attached thereto as may be determined by the
                  Board of Directors of the Corporation.

         2.       The Second Preferred Shares of each series shall rank on a
                  parity with the Second Preferred Shares of every other series
                  with respect to payment of dividends and with respect to the
                  distribution of the assets of the Corporation in the event of
                  the liquidation, dissolution or winding-up of the Corporation
                  or any other distribution of the assets of the Corporation
                  among its shareholders for the purpose of winding up its
                  affairs.

         3.       The Second Preferred Shares shall rank in priority to the
                  Common Shares, the Class B Share and any class of shares
                  ranking junior to the Second Preferred Shares with respect to
                  payment of dividends and with respect to the distribution of
                  the assets of the Corporation in the event of the liquidation,
                  dissolution or winding-up of the Corporation or any other
                  distribution of the assets of the Corporation among its
                  shareholders for the purpose of winding up its affairs.

         4.       The class provisions attaching to the Second Preferred Shares
                  may be amended with the prior approval of the holders of the
                  Second Preferred Shares as a class given in writing by all the
                  holders of the Second Preferred Shares outstanding or by at
                  least two-thirds of the votes cast at a meeting or adjourned
                  meeting of the holders of such shares called for that purpose
                  and at which a quorum is present.



<PAGE>
                                                                          Page 3

                                  Common Shares

      The rights, privileges, restrictions and conditions attaching to the
Common Shares, as a class, are as follows:

         1.       The holders of the Common Shares shall have the right to one
                  vote per Common Share at any meeting of shareholders of the
                  Corporation other than at meetings of the holders of the First
                  Preferred Shares, the Second Preferred Shares or the Class B
                  Share as a class or at meetings of the holders of one or more
                  series of the First Preferred Shares or Second Preferred
                  Shares.

         2.       Subject to any prior rights of the holders of each series of
                  the First Preferred Shares or the Second Preferred Shares as
                  to dividends, the holders of the Common Shares shall have the
                  right to receive any dividends declared by the Corporation on
                  the Common Shares.

         3.       Subject to any prior rights of the holders of each series of
                  the First Preferred Shares, Second Preferred Shares or any
                  class of shares ranking senior to the Common Shares, the
                  holders of the Common Shares shall have the right to receive
                  the remaining assets of the Corporation in the event of
                  liquidation, dissolution, or winding-up of the Corporation
                  or any other distribution of the assets of the Corporation
                  among its shareholders for the purpose of winding-up its
                  affairs.

         4.       The holders of Common Shares shall not be entitled to vote
                  separately as a class upon any proposal to amend the Articles
                  of the Corporation to:

                  a)    increase or decrease any maximum number of authorized
                        shares of Common Shares, or increase any maximum number
                        of authorized shares of a class having rights or
                        privileges equal or superior to the Common Shares; or

                  b)    create a new class of shares equal to the Common Shares.


                                  Class B Share

         The rights, privileges, restrictions and conditions attaching to the
Class B Share, as a class, are as follows:

         1.       The holder of the Class B Share shall be entitled to receive
                  notice of and attend all meetings of the shareholders of the



<PAGE>
                                                                          Page 4



         Corporation including meetings of any class or series thereof but shall
         not have the right to vote at any such meeting other than a meeting of
         the holder of the Class B Share as a class. In accordance with the
         provisions of the Eldorado Nuclear Limited Reorganization and
         Divestiture Act, the holder of the Class B Share shall not have the
         right to vote separately as a class in respect of any matter except as
         provided in paragraph 2.

2.       The holder of the Class B Share shall have the right to vote separately
         as a class in respect of:

         a)       any proposal to amend Part I of Schedule B of the Articles of
                  the Corporation or to change the location of the registered
                  office or Head Office Operations of the Corporation to a
                  place not in the Province of Saskatchewan;

         b)       a proposal for amalgamation where the amalgamation agreement
                  contains a provision whereby the registered office or the Head
                  Office Operations of the amalgamated corporation would be
                  located in a place not in the Province of Saskatchewan or a
                  provision that would, if contained in a proposal to amend the
                  Articles of the Corporation, entitle the holder of the Class B
                  Share to vote separately as a class pursuant to paragraph (c);

         c)       a proposal for amending the Articles of the Corporation so as
                  to:

                  (i)      increase or decrease the maximum number of authorized
                           Class B Shares;

                  (ii)     effect an exchange, reclassification or cancellation
                           of the Class B Share;

                  (iii)    add, change or remove any of the rights, privileges,
                           restrictions or conditions attached to the Class B
                           Share; or

                  (iv)     effect an exchange or create a right of exchange of
                           all or part of the shares of another class into Class
                           B Shares; and

         d)       any other proposal in respect of which shareholder approval is
                  sought where the proposal affects the location of the
                  registered office or Head Office Operations of the Corporation
                  or affects the right of the holder of the Class B Share to
                  vote separately as a class in respect of the transfer of the
                  location of the registered office or the Head
<PAGE>
                                                                          Page 5


                  Office Operations of the Corporation to a place not in the
                  Province of Saskatchewan.

3.       The Corporation shall provide from time to time to the holder of the
         Class B Share such information as such holder may request for the
         purpose of determining whether the provisions of Part I of Schedule B
         to the Articles are being complied with.

4.       The holder of the Class B Share shall not have the right to receive any
         dividends declared by the Corporation.

5.       Subject to any prior rights of the holders of each series of the First
         Preferred Shares or Second Preferred Shares, the holder of the Class B
         Share shall have the right to receive, to the extent of the stated
         capital of the Class B Share, and on a parity with the Common Shares,
         the remaining assets of the Corporation in the event of liquidation,
         dissolution or winding-up of the Corporation or any other distribution
         of the assets of the Corporation among its shareholders for the purpose
         of winding-up its affairs.


<PAGE>
                                                                          Page 1

                               CAMECO CORPORATION

                               CORPORATION CAMECO



                                    SCHEDULE B

                                      PART I

                                   HEAD OFFICE


                                    SECTION I
                                 INTERPRETATION

1.01 For the purposes of Part I of Schedule B to these Articles and Schedule A
to these Articles, the following terms have the following meanings:

   (a)   "Head Office Operations" means:

         (i)      all or substantially all of the collective executive,
                  corporate planning, senior administrative and general
                  management functions of the Corporation and those of its
                  subsidiaries owning assets or carrying on business in Canada,
                  taken as a whole; and

         (ii)     the office or offices at which persons carrying out the
                  functions of the chairman of the board, chief executive
                  officer, chief operating officer, chief financial officer,
                  vice-chairman and the president of the Corporation and all or
                  substantially all other Executive Officers, Senior Officers
                  and other persons carrying out the functions referred to in
                  paragraph (i), are located.

   (b)   "Executive Officers" means:

         (i)      the Corporation's Executive Officers; and

         (ii)     (if a substantial portion of the Corporation's assets
                  represents an investment in subsidiaries and a substantial
                  portion of the functions performed by the Corporation's
                  Executive Officers relates merely to the management of such
                  investment and not to the active businesses carried on by the
                  Corporation's direct or indirect subsidiaries owning assets



<PAGE>
                                                                          Page 2



                  or carrying on business in Canada) the persons, whether
                  employed by the Corporation or any subsidiary, carrying out as
                  a substantial part of their duties any of the functions of the
                  chairman of the board, chief executive officer, chief
                  operating officer, chief financial officer, vice-chairman,
                  president, any executive vice-president, treasurer, controller
                  or secretary with respect to a substantial portion of the
                  collective businesses carried on by the Corporation's direct
                  and indirect subsidiaries owning assets or carrying on
                  business in Canada, taken as a whole.

(c) "Corporation's Executive Officers" means the persons carrying out as a
substantial part of their duties any of the functions of the chairman of the
board, chief executive officer, chief operating officer, chief financial
officer, vice-chairman and president of the Corporation.

(d) "Senior Officers" means the persons carrying out as a substantial part of
their duties any of the functions or duties ordinarily performed by a vice
president.


                                    SECTION 2

                          LOCATION OF REGISTERED OFFICE
                           AND HEAD OFFICE OPERATIONS

2.01 The registered office of the Corporation and the Head Office Operations
shall at all times be within the Province of Saskatchewan.


                                    SECTION 3

                             RESIDENCE OF EXECUTIVE
                          OFFICERS AND SENIOR OFFICERS

3.01 All of the Executive Officers and substantially all of the Senior Officers
of the Corporation performing any of the functions referred to in paragraph
(a)(i) of Section 1.01 hereof shall at all times be ordinarily resident in the
Province of Saskatchewan.


                                    SECTION 4

                     PLACE OF ANNUAL SHAREHOLDER'S MEETINGS

4.01 All annual meetings of shareholders of the Corporation shall be held at a
place within the Province of Saskatchewan.


<PAGE>



                                   SCHEDULE B
                                     PART II
                             OWNERSHIP RESTRICTIONS


                                    SECTION 1
                                 INTERPRETATION


1.01 For the purposes of Parts II, III and IV of Schedule B to the Articles of
the Corporation, the following terms shall have the following meanings:

"Act" means the Eldorado Nuclear Limited Reorganization and Divestiture Act.

"Articles" means the articles of amalgamation of the Corporation filed June 1,
1990 and any other subsequent restated articles of incorporation, articles of
amendment, articles of amalgamation, articles of reorganization, articles of
arrangement, articles of dissolution or articles of revival relating to the
Corporation and includes any amendments thereto.

"Associate" - a Person is an associate of another Person if:

(a)      one is a corporation of which the other is an officer or director;

(b)      one is a corporation that is controlled by the other or by a group of
         persons of which the other is a member;

(c)      one is a partnership of which the other is a partner;

(d)      one is a trust of which the other is a trustee;

(e)      both are corporations controlled by the same person;

(f)      both are members of a voting trust or parties to an arrangement that
         relates to Voting Securities of the Corporation;

(g)      both are at the same time associates, within the meaning of any of
         paragraphs (a) to (f), of the same Person:



<PAGE>
                                                                          Page 2

provided that:

         (i)      where a Person who is a Resident and who, but for this
                  paragraph, would be an associate of a Non-resident submits to
                  the Corporation a statutory declaration stating that no Voting
                  Securities held by him or to be held by him are or will be, to
                  his knowledge, held in the right of or for the use or benefit
                  of, himself or in the right of, for the use or benefit of, or
                  under the control of, any Non-resident of whom, but for this
                  paragraph, he would be an associate, that Person and that
                  Non-resident are not associates so long as any such securities
                  held by the Person who made the declaration are not held
                  contrary to the statements made in the declaration;

         (ii)     two corporations are not associates by virtue of
                  paragraph (g) by reason only that under paragraph (a) each is
                  an associate of the same individual;

         (iii)    where it appears to the Corporation that a
                  Person holds, Beneficially Owns or controls, otherwise than by
                  way of security only, Voting Securities to which are attached
                  not more than the lesser of four one-hundredths of one percent
                  of the votes that may ordinarily be cast to elect directors of
                  the Corporation and ten thousand such votes, that Person is
                  not an associate of any other Person and no other Person is an
                  associate of that Person.

"Beneficial Ownership" includes ownership through a trustee, legal
representative, agent or other intermediary; and the terms "Beneficially Owned",
"Beneficially Owns" and "Beneficial Owner" have a corresponding meaning.

"Contravening Shareholder" shall have the meaning set out in Section 2.10.

"Controlled" - a corporation is controlled by a Person if it is controlled in
any manner that results in control in fact, whether directly through the
ownership of securities or indirectly through a trust, an agreement, the
ownership of any body corporate or otherwise.

"corporation" includes a body corporate, partnership or other unincorporated
organization.

"Corporation" means CAMECO CORPORATION, CORPORATION CAMECO.



<PAGE>
                                                                          Page 3

"Non-resident" means:

(a)      an individual, other than a Canadian citizen, who is not ordinarily
         resident in Canada;

(b)      a corporation incorporated, formed or otherwise organized outside
         Canada;

(c)      a foreign government or an agency thereof;

(d)      a corporation that is controlled directly or indirectly by
         non-residents as defined in any of paragraphs (a) to (c);

(e)      a trust

         (i)      established by a Non-resident as defined in any of paragraphs
                  (b) to (d), other than a trust for the administration of a
                  pension fund for the benefit of individuals a majority of whom
                  are Residents; or

         (ii)     in which Non-residents as defined in any of paragraphs (a) to
                  (d) have more than Fifty (50%) percent of the beneficial
                  interest; or

(f)      a corporation that is controlled by a trust described in paragraph (e).

"Person" includes an individual, corporation, government or agency thereof,
trustee, executor, administrator or other legal representative.

"Resident" means an individual, corporation, government or agency thereof or
trust that is not a Non-resident.

"Voting Securities" means shares or other securities of the Corporation carrying
full voting rights in all circumstances or under some circumstances that have
occurred and are continuing and includes:

(a)      a security currently convertible into such a share or other security;
         and

(b)      currently exercisable options and rights to acquire such a share or
         other security or such a convertible share or other security.


<PAGE>
                                                                          Page 4


                                    SECTION 2
                             OWNERSHIP RESTRICTIONS


2.01     The Corporation shall not:

(a)          issue any form of proxy or recognize any form of proxy in respect
             of Voting Securities;

(b)          permit the exercise of voting rights in respect of any Voting
             Securities; or

(c)          pay any dividend or make any distribution in respect of any Voting
             Securities;

in respect of any holder or Beneficial Owner of Voting Securities who, together
with the Associates of that Person, is the registered holder or Beneficial Owner
of Voting Securities to which are attached more than twenty-five (25%) percent
of the votes that may ordinarily be cast to elect directors of the Corporation,
in the case of a Resident, or of Voting Securities to which are attached more
than five (5%) percent of the votes that may ordinarily be cast to elect
directors of the Corporation, in the case of a Non-resident.

2.02    The Corporation shall not;

(a)       accept any subscription for Voting Securities;

(b)       issue any Voting Securities; or

(c)       register or otherwise recognize the transfer of any Voting Securities;

if the subscriber, Person to whom Voting Securities are to be issued, transferee
or Beneficial Owner of the Voting Securities, as the case may be, together with
the Associates of that Person is, or would be, if the subscription, issue or
transfer, as the case may be, were permitted, the registered holder or
Beneficial Owner of Voting Securities to which are attached more than
twenty-five (25%) percent of the votes that may ordinarily be cast to elect
directors of the Corporation in the case of a Resident, or of Voting Securities
to which are attached more than five (5%) percent of the votes that may
ordinarily be cast to elect directors of the Corporation, in the case of a
Non-resident.

2.03    Sections 2.01 and 2.02 do not apply:

(a)       to Voting Securities to the extent they are held by way of security
          only and such holding by way of security only is evidenced in each
          case by a declaration in form satisfactory to the Corporation filed by
          the holder or holders thereof;


<PAGE>
                                                                          Page 5


(b)      to Voting Securities issued as part of the consideration for any
         transaction referred to in paragraphs (a) and (b) of Subsection 5(4) of
         the Act unless the Voting Securities cease to be held by or for the
         benefit of the original holder thereof or any affiliate of the original
         holder; and

(c)      to Voting Securities held:

         (i)      by one or more underwriters solely for the purpose of
                  distributing the Voting Securities to the public; or

         (ii)     by any Person who provides centralized facilities for the
                  clearing of trades in securities and is acting in relation to
                  trades in Voting Securities solely as an intermediary in the
                  payment of funds or the delivery of the securities, or both.

2.04 Where a security of the Corporation is held or Beneficially Owned jointly
and one or more of the joint holders or Beneficial Owners is a Non-resident, the
security shall be deemed to be held or Beneficially Owned by a Non-resident.

2.05     At the request of the Corporation, each Person:

(a)      who is or proposes to be a registered holder of Voting Securities;

(b)      who is or proposes to be or is believed by the Corporation to be a
         Beneficial Owner of Voting Securities;

(c)      who subscribes for Voting Securities;

(d)      who requests a transfer of Voting Securities;

(e)      who requests a change in the registration of Voting Securities; or

(f)      who elects to convert or exchange any securities for Voting Securities;

shall file with the Corporation and/or its registrar and transfer agent a
declaration (the "Shareholder's Declaration") in a form prescribed from time to
time by the Corporation containing such information as may be prescribed,
including but not limited to the name and address of the Person, the names and
addresses of that Person's Associates, whether the Person and such Associates
are Residents or Non-residents, the number and designation of securities of the
Corporation which are held or to be held or are



<PAGE>
                                                                          Page 6


Beneficially Owned or to be Beneficially Owned by such Person and by such
Person's Associates and whether any of such securities are held by way of
security only. The Corporation may request a Shareholder's Declaration at any
time and from time to time and, without restricting the generality of the
foregoing, may request such declaration prior to any meeting of shareholders of
the Corporation or as part of any form of proxy to be submitted in respect of
any meeting of shareholders. The Corporation may require that any Shareholder's
Declaration be given under oath. Provided that the Corporation is acting
reasonably and in good faith in so doing, the Corporation shall be entitled to
rely and to act in reliance on any Shareholder's Declaration and the information
contained therein.

2.06 Where it appears to the Corporation that a subscriber for or a transferee
of Voting Securities of the Corporation would, on acquiring the Voting
Securities, hold, Beneficially Own or control Voting Securities to which are
attached not more than the lesser of four one-hundredths of one percent of the
votes that may ordinarily be cast to elect directors of the Corporation and ten
thousand such votes, the directors are entitled to assume:

    (a)  that the subscriber or transferee is not and will not be an
         Associate of anyone else; and

    (b)  unless the address to be recorded in the register for the subscriber or
         transferee is a place outside Canada, that the Voting Securities will
         not be held, Beneficially Owned or controlled in contravention of the
         Articles of the Corporation;

and, without limiting the discretion of the Corporation to request a
Shareholder's Declaration at any time, the Corporation may exempt any such
subscriber or transferee from filing a Shareholder's Declaration.

2.07 Any Person who is or proposes to be a registered holder of Voting
Securities shall be obliged to disclose to the Corporation, at the Corporation's
request, the name and address of the Beneficial Owner of such Voting Securities
and shall cooperate with the Corporation in obtaining a Shareholder's
Declaration from and in respect of each such Beneficial Owner.

2.08 If any Person fails or refuses to file a Shareholder's Declaration or fails
to provide the information and cooperation required by Section 2.07, the
Corporation or its registrar and transfer agent shall give 21 days' notice in
writing to such Person at the registered address of such Person or the address
in respect of which registration is requested of such Person's obligation to do
so. If a duly completed and executed Shareholder's Declaration shall not have
been filed by the expiry of the 21 day notice period, then the Person who is the
registered holder or has requested registration shall be dealt with in the
manner set out in Section 2.10 as if such Person was the registered holder or
Beneficial Owner of Voting Securities to which are attached more than the
maximum percentage of votes permitted by Section 2.02.



<PAGE>
                                                                          Page 7


2.09 If it appears to the Corporation, whether through declarations filed with
it or its books and records or those of its registrar and transfer agent or
otherwise, that the number of votes cast in respect of any matter at a meeting
of shareholders and attached to Voting Securities held or Beneficially Owned by
Non-residents exceeds 20% of the total number of votes cast in respect of such
matter and attached to all Voting Securities, then the voting rights in respect
of such matter attached to Voting Securities held or Beneficially Owned by such
Non-residents shall be reduced by multiplying the number of votes attached to
the Voting Securities held or Beneficially Owned by such Non-residents by a
fraction, the numerator of which is the number of such votes which would have
been exercisable if the limitation of twenty (20%) percent were not exceeded and
the denominator of which is the total number of votes cast in respect of such
matter and attached to the Voting Securities held or Beneficially Owned by all
Non-residents. The Chairman of any meeting may make rules not inconsistent with
these provisions for the implementation of the foregoing, including rules in
respect of taking ballots and the counting of votes.

2.10 If the Corporation has reason to believe, whether through declarations
filed with it or its books and records or those of its registrar and transfer
agent or otherwise, that the holdings or Beneficial Ownership of Voting
Securities by any one Resident together with his Associates or that the holdings
or Beneficial Ownership of Voting Securities by any one Non-resident together
with his Associates (in either case, referred to as a "Contravening
Shareholder") exceeds or would exceed if any particular transfer, issue or
request for registration were effected, twenty-five (25%) percent or five (5%)
percent respectively, of the votes attached to all Voting Securities, then the
Corporation shall give the Contravening Shareholder, and his Associates, if
applicable, notice in writing to the registered address of such Persons or the
address in respect of which registration is requested of the Corporation's
determination, which notice shall specify a date 30 days after the date of the
notice by which day the Contravening Shareholder shall have sold or otherwise
disposed of sufficient of his Voting Securities or his Associates shall have
sold or disposed of sufficient of their Voting Securities such that the holding
or Beneficial Ownership does not exceed twenty-five (25%) percent or five (5%)
percent, as the case may be. If a Contravening Shareholder or his Associates
sell or otherwise dispose of Voting Securities during such 30 day period, the
Contravening Shareholder shall forthwith advise the Corporation in writing of
the Voting Securities disposed of or sold. If a Contravening Shareholder or his
Associates fail to sell or dispose of such Voting Securities or fail to so
advise the Corporation, the Contravening Shareholder and the Associates thereof
shall be deemed to be struck from the register of securities for all purposes
except the transferring of excess


<PAGE>
                                                                          Page 8

Voting Securities, shall not be entitled to and shall forfeit dividends or other
distributions to shareholders, shall not be entitled to vote or to receive forms
of proxy or exercise proxy rights and shall not be entitled to receive any
communications from the Corporation to its shareholders or to exercise or
receive any other rights or privileges as a shareholder until such Voting
Securities have been sold or disposed of and the Corporation has been so
advised.

2.11 The Board of Directors of the Corporation shall be entitled to conclude
that any Persons are parties to an agreement or arrangement, a purpose of which,
in its opinion, is to require the Persons to act in concert with respect to
their interests in the Corporation and are, accordingly, Associates.

2.12 If, as a result in whole or in part of the operation of Sections 2.09 and
2.10, any Resident who held or Beneficially Owned twenty-five (25%) percent or
less of the total votes attached to Voting Securities and any Non-resident who
held or Beneficially Owned five (5%) percent or less of the total votes attached
to Voting Securities, becomes entitled to more than twenty-five (25%) percent or
five (5%) percent, as the case may be, of the votes attached to Voting
Securities eligible to be exercised at a meeting of shareholders of the
Corporation, such Resident or Non-resident shall not, for that reason only, be
deemed to be a Contravening Shareholder, but the voting rights exercisable in
respect of Voting Securities held or Beneficially Owned by such Resident or
Non-resident shall be reduced by multiplying the number of votes attached to the
Voting Securities held or Beneficially Owned by such shareholder by a fraction
the numerator of which is the number of votes attached to Voting Securities
remaining after the application of Sections 2.09 and 2.10 and the denominator of
which is the total number of votes attached to Voting Securities, without regard
to the application of such Sections.

<PAGE>

                                   SCHEDULE B

                                    PART III

                         ISSUANCE OF RESTRICTED SHARES


                                   SECTION 1
                                INTERPRETATION


1.01 For the purposes of Part III of Schedule B to these Articles, the following
term has the following meaning:

"Restricted Share" means a share of the Corporation that carries a residual
right to participate to an unlimited degree in the earnings of the Corporation
and in its assets on liquidation or winding-up and includes any such share:

   (a)   that carries a right to vote subject to a limit or restriction on the
         number or percentage of shares that may be voted by a Person or group
         of Persons; or

   (b)   that is part of a class or series of shares in respect of which the
         allocation of voting rights does not reasonably relate to the equity
         interest in the Corporation of the class or series, having regard to
         the voting rights and equity interests in the Corporation pertaining to
         each class and series of shares of the Corporation;

but does not include any such shares:

   (c)   to which are attached voting rights exercisable in all circumstances,
         irrespective of the number of shares owned by the holder of the share,
         which voting rights are not less, on a per share basis, than the voting
         rights attached to any other shares of an outstanding class of shares
         of the Corporation; or

   (d)   by reason only that it is subject to any restriction imposed pursuant
         to the Act, pursuant to the provisions of the Articles included in
         compliance with the Act or pursuant to section 174 of the Canada
         Business Corporations Act (as amended or replaced from time to time) or
         the regulations made under that section.

                                    SECTION 2
                         ISSUANCE OF RESTRICTED SHARES

2.01     The Corporation shall not create or issue any Restricted Shares.



<PAGE>


                                   SCHEDULE B

                                     PART IV


                           RESTRICTIONS ON CONTINUANCE
                            AND AMENDMENT TO ARTICLES


1.01     The Corporation and its shareholders and directors shall not:

(a)      apply for continuance of the Corporation in another jurisdiction; or

(b)      make any Articles or by-laws that contain, or amend its Articles or
         by-laws to contain, provisions that are inconsistent with the
         provisions included in these Articles in compliance with Section 5 of
         the Act.



<PAGE>


                               CAMECO CORPORATION

                               CORPORATION CAMECO

                                   SCHEDULE C

                      BORROWING POWERS AND GIVING SECURITY


         Without limiting the borrowing powers of the Corporation as set forth
in the Canada Business Corporations Act, the board of directors of the
Corporation may, without authorization of the shareholders:

   (a)   borrow money upon the credit of the Corporation;

   (b)   issue, reissue, sell or pledge debt obligations (as defined in the
         Canada Business Corporations Act) of the Corporation;

   (c)   subject to the provisions of the Canada Business Corporations Act, give
         a guarantee on behalf of the Corporation to secure performance of an
         obligation of any person; and

   (d)   mortgage, hypothecate, pledge or otherwise create a security interest
         in all or any property of the Corporation, owned or subsequently
         acquired, to secure any obligation of the Corporation.


<PAGE>




CANADA
PROVINCE OF SASKATCHEWAN
TO WIT:

         IN THE MATTER OF THE CANADA BUSINESS CORPORATIONS ACT AND IN THE MATTER
         OF THE AMALGAMATION OF CAMECO CORPORATION/CORPORATION CAMECO AND
         CAMECO RESOURCES LTD. (the "Corporation")


                              STATUTORY DECLARATION

         I, Thomas J. Gorman, of the City of Saskatoon, in the Province of
Saskatchewan, MAKE OATH AND SAY THAT:

1.       I am the Vice-President Finance and Chief Financial Officer of the
Corporation and as such have personal knowledge of the matters and facts
hereinafter deposed to save where otherwise stated.

2.       The Corporation is a wholly owned subsidiary of CAMECO
CORPORATION/CORPORATION CAMECO and the two corporations are desirous of
amalgamating and continuing as one corporation, pursuant to the provisions of
Sections 184(1) of the Canada Business Corporations Act, effective at 12:01
a.m., on the 1st day of January, A.D. 1997.

3.       have satisfied myself that:

         a)       The Corporation is able to pay its liabilities as they become
                  due.

         b)       The amalgamated corporation resulting from the amalgamation of
                  the Corporation and CAMECO CORPORATION/CORPORATION CAMECO will
                  be able to pay its liabilities as they become due.

         c)       The realizable value of the amalgamated corporation's assets
                  will not be less than the aggregate of its liabilities and
                  stated capital of all classes of shares of the amalgamated
                  corporation.


4.       Upon review of the assets and liabilities of the amalgamating
corporations, there are reasonable grounds for believing, and I do believe, that
no creditor will be prejudiced by the amalgamation.


DECLARED before me at the City of

Saskatoon, in the Province of

Saskatchewan, this 13th day of                          "Thomas J. Gorman"
                                                --------------------------------
December, A.D. 1996.                          ) THOMAS J. GORMAN
                                              )

/s/ Caroline Gorsalitz
- ------------------------------
A Notary Public in and
for the Province of Saskatchewan.
Being a Solicitor

<PAGE>


CANADA
PROVINCE OF SASKATCHEWAN
TO WIT:

         IN THE MATTER OF THE CANADA BUSINESS CORPORATIONS ACT AND IN THE MATTER
         OF THE AMALGAMATION OF CAMECO CORPORATION/CORPORATION CAMECO (the
         "Corporation") AND CAMECO RESOURCES LTD.

                              STATUTORY DECLARATION

         I, Thomas J. Gorman, of the City of Saskatoon, in the Province of
Saskatchewan, MAKE OATH AND SAY THAT:

1. I am the Vice-President Finance and Chief Financial Officer of the
Corporation, and as such have personal knowledge of the matters and facts
hereinafter deposed to save where otherwise stated.

2. CAMECO RESOURCES LTD. is a wholly owned subsidiary of the Corporation and the
two corporations are desirous of amalgamating and continuing as one corporation,
pursuant to the provisions of Sections 184(1) of the Canada Business
Corporations Act, effective at 12:01 a.m., on the 1st day of January, A.D. 1997.

3        have satisfied myself that:

         a)       The Corporation is able to pay its liabilities as they become
                  due.

         b)       The amalgamated corporation resulting from the amalgamation of
                  the Corporation and CAMECO RESOURCES LTD. will be able to pay
                  its liabilities as they become due.

         c)       The realizable value of the amalgamated corporation's assets
                  will not be less than the aggregate of its liabilities and
                  stated capital of all classes of shares of the amalgamated
                  corporation.

4. Upon review of the assets and liabilities of the amalgamating corporations,
there are reasonable grounds for believing, and I do believe, that no creditor
will be prejudiced by the amalgamation.

DECLARED before me at the City of          )
                                           )
Saskatoon, in the Province of              )
                                           )     "Thomas J. Gorman"
Saskatchewan, this 13th day of             -----------------------------------
                                           )  THOMAS J. GORMAN
December, A.D. 1996.                       )


/s/ Caroline Gorsalitz
- ------------------------------
A Notary Public in and
for the Province of Saskatchewan.
Being a Solicitor

<PAGE>



                                                                          FORM 3
                                                     NOTICE OF REGISTERED OFFICE
                                                                    (SECTION 19)
                                                CANADA BUSINESS CORPORATIONS ACT

- --------------------------------------------------------------------------------
1.       NAME OF CORPORATION:                                2.  CORPORATION NO.

         CAMECO CORPORATION/CORPORATION CAMECO

- --------------------------------------------------------------------------------
3.       PLACE IN CANADA WHERE THE REGISTERED OFFICE IS SITUATED:

         City of Saskatoon, in the Province of Saskatchewan
- --------------------------------------------------------------------------------
4.       ADDRESS OF REGISTERED OFFICE:

         2121 - 11th Street W
         Saskatoon SK S7M 1J3
- --------------------------------------------------------------------------------
5.       EFFECTIVE DATE OF CHANGE

         Immediately upon the amalgamation of CAMECO CORPORATION/CORPORATION
         CAMECO and CAMECO RESOURCES LTD. becoming effective pursuant to the
         Canada Business Corporations Act.
- --------------------------------------------------------------------------------
6.       PREVIOUS ADDRESS OF REGISTERED OFFICE

         N/A


                                                                [RECEIVED STAMP]

- --------------------------------------------------------------------------------
DATE                         SIGNATURE                    TITLE

13th December 1996           "Gary M.S. Chad"             General Counsel and
                              Gary M.S. Chad              Corporate Secretary
- --------------------------------------------------------------------------------

<PAGE>
<Table>
<Caption>
<S>                 <C>            <C>                           <C>                 <C>
                                                                                       FORM 6
                                                                          NOTICE OF DIRECTORS
                                                                       (SECTIONS 106 and 113)
                                                             CANADA BUSINESS CORPORATIONS ACT
_____________________________________________________________________________________________
                                                                           2. CORPORATION No.
         NAME OF THE CORPORATION:

         CAMECO CORPORATION/CORPORATION CAMECO
_____________________________________________________________________________________________
3.       THE FOLLOWING PERSONS BECAME DIRECTORS OF THIS CORPORATION:

NAME                EFFECTIVE      RESIDENTIAL                        OCCUPATION     RESIDENT
                    DATE           ADDRESS                                           CANADIAN
- --------------------------------   -------------------------------    -----------------------

N/A

- --------------------------------------------------------------------------
4.       THE FOLLOWING PERSONS CEASED TO BE DIRECTORS OF THIS CORPORATION:

NAME                EFFECTIVE      RESIDENTIAL                        OCCUPATION     RESIDENT
                    DATE           ADDRESS                                           CANADIAN
- --------------------------------   -------------------------------    -----------------------

N/A

- ---------------------------------------------------------------------------------------------
5.       THE DIRECTORS OF THIS CORPORATION NOW ARE:

- ---------------------------------------------------------------------------------------------
NAME                EFFECTIVE      RESIDENTIAL                        OCCUPATION     RESIDENT
                    DATE           ADDRESS                                           CANADIAN

- ---------------------------------------------------------------------------------------------
Richard B. Baltzan  Upon           312 Saskatchewan Crescent W.       Physician      Canadian
                    Amalgamation   Saskatoon, SK S7M 0A4

- ---------------------------------------------------------------------------------------------
Allan E. Blakeney   Upon           1752 Prince of Wales Ave.          Retired        Canadian
                    Amalgamation   Saskatoon, SK S7K 3E5

- ---------------------------------------------------------------------------------------------
Harry D. Cook       Upon           Bell's Point, Parcel "A"           Executive      Canadian
                    Amalgamation   Lac La Ronge, SK S0J 1L0

- ---------------------------------------------------------------------------------------------
James R. Curtiss    Upon           3610 Elton Farm Road               Lawyer         American
                    Amalgamation   Brookville, Maryland 20833

- ---------------------------------------------------------------------------------------------
George Dembroski    Upon           128 Stratford Cres.                Executive      Canadian
                    Amalgamation   Toronto, ON M4N 1C8

- ---------------------------------------------------------------------------------------------
Justus Dornier      Upon           Goldhaldenstrasse 16, CH-8702      Executive      Swiss
                    Amalgamation   Zollikon, Switzerland

- ---------------------------------------------------------------------------------------------
Nancy E. Hopkins    Upon           922 University Drive               Lawyer         Canadian
                    Amalgamation   Saskatoon, SK S7N 0KI

- ---------------------------------------------------------------------------------------------
John R. McCaig      Upon           5909 Elbow Drive S.W.              Executive      Canadian
                    Amalgamation   Calgary, AB T2V lH7

- ---------------------------------------------------------------------------------------------
Bernard M. Michel   Upon           920 Saskatchewan Crescent E.       Executive      Canadian
                    Amalgamation   Saskatoon, SK S7N 0L5

- ---------------------------------------------------------------------------------------------
Robert W. Peterson  Upon           3334 Queen Street                  Executive      Canadian
                    Amalgamation   Regina, SK S4S 2E9

- ---------------------------------------------------------------------------------------------
Robert T. Reid      Upon           397 Hidhurst Place                 Executive      Canadian
                    Amalgamation   West Vancouver, BC V7S 1K2

- ---------------------------------------------------------------------------------------------
Kim Thorson         Upon           1621 Warren Avenue                 Lawyer         Canadian
                    Amalgamation   Weyburn, SK S4H 0M5

- ---------------------------------------------------------------------------------------------
DATE                SIGNATURE                                         TITLE

                    "Gary M.S. Chad"
13th December 1996  Gary M.S. Chad                                    General Counsel
                                                                      & Corporate Secretary

- ---------------------------------------------------------------------------------------------
</Table>

                                                                [RECEIVED STAMP]
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>o15740exv2.txt
<DESCRIPTION>BYLAWS NO. 5 AND NO. 6
<TEXT>
<PAGE>

                                                                       EXHIBIT 2


                               CAMECO CORPORATION

                                  BYLAW NO. 5



              A BYLAW RESPECTING THE BORROWING OF MONEY, THE GIVING
             OF GUARANTEES, THE GIVING OF SECURITY AND THE SECURING
                      OF LIABILITIES BY CAMECO CORPORATION


<PAGE>


                               CAMECO CORPORATION

                                   BYLAW NO. 5

A Bylaw respecting the borrowing of money, the giving of guarantees, the giving
of security and the securing of liabilities by Cameco Corporation.

IT IS HEREBY ENACTED as a Bylaw of Cameco Corporation (hereinafter called the
"Corporation") as follows:

         The directors of the Corporation may from time to time:

         (a)      borrow money on the credit of the Corporation;

         (b)      issue, reissue, sell or pledge debt obligations of the
                  Corporation, including without limitation, bonds, debentures,
                  notes or other evidences of indebtedness or guarantees of the
                  Corporation, whether secured or unsecured;

         (c)      subject to the provisions of the CANADA BUSINESS CORPORATIONS
                  ACT, give a guarantee on behalf of the Corporation to secure
                  performance of an obligation of any person;

         (d)      mortgage, hypothecate, pledge or otherwise create an interest
                  in or charge on all or any property of the Corporation, owned
                  or subsequently acquired, to secure payment of a debt or
                  performance of any other obligation of the Corporation; and

         (e)      delegate to one or more directors, a committee of directors or
                  one or more officers of the Corporation as may be designated
                  by the directors, all or any of the powers conferred by the
                  foregoing clauses of this Bylaw to such extent and in such
                  manner as the directors shall determine at the time of each
                  such delegation.

2.       This Bylaw shall come into force at, and be effective from, the time
         of its passing by the Board of Directors.

3.       Bylaw No. 2 of the Corporation enacted December 9, 1988, is repealed
         effective when this Bylaw comes into force without prejudice to any
         action taken thereunder prior to such repeal.

ENACTED the 3rd day of May, A.D. 1991

                                         "William A. Gatenby"
                                         --------------------------------------
                                         Chairman

                                         "Gary M.S. Chad"
                                         --------------------------------------
                                         Secretary


<PAGE>

                               CAMECO CORPORATION

                                   BYLAW NO. 6

               A BYLAW RELATING GENERALLY TO THE CONDUCT OF THE
                   BUSINESS AND AFFAIRS OF CAMECO CORPORATION


<PAGE>


                               TABLE OF CONTENTS






<TABLE>
<S>                                                                                                    <C>
PART 1 - GENERAL..................................................................................      1
  1.1 Definitions.................................................................................      1
  1.2 Interpretation..............................................................................      1
  1.3 Subordination...............................................................................      2

PART 2 - CORPORATE SEAL...........................................................................      2

PART 3 - EXECUTION OF CONTRACTS...................................................................      2
  3.1 Execution of Documents......................................................................      2
  3.2 Execution of Documents in Ordinary Course...................................................      2

PART 4 - SHARES AND TRANSFERS.....................................................................      3
  4.1 Certificates................................................................................      3
  4.2 Transfers...................................................................................      3
  4.3 Defaced, Lost or Destroyed Certificates.....................................................      3
  4.4 Dividend Disbursing Agents..................................................................      3
  4.5 Transfer Agent and Registrar................................................................      3

PART 5 - SHAREHOLDERS' MEETINGS...................................................................      3
  5.1 Waiver of Notice............................................................................      3
  5.2 Quorum......................................................................................      3
  5.3 Scrutineers.................................................................................      4
  5.4 Votes to Govern.............................................................................      4
  5.5 Electronic Meeting and Voting...............................................................      4
  5.6 Voting......................................................................................      4
  5.7 Ballot......................................................................................      4
  5.7 Proxy.......................................................................................      5
  5.8 Presiding Officers..........................................................................      5
  5.9 Persons Entitled to be Present..............................................................      5

PART 6 - DIRECTORS................................................................................      5
  6.1 Number......................................................................................      5
  6.2 Vacancies...................................................................................      5
  6.3 Election....................................................................................      5
  6.4 Remuneration and Expenses...................................................................      6

PART 7 - MEETINGS OF DIRECTORS....................................................................      6
  7.1 Convening of Meetings.......................................................................      6
  7.2 Canadian Majority at Meetings...............................................................      6
  7.3 Meetings by Telephone or Electronic Facility................................................      6
  7.4 Notice......................................................................................      6
  7.5 Waiver......................................................................................      7
  7.6 Adjournment.................................................................................      7
  7.7 Quorum......................................................................................      7
  7.8 Voting......................................................................................      7
  7.9 Presiding Officers .........................................................................      7
</TABLE>


<PAGE>


<TABLE>
<S>                                                                                                    <C>
PART 8 - OFFICERS................................................................................       7
  8.1 Appointment of Officers....................................................................       7
  8.2 Chair of the Board.........................................................................       8
  8.3 Chief Executive Officer....................................................................       8
  8.4 President..................................................................................       8
  8.5 Chief Operating Officer....................................................................       8
  8.6 Senior Vice-President......................................................................       8
  8.7 Chief Financial Officer....................................................................       9
  8.8 Secretary..................................................................................       9
  8.9 Duties of Officers may be Delegated........................................................       9

PART 9 - COMMITTEES..............................................................................

PART 10 - PROTECTION AND INDEMNITY OF DIRECTORS, OFFICERS
          AND OTHERS.............................................................................       9
  10.1 Disclosure of Conflict of Interest....................,...................................       9
  10.2 Validity of Agreement and Transactions where Conflict of Interest Exists..................      10
  10.3 Non-Liability for Acts....................................................................      10
  10.4 Approval of Contracts by Shareholders.....................................................      11
  10.5 Indemnification...........................................................................      11
  10.6 No Limitation of Rights...................................................................      11

PART 11 - DIVIDENDS..............................................................................      11
  11.1 Dividends.................................................................................      11
  11.2 Cash Dividends............................................................................      11
  11.3 Record Date for Dividends and other Rights................................................      12

PART 12 - VOTING SECURITIES IN OTHER BODIES CORPORATE............................................      12

PART 13 - NOTICES................................................................................      12
  13.1 Manner of Notice..........................................................................      12
  13.2 Electronic Delivery.......................................................................      13
  13.3 Notice Computation........................................................................      13
  13.4 Returned Notices..........................................................................      13
  13.5 Joint Holders.............................................................................      13
  13.6 Successor Bound...........................................................................      13
  13.7 Deceased Holder...........................................................................      13
  13.8 Signature.................................................................................      14
  13.9 Certificate of Office.....................................................................      14
  13.10 Common Notice............................................................................      14

PART 14 - FISCAL YEAR............................................................................      14

PART 15 - BANKING................................................................................      14

PART 16 - COMING INTO FORCE......................................................................      14

PART 17 - REPEAL.................................................................................      15
</TABLE>



                                       ii
<PAGE>


                               CAMECO CORPORATION

                                   BYLAW NO. 6


A Bylaw relating generally to the conduct of the business and affairs of Cameco
Corporation (hereinafter called the "Corporation").

IT IS HEREBY ENACTED as a Bylaw of the Corporation as follows:


                                PART 1. - GENERAL

   1.1    DEFINITIONS: In this Bylaw and all other Bylaws of the Corporation,
          unless specifically defined herein or the context otherwise specifies
          or requires, all terms which are defined in the Act should have the
          meanings given to such terms in the Act, and in particular:

         (a)      "Act" means the Canada Business Corporations Act, R.S.C. 1985,
                  c. C-44 and the regulations made thereunder;

         (b)      "Articles" means the articles of the Corporation from time to
                  time in force and effect;

         (c)      "Bylaws" means all Bylaws of the Corporation from time to time
                  in force and effect;

         (d)      "the directors", "Board" and "Board of directors" means the
                  Directors of the Corporation from time to time;

         (e)      "in writing" and "written" includes printing, typewriting,
                  lithographing and other modes of representing or reproducing
                  words in visible form; and

         (f)      Reference to any statute or statutory provision shall extend
                  to any amendment thereof or substitution therefor.

   1.2   INTERPRETATION: In this Bylaw and all other Bylaws of the Corporation,
         the following rules of interpretation shall apply:

         (a)      all references to a meeting of shareholders shall, unless the
                  context otherwise requires, include any meeting of only the
                  holders of a particular class or series of shares in the
                  Corporation that is required by the Act, by applicable law or
                  by the Articles;


<PAGE>
                                       2


         (b)      words importing the singular number only shall include the
                  plural and vice versa; words importing the masculine gender
                  shall include the feminine and neuter genders; words importing
                  persons shall include bodies corporate, corporations,
                  companies, partnerships, syndicates, trusts and any number or
                  aggregate of persons; and

         (c)      the headings used are inserted for reference purposes only and
                  are not to be considered or taken into account in construing
                  the terms or provisions thereof or to be deemed in any way to
                  clarify, modify or explain the effect of any such terms or
                  provisions.

1.3.     SUBORDINATION: The Bylaws are subordinate to, and should be read
         subject to the Act, the Articles, and any other applicable law.


                            PART 2. - CORPORATE SEAL

2.1.     The corporate seal of the Corporation shall be such as the Board of
         Directors may by resolution from time to time adopt.


                        PART 3. - EXECUTION OF CONTRACTS

3.1      EXECUTION OF DOCUMENTS: Contracts, documents or instruments in writing
         requiring execution by the Corporation may be signed by any two
         officers of the Corporation and all contracts, documents or instruments
         in writing so signed shall be binding upon the Corporation without any
         further authorization or formalities. The Board of Directors is
         authorized to appoint from time to time, by resolution, any officer or
         officers or any other person or persons on behalf of the Corporation
         either to sign contracts, documents or instruments in writing generally
         or to sign specific contracts, documents or instruments in writing.

         The corporate seal of the Corporation may, when required, be affixed to
         contracts, documents or instruments in writing signed as aforesaid by
         an officer or officers or person or persons appointed as aforesaid by
         resolution of the Board of Directors.

3.2      EXECUTION OF DOCUMENTS IN ORDINARY COURSE: Nothing contained herein
         shall restrict or in any way limit the authority of the directors,
         officers and employees of the Corporation to sign contracts, documents
         or instruments in writing on behalf of the Corporation in the ordinary
         course of business and such contracts, documents or instruments in
         writing when so signed shall be binding on the Corporation.



<PAGE>
                                       3

                         PART 4. - SHARES AND TRANSFERS

4.1      CERTIFICATES: Security certificates (and the transfer form on the
         reverse side thereof) shall be in such form as the Board of Directors
         may from time to time by resolution adopt.

4.2      TRANSFERS: No transfer shall be recorded or registered unless and until
         compliance has been made with any conditions of transfer stated in the
         Act and the Articles and unless or until the certificate representing
         the security to be transferred has been surrendered and cancelled or,
         if no certificate has been issued by the Corporation in respect of such
         security, unless or until a duly executed security transfer in respect
         thereof has been presented for registration.

4.3      DEFACED, LOST OR DESTROYED CERTIFICATES: If a security certificate is
         defaced, lost or destroyed, it may be replaced on payment of such fee,
         if any, and on such terms, if any, as to evidence and indemnity as the
         Board may determine.

4.4      DIVIDEND DISBURSING AGENTS: The Board may from time to time appoint a
         dividend disbursing agent to disburse dividends.

4.5      TRANSFER AGENT AND REGISTRAR: The Board may appoint or remove a
         transfer agent or a registrar and one or more branch transfer agents or
         registrars for the shares of the Corporation.

                         PART 5. - SHAREHOLDERS' MEETINGS

5.1      WAIVER OF NOTICE: Notice of any meeting of shareholders or any
         irregularity in any such meeting or in the notice thereof may be waived
         by any shareholder, the duly appointed proxy of any shareholder and any
         other person entitled to attend the meeting of shareholders, in any
         manner, and such waiver may be validly given either before or after the
         meeting to which such waiver relates. Attendance of any shareholder,
         any duly appointed proxy of any shareholder or any other person
         entitled to attend the meeting of shareholders is a waiver of notice of
         the meeting, except where that person attends a meeting for the express
         purpose of objecting to the transaction of any business on the grounds
         that the meeting is not lawfully called.

5.2      QUORUM: A quorum for any meeting of shareholders shall be a person or
         persons present and holding or representing by proxy not less than five
         (5) percent of the total number of issued and outstanding shares of the
         Corporation having voting rights at such meeting. No business shall be
         transacted at any meeting unless the requisite quorum shall be present
         at the commencement of such meeting, provided that if a quorum is
         present at the commencement of a meeting a quorum shall be deemed to be
         present during the remainder of the meeting.


<PAGE>
                                       4


5.3      SCRUTINEERS: At any meeting of shareholders, the chair of the meeting
         may with the consent of the meeting appoint one or more persons, who
         may be shareholders, to serve as scrutineers.

5.4      VOTES TO GOVERN: At any meeting of shareholders, unless a special
         resolution or some other special majority is required by the Act,
         applicable law or the Articles, all questions shall be decided by the
         majority of votes cast on the question. In case of an equality of
         votes, either upon a show of hands or its functional equivalent or by
         ballot, the chair of the meeting shall be entitled to a second or
         casting vote.

5.5      ELECTRONIC MEETING AND VOTING: Electronic Meeting and Voting: If the
         directors call a meeting of shareholders, they may determine that the
         meeting of shareholders shall be held entirely by means of a
         telephonic, electronic or other communication facility that permits all
         participants to communicate adequately with each other during the
         meeting, and any vote at that meeting of shareholders shall be held
         entirely by means of that communication facility. A meeting of
         shareholders may also be held at which some, but not all, persons
         entitled to attend may participate and vote by means of such a
         communication facility, if the Corporation makes one available. A
         person participating in a meeting by such means is deemed to be present
         at the meeting. Any vote at a meeting of shareholders may be also held
         entirely by means of a telephonic, electronic or other communication
         facility, if the Corporation makes one available, even if none of the
         persons entitled to attend otherwise participates in the meeting by
         means of a communication facility. For the purpose of voting, a
         communication facility that is made available by the Corporation must
         enable the votes to be gathered in a manner that permits their
         subsequent verification and permits the tallied votes to be presented
         to the Corporation without it being possible for the Corporation to
         identify how each shareholder or group of shareholders voted.

5.6      VOTING: Subject to the Act, applicable law and the Articles, and unless
         a ballot is demanded or required, voting at a meeting of shareholders
         shall be by way of a show of hands or the functional equivalent of a
         show of hands by means of electronic, telephonic or other communication
         facility. Upon a show of hands, or its functional equivalent, each
         person present and entitled to vote at a meeting shall have one vote
         and a declaration by the chair of the meeting that any question has
         been carried, carried by a particular majority or not carried and an
         entry to that effect in the minutes of the meeting shall be conclusive
         evidence of the fact without proof of the number or proportion of votes
         recorded in favour of or against the motion and the result of the vote
         so taken and declared shall be the decision of the shareholders upon
         the said question.

5.7      BALLOT: The chair of the meeting or any shareholder or proxy entitled
         to vote thereat may require or demand a ballot upon any question,
         either before or after any vote by show of hands, but such requirement
         or demand may be withdrawn at any time prior to the taking of the
         ballot. Any ballot shall be taken in such manner as the chair of the
         meeting shall direct or as provided by the electronic, telephonic or
         other communication facility through which votes may be cast. On a
         ballot, each shareholder present in person or by proxy shall be
         entitled, in respect of the shares which such shareholder is entitled
         to vote



<PAGE>
                                       5


         at the meeting upon the question, to the number of votes provided by
         the Articles and the result of the ballot so taken shall be the
         decision of the shareholders upon the said question.

5.7      PROXY: An instrument of proxy shall be in writing executed by the
         shareholder or the shareholder's attorney and shall conform with the
         requirements of the Act and any requirements established by the Board
         or shall be otherwise acceptable to the chair of the meeting at which
         the instrument of proxy is to be used.

5.8      PRESIDING OFFICERS: The chair of any meeting of shareholders shall be
         the first mentioned of such of the following persons who is also a
         director, and is present at the meeting; the Chair of the Board, the
         Chief Executive Officer or the President. In the absence of any such
         persons, the shareholders shall choose one of their number to chair the
         meeting. The secretary of the meeting shall be the Secretary of the
         Corporation, or if the Secretary is not present, any Assistant
         Secretary of the Corporation. Notwithstanding the above, the chair of
         the meeting, at the chair's sole discretion, may appoint a person, who
         need not be a shareholder, to act as secretary of the meeting.

5.9      PERSONS ENTITLED TO BE PRESENT: The only persons entitled to be present
         at a meeting of shareholders shall be those entitled to vote thereat,
         the directors and auditors of the Corporation and others who, although
         not entitled to vote, are entitled or required by the Act, applicable
         law, the Articles or the Bylaws to be present. Any other person may be
         admitted only with the consent of the chair of the meeting or with the
         consent of the meeting.

                               PART 6. - DIRECTORS

6.1      NUMBER: The number of directors shall be the number fixed by the
         Articles, or where the Articles specify a variable number, the number
         shall not be less than the minimum and not more than the maximum number
         so specified and shall be determined from time to time within such
         limits by resolution of the Board of Directors. A majority of the
         directors of the Corporation shall be resident Canadians.

6.2      VACANCIES: Where there is a vacancy or vacancies in the Board of
         Directors, the remaining directors may exercise all the powers of the
         Board so long as a quorum of the Board remains in office. Subject to
         the Act, where a vacancy occurs in the Board of Directors, and a quorum
         of directors remains, the directors remaining in office may appoint a
         qualified person to fill the vacancy for the remainder of the term.

6.3      ELECTION: A director may be elected for an expressly stated term, and
         if so elected ceases to hold office at the expiration of such term. A
         director not elected for an expressly stated term of office shall hold
         office from the date of the meeting at which he is elected until the
         annual meeting next following; provided that a retiring director shall
         retain office until the adjournment or termination of the meeting at
         which his successor is elected or appointed unless such meeting was
         called for the purpose of removing him from office as a director in
         which case the director so removed shall vacate office



<PAGE>
                                       6


         forthwith upon the passing of the resolution for his removal. Retiring
         directors, if qualified, are eligible for re-election or reappointment.

6.4      REMUNERATION AND EXPENSES: The directors shall be paid such
         remuneration for their services as the Board may from time to time
         determine. The directors shall also be paid their reasonable
         out-of-pocket expenses incurred in attending meetings of the directors,
         shareholders or committees of the Board or otherwise in the performance
         of their duties.

                         PART 7. - MEETINGS OF DIRECTORS

7.1      CONVENING OF MEETINGS: A meeting of the Board of Directors may be
         convened by the Chair of the Board, the Chief Executive Officer, the
         President or any two (2) directors at any time and the Secretary shall,
         upon direction of any of the foregoing, convene a meeting of the Board
         of Directors. A meeting of any committee may be convened by the chair
         of the committee or any two (2) members of the committee and the
         Secretary shall, upon the direction of either of the foregoing, convene
         a meeting of the said committee. Except as otherwise provided by the
         Act and the Bylaws, the directors, either as a Board or as a committee
         thereof, may convene, adjourn and otherwise regulate their meetings as
         they think fit.

7.2      CANADIAN MAJORITY AT MEETINGS: The directors shall not transact
         business at a meeting, other than filling a vacancy in the board,
         unless a majority of the directors present are resident Canadians or if
         a resident Canadian director who is unable to be present approves in
         writing or by telephonic, electronic or other communication facility,
         the business transacted at the meeting and a majority of resident
         Canadian directors would have been present had that director been
         present.

7.3      MEETINGS BY TELEPHONIC OR ELECTRONIC FACILITY: Subject to the
         requirements of the Act, any director may participate in a meeting of
         the Board or any committee by means of a telephonic, electronic or
         other communication facility that permits all persons participating in
         the meeting to communicate adequately with each other. Each director so
         participating shall be deemed to be present at such meeting and such
         meeting shall be deemed to be held at the place specified in the notice
         calling such meeting.

7.4      NOTICE: Notice of the time and place of each meeting of the Board and
         of any committee of the Board shall be given in the manner provided in
         Part 13 to each director or member, as the case may be. If notice is
         given by personal delivery, by electronic mail, facsimile or other like
         form of electronic communication, it must be given not less than
         forty-eight (48) hours before the time when the meeting is to be held.
         If notice is given by mail, it must be given not less than ninety-six
         (96) hours before the time when the meeting is to be held.
         Notwithstanding the foregoing, meetings of the Board or of any
         committee of the Board may be held at any time without formal notice if
         all the directors are present (including being present by way of any of
         the means specified in Section 7.3) or if all of the absent directors
         waive notice.


<PAGE>
                                       7


         For the first meeting of the Board of Directors or of any committee of
         the Board to be held immediately following the election of directors at
         an annual or general meeting of the shareholders or for a meeting of
         the Board of Directors or a committee thereof at which a director or
         member is appointed to fill a vacancy in the Board or committee, no
         notice need be given to the newly elected or appointed directors or
         members in order for the meeting to be duly constituted, provided a
         quorum is present.

7.5      WAIVER: Notice of any meeting of the Board of Directors or of any
         committee of the Board of Directors or any irregularity in any meeting
         or in the notice thereof may be waived by any director in any manner,
         and such waiver may be validly given either before or after the meeting
         to which such waiver relates.

7.6      ADJOURNMENT: Any meeting of the Board of Directors or of any
         committee of the Board of Directors may be adjourned from time to time
         by the chair of the meeting, with the consent of the meeting, to an
         announced time and place and no notice of the time and place for the
         holding of the adjourned meeting need be given to any director. Any
         adjourned meeting shall be duly constituted if held in accordance with
         the terms of the adjournment and if a quorum is present thereat. The
         directors who formed a quorum at the original meeting are not required
         to form the quorum at the adjourned meeting. If there is no quorum
         present at the adjourned meeting, the original meeting shall be deemed
         to have terminated forthwith after its adjournment.

7.7      QUORUM: A quorum for any meeting of the Board of Directors of the
         Corporation shall consist of a majority of the directors of the
         Corporation or such other number as the directors may by resolution
         from time to time determine. Notwithstanding any vacancy among the
         directors, a quorum of directors may exercise all the powers of the
         directors.

7.8      VOTING: Questions arising at any meeting of directors shall be
         determined by a majority of votes of the directors present, and in the
         case of an equality of votes the chair of the meeting shall not have a
         second or casting vote.

7.9      PRESIDING OFFICERS: The chair of any meeting of the Board shall be the
         Chair of the Board. If he is not present at the meeting, the directors
         shall choose one of their number to chair the meeting.

                               PART 8. - OFFICERS

8.1      APPOINTMENT OF OFFICERS: The directors shall from time to time appoint
         a Chief Executive Officer, a President, and a Secretary. The directors
         may from time to time, as deemed advisable, appoint a Chair of the
         Board, a Chief Operating Officer, one or more Senior Vice-Presidents, a
         Chief Financial Officer, a Vice-Chair, and one or more Assistant
         Secretaries. The directors may additionally from time to time designate
         other offices and appoint persons to such offices, as deemed necessary.
         Subject to the provisions of the Act, the directors may by resolution
         designate, vary, add to or limit the duties and powers of any officer.


<PAGE>
                                       8


         A director may be appointed to any office of the Corporation; but none
         of the officers except the Chair of the Board need be a director of the
         Corporation. Two or more offices of the Corporation may be held by the
         same person. In addition to the Chair of the Board, only the Chief
         Executive Officer and the President shall be eligible to be elected to
         the Board.

8.2      CHAIR OF THE BOARD: The Chair of the Board shall, if present, preside
         as chair at all meetings of the Board of Directors and of shareholders.
         He shall sign such contracts, documents and instruments in writing as
         require his signature and shall have such other powers and shall
         perform such other duties as may from time to time be assigned to him
         by resolution of the Board of Directors.

8.3      CHIEF EXECUTIVE OFFICER: The Chief Executive Officer shall report to
         the directors and shall exercise overall management and direction of
         the Corporation. In the absence of the Chair of the Board, the Chief
         Executive Officer shall, when present, preside as chair at all meetings
         of shareholders. He shall sign such contracts, documents or instruments
         in writing as require his signature and shall have such other powers
         and shall perform such other duties as may from time to time be
         assigned to him by resolution of the directors or as are incident to
         his office.

8.4      PRESIDENT: The President shall report to the Chief Executive Officer
         and shall, subject to the direction of the Chief Executive Officer,
         have general supervision and control over the business and affairs of
         the Corporation. In the absence of the Chair of the Board and the Chief
         Executive Officer, the President shall, when present, preside as chair
         at all meetings of shareholders. He shall sign such contracts,
         documents or instruments in writing as require his signature and shall
         have such other powers and shall perform such other duties as may from
         time to time be assigned to him by resolution of the directors or as
         are incident to his office.

8.5      CHIEF OPERATING OFFICER: If the Chief Operating Officer is not also the
         President he shall report to the President and shall, subject to the
         direction of the President, have the general supervision of the
         operations of the Corporation.

8.6      SENIOR VICE-PRESIDENT: The Senior Vice-President or, if more than one,
         the Senior Vice-Presidents in order of their appointment, or as
         otherwise determined by the directors, shall be vested with all the
         powers and shall perform all the duties of the President in the absence
         or inability or refusal to act as the President. The Senior
         Vice-President or, if more than one, the Senior Vice-Presidents shall
         sign such contracts, documents or instruments in writing as shall
         require his or their signatures and shall also have such other powers
         and shall perform such other duties as may from time to time be
         assigned to him or them by resolution of the directors.


<PAGE>
                                       9


8.7      CHIEF FINANCIAL OFFICER: The Chief Financial Officer shall report to
         the President and shall, subject to the direction of the President,
         have the general supervision of the financial affairs of the
         Corporation. In addition, subject to the provisions of any resolution
         of the directors, the Chief Financial Officer shall have the care and
         custody of all the funds and securities of the Corporation and shall
         deposit the same in the name of the Corporation in such bank or banks
         or with such other depositary or depositaries as the directors may by
         resolution direct. He shall prepare and maintain adequate accounting
         records. He shall sign such contracts, documents or instruments in
         writing as require his signature and shall have such other powers and
         shall perform such other duties as may from time to time be assigned to
         him by resolution of the directors or as are incident to his office.

8.8      SECRETARY: The Secretary shall give or cause to be given notices for
         all meetings of directors, any committee of directors and shareholders
         when directed to do so and shall, subject to the provisions of the Act,
         maintain the records, documents and registers of the Corporation. He
         shall sign such contracts, documents or instruments in writing as
         require his signature and shall have such other powers and shall
         perform such other duties as may from time to time be assigned to him
         by resolution of the directors or as are incident to his office.

8.9      DUTIES OF OFFICERS MAY BE DELEGATED: In case of the absence or
         inability or refusal to act of any officer of the Corporation or for
         any other reason that the Board may deem sufficient, the directors may
         delegate all or any of the powers of such officer to any other officer
         or to any director for the time being.

                              PART 9. - COMMITTEES

9.1      The Board may create, and prescribe the duties and terms of reference
         of, such committee or committees of directors as it may from time to
         time determine necessary to more effectively permit the efficient
         direction of the business and affairs of the Corporation. The Board may
         delegate to such committee or committees any of the powers of the Board
         except those which under the Act must be exercised by the Board itself,
         provided that any such delegation shall not limit the ability of the
         Board to make decisions on any subject matter so delegated. The
         procedures of any such committee or committees of the Board shall,
         except as otherwise determined by the Board, be those applicable to the
         Board, as set out in Part 7 of these Bylaws.

                PART 10. - PROTECTION AND INDEMNITY OF
                           DIRECTORS, OFFICERS AND OTHERS

10.1     DISCLOSURE OF CONFLICT OF INTEREST: A director or officer of the
         Corporation who is a party to a material contract or material
         transaction, whether made or proposed, with the Corporation, or is a
         director or an officer or an individual acting in a similar capacity of
         a party to a material contract or material transaction, whether made or
         proposed, with the Corporation, or has a material interest in any
         person who is a party to a material contract or material transaction,
         whether made or proposed, with the Corporation shall disclose



<PAGE>
                                       10


          the nature and extent of his interest at the time and in the manner
          provided in the Act. Except as provided in the Act, no such director
          of the Corporation shall vote on any resolution to approve such
          contract or transaction.

10.2      VALIDITY OF AGREEMENTS AND TRANSACTIONS WHERE CONFLICT OF INTEREST
          EXISTS: A contract or transaction for which the disclosure in section
          10.1 is required is not invalid, and the director or officer is not
          accountable to the Corporation or its shareholders for any profit
          realized from the contract or transaction, because of the director's
          or officer's interest in the contract or transaction or because the
          director was present at or was counted to determine the presence of a
          quorum at a meeting of directors or committee of directors that
          considered the contract or transaction, if:

          A.       the director or officer disclosed his interest in accordance
                   with the provisions of the Act;

          B.       the contract or transaction was approved by the directors;
                   and

          C.       the contract or transaction was reasonable and fair to the
                   Corporation at the time it was approved.

          Even if the conditions of A to C above are not met, a director or
          officer, acting honestly and in good faith, is not accountable to the
          Corporation or to its shareholders for any profit realized from a
          contract or transaction for which the disclosure in section 10.1 is
          required and the contract or transaction is not invalid by reason only
          of the interest of the director or officer in the contract or
          transaction, if:

          A.       the contract or transaction is approved or confirmed by
                   special resolution at a meeting of the shareholders;

          B.       disclosure of the interest was made to the shareholders in a
                   manner sufficient to indicate its nature before the contract
                   or transaction was approved or confirmed; and

          C.       the contract was reasonable and fair to the Corporation at
                   the time it was approved or confirmed.

10.3      NON-LIABILITY FOR ACTS: Subject to the Act, no director or officer
          shall be liable for the acts, receipts, neglects or defaults of any
          other person or for joining in any receipt or act for conformity or
          for any loss, damage or expense happening to the Corporation through
          the insufficiency or deficiency of title to any property acquired by,
          for or on behalf of the Corporation or for the insufficiency or
          deficiency of any security in or upon which any moneys of the
          Corporation are invested or for any loss or damages arising from the
          bankruptcy, insolvency or tortious act of any person with whom any
          moneys, securities or other properties of the Corporation are lodged
          or deposited or for any other loss, damage or misfortune whatever
          which may arise out of the execution of the duties of his office or in
          relation thereto.
<PAGE>
                                       11


10.4     APPROVAL OF CONTRACTS BY SHAREHOLDERS: Subject to the Act, any contract
         entered into or action taken or omitted by or on behalf of the
         Corporation shall, if approved by a resolution of the shareholders, be
         deemed for all purposes to have had the prior authorization of all the
         shareholders.

10.5     INDEMNIFICATION: To the fullest extent permitted by the Act or
         otherwise by law, the Corporation shall indemnify a director or officer
         of the Corporation, a former director or officer of the Corporation, or
         another individual who acts or acted at the Corporation's request as a
         director or officer or an individual acting in a similar capacity of
         another entity, against all costs, charges and expenses, including an
         amount paid to settle an action or satisfy a judgment, reasonably
         incurred by the individual in respect of any civil, criminal,
         administrative, investigative or other proceeding in which the
         individual is involved because of that association with the Corporation
         or other entity, provided the individual:

         A.       acted honestly and in good faith with a view to the best
                  interests of the Corporation, or, as the case may be, to the
                  best interests of the other entity for which the individual
                  acted as director or officer or in a similar capacity at the
                  Corporation's request; and

         B.       in the case of a criminal or administrative action or
                  proceeding that is enforced by a monetary penalty, the
                  individual had reasonable grounds for believing that the
                  individual's conduct was lawful.


         The Corporation shall advance moneys to a director, officer or other
         individual for the costs, charges and expenses of such proceedings. The
         individual shall repay the moneys if the individual does not fulfill
         the conditions of A and B above.

10.6     NO LIMITATION OF RIGHTS: The foregoing provisions of this Part 10 shall
         be in amplification of and in addition to, and not by way of limitation
         of or substitution for, any rights, immunities or protection conferred
         upon by any director, officer or other person by any statute, law,
         matter or thing whatsoever.

                              PART 11. - DIVIDENDS

11.1     DIVIDENDS: The Board may from time to time declare and the Corporation
         may pay dividends on its issued shares to its shareholders according to
         their respective shareholdings in the Corporation as they appear from
         the Corporation's register.

11.2     CASH DIVIDENDS: A dividend payable in cash shall be paid by cheque
         drawn either on the bankers of the Corporation or the bankers of its
         dividend disbursing agent to the order of each registered holder of
         shares of the class or series in respect of which the dividend has been
         declared, and mailed by pre-paid ordinary mail to such registered
         holder at his recorded address or to such other address as the holder
         directs. In the case of joint holders, the cheque shall, unless such
         joint holders otherwise direct, be made payable to



<PAGE>
                                       12


         the order of all such joint holders. The mailing of such cheque as
         aforesaid, unless the same is not paid on due presentation, shall
         satisfy and discharge the liability for the dividend to the extent of
         the sum represented thereby plus the amount of any tax which the
         Corporation is required to and does withhold. All dividends unclaimed
         for six (6) years after the date of declaration shall be forfeited to
         the Corporation.

11.3     RECORD DATE FOR DIVIDENDS AND OTHER RIGHTS: For the purpose of
         determining the person entitled to receive payment of any dividend or
         for any other purpose, except the right to receive notice of or to vote
         at a meeting of shareholders, the Board may fix in advance a date
         preceding the date for the particular action by not more than sixty
         (60) days for the determination of such persons. Notice of such date
         shall be given not less than seven (7) days prior to such date:

         A.       by advertisement in a newspaper distributed in the place where
                  the Corporation has its registered office and in each place in
                  Canada where it has a transfer agent or where a transfer of
                  its shares may be recorded; and

         B.       by written notice to each stock exchange in Canada on which
                  the shares of the Corporation are listed for trading.

                PART 12. - VOTING SECURITIES IN OTHER BODIES CORPORATE

12.1     All securities of any other body corporate carrying voting rights held
         from time to time by the Corporation may be voted at all meetings of
         shareholders, bondholders, debenture holders or holders of such
         securities, as the case may be, of such other body corporate, in such
         manner and by such person or persons as the Board of Directors of the
         Corporation shall from time to time determine by resolution. Any two
         officers of the Corporation may also from time to time execute and
         deliver for and on behalf of the Corporation instruments of proxy
         and/or arrange for the issuance of voting certificates and/or other
         evidences of the right to vote in such names as may determine without
         the necessity of a resolution or other action by the Board of
         Directors.

                                PART 13. - NOTICES

13.1     MANNER OF NOTICE: Any notice (which includes any communication or
         document) to be given (which term includes sent, delivered or served)
         pursuant to the Act, applicable law, the Articles, the Bylaws, or
         otherwise to a shareholder, director, officer, auditor or member of a
         committee of the Board shall be sufficiently given, if delivered
         personally to the person to whom it is to be given or if delivered to
         his latest address as shown on the records of the Corporation, or if
         mailed to him at his said address by prepaid ordinary or air mail, or
         if sent to him by facsimile at his said address. A notice so delivered
         shall be deemed to have been given when it is delivered personally or
         to the said address as aforesaid; a notice so mailed shall be deemed to
         have been given when deposited in a



<PAGE>
                                       13


         post office or public letter box, a notice so sent by facsimile shall
         be deemed to have been given when dispatched. The Secretary may change
         or cause to be changed the recorded address of any shareholder,
         director, officer, auditor or member of a committee of the Board in
         accordance with any information believed by the Secretary to be
         reliable.

13.2     ELECTRONIC DELIVERY: Provided the addressee has consented in writing or
         electronically in accordance with the Act, the Corporation may satisfy
         the requirement to send any notice or document referred to in section
         13.1 by creating and providing an electronic document in compliance
         with the Act. An electronic document is deemed to have been received
         when it enters the information system designated by the addressee or,
         if the document is posted on or made available through a generally
         accessible electronic source, when the addressee receives notice in
         writing of the availability and location of that electronic document,
         or, if such notice is sent electronically, when it enters the
         information system designated by the addressee.

13.3     NOTICE COMPUTATION: In computing the time when notice must be given
         under any provision requiring a specified number of hours notice of any
         meeting or other event, the hour of giving the notice and the hour of
         commencement of the meeting shall be excluded, and in computing the
         date when notice must be given under any provision requiring a
         specified number of days' notice of any meeting or other event, the
         date of giving the notice shall be excluded and the date of the meeting
         or other event shall be included.

13.4     RETURNED NOTICES: Where notices or other documents required to be given
         by the Corporation to its shareholders have been mailed to a
         shareholder at the shareholder's latest address as shown on the records
         of the Corporation and where, on two (2) consecutive occasions, notices
         or other documents have been returned, the Corporation is not required
         to send to the shareholder any further notices or other documents until
         such time as the Corporation receives written notice from the
         shareholder requesting that notices and other documents be sent to the
         shareholder at a specified address.

13.5     JOINT HOLDERS: All notices or other documents shall, with respect to
         any shares in the capital of the Corporation registered in more than
         one name, be given to whichever of such persons is named first in the
         records of the Corporation and any notice or other document so given
         shall be sufficient notice or delivery of such document to all the
         holders of such shares.

13.6     SUCCESSOR BOUND: Every person who by operation of law, transfer or by
         any other means whatsoever shall become entitled to any shares in the
         capital of the Corporation shall be bound by every notice or other
         document in respect of such shares which prior to his name and address
         being entered on the records of the Corporation shall have been duly
         given to the person or persons from whom he derives his title to such
         shares.

13.7     DECEASED HOLDER: Any notice or other document given by mail shall,
         notwithstanding that such shareholder be then deceased and whether or
         not the Corporation has notice of his death, be deemed to have been
         duly served in respect of the shares held by such shareholder (whether
         held solely or with other persons) until some other person be entered
         in his stead in the records of the Corporation as the holder or one of
         the holders
<PAGE>
                                       14


         thereof and such service shall for all purposes be deemed a sufficient
         service of such notice or other document on his heirs, executors or
         administrators and all persons (if any), interested with him is such
         shares.

13.8     SIGNATURE: The signature of any director or officer of the Corporation
         to any notice may be written, stamped, typewritten or printed, or
         partly written, stamped, typewritten or printed.

13.9     CERTIFICATE OF OFFICE: A certificate of any officer of the Corporation
         holding office at the time of the making of the certificate or of a
         transfer officer or any transfer agent or branch transfer agent of
         shares of any class of the Corporation as to facts in relation to the
         mailing or delivery or service of any notice or other document to any
         shareholder, director, officer, auditor or member of any committee of
         the Board or publication of any notice or other document shall be
         conclusive evidence thereof, and shall be binding on every shareholder,
         director, officer or auditor of the Corporation or member of any
         committee of the Board, as the case may be.

13.10    COMMON NOTICE: A special meeting and the annual general meeting of
         shareholders of the Corporation may be convened by one and the same
         notice, and it shall be no objection to the said notice that it only
         convenes the second meeting contingently on any resolution being passed
         by the requisite majority at the first meeting.

                             PART 14. - FISCAL YEAR

14.1     The fiscal year of the Corporation shall terminate on such day in each
         year as the Board of Directors may from time to time by resolution
         determine.

                               PART 15. - BANKING

15.1     The bank accounts of the Corporation shall be kept with such banks,
         trust companies, other firms or bodies corporate as the Board may from
         time to time determine. The Board may appoint any person or persons as
         authorized signatories on any such bank accounts as it may from time to
         time determine.

                          PART 16. - COMING INTO FORCE

16.1     This Bylaw shall come into force at, and be effective from, the time of
         its passing by the Board of Directors.



<PAGE>
                                       15


                                PART 17. - REPEAL

17.1     Bylaw No. 4 of the Corporation enacted May 3, 1991 is repealed
         effective when this Bylaw comes into force without prejudice to any
         action taken thereunder prior to such repeal. All directors, officers
         and other persons acting under the repealed Bylaw shall continue to act
         as if elected or appointed under the provisions of this Bylaw. All
         resolutions with continuing effect of the Board, committees of the
         Board and shareholders shall continue in effect except to the extent
         inconsistent with this Bylaw.


ENACTED the 7th day of February, 2002.



                                      "Bernard Michel"
                                      ------------------------------------------
                                      Chair

                                      "Gary M.S. Chad"
                                      ------------------------------------------
                                      Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>o15740exv3.htm
<DESCRIPTION>TRUST INDENTURE DATED SEPTEMBER 25, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE>Trust Indenture dated September 25, 2003</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;3</B>



<P align="center" style="font-size: 10pt"><B>CAMECO CORPORATION</B>



<P align="center" style="font-size: 10pt"><B>(Issuer)</B>



<P align="center" style="font-size: 10pt"><B>and</B>



<P align="center" style="font-size: 10pt"><B>CIBC MELLON TRUST COMPANY</B>



<P align="center" style="font-size: 10pt"><B>(Trustee)</B>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>INDENTURE</B>



<P align="center" style="font-size: 10pt"><B>dated as of September&nbsp;25, 2003</B>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000">



<P align="center" style="font-size: 10pt"><B>5% CONVERTIBLE SUBORDINATED SECURITIES</B>



<P align="center" style="font-size: 10pt"><B>DUE OCTOBER 1, 2013</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>DEFINITIONS AND INCORPORATION BY REFERENCE</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Definitions.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rules of Construction.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <B>ARTICLE 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>THE SECURITIES</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution and Authentication.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registrar, Paying Agent and Conversion Agent.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest Election Notice.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Agent to Hold Cash in Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Election to Make Payment in Common Shares.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment by Issuance of Common Shares.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delivery of Common Shares.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securityholder Lists.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issue of Global Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Legend on the Restricted Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfer and Exchange.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Replacement Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Outstanding Securities; Determinations of Holders&#146; Action.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Deemed Owners.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>REDEMPTION</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right to Redeem; Notices to Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redemption for Changes in Canadian Tax Law.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Selection of Securities to be Redeemed.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Notice of Redemption.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposit of Redemption Price.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Redeemed in Part.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase of Securities by the Company
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- i -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>COVENANTS</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Additional Amounts.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Compliance.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Instruments and Acts.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>SUBORDINATION OF THE SECURITIES</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Order of Payment.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Payment if Senior Indebtedness in Default.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subrogation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligation to Pay Not Impaired.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment on Securities Permitted.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confirmation of Subordination.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Knowledge of Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee May Hold Senior Indebtedness.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Holders of Senior Indebtedness Not Impaired.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Additional Indebtedness.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Securityholder to Convert Not Impaired.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Applicable to Paying Agents.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <B>ARTICLE 6</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>CONSOLIDATION, AMALGAMATION, MERGER AND SALE</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidation, Amalgamation, Merger or Sale of Assets Permitted.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Succession by Successor Corporation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence to Be Furnished to Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 7</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>DEFAULTS AND REMEDIES</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceleration.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Remedies.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Past Defaults.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Control by Majority.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Suits.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Holders to Receive Payment.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Collection Suit by Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee May File Proofs of Claim.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Priorities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking for Costs.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- ii -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Stay, Extension or Usury Laws.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 8</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>CHANGE OF CONTROL</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Change of Control Offer.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Change of Control Purchase Notice.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">45</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposit of Change of Control Purchase Price.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Purchased in Part.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant to Comply with Securities Laws Upon Purchase of Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to the Company.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 9</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>TRUSTEE</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard of Care of Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions Precedent to Trustee&#146;s Obligations to Act Hereunder.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delegation; Experts and Advisers.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Protection of the Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Individual Rights of Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&#146;s Disclaimer.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Indemnity.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Interest.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Replacement of Trustee.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Trustee by Merger.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">52</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eligibility; Disqualification.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">53</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not to be Appointed Receiver.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">53</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adoption of Certification.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">53</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <B>ARTICLE 10</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>DISCHARGE OF INDENTURE</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Discharge of Liability on Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">53</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to the Company.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 11</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>AMENDMENTS</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Without Consent of Holders.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With Consent of Holders.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance with Trust Indenture Legislation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revocation and Effect of Consents, Waivers and Actions.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation on or Exchange of Securities.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee to Sign Supplemental Indentures.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indentures.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- iii -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <B>ARTICLE 12</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>CONVERSION</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conversion Rights.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conversion Rate.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conversion Procedure.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fractional Shares.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">57</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfer Taxes on Conversion.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisions of Common Shares.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adjustment for Change in Capital Stock.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adjustment for Rights Issue.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">59</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adjustment for Distributions In Kind.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">59</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adjustment for Cash Distributions.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adjustment for Issuer Bid.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">When Adjustment May be Deferred.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">When No Adjustment Required.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Adjustment.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Certain Transactions.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Reclassification, Consolidation, Amalgamation, Merger or Sale.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferred Adjustment for Special Distributions.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Overriding Limitation on Conversion Right.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company Determination Final.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&#146;s Adjustment Disclaimer.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Simultaneous Adjustments.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successive Adjustments.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"> <B>ARTICLE 13</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>MEETING OF SECURITYHOLDERS</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Convening of Meetings
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quorum
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Procedure When Quorum Not Present
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Show of Hands
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Poll
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voting
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proxies
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">68</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Who May Attend
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers Exercisable By Extraordinary Resolution
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definition of Extraordinary Resolution
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers Cumulative
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minutes
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Instrument In Lieu of Extraordinary Resolution
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Instruments of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Binding Effect of Resolutions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- iv -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ARTICLE 14</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>MISCELLANEOUS</B></U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Indenture Legislation Controls.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">72</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">72</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Communication by Holders with Other Holders.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate and Opinion as to Conditions Precedent.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">75</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statements Required in Certificate or Opinion.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">75</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability Clause.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rules by Trustee, Paying Agent, Conversion Agent and Registrar.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Recourse Against Others.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Multiple Originals.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Holidays.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Table of Contents, Headings, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Benefits of Indenture.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents in English.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">77</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- v -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="left" style="font-size: 10pt"><B>THIS TRUST INDENTURE </B>is made as of the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of September, 2003.



<P align="left" style="font-size: 10pt"><B>BETWEEN:</B>




<P align="left" style="margin-left:3%; font-size: 10pt"><B>CAMECO CORPORATION</B>, a corporation incorporated under the laws of
Canada and having its registered office at the City of Saskatoon, in
the Province of Saskatchewan (hereinafter referred to as the
&#147;<B>Company</B>&#147;),


<P align="center" style="font-size: 10pt">- and -




<P align="left" style="margin-left:3%; font-size: 10pt"><B>CIBC MELLON TRUST COMPANY</B>, a trust company incorporated under the
laws of Canada and duly authorized to carry on business as a trustee
in each province of Canada (hereinafter referred to as the
&#147;<B>Trustee</B>&#147;).


<P align="left" style="font-size: 10pt"><B>WHEREAS:</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">A.&nbsp;&nbsp;</TD>
    <TD>The Company is desirous of creating and issuing its 5% convertible subordinated the
debentures due October&nbsp;1, 2013 (each $1,000 principal amount 5% convertible subordinated
debenture due October&nbsp;1, 2013 being a &#147;<B>Security</B>&#148; and, collectively, &#147;<B>Securities</B>&#148;) to be
constituted in the manner hereinafter appearing;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">B.&nbsp;&nbsp;</TD>
    <TD>The Company is authorized to create and issue the Securities to be issued as herein
provided;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">C.&nbsp;&nbsp;</TD>
    <TD>All things necessary have been done and performed to make the Securities, when certified
by the Trustee and issued as provided in this Indenture, legal, valid and binding
obligations of the Company with the benefits and subject to the terms of this Indenture;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">D.&nbsp;&nbsp;</TD>
    <TD>These recitals and any statement of fact in this Indenture are and shall be deemed to be
made by the Company and not the Trustee;</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B>NOW THEREFORE THIS INDENTURE WITNESSES </B>that the Company and the Trustee agree as follows for the
benefit of each other and for the equal and rateable benefit of the Holders of the Securities:



<P align="right" style="font-size: 10pt">- 1 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;1</B><BR>
<U><B>DEFINITIONS AND INCORPORATION BY REFERENCE</B></U>



<P align="left" style="font-size: 10pt"><B>1.1 </B><U><B>Definitions.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148; means, with respect to any specified person, any other person directly or
indirectly controlling or controlled by or under direct or indirect common control with such
specified person. For the purposes of this definition, &#147;<B>control</B>&#148; when used with respect to any
specified person means the power to direct or cause the direction of the management and policies of
such person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms &#147;<B>controlling</B>&#148; and &#147;<B>controlled</B>&#148; have meanings correlative to
the foregoing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Associate</B>&#148; means with respect to any specified person, (a)&nbsp;any corporation or organization
(other than such person or a majority-owned subsidiary of such person) of which such person is an
officer or partner or is, directly or indirectly, the beneficial owner of 10&nbsp;percent or more of any
class of equity securities, (b)&nbsp;any trust or other estate in which such person has a substantial
beneficial interest or as to which such person serves as trustee or in a similar fiduciary
capacity, and (c)&nbsp;any relative or spouse of such person, or any relative of such spouse, who has
the same home as such person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bankruptcy Law</B>&#148; means the <I>Bankruptcy and Insolvency Act </I>(Canada) or any other Canadian
federal or provincial law relating to bankruptcy, insolvency, winding up, liquidation,
reorganization or relief of debtors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bankruptcy Order</B>&#148; means any court order made in a proceeding pursuant to or within the
meaning of any Bankruptcy Law, containing an adjudication of bankruptcy or insolvency, or providing
for liquidation, winding up, dissolution or reorganization, or appointing a Custodian of a debtor
or of all or any substantial part of a debtor&#146;s property, or providing indebtedness or other relief
of a debtor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Beneficial Holder</B>&#148; means any person who holds a beneficial interest in a Global Security as
shown on the books of the Depository or a Depository Participant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Board of Directors</B>&#148; means, with respect to any matter, the board of directors of the Company,
or any committee of such board duly authorized with respect to such matter to exercise the powers
of such board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Board Resolution</B>&#148; means a resolution or resolutions certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>&#148; means each day of the year which is not a Saturday or a Sunday and on which
banking institutions are not required to close in Saskatoon, Saskatchewan or Toronto, Ontario.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capital Stock</B>&#148; means, for any corporation, any and all shares in (however designated) the
capital issued by such corporation.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Cash</B>&#148; or &#147;<B>cash</B>&#148; means such coin or currency of Canada as at any time of payment is legal
tender for the payment of public and private debts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;<B>Change of Control</B>&#148; shall be deemed to have occurred at such time as any of the following
events shall occur:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>there is a report filed with any securities commission or securities regulatory
authority in Canada disclosing, or it comes to the attention of the Company, that any
offeror (as the term &#147;<B>offeror</B>&#148; is defined in Section&nbsp;89(1) of the <I>Securities Act</I>
(Ontario) for the purposes of Section&nbsp;101 of the <I>Securities Act </I>(Ontario), or any
successor provision to either of the foregoing), other than the Company, a Subsidiary
or any employee benefit plan of either the Company or a Subsidiary, has acquired
beneficial ownership (within the meaning of the <I>Securities Act </I>(Ontario)) of, or the
power to exercise control or direction over, or securities convertible into, any voting
or equity shares of the Company, that together with such offeror&#146;s securities (as the
term &#147;<B>offeror&#146;s securities</B>&#148; is defined in Section&nbsp;89(1) of the <I>Securities Act </I>(Ontario)
or any successor provision thereto in relation to the voting or equity shares of the
Company) would constitute Voting Shares of the Company representing more than 50
percent of the total voting power attached to all Voting Shares of the Company then
outstanding; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>there is consummated any amalgamation, consolidation, statutory arrangement
(involving a business combination) or merger of the Company pursuant to which any
Voting Shares of the Company would be reclassified, changed or converted into or
exchanged for cash, securities or other property, other than (in each case) an
amalgamation, consolidation, statutory arrangement or merger of the Company in which
the holders of the Voting Shares of the Company immediately prior to the amalgamation,
consolidation, statutory arrangement or merger have, directly or indirectly, more than
50&nbsp;percent of the Voting Shares of the continuing or surviving corporation immediately
after such transaction.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change of Control Date</B>&#148; means the date a Change of Control has occurred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change of Control Purchase Price</B>&#148; means, in respect of a Security, a price equal to the sum
of 100&nbsp;percent of the aggregate Principal Amount of the Securities plus accrued and unpaid Interest
thereon to but excluding the Change of Control Purchase Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Common Shares</B>&#148; means the common shares of the Company as in existence on the date of this
Indenture, or any other shares of Capital Stock of the Company into which the Common Shares shall
be reclassified or changed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Company</B>&#148; means Cameco Corporation until a successor replaces it pursuant to the applicable
provisions of this Indenture and, thereafter, shall mean such successor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Company Request</B>&#148; or &#147;<B>Company Order</B>&#148; means a written request or order signed in the name of
the Company by two persons, one of whom holds the office of Chairman of the Board, President,
Senior Vice-President, Vice-President or is a Director and the other of whom is a Director or holds
the office of Chairman of the Board, President, Senior Vice-President,


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Vice-President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer, and
delivered to the Trustee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Current Market Price</B>&#148; means the volume weighted average trading price per Common Share on the
Exchange for 20 consecutive Trading Days ending on the fifth Trading Day preceding the date of
determination. The volume weighted average trading price shall be determined by dividing the
aggregate sale price of all Common Shares sold on the Exchange during the said 20 consecutive
Trading Days by the total number of Common Shares so sold; <I>provided </I>that if an event occurs on or
after the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Trading Day but before the 5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Trading Day prior to Maturity
or the Redemption Date as the case may be, that would cause the Conversion Rate to be adjusted, the
Board of Directors shall, in good faith, make an appropriate adjustment to the volume weighted
average trading price per Common Share as otherwise determined hereunder applying the principles of
Article&nbsp;12, which adjustment shall be conclusive, binding and described in a Board Resolution.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Custodian</B>&#148; means any receiver, interim receiver, receiver and manager, trustee, assignee,
liquidator, sequestrator or similar official under any Bankruptcy Law or any other person with like
powers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default</B>&#148; means any event that is, or after notice or passage of time or both would be, an
Event of Default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default Interest</B>&#148; means, with respect to any Security, the interest payable on overdue
amounts as provided in Section&nbsp;2.4 of this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Depository</B>&#148; means with respect to the Securities issuable or issued in the form of one or
more Global Securities, the person designated as Depository by the Company pursuant to Section&nbsp;2.11
until a successor Depository shall have become designated such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;<B>Depository</B>&#148; shall mean each person who is then a
Depository hereunder, and if at any time there is more than one person, &#147;<B>Depository</B>&#148; as used with
respect to the Securities shall mean each Depository with respect to the Global Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Depository Participant</B>&#148; means a broker, dealer, bank, other financial institution or other
person for whom from time to time, a Depository effects book-entry for a Global Security deposited
with the Depository.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange</B>&#148; means, if the Common Shares are listed on the TSX, the TSX or, if the Common Shares
are not listed on the TSX, on such other exchange on which the Common Shares are listed and
principally traded or if the Common Shares are not listed on any stock exchange, on the
over-the-counter market.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Global Security</B>&#148; means a Security that is issued to and registered in the name of the
Depository, or its nominee, pursuant to Section&nbsp;2.11 for purposes of being held by or on behalf of
the Depository as custodian for participants in the Depository&#146;s book entry only registration
system.


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Government Obligations</B>&#148; means interest bearing or discount debt obligations having a term of
not more than 90&nbsp;days issued or guaranteed by the Government of Canada or a Province of Canada.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Holder</B>&#148; or &#147;<B>Securityholder</B>&#148; means a person in whose name a Security is registered on the
Registrar&#146;s principal register.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indenture</B>&#148; means this Indenture as amended or supplemented from time to time in accordance
with the terms hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest</B>&#148; means, with respect to any Security, the accruing interest and Default Interest on
the Principal Amount of the Security which is payable as provided in Section&nbsp;2.4.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Issue Date</B>&#148; means, with respect to any Security, the date on which such Security was
originally issued as set forth on the face of such Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Maturity</B>&#148; means October 1<B>, </B>2013.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Officer</B>&#148; means the Chairman of the Board, the Chief Executive Officer, the President, any
Senior Vice-President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or
any Assistant Secretary of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Officers&#146; Certificate</B>&#148; means a written certificate containing the information specified in
Section&nbsp;14.4 signed by the President and Chief Executive Officer or the Senior Vice-President,
Finance and Administration and Chief Financial Officer signing alone, or by any Senior
Vice-President or Vice-President of the Company signing together with any other Officer of the
Company, and delivered to the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Opinion of Counsel</B>&#148; means a written opinion from legal counsel who is reasonably acceptable
to the Trustee, which opinion may rely on certificates of Officers of the Company as to certain
matters of fact. The counsel may be an employee of, or counsel to, the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; or &#147;<B>person</B>&#148; means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organization, or
government or any agency or political subdivision thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Amount</B>&#148; means, with respect to any Security, $1,000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Principal Office of the Trustee</B>&#148; means the principal office of the Trustee in Winnipeg,
Manitoba at which at any particular time its corporate trust business shall be principally
administered, which office at the date hereof is that indicated in Section&nbsp;14.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Date</B>&#148; or &#147;<B>redemption date</B>&#148; means the date specified for redemption of the
Securities in compliance with the terms of the Securities and this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redemption Price</B>&#148; means, in respect of a Security, the Principal Amount thereof, plus accrued
but unpaid Interest thereon to but excluding the Redemption Date.


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted Security</B>&#148; means, with respect to a Security initially offered and sold to
&#147;<B>qualified institutional buyers</B>&#148; (as defined in Rule&nbsp;144A) in reliance on Rule&nbsp;144A and any
Securities issued upon registration of transfer of, or in exchange for, or in lieu of: (i)&nbsp;such
initially issued Security and any Common Shares issuable on the conversion of such initially issued
Security and any Common Shares issued upon registration of transfer of, or in exchange for, or in
lieu of, such Common Shares initially issued on the conversion of such initially issued Security
(each a &#147;<B>Subsequent Security</B>&#148;); and (ii)&nbsp;such Security or Subsequent Security prior to the transfer
of such Security or Subsequent Security pursuant to a registration statement which has become
effective under the 1933 Act, and during the period beginning on September&nbsp;25, 2003 and ending on
the later of the date two years after the last date Securities of this issue were issued and the
date two years after the last date on which the Company or any Affiliate of the Company was the
owner of the Security or Subsequent Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rule&nbsp;144A</B>&#148; means Rule&nbsp;144A under the 1933 Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SEC</B>&#148; means the United States Securities and Exchange Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Security</B>&#148; and &#147;<B>Securities</B>&#148; have the meanings set forth in the first recital of this
Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securityholder</B>&#148; or &#147;<B>Holder</B>&#148; means a person in whose name a Security is registered on the
Registrar&#146;s principal register.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Senior Indebtedness</B>&#148; means with respect to the Company (in each case whether outstanding at
the date of this Indenture or thereafter incurred):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>the principal (including redemption payments), premium, if any, interest and
other payment obligations in respect of (i)&nbsp;indebtedness of the Company for money
borrowed and (ii)&nbsp;indebtedness evidenced by securities, debentures, bonds, notes or
other similar instruments issued by the Company, including any such securities issued
under any deed, indenture or other instrument to which the Company is a party
(including, for greater certainty, indentures pursuant to which subordinated debentures
have been or may be issued);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>all capital lease obligations of the Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>all obligations of the Company issued or assumed as the deferred purchase price
of property, all conditional sale obligations of the Company, all hedging agreements
and agreements of a similar nature thereto and all agreements relating to any such
agreements, and all obligations of the Company under any title retention agreement (but
excluding trade accounts payable arising in the ordinary course of business);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>all obligations of the Company for reimbursement on any letter of credit,
banker&#146;s acceptance, security purchase facility or similar credit transaction;</TD>
</TR>

</TABLE>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD>all obligations of the type referred to in clauses (i)&nbsp;through (iv)&nbsp;above of
other persons of which the Company is responsible or liable as obligor, guarantor or
otherwise; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)&nbsp;&nbsp;</TD>
    <TD>all obligations of other persons secured by any lien on any property or asset
of the Company (whether or not such obligation is assumed by the Company),</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">except for (i)&nbsp;the Securities, (ii)&nbsp;the Company&#146;s US$125,000,000 of 8.75% preferred
securities due September&nbsp;30, 2047, which shall rank <I>pari passu </I>with the Securities, (iii)
any other indebtedness that contains express terms, or is issued under a deed, indenture or
other instrument which contains express terms, providing that it is subordinate to or ranks
<I>pari passu </I>with the Securities, and (iv)&nbsp;any indebtedness between the Company and its
Affiliates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Share Delivery Date</B>&#148; means the date no more than 90&nbsp;days and not less than one Business Day
prior to an Interest Payment Date upon which Common Shares are delivered by the Company for
purchase pursuant to an Interest Election Notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Share Election Amount</B>&#148; means an amount equal to the amount of Interest payable pursuant to
the Interest Payment Election on such date, less any amount attributable to any fractional Common
Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary</B>&#148; means any corporation of which the Company at the time owns or controls, directly
or indirectly, Capital Stock having voting power under ordinary circumstances to elect a majority
of the board of directors of such corporation (irrespective of whether or not at the time shares of
any other class or classes of such corporation shall have or might have voting power by reason of
the happening of any contingency).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Trading Day</B>&#148; or &#147;<B>trading day</B>&#148; means any day that the Exchange is open for business.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Trust Indenture Legislation</B>&#148; means, at any time, (a)&nbsp;the provisions of the <I>Canada Business
Corporations Act </I>R.S.C. 1985, c. C44 and the regulations thereunder as amended or re-enacted from
time to time, and (b)&nbsp;the provisions of any other applicable statute of Canada or any province
thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Trust Officer</B>&#148; means any officer of the Trustee assigned by such Trustee to administer its
corporate trust matters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>TSX</B>&#148; means the Toronto Stock Exchange, or any successor thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Voting Shares</B>&#148; means, for any corporation, any Capital Stock having voting power under
ordinary circumstances to vote in the election of directors of such corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Written Direction of the Company</B>&#148; means an instrument in writing signed by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>1933 Act</B>&#148; means the <I>United States Securities Act of 1933</I>, as amended.


<P align="right" style="font-size: 10pt">- 7 -
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>1934 Act</B>&#148; means the <I>United States Securities Exchange Act of 1934</I>, as amended.


<P align="left" style="font-size: 10pt"><B>1.2 </B><U><B>Other Definitions.</B></U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Defined in Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Act</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.3</TD>
    <TD nowrap valign="top">(c)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Additional Amounts</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Cash-Out Transaction</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Change of Control Offer</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.1</TD>
    <TD nowrap valign="top">(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Change of Control Purchase Date</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.1</TD>
    <TD nowrap valign="top">(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Change of Control Purchase Notice</B>&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.1</TD>
    <TD nowrap valign="top">(e)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Constituent Person</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Conversion Agent</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Conversion Date</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Conversion Rate</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Distributed Property</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Event of Default</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Excess Distribution Amount</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Excluded Holder</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Expiration Time</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Interest Election Notice</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.5</TD>
    <TD nowrap valign="top">(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Interest Payment Election</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.5</TD>
    <TD nowrap valign="top">(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Interest Payment Date</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">2.5</TD>
    <TD nowrap valign="top">(a)4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Maturity Amount</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.7</TD>
    <TD nowrap valign="top">(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Options or Rights</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Non-Electing Share</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Notice of Default</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Paying Agent</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Payment Option Notice</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.7</TD>
    <TD nowrap valign="top">(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Prescribed Securities</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>principal register</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
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</DIV>


<P align="right" style="font-size: 10pt">- 8 -
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Defined in Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Purchased Shares</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>record date</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&#147;Redemption Notice&#148;.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Reference Date</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Registrar</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Share Payment Option</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.7</TD>
    <TD nowrap valign="top">(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Taxes</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>Transaction</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;<B>U.S. Legend</B>&#148;.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>1.3 </B><U><B>Rules of Construction.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles in Canada, and, except as otherwise herein
expressly provided, the term &#147;<B>generally accepted accounting principles</B>&#148; with respect to any
computation required or permitted hereunder shall mean such accounting principles as are generally
accepted in Canada at the date of such computation;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the words &#147;<B>herein</B>&#148;, &#147;<B>hereof</B>&#148; and &#147;<B>hereunder</B>&#148; and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the words &#147;<B>include</B>&#148;, &#147;<B>includes</B>&#148; and &#147;<B>including</B>&#148; as used herein shall be deemed in each
case to be followed by the phrase &#147;<B>without limitation</B>&#148;; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;unless otherwise indicated all references to dollar amounts mean the lawful money of
Canada.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;2</B><BR>
<U><B>THE SECURITIES</B></U>



<P align="left" style="font-size: 10pt"><B>2.1 </B><U><B>Form.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and the Trustee&#146;s certificate of authentication shall be substantially in the
form set forth in Exhibit&nbsp;A, which is a part of this Indenture. The Securities may have notations,
legends or endorsements required by law, stock exchange rule or usage (<I>provided </I>that any such
notation, legend or endorsement required by usage is in a form acceptable to the Company). Each
Security shall be dated the date of its authentication.


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

<P align="left" style="font-size: 10pt"><B>2.2 </B><U><B>Execution and Authentication.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities shall be executed on behalf of the Company by any two Officers. The signature
of any of these Officers on the Securities may be manual or facsimile.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper Officers shall bind the Company, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such Securities or did not
hold such offices at the Issue Date of such Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Security shall not be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein duly executed by the Trustee by manual signature of an authorized
signatory, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated, issued and delivered hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall authenticate and deliver Securities for original issue in an aggregate
Principal Amount of $230,000,000 upon delivery to the Trustee of a Company Order accompanied by an
Officers&#146; Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for herein relating to the original issue of such Securities have been complied with. The
aggregate Principal Amount of Securities outstanding at any time may not exceed the amount set
forth in the preceding sentence except as provided in Section&nbsp;2.14.


<P align="left" style="font-size: 10pt"><B>2.3 </B><U><B>Registrar, Paying Agent and Conversion Agent.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall maintain an office or agency where Securities may be presented for
registration of transfer or for exchange (&#147;<B>Registrar</B>&#148;), an office or agency where Securities may be
presented for purchase or payment (&#147;<B>Paying Agent</B>&#148;) and an office or agency where Securities may be
presented for conversion (&#147;<B>Conversion Agent</B>&#148;). The Company may have one or more additional
registrars, one or more additional payment agents and one or more additional conversion agents.
The terms Registrar, Paying Agent and Conversion Agent include any additional registrar, paying
agent or conversion agent, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall enter into an appropriate agency agreement with any Paying Agent, Conversion
Agent or Registrar (other than the Trustee). The agreement shall implement the provisions of this
Indenture that relate to such agent. The Company shall notify the Trustee of the name and address
of any such agents. If the Company fails to maintain a Registrar, Paying Agent or Conversion
Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section&nbsp;9.8. Subject to any applicable requirements or restrictions, the Company or a
Subsidiary or an Affiliate of either of them may act as Paying Agent, Registrar or Conversion
Agent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrar shall maintain a register (the &#147;<B>principal register</B>&#148;) of Securityholders and
shall as soon as possible enter in it the name of every person who becomes a Holder together with
(a)&nbsp;the full name and address of every Holder, noting, where applicable and where the


<P align="right" style="font-size: 10pt">- 10 -
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Registrar has been advised of same, the Holder&#146;s representative capacity, (b)&nbsp;the date that each
Holder is entered in the principal register, and whether the Holder acquired its Security by issue
or transfer or otherwise and, if by transfer, from whom, (c)&nbsp;the date that a person ceases to be a
Holder, and (d)&nbsp;the Principal Amount of Securities held by the Holder. The principal register
shall be maintained in the City of Winnipeg, with a register also maintained in the City of Toronto
and any other locations that may be designated by the Company and approved by the Trustee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company initially appoints the Trustee as Registrar, Conversion Agent and Paying Agent in
connection with the Securities, and the Trustee, by the execution of this Indenture, accepts such
appointments. The Company may change a Registrar, Conversion Agent or Paying Agent upon notice to
the Trustee and the Holders.


<P align="left" style="font-size: 10pt"><B>2.4 </B><U><B>Interest.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay interest (&#147;<B>Interest</B>&#148;) on the Principal Amount of the Securities in
arrears in semi-annual instalments on April 1 and October 1 of each year (&#147;<B>Interest Payment Dates</B>&#148;)
at the rate of 5% per annum computed on the basis of a 365&nbsp;day year. Subject to the terms and
conditions of this Indenture, Interest shall accrue from and including the most recent date to
which Interest has been paid or duly provided for or, if no Interest has been paid or duly provided
for, from and including September&nbsp;25, 2003. Interest shall cease to accrue on (and excluding) the
earlier of (i)&nbsp;the date on which the Principal Amount hereof or any portion of such Principal
Amount becomes due and payable and (ii)&nbsp;any Conversion Date, Redemption Date, Change of Control
Purchase Date or other date on which Interest shall cease to accrue in accordance with Section&nbsp;2.15
of this Indenture. The first Interest Payment on the Securities shall be on April&nbsp;1, 2004, in the
amount of $25.89 per $1,000 Principal Amount of Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Principal Amount or any portion of the Principal Amount is not paid when due (whether
upon acceleration pursuant to Section&nbsp;7.2 of this Indenture, upon the Redemption Date, or on the
Business Day following the Change of Control Purchase Date, or upon Maturity) or if Interest is not
paid when due upon the Interest Payment Dates provided for in this Section&nbsp;2.4, or if Common Shares
(or cash in lieu of fractional shares) are not delivered when due upon the conversion of a Security
or, if Additional Amounts are not paid when due, then in each such case the Company shall pay on
demand interest (&#147;<B>Default Interest</B>&#148;) on the overdue amount at the rate of 5% per annum, compounded
semi-annually, which Default Interest (to the extent payment of such Default Interest shall be
legally enforceable) shall accrue from the date such overdue amount was due to, but excluding, the
payment date of such amount, including Default Interest thereon, has been made or duly provided
for.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The person in whose name any Security is registered at the close of business on any record
date (as defined below) with respect to any Interest Payment Date (as defined below) shall be
entitled to receive the Interest payable thereon on such Interest Payment Date notwithstanding the
cancellation of such Security upon any registration of transfer, conversion or exchange thereof
subsequent to such record date and prior to such Interest Payment Date, unless such Security shall
have been called for redemption on a date fixed for redemption subsequent to such record date and
prior to such Interest Payment Date.


<P align="right" style="font-size: 10pt">- 11 -
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and any Default Interest on any Interest on the Securities shall be payable by cheque
mailed by first-class mail to the address of the person entitled thereto as such address appears on
the principal register. The term &#147;<B>record date</B>&#148; as used in this Section&nbsp;2.4 with respect to any
Interest Payment Date shall mean the close of business on March&nbsp;24 and September&nbsp;23 (or if not a
Business Day, the preceding Business Day), as the case may be, prior to such Interest Payment Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;2.5 below, the Company shall satisfy its obligation to pay accrued and
unpaid Interest on any Interest Payment Date (except Interest payable on Maturity, any Redemption
Date or Change of Control Purchase Date) or to pay Default Interest, as the case may be, by either
depositing with the Paying Agent (or if the Company or a Subsidiary or an Affiliate of either of
them is the Paying Agent, by segregating and holding in trust) on or prior to such Interest Payment
Date or date fixed for the payment of Default Interest, as the case may be, cash sufficient to pay
the accrued and unpaid Interest or forwarding by first class mail, at least three Business Days
prior to such Interest Payment Date or date fixed for the payment of Default Interest, as the case
may be, a cheque in respect of such amount to the address of each person entitled thereto at such
address as shall appear in the principal register for the Securities and providing the Trustee with
written notice thereof on or prior to the forwarding of such cheques. Each such cheque shall be
negotiable in Canada at par and payable on such Interest Payment Date or date fixed for the payment
of Default Interest, as the case may be. In the event of the non-receipt by a Holder of such
cheque, or the loss or destruction thereof, the Company on being furnished with reasonable evidence
of such non-receipt, loss or destruction and indemnity reasonably satisfactory to it shall issue to
such Holder a replacement cheque for the amount of such cheque.


<P align="left" style="font-size: 10pt"><B>2.5 </B><U><B>Interest Payment Election.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company may elect to pay any or all of the Interest payable on any Interest Payment
Date by the application of the proceeds of sale of Common Shares in accordance with this Section
(the &#147;<B>Interest Payment Election</B>&#148;). The Company may make such election, unless an Event of Default
has occurred and is continuing, by providing to the Trustee, a written notice (an &#147;<B>Interest
Election Notice</B>&#148;) no later than the earlier of (i)&nbsp;the date required by applicable law or the rules
of any stock exchange on which the Securities are then listed; or (ii)&nbsp;15&nbsp;days prior to the
applicable Interest Payment Date to which the Interest Election Notice relates. The Interest
Election Notice shall specify:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>that the election relates to an obligation to pay Interest;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the Interest payment to which the election relates and the applicable
Interest Payment Date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>the amount of the payment due to the Holders on such Interest Payment Date
which the Company proposes to satisfy by the application of the proceeds of sale of
Common Shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&nbsp;</TD>
    <TD>the specific Persons from whom the Trustee shall request bids to purchase
the Common Shares and the parameters of such bids, which may include minimum</TD>
</TR>


</TABLE>

<P align="right" style="font-size: 10pt">- 12 -
</DIV>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>number of Common Shares, minimum price per Common Share, the Share Delivery Date,
timing for closing for bids and such other matters as the Company may specify;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&nbsp;</TD>
    <TD>that the Trustee shall accept only those bids which comply with such
notice;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&nbsp;</TD>
    <TD>that such notice has been delivered to the Trustee within the time required
by this Section&nbsp;2.5; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vii)&nbsp;&nbsp;</TD>
    <TD>that the Trustee shall sell the Common Shares through an investment dealer
or broker selected by the Company and, in accordance with a share purchase agreement,
as contemplated in Section&nbsp;2.5(c).</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">In connection with the Interest Payment Election, the Trustee shall have the power on behalf of the
Company to (i)&nbsp;accept bids with respect to Common Shares on behalf of the Company as the Company
shall direct in its absolute discretion; (ii)&nbsp;accept delivery of Common Shares from the Company
required to consummate sales contemplated by bids so accepted, plus cash in an amount equal to the
value of any fractional Common Share; (iii)&nbsp;consummate such sales as the Company shall direct in
its sole discretion; (iv)&nbsp;at the direction of the Company and subject to Section&nbsp;2.5(e), invest the
proceeds of such sales (together with any cash received from the Company in respect of any
fractional Common Share) in Government Obligations specified by the Company which mature prior to
the applicable Interest Payment Date and in accordance with Section&nbsp;2.5(e); (v)&nbsp;use the proceeds
from such sales or the Government Obligations to pay such Interest in whole or in part on the
applicable Interest Payment Date; (vi)&nbsp;deliver such proceeds to Holders sufficient to satisfy the
Company&#146;s interest payment obligations; and (vii)&nbsp;perform any other action necessarily incidental
thereto.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon receipt of an Interest Election Notice, the Trustee shall, in accordance with the
Interest Election Notice, deliver requests for bids on terms determined by the Company for the sale
of Common Shares to investment banks, brokers or dealers selected by the Company in the Interest
Election Notice; <I>provided </I>that the acceptance of any bid shall be conditional on the acceptance of
sufficient bids to allow for the payment of the Share Election Amount on the Share Delivery Date.
The Interest Election Notice shall provide for, and all such bids shall be subject to, the right of
the Company, by delivering written notice to the Trustee at any time prior to the consummation of
the delivery and sale of the Common Shares on the Share Delivery Date, to withdraw the Interest
Payment Election (which shall have the effect of withdrawing the request for bids delivered by the
Trustee to the investment banks, brokers or dealers), whereupon the Company shall be obligated to
pay in cash the Interest on such Interest Payment Date, <I>provided </I>that any such Interest Payment
Election so withdrawn shall not relieve the Company from delivering Common Shares to any purchaser
whose bid to the Trustee was accepted by the Trustee as directed by the Company prior to the
withdrawal of the Interest Payment Election by the Company. Any sale of Common Shares pursuant to
this Section may be made to one or more Persons whose bids are solicited, but all such sales with
respect to a particular Interest Payment Election shall take place concurrently on the Share
Delivery Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee shall promptly inform the Company of receipt of any bid or bids for Common
Shares. The Trustee shall accept such bid or bids as the Company, in its absolute


<P align="right" style="font-size: 10pt">- 13 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">discretion, shall direct, <I>provided </I>that the aggregate proceeds of all such sales on the Share
Delivery Date must at least equal the Share Election Amount. In connection with any bids so
accepted, the Company, the Trustee and the applicable bidders shall, in advance of, or promptly
following the date of the Interest Election Notice and not later than the Share Delivery Date,
enter into a share purchase agreement in customary form and shall comply with all applicable laws,
including the securities laws of Canada (including those of any province), the rules and
regulations of any stock exchange on which the Common Shares are then listed and the rules and
regulations of any jurisdiction in which the Common Shares may be offered for sale. The Company
shall pay all reasonable fees and expenses of the Trustee in connection with the share purchase
agreement. The Holders shall not be required to pay any fees or expenses in connection with any
share purchase agreements entered into pursuant to this Section&nbsp;2.5.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Provided that (i)&nbsp;all conditions specified in each share purchase agreement to the closing
of all sales thereunder have been satisfied, other than the delivery of the Common Shares to be
sold thereunder pursuant to the Interest Payment Election, (ii)&nbsp;the purchasers under the share
purchase agreements entered into pursuant to this Section&nbsp;2.5, shall be ready, willing and able to
perform thereunder, in each case on the Share Delivery Date, the Company shall deliver to the
Trustee the Common Shares to be sold on such date, cash in an amount equal to value of any
fractional Common Share and an Officers&#146; Certificate to the effect that all conditions precedent to
such sales, including those set forth in this Indenture and in each share purchase agreement,
entered into pursuant to this Section&nbsp;2.5 have been satisfied. Upon such deliveries, the Trustee
shall, on such Share Delivery Date, deliver Common Shares to such purchasers against payment to the
Trustee in immediately available funds of the purchase price therefor in an aggregate amount equal
to the Share Election Amount, whereupon the sole right of a Holder to receive the Share Election
Amount will be to receive cash from the Trustee out of the proceeds of such sale of Common Shares,
plus any amount received by the Trustee from the Company in respect of any fractional Common Share,
in full satisfaction of the Company&#146;s obligation to pay the Share Election Amount and the Holder
will have no further recourse to the Company in respect of such Share Election Amount.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Trustee shall use the sale proceeds of the Common Shares (together with any cash
received from the Company in respect of any fractional Common Share) to purchase, to the extent the
Trustee is able to do so, Government Obligations specified by the Company, which mature prior to
the applicable Interest Payment Date and which the Trustee is required to hold until maturity. The
Trustee shall hold such Government Obligations under its exclusive control and shall hold such
investments (but not income earned thereon) in an irrevocable trust securing payments for the
benefit of the Holders. On the Interest Payment Date, the Trustee shall apply the funds to payment
of the Share Election Amount to the Holders of record on the applicable record date and shall remit
to the Company amounts, if any, in respect of income earned on the Government Obligations or
otherwise in excess of the aggregate of the Share Election Amount and the value of any fractional
Common Share.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Neither the Company&#146;s delivering an Interest Election Notice nor the consummation of nor
the failure to consummate sales of Common Shares will (i)&nbsp;result in the Holders of the Securities
not being entitled to receive on the applicable Interest Payment Date cash in an aggregate amount
equal to the Interest payable on such Interest Payment Date; or (ii)&nbsp;entitle such Holders to
receive any Common Shares in satisfaction of the Company&#146;s obligation to pay


<P align="right" style="font-size: 10pt">- 14 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">such Interest or cash in an aggregate amount greater than the amount to which such Holders are
otherwise entitled.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For greater certainty, nothing in this Section&nbsp;2.5 shall relieve the Company from making any
Interest payment on the Securities to the extent the net proceeds from the sale of the Common
Shares pursuant to an Interest Election Notice are less than the amount of such Interest payment.


<P align="left" style="font-size: 10pt"><B>2.6 </B><U><B>Payment Agent to Hold Cash in Trust.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irrespective of such Interest Election Notice, on or prior to each due date for payments in
respect of any Security, the Company shall deposit with the Paying Agent the amount of cash
sufficient to make such payments when so becoming due. The Company shall require the Paying Agent
(other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the
benefit of Securityholders or the Trustee all cash held by the Paying Agent for the payments in
respect of the Securities and shall notify the Trustee of any default by the Company in making any
such payment. At any time during the continuance of any such default, the Paying Agent shall, upon
the written request of the Trustee, forthwith pay to the Trustee all cash so held in trust. If the
Company or a Subsidiary or an Affiliate of the Company acts as Paying Agent, it shall segregate the
amount of cash held by it as Paying Agent and hold it as a separate trust fund. The Company at any
time may require the Paying Agent to pay all cash held by it to the Trustee and to account for any
cash disbursed by it. Upon doing so, the Paying Agent shall have no further liability for such
cash.


<P align="left" style="font-size: 10pt"><B>2.7 </B><U><B>Election to Make Payment in Common Shares.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless an Event of Default has occurred and is continuing, the Company may elect to pay
any or all of the Principal Amount of the Securities on Maturity or Redemption in Common Shares or
in any combination of cash and Common Shares (the &#147;<B>Share Payment Option</B>&#148;) subject to the conditions
set forth in this Section&nbsp;2.7 and in Sections&nbsp;2.8 and 2.9. In connection with such election the
Company shall specify in the Payment Option Notice delivered pursuant to Section&nbsp;2.7(b) that the
Company will satisfy its obligations to pay the Principal Amount with Common Shares and, if a
combination of cash and Common Shares, the percentages of the applicable payment of Principal
Amount in respect of which it will pay cash and Common Shares; <I>provided </I>that the Company will pay
cash for fractional interests in Common Shares. Each Holder whose Securities are redeemed, or as
to which a payment is made, on the applicable due date shall receive the same percentage of cash or
Common Shares in payment of the Principal Amount for such Securities except (i)&nbsp;as provided in
Section&nbsp;2.9(b) with regard to the payment of cash in lieu of fractional Common Shares and (ii)&nbsp;if
the Company is unable to purchase or make a payment with respect to the Securities of a Holder for
Common Shares because any necessary qualifications or registrations of the Common Shares under
applicable securities laws cannot be obtained, the Company may purchase or make the payment with
respect to the Securities of such Holder for cash. The Company may not revoke its election with
respect to the consideration (or components or percentages of components thereof) to be paid once
the Company has given the Payment Option Notice, except in the event of a failure to satisfy, prior
to the close of business at Maturity or on the Redemption Date, as


<P align="right" style="font-size: 10pt">- 15 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">applicable, any condition to the payment of the applicable payment, in whole or in part, in
Common Shares.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Not less than 40&nbsp;days but not more than 60&nbsp;days before Maturity or a Redemption Date, as
applicable, if the Company elects to pay any or all of the Principal Amount with Common Shares, the
Company shall deliver or cause the Trustee to deliver notice to the Holders (the &#147;<B>Payment Option
Notice</B>&#148;) specifying:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>that the Company has elected to make payment of the Principal
Amount or a specified portion thereof by delivery of Common Shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the formula for determining the number of Common Shares that
will be received for each $1,000 Principal Amount of Securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>that the conditions to such manner of payment set forth in
Section&nbsp;2.8 have been or will be complied with.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>2.8 </B><U><B>Payment by Issuance of Common Shares.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company has elected the Share Payment Option at Maturity or the Redemption Date, as
applicable, at the option of the Company, all or a specified percentage of the funds in respect of
the Principal Amount as the case may be, may be paid by the Company by the issuance of a number of
Common Shares equal to the quotient obtained by dividing (a)&nbsp;the amount of cash to which the
Holders would have been entitled had the Company elected to pay all or such specified percentage,
as the case may be, of such Principal Amount in cash by (b)&nbsp;95&nbsp;percent of the Current Market Price
on Maturity or the Redemption Date, as the case may be, subject to the last paragraph of this
Section&nbsp;2.8.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s right to exercise its election to make payment in respect of the Securities
through the issuance of Common Shares shall be conditional upon:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Company&#146;s delivering the Payment Option Notice in accordance with the requirements
herein, indicating its election to satisfy all or a specified percentage of the Principal Amount
as the case may be, of the Securities with Common Shares as provided therein;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in respect of payment of the Redemption Price, the Company&#146;s delivering the Redemption
Notice in accordance with the requirements herein;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any necessary qualification or registration of the Common Shares under all applicable
laws, including provincial securities laws and the 1933 Act, or the availability of an exemption
from such qualification or registration, as applicable, which does not result in the Common Shares
being subject to any restrictions on resale or hold periods under the securities laws of any
jurisdiction upon their receipt by such Holder (other than as the direct and particular result of
the Holder&#146;s status or activities, whether individually or together with its Affiliates and
Associates), and compliance with the rules and regulations of any stock exchange on which the
Common Shares are then listed; and


<P align="right" style="font-size: 10pt">- 16 -
</DIV>

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the receipt by the Trustee of an Officers&#146; Certificate and an Opinion of Counsel each
stating that (i)&nbsp;the terms of the issuance of the Common Shares are in conformity with this
Indenture, and (ii)&nbsp;the Common Shares to be issued by the Company in payment of the Principal
Amount have been duly authorized and, when issued, will be fully paid and non-assessable and, in
the case of such Officers&#146; Certificate, stating that conditions (a)&nbsp;and (c)&nbsp;and, in the case of
Redemption, (b)&nbsp;above have been satisfied and, in the case of such Opinion of Counsel, stating that
condition (c)&nbsp;of this Section&nbsp;2.8 has been satisfied.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Officers&#146; Certificate delivered pursuant to section 2.8(d) shall also set forth the number
of Common Shares to be issued for each $1,000 Principal Amount of Securities and the Current Market
Price (and the calculations required to determine Current Market Price). If any of the foregoing
conditions are not satisfied with respect to a Holder prior to the close of business at Maturity or
the Redemption Date, as applicable, and the Company has elected to make a payment with respect to
the Securities pursuant to Section&nbsp;2.7 through the issuance of Common Shares, the Company shall
pay, without further notice, pay the entire applicable Principal Amount in cash.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an event occurs on or after the 5th Trading Day prior to Maturity or the Redemption Date,
as the case may be, that would cause the Conversion Rate to be adjusted, the number of Common
Shares to be issued to Holders pursuant to the Share Payment Option shall be adjusted in the same
proportion as the Conversation Rate is adjusted.


<P align="left" style="font-size: 10pt"><B>2.9 </B><U><B>Delivery of Common Shares.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If the Company exercises its option to issue Common Shares to a Holder at Maturity or on a
Redemption Date as permitted by Section&nbsp;2.8, upon presentation and surrender of the Securities for
payment at or after Maturity or on or after the Redemption Date, as the case may be, at any place
where a register is maintained pursuant to Section&nbsp;2.3 or at any other place specified in the
applicable notice, the Company shall on such date, deliver to the Trustee for delivery to and
account of the Holders, certificates representing the Common Shares to which the Holders are
entitled.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No fractional Common Shares shall be delivered upon the exercise of the Share Payment
Option but, in lieu thereof, the Company shall pay to the Trustee for the account of the Holders,
at the time contemplated in Section&nbsp;2.9(a), the cash equivalent thereof determined on the basis of
the Current Market Price on Maturity or the Redemption Date as the case may be (less tax required
to be deducted, if any).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;A Holder shall be treated as a holder of record of the Common Shares issued on due
exercise by the Company of the Share Payment Option effective immediately after the close of
business on Maturity or the Redemption Date, as the case may be, and shall be entitled to all
substitutions therefor, all income earned thereon or accretions thereto and all dividends or
distributions (including share dividends and dividends or distributions in kind) thereon and
arising thereunder, and if the Trustee receives the same, it shall hold the same in trust for the
benefit of such Holder.


<P align="right" style="font-size: 10pt">- 17 -
</DIV>

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All Common Shares which shall be issuable pursuant to the Share Payment Option shall be
duly and validly issued as fully paid and non-assessable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company shall from time to time promptly pay, or make provisions satisfactory to the
Trustee for the payment of, all taxes and charges which may be imposed by laws of Canada or any
province thereof (except income tax, withholding tax or security transfer tax, if any) which shall
be payable with respect to the issuance or delivery of Common Shares to Holders upon exercise of
the Share Payment Option subject to the terms of the Securities and of this Indenture.


<P align="left" style="font-size: 10pt"><B>2.10 </B><U><B>Securityholder Lists.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall cause to be kept by and at the principal offices of the Trustee in
Winnipeg, Manitoba and by the Trustee or such other registrar, if any, as the Company, with the
approval of the Trustee, may appoint at such other place or places as may be specified in the
Securities or as the Company may designate with the approval of the Trustee, a register in which
shall be entered the names and addresses of the holders of fully registered Securities and
particulars of the Securities held by them respectively and of all transfers of fully registered
Securities. Such registration shall be noted on the Securities by the Trustee or other registrar
unless a new Security shall be issued upon such transfer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No transfer of a fully registered Security shall be valid unless made on such register
referred to in Section&nbsp;2.10(a) by the registered holder or such Holder&#146;s executors, administrators
or other legal representatives or an attorney duly appointed by an instrument in writing in form
and execution satisfactory to the Trustee or other registrar upon surrender of the Securities
together with a duly executed form of transfer acceptable to the Trustee and upon compliance with
such other reasonable requirements as the Trustee or other registrar may prescribe, nor unless the
name of the transferee shall have been noted on the Security by the Trustee or other registrar.


<P align="left" style="font-size: 10pt"><B>2.11 </B><U><B>Issue of Global Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company may specify that the Securities are to be issued in whole or in part as one or
more Global Securities registered in the name of a Depository or its nominee, designated by the
Company in the Written Direction of the Company delivered to the Trustee at the time of issue of
such Securities, and in such event the Company shall execute and the Trustee shall certify and
deliver one or more Global Securities that shall:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>represent an aggregate amount equal to the principal amount of
the outstanding Securities to be represented by one or more Global Securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>be delivered by the Trustee to such Depository or pursuant to
such Depository&#146;s instructions; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>bear a legend substantially to the effect:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">&#147;This Security is a Global Security within the meaning of the Indenture herein
referred to and is registered in the name of a Depository or a nominee thereof.


<P align="right" style="font-size: 10pt">- 18 -
</DIV>

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


<P align="left" style="margin-left:2%; font-size: 10pt">This Security may not be transferred to or exchanged for Securities registered in
the name of any person other than the Depository or a nominee thereof and no such
transfer may be registered except in the limited circumstances described in the
Indenture. Every Security authenticated and delivered for registration of transfer
of, or in exchange for, or in lieu of, this Security shall be a Global Security
subject to the foregoing, except in such limited circumstances described in the
Security.



<P align="left" style="margin-left:3%; font-size: 10pt">Unless this certificate is presented by an authorized representative of The Canadian
Depository for Securities Limited (&#147;CDS&#148;) to the Company or its agent for
registration of transfer, exchange or payment, and any certificate issued in respect
thereof is registered in the name of CDS &#038; CO., or in such other name as is
requested by an authorized representative of CDS (and any payment is made to CDS &#038;
CO. or to such other entity as is requested by an authorized representative of CDS),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered holder hereof, CDS &#038; CO., has an interest herein.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;With respect to each series of Securities issuable in whole or in part as one or more
Global Securities, the Company shall cause to be kept by and at the principal offices of the
Trustee in Winnipeg, Manitoba and by the Trustee or such other registrar as the Company, with the
approval of the Trustee, may appoint at such other place or places, if any, as the Company may
designate with the approval of the Trustee, a register in which shall be entered the name and
address of the holder of each such Global Securities (being the Depository, or its nominee, for
such Global Securities) as holder thereof and particulars of the Global Securities held by it, and
of all transfers thereof. If any Securities are at any time not Global Securities, the provisions
of Section&nbsp;2.13 shall govern with respect to registrations and transfers of such Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding any other provision of this Indenture, a Global Security may not be
transferred by the registered holder thereof and accordingly, no definitive certificates shall be
issued to Beneficial Holders of Securities except in the following circumstances or as otherwise
specified in a resolution of the Trustee, Officer&#146;s Certificate or supplemental indenture relating
to the Securities:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>Global Securities may be transferred by a Depository to a
nominee of such Depository or by a nominee of a Depository to such Depository
or to another nominee of such Depository or by a Depository or its nominee to a
successor Depository or its nominee;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>After the Depository for such Global Securities has notified
the Trustee, or the Company has notified the Trustee, that (A)&nbsp;the Depository
is unwilling or unable to continue as Depository for such Global Securities, or
(B)&nbsp;the Depository has ceased to be a clearing agency in good standing under
applicable laws, provided that at the time of such transfer the Company has not
appointed a successor Depository for such Global Securities;</TD>
</TR>

</TABLE>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>After the Company has determined, in its sole discretion, to
terminate the book-entry only registration system in respect of such Global
Securities and has communicated such determination to the Trustee in writing;</TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&nbsp;</TD>
    <TD>After the Trustee has determined that an Event of Default has
occurred and is continuing with respect to the Securities, provided that
Beneficial Holders of the Securities representing, in the aggregate, not less
than 25% of the aggregate principal amount of the Securities advise the
Depository in writing, through the Depositary Participants, that the
continuation of the book-entry only registration system for such Securities is
no longer in their best interest and also provided that at the time of such
transfer the Trustee has not waived the Event of Default pursuant to Section
7.1;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&nbsp;</TD>
    <TD>If required by applicable law; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&nbsp;</TD>
    <TD>If the book-entry only registration system ceases to exist.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully registered Securities issued pursuant to this Section&nbsp;2.11(c) shall be registered in
such names and in such denominations as the Depository, pursuant to instructions from the
Depository Participants or otherwise, shall instruct the Trustee <I>provided </I>that the aggregate
principal amount of definitive Securities is equal to the principal amount of the Global Security
so exchanged. The Trustee shall deliver such Securities to or as directed by the persons in whose
names such Securities are so registered, provided that the Company provides an adequate inventory
of certificates. Upon exchange of a Global Security for Securities in definitive form such Global
Security shall be cancelled by the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;With respect to the Global Securities, unless and until definitive certificates have been
issued to Beneficial Holders pursuant to Section&nbsp;2.11(c):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Company and the Trustee may deal with the Depository for
all purposes (including providing any notice or communication or paying
Interest on the Securities) as the sole holder of such series of Securities and
the authorized representative of the Beneficial Holders;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the rights of the Beneficial Holders shall be exercised only
through the Depository and shall be limited to those established by law and
agreements between such Beneficial Holders and the Depository or the Depository
Participants;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>the Depository will make book-entry transfers among the
Depository Participants; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&nbsp;</TD>
    <TD>whenever this Indenture requires or permits actions to be taken
based upon instruction or directions of Securityholders evidencing a specified
percentage of the outstanding Securities, the Depository shall be deemed to be
counted in that percentage only to the extent that it has received instructions
to such effect from the Beneficial Holders or the Depository Participant, and
has delivered such instructions to the Trustee.</TD>
</TR>

</TABLE>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Notwithstanding anything herein or in the terms of the Securities to the contrary, neither
the Company nor the Trustee nor any agent thereof shall have any responsibility or liability for
(i)&nbsp;the records maintained by any Depository relating to any ownership interests or any other
interests in the Securities or the depository system maintained by such Depository, or payments
made on account of any ownership interest or any other interest of any Person in any Global
Security (other than the applicable Depository or its nominee), (ii)&nbsp;maintaining, supervising or
reviewing any records of any Depository or any participant of any Depository relating to any such
interest, or (iii)&nbsp;any advice or representation made or given by any Depository and those contained
herein and relating to the rules and regulations of any Depository or any action to be taken by any
Depository on its own direction or at the discretion of the Depositary Participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Registrar shall retain copies of all letters, notices and other written communications
received pursuant to this Section&nbsp;2.11 for a period of two years, after which time such letters,
notices and other written communications shall at the written request of the Company be delivered
to the Company. The Company shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time upon the giving of reasonable prior
written notice to the Registrar.


<P align="left" style="font-size: 10pt"><B>2.12 </B><U><B>U.S. Legend on the Restricted Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Restricted Security issued in certificate form shall bear the following U.S. Legend
for so long as it shall be a Restricted Security:



<P align="left" style="margin-left:6%; font-size: 10pt"><B>&#147;THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE &#147;U.S. SECURITIES ACT&#148;). THE HOLDER HEREOF,
BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH
SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A)&nbsp;TO THE COMPANY,
(B)&nbsp;OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE
U.S. SECURITIES ACT, (C)&nbsp;INSIDE THE UNITED STATES IN ACCORDANCE WITH (1)&nbsp;RULE 144A
UNDER THE U.S. SECURITIES ACT, OR (2)&nbsp;RULE 144 UNDER THE U.S. SECURITIES ACT, IF
AVAILABLE.&#148;</B>

<P align="left" style="font-size: 10pt"><I>provided</I>, that if the Restricted Securities are being sold under clause (B)&nbsp;of the U.S. Legend, the
U.S. Legend may be removed by providing a declaration to the Trustee as set forth in Exhibit&nbsp;B
hereto (or as the Company or the Trustee may prescribe from time to time); and <I>provided</I>, <I>further</I>,
<I>that</I>, if any such securities are being sold under clause (C)(2) of the U.S. Legend, the U.S. Legend
may be removed by delivery to the Trustee of an Opinion of Counsel, that the U.S. Legend is no
longer required under applicable requirements of the 1933 Act or state securities laws. Provided
that the Trustee obtains confirmation from the Company that such counsel is satisfactory to it, the
Trustee shall be entitled to rely on the Opinion of Counsel referred to in this Section&nbsp;2.12.



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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Prior to the issuance of the Securities, the Company shall notify the Trustee, in writing,
concerning which Securities are to bear the U.S. Legend. The Trustee will thereafter maintain a
list of all registered holders from time to time of Restricted Securities.


<P align="left" style="font-size: 10pt"><B>2.13 </B><U><B>Transfer and Exchange.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of transfer of any Security together with a written instrument
of transfer satisfactory to the Registrar duly executed by the Securityholder or such
Securityholder&#146;s attorney duly authorized in writing, at the office or agency maintained by the
Company as Registrar pursuant to Section&nbsp;2.3, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more
replacement Securities of any authorized denomination or denominations, of a like aggregate
Principal Amount. The Company shall not charge a service charge for any registration of transfer
or exchange, but the Company may require payment of a sum sufficient to pay all documentary, stamp
or similar issue or transfer taxes due on such transfer or exchange of the Securities from the
Securityholder requesting such transfer or exchange.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder, Securities may be exchanged for other Securities of any
authorized denomination or denominations, of a like aggregate Principal Amount, upon surrender of
the Securities to be exchanged, together with a written instrument of transfer satisfactory to the
Registrar duly executed by the Securityholder or such Securityholder&#146;s attorney duly authorized in
writing, at such office or agency. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the
Holder making the exchange is entitled to receive.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Indenture to the contrary, the Company shall not be required
to make, and the Registrar need not register, transfers or exchanges of (a)&nbsp;any Securities selected
for redemption (except, in the case of Securities to be redeemed in part, the portion thereof not
to be redeemed), (b)&nbsp;any Securities in respect of which a Change of Control Purchase Notice has
been given and not withdrawn by the Holder thereof in accordance with the terms of this Indenture
(except, in the case of Securities to be so purchased in part, the portion thereof not to be
purchased), (c)&nbsp;any Securities for a period of 15&nbsp;days before a selection of Securities to be
redeemed or (d)&nbsp;any Securities that the Company may have acquired in any manner whatsoever.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Securities surrendered upon such registration of transfer or exchange.


<P align="left" style="font-size: 10pt"><B>2.14 </B><U><B>Replacement Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (a)&nbsp;any mutilated Security is surrendered to the Trustee, or (b)&nbsp;the Company and the
Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security,
and there is delivered to the Company and the Trustee such security or indemnity as such party may
require to save it harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall execute and


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">upon its written request, the Trustee shall authenticate and deliver, in exchange for any such
mutilated Security or in lieu of any such destroyed, lost or stolen Security, a replacement
Security of like tenor and Principal Amount, bearing a number not contemporaneously outstanding.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, or is about to be redeemed pursuant to Article&nbsp;3, the Company in its
discretion may, instead of issuing a replacement Security, pay the amount due and payable on, or
the Redemption Price for, as the case may be, such Security if there is delivered to the Company
and the Trustee such security or indemnity as they may require to save each of them harmless.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any replacement Securities under this Section&nbsp;2.14, the Company may
require the payment of a sum sufficient to cover any documentary, stamp or similar issue or
transfer tax due on such issuance and any other expenses (including the fees and expenses of the
Trustee) connected therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every replacement Security issued pursuant to this Section&nbsp;2.14 in replacement of any
mutilated, destroyed, lost or stolen Security shall constitute a contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with
any and all other Securities duly issued hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section&nbsp;2.14 are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.


<P align="left" style="font-size: 10pt"><B>2.15 </B><U><B>Outstanding Securities; Determinations of Holders&#146; Action.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities outstanding at any time are all the Securities authenticated by the Trustee except
for those cancelled by it, those delivered or to be delivered to it for cancellation pursuant to
Section&nbsp;2.14, those mutilated, destroyed, lost or stolen for which the Trustee has authenticated
and made available for delivery a replacement Security in lieu thereof pursuant to Section&nbsp;2.14 and
those described in this Section&nbsp;2.15 as not outstanding. A Security does not cease to be
outstanding because an Affiliate of the Company or of any other obligor upon the Securities holds
the Security; <I>provided</I>, <I>however</I>, that in determining whether the Holders of the requisite Principal
Amount of Securities have given or concurred in any request, demand, authorization, direction,
notice, consent or waiver hereunder, Securities owned by any Affiliate of the Company or of any
other obligor upon the Securities shall be disregarded and deemed not to be outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities certified by such
Affiliate to the Trustee to be so owned shall be so disregarded. Subject to the foregoing, only
Securities outstanding at the time of such determination shall be considered in any such
determination (including, without limitation, determinations pursuant to Articles 7 and 11).


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Paying Agent holds, in accordance with this Indenture on a Redemption Date, or on the
Business Day following a Change of Control Purchase Date, or at Maturity, cash sufficient to pay
the Securities payable on such Redemption Date or Change of Control Purchase Date, or at Maturity,
as the case may be, then on such Redemption Date or Change of Control Purchase Date, or at
Maturity, as the case may be, such Securities shall cease to be outstanding and Interest and
Default Interest, if any, on such Securities shall cease to accrue and all other rights of the
Holder shall terminate (other than the right of such Holder to receive payment for such Security
upon delivery of such Security in accordance with the terms of this Indenture); <I>provided </I>that if
such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made. If on such dates the
Paying Agent does not hold cash sufficient to pay the Securities payable on such dates, Interest
shall cease to accrue and the Securities, except as otherwise specified herein, shall bear Default
Interest on the overdue amount from the Redemption Date or the Business Day following a Change of
Control Purchase Date or from Maturity, as the case may be.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Security is converted into Common Shares in accordance with Article&nbsp;12, then on and after
the Conversion Date such Security shall cease to be outstanding and Interest and Default Interest
(other than Default Interest on unpaid Interest which is then in default), if any, shall cease to
accrue on such Security. If Common Shares, to the extent permitted hereunder, are not delivered
when due to a Holder that has surrendered a Security for conversion pursuant to Article&nbsp;12,
Interest shall cease to accrue and such Security, except as otherwise specified herein, shall bear
Default Interest on the overdue amount from the Conversion Date.


<P align="left" style="font-size: 10pt"><B>2.16 </B><U><B>Temporary Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the preparation of definitive Securities, the Company may execute, and upon Company
Order, the Trustee shall authenticate and deliver, temporary Securities that are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as conclusively evidenced by their execution of such
Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If temporary Securities are issued, the Company will cause definitive Securities to be
prepared without unreasonable delay. After the preparation of definitive Securities, the temporary
Securities shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at the office or agency maintained by the Company for such purpose pursuant to Section
2.3, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like Principal Amount of definitive Securities of authorized denominations. Until so
exchanged the temporary Securities shall in all respects be entitled to the same benefits under
this Indenture as definitive Securities.


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<P align="left" style="font-size: 10pt"><B>2.17 </B><U><B>Cancellation.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities surrendered for payment, purchase by the Company pursuant to a Change of
Control Offer, conversion, redemption or registration of transfer or exchange shall, if surrendered
to any person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled
by it. The Company shall deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever,
and all Securities so delivered shall be promptly cancelled by the Trustee. The Company may not
transfer any such Securities that it may have acquired and may not issue new Securities to replace
Securities it has paid or delivered to the Trustee for cancellation or that any Holder has
converted pursuant to Article&nbsp;12. No Securities shall be authenticated in lieu of or in exchange
for any Securities cancelled as provided in this Section&nbsp;2.17, except as expressly permitted by
this Indenture. All cancelled Securities held by the Trustee shall be destroyed by the Trustee and
evidence of their destruction delivered to the Company unless the Company previously directs by
Company Order that the Trustee deliver cancelled Securities to the Company.


<P align="left" style="font-size: 10pt"><B>2.18 </B><U><B>Persons Deemed Owners.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the time of due presentment for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee or both of them may treat the Person in whose name any
Security is registered as the owner of such Security for the purpose of receiving payment of any
amounts due with respect to such Security and for all other purposes whatsoever, whether or not
such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;3</B><BR>
<U><B>REDEMPTION AND PURCHASE</B></U>



<P align="left" style="font-size: 10pt"><B>3.1 </B><U><B>Right to Redeem; Notices to Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent described in Section&nbsp;3.2, the Securities will not be redeemable prior to
October&nbsp;1, 2008. On and after October&nbsp;1, 2008, the Securities may be redeemed at the option of the
Company in whole at any time or in part from time to time at the Redemption Price on notice as
provided for in Section&nbsp;3.4.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to redeem Securities pursuant to this Article&nbsp;3, it shall notify the
Trustee in writing of the Redemption Date, the Principal Amount of Securities to be redeemed and
the Redemption Price.


<P align="left" style="font-size: 10pt"><B>3.2 </B><U><B>Redemption for Changes in Canadian Tax Law.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the right of the Company to redeem Securities under Section&nbsp;3.1, the Securities
are redeemable, in whole but not in part, at the option of the Company for cash at any time on
notice as provided for in Section&nbsp;3.4 at the Redemption Price, in the event that the Company has
become or would become obligated to pay, on the next date on which any amount would be payable
under or with respect to the Securities, any Additional Amounts as a result of any change in, or
amendment to, the laws (or any regulations promulgated thereunder)


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">of Canada (or any political subdivision or taxing authority thereof or therein), or any change
in, or amendment to, any official position regarding the application or interpretation of such laws
or regulations, which change or amendment is announced or becomes effective on or after September
18, 2003; <I>provided </I>that the Company determines, in its business judgment, that the obligation to
pay such Additional Amounts cannot be avoided by the use of reasonable measures available to the
Company (not including substitution of the obligor under the Securities).



<P align="left" style="font-size: 10pt"><B>3.3 </B><U><B>Selection of Securities to be Redeemed.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than all of the outstanding Securities are to be redeemed, the Trustee shall select
the Securities to be redeemed in Principal Amounts of $1,000 or integral multiples thereof <I>pro rata</I>
or by another method that complies with the requirements of the TSX or any other exchange on which
the Securities are listed or quoted and the Trustee shall deem fair and appropriate. The Trustee
shall make the selection not more than 60&nbsp;days before the Redemption Date from outstanding
Securities not previously called for redemption. Securities and portions of them the Trustee
selects for redemption shall be in Principal Amount of $1,000 or an integral multiple of $1,000.
Provisions of this Indenture that apply to Securities called for redemption also apply to portions
of Securities called for redemption. The Trustee shall notify the Company promptly of the
Securities or portions of Securities to be redeemed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a portion of a Holder&#146;s Securities is selected for partial redemption and such Holder
converts a portion of such Securities before the Redemption Date, such converted portion shall be
deemed (so far as may be), solely for purposes of determining the aggregate Principal Amount of
Securities to be redeemed by the Company, to be of the portion selected for redemption.


<P align="left" style="font-size: 10pt"><B>3.4 </B><U><B>Notice of Redemption.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not less than 30&nbsp;days but not more than 60&nbsp;days before a Redemption Date, the Company shall
mail a notice of redemption (the &#147;<B>Redemption Notice</B>&#148;) by first-class mail, postage prepaid, to each
Holder of Securities to be redeemed in the manner provided in Section&nbsp;14.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice shall identify the Securities to be redeemed and shall state:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Redemption Date;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Redemption Price;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Conversion Rate;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the name and address of the Paying Agent and the Conversion Agent;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;that Securities called for redemption may be converted at any time before the close of
business on the Business Day immediately preceding the Redemption Date;


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;that Holders who want to convert Securities must satisfy the requirements set forth in
Article&nbsp;12;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;that Securities called for redemption must be surrendered to the Paying Agent at the
office of the Paying Agent to collect the Redemption Price;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the CUSIP number of the Securities;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;if fewer than all the outstanding Securities are to be redeemed, the identification and
Principal Amounts of the particular Securities to be redeemed; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;that Interest on Securities called for redemption, and, unless the Company defaults in
making payment of the Redemption Price, Default Interest, if any, will cease to accrue on and after
the Redemption Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Company&#146;s request, the Trustee shall give the notice of redemption in the Company&#146;s
name and at the Company&#146;s expense; <I>provided</I>, <I>however</I>, that, in all cases, the text of such notice
shall be prepared by the Company.


<P align="left" style="font-size: 10pt"><B>3.5 </B><U><B>Effect of Notice of Redemption.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once notice of redemption is given, Securities called for redemption become due and payable on
the Redemption Date and at the Redemption Price except for Securities that are subsequently
converted in accordance with the terms of this Indenture. Upon the later of the Redemption Date
and the date such Securities are surrendered to the Paying Agent at the office of the Paying Agent,
such Securities shall be paid at the Redemption Price.


<P align="left" style="font-size: 10pt"><B>3.6 </B><U><B>Deposit of Redemption Price.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company has not exercised its Share Payment Option described in Section&nbsp;2.7, prior to
or on the Redemption Date, the Company shall deposit with the Paying Agent (or if the Company or a
Subsidiary or an Affiliate of either of them is the Paying Agent, shall segregate and hold in
trust) money sufficient to pay the Redemption Price of all Securities to be redeemed on that date,
other than Securities or portions of Securities called for redemption that prior thereto have been
delivered by the Company to the Trustee for cancellation or have been converted in accordance with
this Indenture. The Paying Agent shall hold in trust for the Company and shall as promptly as
practicable return to the Company any money, with interest thereon, if any (subject to the
provisions of Section&nbsp;9.5(f)), not required for that purpose because of conversion of Securities.
If such money is then held by the Company or a Subsidiary or an Affiliate of either of them in
trust and is not required for such purpose it shall be discharged from such trust.


<P align="left" style="font-size: 10pt"><B>3.7 </B><U><B>Securities Redeemed in Part.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender of a Security that is redeemed in part, the Company, at its own expense, shall
execute and the Trustee shall authenticate and deliver to the Holder thereof a replacement Security
in an authorized denomination equal in Principal Amount to the unredeemed portion of the Security
surrendered.


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<P align="left" style="font-size: 10pt"><B>3.8 </B><U><B>Purchase of Securities by the Company</B></U>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that an Event of Default has not occurred and is not continuing, the Company may, at
any time and from time to time, purchase Securities in compliance with all applicable laws,
including Canadian federal and provincial securities laws, in the market (which shall include
purchases from or through an investment dealer or a firm holding membership on a recognized stock
exchange) or by tender or by contract, at any price. All Securities so purchased shall be delivered
to the Trustee and shall be cancelled and no Securities shall be issued in substitution therefor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, upon an invitation for tenders, more Securities are tendered at the same lowest price that
the Company is prepared to accept, the Securities to be purchased by the Company shall be selected
by the Trustee on a pro rata basis or in such other manner consented to by the TSX and any other
exchange upon which the Securities are listed which the Trustee considers appropriate, from the
Securities tendered by each tendering Securityholder who tendered at such lowest price. For this
purpose the Trustee may make, and from time to time amend, regulations with respect to the manner
in which Securities may be so selected, and regulations so made shall be valid and binding upon all
Securityholders, notwithstanding the fact that as a result thereof one or more of such Securities
become subject to purchase in part only. The holder of a Security of which a part only is
purchased, upon surrender of such Security for payment, shall be entitled to receive, without
expense to such holder, one or more new Securities for the unpurchased part so surrendered, and the
Trustee shall certify and deliver such new Security or Securities upon receipt of the Security so
surrendered or, with respect to a Global Security, the Depository shall make notations on the
Global Security of the principal amount thereof so purchased.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;4</B><BR>
<U><B>COVENANTS</B></U>



<P align="left" style="font-size: 10pt"><B>4.1 </B><U><B>Payment of Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall promptly make all payments in respect of the Securities on the dates and in
the manner provided in the Securities or pursuant to this Indenture. Principal Amount, Redemption
Price, Change of Control Purchase Price, accrued and unpaid Interest, Additional Amounts and
Default Interest, if any, shall be considered paid on the applicable date due if on such date the
Trustee or the Paying Agent hold, in accordance with this Indenture, cash sufficient to pay all
such amounts then due, Common Shares in the quantity contemplated by Section&nbsp;2.8 or, in the case of
accrued and unpaid Interest payable on any Interest Payment Date or Default Interest, the Company
has issued such number of Common Shares as contemplated by Section&nbsp;2.8 or forwarded cheques or made
payment by electronic funds transfer or other means acceptable to the Paying Agent, in accordance
with this Indenture, in respect of such Interest or Default Interest thereon unless such cheques
are not paid on presentation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall, to the extent permitted by law, pay Default Interest on overdue amounts,
including Default Interest arising after the commencement of any proceeding under any Bankruptcy
Law (to the extent payment of such Default Interest shall be legally


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">enforceable), shall accrue from the date such overdue amounts were due to the date of payment
of such amounts, including Default Interest thereon, has been made or duly provided for.



<P align="left" style="font-size: 10pt"><B>4.2 </B><U><B>Payment of Additional Amounts.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payments made by the Company with respect to the Securities shall be made free and clear
of and without deduction for or on account of any present or future tax, duty, levy, impost,
assessment or other governmental charge imposed or levied by or on behalf of the Government of
Canada or of any province or territory thereof or by any authority or agency therein or thereof
having power to tax (&#147;<B>Taxes</B>&#148;), unless the Company or its Paying Agent is required to withhold or
deduct Taxes by law or by the interpretation or administration thereof. If the Company or its
Paying Agent is required by such laws or by the interpretation or administration thereof to
withhold or deduct any amount from any payment of Principal Amount, Redemption Price, Change of
Control Purchase Price, Interest or Default Interest, if any, for or on account of any Taxes, the
Company will pay such additional amounts of interest (&#147;<B>Additional Amounts</B>&#148;) as may be necessary so
that every net payment of any amounts due under the Securities (including Additional Amounts) after
withholding or deduction for or on account of any such Taxes will not be less than the amount the
Holder would have received if such Taxes had not been withheld or deducted; <I>provided </I>that no
Additional Amounts will be payable with respect to a payment made to a Holder (an &#147;<B>Excluded
Holder</B>&#148;) (a)&nbsp;with which the Company does not deal at arm&#146;s length (within the meaning of the <I>Income
Tax Act </I>(Canada)) at the time of making such payment, or (b)&nbsp;which is subject to such Taxes by
reason of its being connected with Canada or any province or territory thereof otherwise than by
the mere holding of the Security or the receipt of payments thereunder. The Company will also make
such withholding or deduction and remit the full amount deducted or withheld to the relevant
authority in accordance with applicable law. The Company will furnish to the Holders of the
Securities, within 30&nbsp;days after the date the payment of any Taxes is due pursuant to applicable
law, certified copies of tax receipts evidencing such payment by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will indemnify and hold harmless each Holder (other than an Excluded Holder) and
upon written request reimburse each such Holder for the amount of (a)&nbsp;any Taxes so levied or
imposed and paid by such Holder as a result of payments made with respect to the Securities
(including any Taxes imposed with respect to such reimbursement and excluding any Taxes based on
such Holder&#146;s income (other than under Part&nbsp;XIII of the <I>Income Tax Act </I>(Canada)) or Taxes that are
imposed as the result of the failure of the Holder to provide to the Company, upon reasonable
demand, any form or document that may be required or reasonably requested in writing in order to
allow the Company to make a payment under the Securities without any deduction or withholding for
or on account of any Tax or with such deduction or withholding at a reduced rate (with any such
form or document to be accurate and completed in a manner reasonably satisfactory to the Company
and to be executed and to be delivered with any reasonably required certification)), and (b)&nbsp;any
liability (including penalties, interest and expenses) arising therefrom or with respect thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 30&nbsp;days prior to each date on which any payment on the Securities is due and payable,
if the Company will be obligated to pay Additional Amounts with respect to such payment, the
Company will deliver to the Trustee an Officers&#146; Certificate stating the fact that such Additional
Amounts will be payable and the amounts so payable and will set forth such


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">other information necessary to enable the Trustee to pay such Additional Amounts to Holders on
the payment date. Whenever in this Indenture or the Securities there is mentioned, in any context,
the payment of Principal Amount, Redemption Price, Change of Control Purchase Price, Interest or
Default Interest, if any, in respect of any Security such mention shall be deemed to include
mention of the payment of Additional Amounts provided for in this Section to the extent that, in
such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the
Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not made (if
applicable).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company under this Section&nbsp;4.2 shall survive the termination of this
Indenture and the payment of all amounts under or with respect to the Securities.


<P align="left" style="font-size: 10pt"><B>4.3 </B><U><B>Evidence of Compliance.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;furnish to the Trustee, upon the demand of the Trustee acting reasonably, evidence in the
form required by the Trustee, as to compliance with any condition herein relating to any action
required or permitted to be taken by the Company under this Indenture or as a result of any
obligation imposed by this Indenture;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;furnish to the Trustee, on or before April 1 in each year (commencing April&nbsp;1, 2004) and
otherwise upon the demand of the Trustee a certificate (which need not comply with Section&nbsp;14.4) of
an Officer indicating that the Company has complied with every requirement of this Indenture which,
if it had not been complied with, would, with the giving of notice, lapse of time or otherwise,
constitute an Event of Default, or if the Company has not complied, a statement to that effect and
particulars of the failure to comply; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;furnish to the Trustee within five Business Days after the Company becomes aware of any
Default or any Event of Default a brief certificate (which need not comply with Section&nbsp;14.4)
specifying the particulars of such Default or Event of Default.


<P align="left" style="font-size: 10pt"><B>4.4 </B><U><B>Further Instruments and Acts.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request of the Trustee, the Company shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out more effectively the
purposes of this Indenture.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;5</B><BR>
<U><B>SUBORDINATION OF THE SECURITIES</B></U>



<P align="left" style="font-size: 10pt"><B>5.1 </B><U><B>Applicability of Article.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indebtedness evidenced by any Securities issued hereunder, including the principal thereof
and Interest thereon, shall be subordinate and subject in right of payment, to the extent and in
the manner hereinafter set forth in the following sections of this Article&nbsp;5, to the prior


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">payment in full, of all Senior Indebtedness of the Company and each Securityholder by his
acceptance thereof agrees to and shall be bound by the provisions of this Article&nbsp;5.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such Senior Indebtedness shall continue to be Senior Indebtedness and shall be entitled to the
benefits of this Article irrespective of any amendment, modification or waiver of any term of such
Senior Indebtedness, notwithstanding that no express written subordination agreement may have been
entered into between the holders of such Senior Indebtedness and the Trustee or any of the Holders
of the Securities.


<P align="left" style="font-size: 10pt"><B>5.2 </B><U><B>Order of Payment.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of the assets of the Company on any dissolution, winding up, total
liquidation or reorganization of the Company (whether voluntary or involuntary in bankruptcy,
insolvency or receivership or other proceedings, or upon an &#147;<B>assignment for the benefit of
creditors</B>&#148; or any other marshalling of the assets and liabilities of the Company, or otherwise):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;all Senior Indebtedness shall first be paid in full, or provision made for such payment,
before the holders of the Securities are entitled to receive or retain any payment; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any payment or distribution of assets of the Company, whether in cash, property or
securities, to which the holders of the Securities or the Trustee on behalf of such Holders would
be entitled except for the provisions of this Article&nbsp;5, shall be paid or delivered by the Company
or by any trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other
liquidating agent making such payment or distribution or by the Holders or by the Trustee under
this Indenture if received by them or it, directly to the holders of Senior Indebtedness or their
representative or representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing any of such Senior Indebtedness may have been issued as their
respective interests may appear, as calculated by the Company, to the extent necessary to pay all
Senior Indebtedness in full after giving effect to any concurrent payment or distribution, or
provision therefor, to the holders of such Senior Indebtedness, before any payment or distribution
is made to the Holders or to the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, notwithstanding the foregoing, any payment or distribution of assets of the Company of any
kind or character, whether in cash, property or securities, prohibited by the foregoing, shall be
received by the Trustee before all Senior Indebtedness of the Company is paid in full, or provision
is made for such payment in money in accordance with its terms, such payment or distribution shall
be held in trust for the benefit of and shall be paid over or delivered to the holders of such
Senior Indebtedness or their respective representatives, or to the trustee under any indenture
pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as
their respective interests may appear, as calculated by the Company, to the extent necessary to pay
such Senior Indebtedness in full, in cash, after giving effect to any concurrent payment or
distribution to or for the benefit of the holders of such Senior Indebtedness, before any payment
or distribution is made to the Holders or to the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Article&nbsp;5, the words &#147;<B>cash, property or securities</B>&#148; shall not be deemed
to include shares of the Company as reorganized or readjusted, or securities of the


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Company or any other corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this Article&nbsp;5 with respect to
the Securities to the payment of all Senior Indebtedness of the Company, as the case may be, that
may at the time be outstanding; <I>provided, however</I>, that (a)&nbsp;such Senior Indebtedness is assumed by
the new corporation, if any, resulting from any such reorganization or readjustment, and (b)&nbsp;the
rights of the holders of such Senior Indebtedness are not, without the consent of such holders,
altered by such reorganization or readjustment. The amalgamation or consolidation of the Company
with, or the merger of the Company into, another corporation or the liquidation or dissolution of
the Company following the conveyance or transfer all or substantially all its properties or assets,
to another corporation upon the terms and conditions provided for in Article&nbsp;6 of this Indenture
shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of
this Section&nbsp;5.2 if such other corporation shall, as a part of such amalgamation, consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article&nbsp;6 of this Indenture.
Nothing in this Section&nbsp;5.2 or in Section&nbsp;5.3 shall apply to claims of, or payments to, the Trustee
under or pursuant to Section&nbsp;9.8 of this Indenture.



<P align="left" style="font-size: 10pt"><B>5.3 </B><U><B>No Payment if Senior Indebtedness in Default.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No payment of any Principal Amount, Redemption Price, Change of Control Purchase Price,
accrued or unpaid Interest, Additional Amounts or Default Interest, if any, in respect of the
Securities may be made:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>if any Senior Indebtedness is not paid when due and such default has not been
cured or waived or ceased to exist; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>if the maturity date of any Senior Indebtedness has been accelerated because of
a default and either such acceleration has not been rescinded or such Senior
Indebtedness has not been repaid.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee
when the Trustee has received notice that such payment is prohibited by the preceding paragraph of
this Section&nbsp;5.3, such payment shall be held in trust for the benefit of, and shall be paid over or
delivered to, the holders of Senior Indebtedness or their respective representatives, or to the
trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, as calculated by the
Company, to the extent necessary to pay such Senior Indebtedness in full, in cash, after giving
effect to any concurrent payment or distribution to or for the benefit of the holders of such
Senior Indebtedness, before any payment or distribution is made to the Holders or to the Trustee.


<P align="left" style="font-size: 10pt"><B>5.4 </B><U><B>Subrogation.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights of the Securityholders shall be subrogated to the rights of the holders of the
Senior Indebtedness to receive payments or distributions of cash, property or securities of the
Company, to the extent that such payments or distributions of cash, property or securities of the
Company would have been received by the Securityholders but for the provisions of this


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Article&nbsp;5, until after the principal of, premium, if any, and interest on, the Securities
shall have been paid in full.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No payments or distributions to the holders of such Senior Indebtedness pursuant to this
Article&nbsp;5, which otherwise would be payable or distributable to the Securityholders or the Trustee,
shall, as between the Company, its creditors, other than the holders of the Senior Indebtedness and
the Securityholders, be deemed to be a payment by the Company to or on account of the Principal
Amount or Interest on the Securities, it being understood that the provisions of this Article&nbsp;5 are
intended solely for the purposes of defining the relative rights of the Securityholders, on the one
hand, and the holders of such Senior Indebtedness on the other hand.


<P align="left" style="font-size: 10pt"><B>5.5 </B><U><B>Obligation to Pay Not Impaired.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Article&nbsp;5 or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Securityholders, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities the principal of and interest on the
Securities, as and when the same shall become due and payable in accordance with their terms, or
affect the relative rights of the Holders of the Securities and creditors of the Company other than
the Holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or
the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon
default under this Indenture, subject to the rights, if any, under this Article&nbsp;5 of the holders of
Senior Indebtedness in respect of cash, property or securities of the Company received upon the
exercise of any such remedy.


<P align="left" style="font-size: 10pt"><B>5.6 </B><U><B>Payment on Securities Permitted.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Article&nbsp;5 or elsewhere in this Indenture, or in the Securities,
shall affect the obligation of the Company to make, or prevent the Company from making, at any time
except during the pendency of any dissolution, winding up or liquidation of the Company or
reorganization proceedings specified in Section&nbsp;5.2 affecting the affairs of the Company, any
payment of Principal Amount of or Interest on the Securities, except that the Company shall not
make any such payment in contravention of Section&nbsp;5.3 hereof. The fact that any such payment is
prohibited by this Section&nbsp;5.6 shall not prevent the failure to make such payment from being an
Event of Default hereunder. Nothing contained in this Article&nbsp;5 or elsewhere in this Indenture, or
in any of the Securities, shall prevent the conversion of the Securities under Article&nbsp;12.


<P align="left" style="font-size: 10pt"><B>5.7 </B><U><B>Confirmation of Subordination.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of Securities by his acceptance thereof authorizes and directs the Trustee in his
behalf to take such action as may be necessary or appropriate to effectuate the subordination as
provided in this Article&nbsp;5 and appoints the Trustee his attorney-in-fact for any and all such
purposes. Upon request of the Company, and upon being furnished an Officers&#146; Certificate stating
that one or more named persons are holders of Senior Indebtedness, or the representative or
representatives of such holders, or the trustee or trustees under which any


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">instrument evidencing such Senior Indebtedness may have been issued, and specifying the amount
and nature of such Senior Indebtedness, the Trustee shall enter into a written agreement or
agreements with the Company and the person or persons named in such Officers&#146; Certificate providing
that such person or persons are entitled to all the rights and benefits of this Article&nbsp;5 as the
holder or holders, representative or representatives, or trustee or Trustee of the Senior
Indebtedness specified in such Officers&#146; Certificate and in such agreement. Such agreement shall
be conclusive evidence that the indebtedness specified therein is Senior Indebtedness; however,
nothing herein shall impair the rights of any holder of Senior Indebtedness who has not entered
into such an agreement.



<P align="left" style="font-size: 10pt"><B>5.8 </B><U><B>Knowledge of Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of this Article&nbsp;5 or any provision in this Indenture or in the
Securities, the Trustee shall not be charged with knowledge of (a)&nbsp;the existence of any Senior
Indebtedness or of any default in the payment thereof, unless and until the Trustee shall have
received written notice thereof from the Company or from the holder of Senior Indebtedness or from
the representative of any such holder; or (b)&nbsp;the existence of any fact that would prohibit the
making of any payment of moneys to or by the Trustee, or the taking of any other action by the
Trustee, unless and until the Trustee has received written notice thereof from the Company, any
Holder of Securities or any holder or representative of any class of Senior Indebtedness or on its
behalf.


<P align="left" style="font-size: 10pt"><B>5.9 </B><U><B>Trustee May Hold Senior Indebtedness.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is entitled to all the rights set forth in this Article&nbsp;5 with respect to any
Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture deprives the Trustee of any of its rights as such
holder.


<P align="left" style="font-size: 10pt"><B>5.10 </B><U><B>Rights of Holders of Senior Indebtedness Not Impaired.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No right of any present or future holder of any Senior Indebtedness to enforce the
subordination herein will at any time or in any way be prejudiced or impaired by any act or failure
to act on the part of the Company or by any non-compliance by the Company with the terms,
provisions and covenants of this Indenture, regardless of any knowledge thereof which any such
holder may have or be otherwise charged with.


<P align="left" style="font-size: 10pt"><B>5.11 </B><U><B>Additional Indebtedness.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture does not restrict the Company from incurring additional indebtedness for
borrowed money or otherwise or mortgaging, pledging or charging its properties to secure any
indebtedness.


<P align="left" style="font-size: 10pt"><B>5.12 </B><U><B>Right of Securityholder to Convert Not Impaired.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subordination of the Securities to the Senior Indebtedness and the provisions of this
Article&nbsp;5 do not impair in any way the right of a holder of Securities to convert its Securities
pursuant to Article&nbsp;12<B>.</B>


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<P align="left" style="font-size: 10pt"><B>5.13 </B><U><B>Article&nbsp;Applicable to Paying Agents.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term &#147;<B>Trustee</B>&#148; as used in this Article shall in such case
(unless the context otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named
in this Article in addition to or in place of the Trustee; provided however, that this Section&nbsp;5.13
shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as
Paying Agent.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;6</B><BR>
<U><B>CONSOLIDATION, AMALGAMATION, MERGER AND SALE</B></U>



<P align="left" style="font-size: 10pt"><B>6.1 </B><U><B>Consolidation, Amalgamation, Merger or Sale of Assets Permitted.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not amalgamate with, consolidate with or merge into any other person (except
an amalgamation with a wholly-owned Subsidiary) or sell, transfer or lease all or substantially all
of its assets to any person (except a Subsidiary), unless (a)&nbsp;the successor (if other than the
Company) formed by such consolidation or amalgamation or into which the Company is merged or to
which all or substantially all of the assets of the Company are sold, transferred or leased (A)
shall be a person organized and existing under the laws of the United States of America or a State
thereof or the District of Columbia, or the laws of Canada or any province or territory thereof,
and (B)&nbsp;shall expressly assume by supplemental indenture executed and delivered to the Trustee the
obligation to make due and punctual payment of all amounts with respect to the Securities,
according to their tenor, and the due and punctual performance and observance of all of the
covenants and obligations of the Company under the Securities and this Indenture; and (b)
immediately after giving effect to such transaction, no Default or Event of Default, shall have
occurred and be continuing.


<P align="left" style="font-size: 10pt"><B>6.2 </B><U><B>Succession by Successor Corporation.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such amalgamation, consolidation, merger, sale, transfer or lease and upon any
such assumption of the obligations of the Company by a successor as provided in Section&nbsp;6.1, such
successor shall succeed to and be substituted for the Company, with the same effect as if it had
been named as a party hereto and as obligor under the Securities and all such obligations of the
Company shall terminate. Such successor thereupon may cause to be signed, and may issue either in
its own name or in the name of Cameco Corporation, any or all of the Securities issuable hereunder
that theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon
the order of such successor (instead of Cameco Corporation) and subject to all terms, conditions
and limitations in this Indenture prescribed, the Trustee shall authenticate and deliver any
Securities that previously shall have been signed and delivered by Officers to the Trustee for
authentication, and any Securities that such successor thereafter shall cause to be signed and
delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have
the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter
issued in accordance with the terms of this Indenture as though all of such Securities had been
issued at the date of the execution hereof.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such amalgamation, consolidation, merger, sale, transfer or lease, such changes
in phraseology and form (but not in substance) may be made in the Securities thereafter to be
issued as may be appropriate.


<P align="left" style="font-size: 10pt"><B>6.3 </B><U><B>Evidence to Be Furnished to Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall receive an Officers&#146; Certificate and an Opinion of Counsel as conclusive
evidence that any such amalgamation, consolidation, merger, sale, transfer or lease, and any such
assumption, complies with the provisions of this Article&nbsp;6.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;7</B><BR>
<U><B>DEFAULTS AND REMEDIES</B></U>



<P align="left" style="font-size: 10pt"><B>7.1 </B><U><B>Events of Default.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An &#147;<B>Event of Default</B>&#148; occurs if:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;there is a default in payment of Interest on any Security (or Additional Amounts relating
thereto) when the same becomes due and payable, and such default continues for a period of 10&nbsp;days;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;there is a default in the payment of the Principal Amount, Redemption Price (in either
case, in cash or by delivery of Common Shares pursuant to the Share Payment Option) or Change of
Control Purchase Price on any Security (or Additional Amounts relating thereto) when the same
becomes due and payable, whether at Maturity of such Security, upon redemption, upon declaration,
when due for purchase by the Company, or otherwise (whether or not such payment shall be prohibited
by this Indenture);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Company fails to comply with any material covenant or condition in the Securities or
this Indenture (other than those referred to in clause (a)&nbsp;and (b)&nbsp;of this Section&nbsp;7.1) and such
failure continues for 30&nbsp;days after receipt by the Company of a Notice of Default (as defined
below);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Company fails to deliver Common Shares (or cash in lieu of fractional shares) in
accordance with the terms hereof when such Common Shares (or cash in lieu of fractional shares) are
required to be delivered, upon conversion of a Security and any such failure is not remedied for a
period of 10&nbsp;days;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Company pursuant to or under or within the meaning of any Bankruptcy Law:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>commences a voluntary case or proceeding;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>consents to the entry of a Bankruptcy Order in an involuntary
case or proceeding or the commencement of any case against it;</TD>
</TR>

</TABLE>

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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>consents to the appointment of a Custodian of it or for any
substantial part of its property;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&nbsp;</TD>
    <TD>makes a general assignment for the benefit of its creditors or
files a proposal or other scheme of arrangement involving the rescheduling or
composition of its indebtedness;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&nbsp;</TD>
    <TD>files a petition in bankruptcy or answer or consent seeking
reorganization or relief; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&nbsp;</TD>
    <TD>consents to the filing of such petition or the appointment of
or taking possession by a Custodian;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;a court of competent jurisdiction in any involuntary case or proceeding enters a
Bankruptcy Order against the Company, and such Bankruptcy Order remains unstayed and in effect for
15 consecutive days;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;a Custodian shall be appointed out of court with respect to the Company, or with respect
to all or any substantial part of the property of the Company, or any encumbrancer shall take
possession of all or any substantial part of the property of the Company; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Company defaults under the terms of any bond, debenture, agreement or instrument
evidencing or under which the Company has at the date of this Indenture or hereafter outstanding
any indebtedness for borrowed money and such indebtedness shall be accelerated so that the same
shall be or become due and payable prior to the date on which the same would otherwise become due
and payable and the aggregate amount thereof so accelerated exceeds $30,000,000 and such
acceleration is not rescinded or annulled within five Business Days after receipt by the Company of
a Notice of Default; <I>provided</I>, <I>however</I>, that if such default under such bond, debenture, agreement
or instrument is remedied or cured by the Company or waived by the holders of such indebtedness,
then the Event of Default hereunder by reason thereof shall be deemed likewise to have been
thereupon remedied, cured or waived without further action upon the part of the Trustee or any
Holders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Default under clause (c)&nbsp;or clause (h)&nbsp;of this Section&nbsp;7.1 is not an Event of Default until
the Trustee notifies the Company of the Default by registered mail. In the event that the Trustee
fails to notify the Company of the Default within five Business Days of the Default occurring, the
Holders of at least 25&nbsp;percent in aggregate Principal Amount of the Securities at the time
outstanding may notify, by registered mail, the Company and the Trustee (in either case, a &#147;<B>Notice
of Default</B>&#148;) of the Default and the Company shall be required to cure such Default within the time
specified in clause (c)&nbsp;or clause (h)&nbsp;of this Section&nbsp;7.1, as applicable, after receipt of such
Notice of Default. Any such Notice of Default must specify the Event of Default, demand that it be
remedied and state that such notice is a Notice of Default;


<P align="left" style="font-size: 10pt"><B>7.2 </B><U><B>Acceleration.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than an Event of Default specified in Section&nbsp;7.1(e), (f)&nbsp;or
(g)) occurs and is continuing, the Trustee may, in its discretion, and shall, upon the request of
not less than 25&nbsp;percent in aggregate Principal Amount of the Securities at the time outstanding,


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<P align="left" style="font-size: 10pt">provide the Company with notice in writing declaring the Principal Amount plus accrued and
unpaid Interest to be due and payable, and upon any such declaration the same shall become and
shall be immediately due and payable, anything in this Indenture or in the Securities contained to
the contrary notwithstanding.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in Section&nbsp;7.1(e), (f)&nbsp;or (g)&nbsp;occurs and is continuing, the
Principal Amount plus accrued and unpaid Interest on all the Securities to the date of the
occurrence of such Event of Default shall become and shall be immediately due and payable, without
any declaration or other act on the part of the Trustee or the Securityholders. The Holders of a
majority in aggregate Principal Amount of the Securities at the time outstanding, by notice to the
Trustee (and without notice to any other Securityholder) may rescind an acceleration and its
consequences. No such rescission shall affect any subsequent Default or impair any right
consequent thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Company, the Trustee and the Securityholders shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Company, the
Trustee and the Securityholders shall continue as though no such proceeding had been taken.


<P align="left" style="font-size: 10pt"><B>7.3 </B><U><B>Other Remedies.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of the Principal Amount and accrued and unpaid Interest on the Securities or
to enforce the performance of any provision of the Securities or this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may maintain a proceeding even if the Trustee does not possess any of the
Securities or does not produce any of the Securities in the proceeding. If any proceedings brought
by the Trustee (and also any proceedings involving the interpretation of any provision of this
Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the
Holders of the Securities, and it shall not be necessary to make any Holders of the Securities
parties to any such proceedings. A delay or omission by the Trustee or any Securityholder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of, or acquiescence in, the Event of Default. No remedy is exclusive
of any other remedy. All available remedies are cumulative.


<P align="left" style="font-size: 10pt"><B>7.4 </B><U><B>Waiver of Past Defaults.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in aggregate Principal Amount of the Securities at the time
outstanding, by notice to the Trustee (and without notice to any other Securityholder), may waive
an existing Default and its consequences except (a)&nbsp;an Event of Default described in Section
7.1(a), Section&nbsp;7.1(b) or Section&nbsp;7.1(d) or (b)&nbsp;a Default under Article&nbsp;12. When a Default is
waived, it is deemed cured and shall cease to exist, but no such waiver shall extend to any
subsequent or other Default or impair any other right.


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<P align="left" style="font-size: 10pt"><B>7.5 </B><U><B>Control by Majority.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in aggregate Principal Amount of the Securities at the time
outstanding may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee. However, the
Trustee may refuse to follow any direction that conflicts with the law or this Indenture or that
the Trustee determines in good faith is unduly prejudicial to the rights of all Securityholders,
and the Trustee may refuse to follow any direction which would subject the Trustee to personal
liability unless the Trustee shall have been provided with reasonable security or indemnity against
such liability satisfactory to it.


<P align="left" style="font-size: 10pt"><B>7.6 </B><U><B>Limitation on Suits.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Securityholder may not pursue any remedy with respect to this Indenture or the Securities
unless:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Holder gives to the Trustee written notice stating that an Event of Default has
occurred and is continuing;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Holders of at least 25&nbsp;percent in aggregate Principal Amount of the Securities at the
time outstanding make a written request to the Trustee to pursue the remedy;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;such Holder or Holders offer to the Trustee reasonable security or indemnity against any
loss, liability or expense satisfactory to the Trustee;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee does not comply with the request within 60&nbsp;days after receipt of the notice,
the request and the offer of security and indemnity; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Holders of a majority in aggregate Principal Amount of the Securities at the time
outstanding do not give the Trustee a direction inconsistent with the request during such 60-day
period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Securityholder may not use this Indenture to prejudice the rights of any other
Securityholder or to obtain a preference or priority over any other Securityholder.


<P align="left" style="font-size: 10pt"><B>7.7 </B><U><B>Rights of Holders to Receive Payment.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions of this Indenture, the right of any Holder to receive
payment of the Principal Amount, Redemption Price, Change of Control Purchase Price, Interest,
Additional Amounts or Default Interest, if any, in respect of the Securities held by such Holder,
on or after the respective due dates expressed in or determined in accordance with the Securities,
and to convert the Securities in accordance with Article&nbsp;12 or to bring suit for the enforcement of
any such payment on or after such respective dates or the right to convert, or with respect to the
occurrence of a Change of Control, shall not be impaired or affected adversely without the consent
of each such Holder.


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<P align="left" style="font-size: 10pt"><B>7.8 </B><U><B>Collection Suit by Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default described in Section&nbsp;7.1(a) or Section&nbsp;7.1(b) occurs and is continuing,
the Trustee may recover judgment in its own name and as trustee of an express trust against the
Company for the whole amount owing with respect to the Securities and the amounts provided for in
Section&nbsp;9.8.


<P align="left" style="font-size: 10pt"><B>7.9 </B><U><B>Notice of Defaults.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall, within 30&nbsp;days after becoming aware of any Default, mail to all Holders of
Securities, as the names and addresses of such Holders appear on the books of the Registrar, notice
of all Defaults of which the Trustee shall be aware, unless such Defaults shall have been cured or
waived before the giving of such notice; <I>provided </I>that, except in the case of a Default described
in Section&nbsp;7.1(a) or Section&nbsp;7.1(b), the Trustee shall be protected in withholding such notice if
and so long as the board of directors, the executive committee, or a committee of directors or
Trust Officers of the respective Trustee in good faith determines that the withholding of such
notice is in the interests of the Securityholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where notice of the occurrence of any Default is given by the Trustee under the preceding
paragraph and the Default is thereafter cured, the Trustee shall, within a reasonable time but not
exceeding 30&nbsp;days after becoming aware of the curing of the Default, mail to all Securityholders,
as the names and addresses of such Holders appear on the books of the Registrar, notice that the
Default is no longer continuing and so advise the Company in writing.


<P align="left" style="font-size: 10pt"><B>7.10 </B><U><B>Trustee May File Proofs of Claim.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor upon the Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the Principal Amount, Redemption Price, Change of
Control Purchase Price, accrued and unpaid Interest, Additional Amounts or Default Interest, if
any, in respect of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of any such amount) shall be entitled and empowered, by intervention in
such proceeding or otherwise,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file and prove a claim for the whole amount of the Principal Amount, Redemption Price,
Change of Control Purchase Price, accrued and unpaid Interest, Additional Amounts or Default
Interest, if any, as the case may be, and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding relative to the Company, its
creditors or its property, and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same;


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<P align="left" style="font-size: 10pt">and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances for the Trustee, its agents and counsel, and any
other amounts due to the Trustee under Section&nbsp;9.8.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt or negotiate on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.


<P align="left" style="font-size: 10pt"><B>7.11 </B><U><B>Priorities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article&nbsp;5 of this Indenture, if the Trustee collects any money pursuant to this
Article&nbsp;7, they or it shall pay out the money in the following order:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First: To the Trustee for amounts due under Section&nbsp;9.8;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second: In case no Principal Amount, Redemption Price or Change of Control Purchase Price on
the outstanding Securities (or any Additional Amounts related thereto) shall have become due and be
unpaid, to the payment of accrued and unpaid Interest on the Securities, in order of the maturity
of the instalments of such Interest, with Default Interest upon the overdue instalments of Interest
(so far as permitted by law and to the extent that such Default Interest has been collected by the
Trustee) at the rate specified herein, such payments to be made rateably to the persons entitled
thereto, without discrimination or preference;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third: In case any Principal Amount, Redemption Price or Change of Control Purchase Price on
the outstanding Securities (or any Additional Amounts related thereto) shall have become due by
declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the
Securities for Principal Amount, Redemption Price and Change of Control Purchase Price and accrued
and unpaid Interest, as the case may be, with Default Interest on the overdue Principal Amount,
Redemption Price and Change of Control Purchase Price and accrued and unpaid Interest (so far as
permitted by law and to the extent that such Default Interest has been collected by the Trustee),
as the case may be, at the rate specified in the Securities; and in case such moneys shall be
insufficient to pay in full the whole amount so due and unpaid upon the Securities then to the
payment of such Principal Amount, Redemption Price and Change of Control Purchase Price and accrued
and unpaid Interest and Default Interest, if any, without discrimination or preference of any one
such applicable amount over another, rateably to the aggregate of such Principal Amount, Redemption
Price, Change of Control Purchase Price and accrued and unpaid Interest and Default Interest, if
any; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth: The balance, if any, to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may fix a record date and payment date for any payment to Securityholders pursuant
to this Section&nbsp;7.11. At least 15&nbsp;days before such record date, the Company shall mail to each
Securityholder and the Trustee a notice that states the record date, the payment date and amount to
be paid.


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

<P align="left" style="font-size: 10pt"><B>7.12 </B><U><B>Undertaking for Costs.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may
require the filing by any litigant party (other than the Trustee) in the suit of an undertaking to
pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable fees of legal counsel, against any litigant party in the suit, having due regard to the
merits and good faith of the claims or defences made by the litigant party. This Section&nbsp;7.12 does
not apply to a suit by the Trustee, a suit by a Holder pursuant to Section&nbsp;7.6 or a suit by Holders
of more than 10&nbsp;percent in aggregate Principal Amount of the Securities at the time outstanding.


<P align="left" style="font-size: 10pt"><B>7.13 </B><U><B>Waiver of Stay, Extension or Usury Laws.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law or any usury or other law wherever enacted, now or at any time hereafter in
force, that would prohibit or forgive the Company from paying all or any portion of the Principal
Amount, Redemption Price, accrued and unpaid Interest, Additional Amounts or Change of Control
Purchase Price in respect of Securities or any Default Interest on any such amounts, as
contemplated herein, or that may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law, and covenants (to the extent that it may lawfully do so) that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;8</B><BR>
<U><B>CHANGE OF CONTROL</B></U>



<P align="left" style="font-size: 10pt"><B>8.1 </B><U><B>Change of Control Offer.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon the occurrence of a Change of Control, the Company shall, within 20 Business Days
following the Change of Control Date, (i)&nbsp;make an offer to purchase (the &#147;<B>Change of Control Offer</B>&#148;)
all outstanding Securities at the Change of Control Purchase Price on the date (the &#147;<B>Change of
Control Purchase Date</B>&#148;) that is 35 Business Days after notice of the occurrence of the Change of
Control, on the terms described below, and (ii)&nbsp;cause a copy of the Change of Control Offer to be
published in the national edition of <I>The Globe and Mail </I>or other daily newspapers of national
circulation in Canada.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Within 15 Business Days following a Change of Control Date the Company shall notify the
Trustee in writing of the occurrence of the Change of Control and provide the Trustee with
sufficient copies of the Change of Control Offer, and the Trustee shall, within 20 Business Days
following the Change of Control Date, mail a copy of the Change of Control Offer to each Holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Change of Control Offer shall remain open from the time such offer is made until the
Change of Control Purchase Date. The Trustee shall be under no obligation to


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">ascertain the occurrence of a Change of Control or to give notice with respect thereto other
than as provided above upon receipt of a Change of Control Offer from the Company. The Trustee may
conclusively assume, in the absence of receipt of a Change of Control Offer from the Company, that
no Change of Control has occurred.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Change of Control Offer shall include a form of Change of Control Purchase Notice to
be completed by the Holder and shall state:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the date such Change of Control is deemed to have occurred and
briefly the events causing a Change of Control;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>that the Change of Control Offer is being made pursuant to this
Section&nbsp;8.1(d) and that all Securities properly tendered pursuant to the Change
of Control Offer will be accepted for payment;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>the last date by which the Change of Control Purchase Notice
pursuant to this Section&nbsp;8.1 must be given;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&nbsp;</TD>
    <TD>the Change of Control Purchase Date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&nbsp;</TD>
    <TD>the Change of Control Purchase Price on a per Security basis;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&nbsp;</TD>
    <TD>the names and addresses of the Paying Agent and the Conversion
Agent;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vii)&nbsp;&nbsp;</TD>
    <TD>the Conversion Rate and any adjustments thereto;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(viii)&nbsp;&nbsp;</TD>
    <TD>that Securities as to which a Change of Control Purchase Notice has been
given may be converted into Common Shares at any time prior to the close of
business on the Change of Control Purchase Date only if the applicable Change
of Control Purchase Notice has been withdrawn in accordance with the terms of
this Indenture;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ix)&nbsp;&nbsp;</TD>
    <TD>that Securities must be surrendered to the Paying Agent at the
office of the Paying Agent to collect payment;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(x)&nbsp;&nbsp;</TD>
    <TD>that the Change of Control Purchase Price for any Security as
to which a Change of Control Purchase Notice has been duly given and not
withdrawn will be paid on the Business Day following the Change of Control
Purchase Date or, if such Security is not surrendered on the Change of Control
Purchase Date, as promptly as practicable after surrender of such Security as
described in Section&nbsp;8.1(d)(ix);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(xi)&nbsp;&nbsp;</TD>
    <TD>the procedures the Holder must follow to accept the Change of
Control Offer;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(xii)&nbsp;&nbsp;</TD>
    <TD>briefly, the conversion rights of the Securities;</TD>
</TR>


</TABLE>

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(xiii)&nbsp;&nbsp;</TD>
    <TD>that Holders who want to convert Securities must satisfy the requirements set
forth in Article&nbsp;12 hereof;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(xiv)&nbsp;&nbsp;</TD>
    <TD>the procedures for withdrawing a Change of Control Purchase
Notice.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;A Holder may accept a Change of Control Offer in whole or in part by delivering to the
Paying Agent at the office of the Paying Agent a written notice (a &#147;<B>Change of Control Purchase
Notice</B>&#148;) at any time prior to the close of business on the Change of Control Purchase Date,
stating: (i)&nbsp;that such holder elects to have a Security purchased pursuant to the Change of Control
Offer; (ii)&nbsp;the Principal Amount of the Security that the Holder elects to have purchased by the
Company, which amount must be $1,000 or an integral multiple thereof and the certificate numbers of
the Securities to be delivered by such Holder for purchase by the Company; (iii)&nbsp;and that such
Security shall be purchased on the Change of Control Purchase Date pursuant to the terms and
conditions specified in this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of such Security (together with all necessary endorsements) to the Paying Agent
at the office of the Paying Agent prior to, on or after the Change of Control Purchase Date shall
be a condition to the receipt by the Holder of the Change of Control Purchase Price therefor;
<I>provided </I>that such Change of Control Purchase Price shall be so paid pursuant to this Section&nbsp;8.1
only if the Security so delivered to the Paying Agent shall conform in all respects to the
description thereof set forth in the related Change of Control Purchase Notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall purchase from the Holder thereof, pursuant to this Section&nbsp;8.1, a portion of
a Security if the Principal Amount of such portion is $1,000 or an integral multiple of $1,000.
Provisions of this Indenture that apply to the purchase of all of a Security also apply to the
purchase of a portion of such Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any purchase by the Company contemplated pursuant to the provisions of this Section&nbsp;8.1 shall
be consummated by the delivery of the consideration to be received by the Holder on the Business
Day following the Change of Control Purchase Date or, if such Security is not surrendered on the
Change of Control Purchase Date, as promptly as practicable after the surrender of the Security by
the Holder to the Paying Agent in the manner required by this Section&nbsp;8.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent at
the office of the Paying Agent the Change of Control Purchase Notice contemplated by this Section
8.1(e) shall have the right to withdraw such Change of Control Purchase Notice at any time prior to
the close of business on the Change of Control Purchase Date by delivery of a written notice of
withdrawal to the Paying Agent in accordance with Section&nbsp;8.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Paying Agent shall promptly notify the Company of the receipt by the former of any Change
of Control Purchase Notice or written notice of withdrawal thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;If 90% or more in aggregate Principal Amount of the Securities outstanding on the date the
Trustee provides the Change of Control Offer to each Holder has been tendered for purchase pursuant
to the Change of Control Offer on the Change of Control Purchase Date, the Company shall have the
right and obligation upon written notice provided to the Trustee within 10&nbsp;days following the
expiration of the Change of Control Offer, to redeem and shall redeem


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">all the Securities remaining outstanding on the expiration of the Change of Control Offer at
the Change in Control Purchase Price (the &#147;<B>90% Redemption Right</B>&#148;). Upon receipt of notice that the
Company has exercised or is exercising the 90% Redemption Right and is acquiring the remaining
Securities, the Trustee shall promptly provide written notice to each Holder that did not
previously accept the Change of Control Offer that:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Company has exercised the 90% Redemption Right and is
purchasing all outstanding Securities effective on the Change of Control
Purchase Date at the Change of Control Purchase Price and shall include a
calculation of the amount payable to such Holder as payment to the Change in
Control Purchase Price;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>their Securities are deemed to be redeemed on the same terms as
those Holders that accepted the Change of Control Offer; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>the rights of such Holder under the terms of the Securities
and this Indenture cease effective as of the Change of Control Purchase Date
provided the Company has, on or before the time of notifying the Trustee of the
exercise of the 90% Redemption Right, paid the Change of Control Purchase Price
to, or to the order of, the Trustee and thereafter the Securities shall not be
considered to be outstanding and the Holder shall not have any right except to
receive such Holder&#146;s Change of Control Purchase Price upon surrender and
delivery of such Holder&#146;s Securities in accordance with the Indenture.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Sections&nbsp;3.5 and 3.6 shall apply to redemption of Debentures pursuant to the
90% Redemption Right applied, <I>mutatis mutanis</I>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The obligations of the Company arising upon a Change of Control will be satisfied if a
third party makes and consummates a Change of Control Offer in the manner and at the times and
otherwise in compliance with this Section&nbsp;8.1.


<P align="left" style="font-size: 10pt"><B>8.2 </B><U><B>Effect of Change of Control Purchase Notice.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt by the Company of a Change of Control Purchase Notice, the Holder of the Security
in respect of which such Change of Control Purchase Notice was given shall (unless such Change of
Control Purchase Notice is withdrawn as specified in the following two paragraphs of this Section
8.2) thereafter be entitled to receive solely the Change of Control Purchase Price with respect to
such Security, plus, if such amount is not paid when due, Default Interest on the overdue amount.
Such Change of Control Purchase Price shall be paid to such Holder (a)&nbsp;on the Business Day
following the Change of Control Purchase Date with respect to such Security (provided the
conditions in Section&nbsp;8.1(d) have been satisfied) or (b)&nbsp;if such Security is not surrendered on the
Change of Control Purchase Date, as promptly as practicable after such Security is surrendered to
the Paying Agent at the office of the Paying Agent by the Holder thereof in the manner required by
Section&nbsp;8.1(e). Securities in respect of which a Change of Control Purchase Notice has been given
by the Holder thereof may not be converted into Common Shares on or after the date of the delivery
of such Change of Control Purchase


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Notice unless such Change of Control Purchase Notice has first been validly withdrawn as
specified in the following two paragraphs of this Section&nbsp;8.2.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If on the Business Day following the Change of Control Purchase Date the Paying Agent holds
money sufficient to pay the Change of Control Purchase Price for a Security in respect of which a
Change of Control Purchase Notice has been delivered as specified in Section&nbsp;8.1(e), then after the
Change of Control Purchase Date such Security shall cease to be outstanding, Interest on such
Security shall cease to accrue and the Principal Amount of the Security and the amount of accrued
and unpaid Interest thereon to, but excluding the Change of Control Purchase Date, will be fully
satisfied whether or not such Security is delivered to the Paying Agent, and all other rights of
the Holder shall terminate (other than the right to receive the Change of Control Purchase Price
and Default Interest, if any, thereon in accordance with this Section&nbsp;8.2).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Change of Control Purchase Notice may be withdrawn before or after delivery by the Holder to
the Paying Agent at the office of the Paying Agent of the Security to which such Change of Control
Purchase Notice relates, by means of a written notice of withdrawal delivered by the Holder to the
Paying Agent at the office of the Paying Agent to which the related Change of Control Purchase
Notice was delivered at any time prior to the close of business on the Change of Control Purchase
Date specifying, as applicable:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the certificate number of the Security in respect of which such notice of withdrawal is
being submitted;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Principal Amount of the Security (which shall be $1,000 or an integral multiple
thereof) with respect to which such notice of withdrawal is being submitted; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Principal Amount, if any, of such Security (which shall be $1,000 or an integral
multiple thereof) that remains subject to the original Change of Control Purchase Notice and that
has been or will be delivered for purchase by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be no purchase of any Securities pursuant to Section&nbsp;8.1 if there has occurred
(prior to, on or after, as the case may be, the giving by the Holders of such Securities of the
required Change of Control Purchase Notice) and is continuing an Event of Default (other than as a
result of a failure to comply with this Article&nbsp;8). The Paying Agent will promptly return to the
respective Holders thereof any Securities (a)&nbsp;with respect to which a Change of Control Purchase
Notice has been withdrawn in compliance with this Indenture, or (b)&nbsp;held by it during the
continuance of an Event of Default (other than a default in the payment of the Change of Control
Purchase Price with respect to such Securities).


<P align="left" style="font-size: 10pt"><B>8.3 </B><U><B>Deposit of Change of Control Purchase Price.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Change of Control Purchase Date, the Company shall accept for purchase all Securities
properly tendered pursuant to the Change of Control Offer. No later than 11:00&nbsp;a.m. (Saskatoon
time) on the Business Day following the Change of Control Purchase Date, the Company shall deposit
with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of either of them is
acting as the Paying Agent, shall segregate and hold in trust as provided in Section&nbsp;2.6), an
amount of cash sufficient to pay the aggregate Change of Control


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Purchase Price of all the Securities or portions thereof that are to be purchased as of the
Change of Control Purchase Date.



<P align="left" style="font-size: 10pt"><B>8.4 </B><U><B>Securities Purchased in Part.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Security that is to be purchased only in part pursuant to a Change of Control Offer under
Section&nbsp;8.1 shall be surrendered to the Paying Agent at the office of the Paying Agent (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder&#146;s attorney duly authorized in writing) and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security, without service charge, a replacement
Security or Securities, of any authorized denomination as requested by such Holder in an aggregate
Principal Amount equal to, and in exchange for, the portion of the Principal Amount of the Security
so surrendered that is not purchased.


<P align="left" style="font-size: 10pt"><B>8.5 </B><U><B>Covenant to Comply with Securities Laws Upon Purchase of Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall comply with all applicable laws, including Canadian federal and provincial
securities laws, so as to permit the rights and obligations under Section&nbsp;8.1 to be exercised to
the greatest extent practicable in the time and in the manner specified in Section&nbsp;8.1.


<P align="left" style="font-size: 10pt"><B>8.6 </B><U><B>Repayment to the Company.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in Section&nbsp;10.2 hereof, the Trustee and the Paying Agent shall return to the
Company any cash that remains unclaimed, together with interest, if any, thereon (subject to the
provisions of Section&nbsp;9.5(f)), held by them for the payment of the Change of Control Purchase
Price; <I>provided</I>, <I>however</I>, that to the extent that the aggregate amount of cash deposited by the
Company pursuant to Section&nbsp;8.3 exceeds the aggregate Change of Control Purchase Price of the
Securities or portions thereof to be purchased, then the Trustee shall hold such excess in trust
for the Company and promptly after the Business Day following the Change of Control Purchase Date,
the Trustee shall return any such excess and interest thereon (subject to the provisions of Section
9.5(f)).


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;9</B><BR>
<U><B>TRUSTEE</B></U>



<P align="left" style="font-size: 10pt"><B>9.1 </B><U><B>Acceptance of Trust.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee hereby accepts the trusts imposed upon it by this Indenture and covenants and
agrees to perform the same as herein expressed.


<P align="left" style="font-size: 10pt"><B>9.2 </B><U><B>Standard of Care of Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the exercise of the powers and duties prescribed or conferred by the terms of this
Indenture, the Trustee shall exercise the degree of care, diligence and skill of a reasonably
prudent trustee appointed under an indenture for the purposes of the issuance of corporate debt
obligations, in good faith and in the best interests of the Holders of the Securities. No


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">provision of this Indenture shall be construed to relieve the Trustee from its duties, except
to the extent permitted by Trust Indenture Legislation.



<P align="left" style="font-size: 10pt"><B>9.3 </B><U><B>Conditions Precedent to Trustee&#146;s Obligations to Act Hereunder.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specifically provided herein, the Trustee shall not be bound to give any
notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby
unless and until it shall have been required so to do under the terms hereof and provided with such
evidence of compliance with any covenant, condition or other requirement specified herein, to be
furnished to the Trustee in connection with such notice, act, action or proceeding or in connection
with the exercise of its rights and duties hereunder and such other evidence of compliance with the
provisions of this Indenture as the Trustee may reasonably require by written notice to the
Company; nor shall the Trustee be required to take notice of any default hereunder, other than
payment of any moneys required by any provision hereof to be paid to it, unless and until notified
in writing of such default, which notice shall distinctly specify the default desired to be brought
to the attention of the Trustee, and in the absence of any such notice the Trustee may for all
purposes of this Indenture conclusively assume that the Company is not in default hereunder and
that no default has been made with respect to the payment of principal of or interest on the
Securities or in the observance or performance of any of the covenants, agreements or conditions
contained herein. Any such notice shall in no way limit any discretion herein given to the Trustee
to determine whether or not the Trustee shall take action with respect to any default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Trustee to commence or continue any act, action or proceeding for the
purpose of enforcing any rights of the Trustee or the Holders hereunder shall be conditional upon
the Holders furnishing, when required by notice in writing by the Trustee, sufficient funds to
commence or continue such act, action or proceeding and indemnity reasonably satisfactory to the
Trustee to protect and hold harmless the Trustee against the costs, charges, and expenses and
liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties or in
the exercise of any of its rights or powers unless indemnified as aforesaid.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture shall impose any obligation on the Trustee to see to or to require
evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument
ancillary or supplemental hereto.


<P align="left" style="font-size: 10pt"><B>9.4 </B><U><B>Delegation; Experts and Advisers.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may delegate to any Person the performance of any of the trusts and powers vested
in it by this Indenture and any such delegation may be made upon such terms and conditions and
subject to such regulations, not including however any power to sub-delegate, as the Trustee may
think to be in the interests of the Holders. The Trustee shall be responsible for the performance
or non-performance of any of the trusts and powers delegated to any such Person.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may employ or retain such counsel, auditors, accountants, consultants, engineers,
appraisers or other experts or advisers, whose qualifications give authority to any opinion or
report made by them, as it may reasonably require for the purpose of discharging its duties
hereunder and shall not be responsible for the actions, advice or the Trustee&#146;s reliance thereon,
other than discharging its standard of care in the selection of such experts or advisors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may pay reasonable remuneration for all services performed for it in the discharge
of the trusts hereof by any such agent or attorney, or expert or adviser.


<P align="left" style="font-size: 10pt"><B>9.5 </B><U><B>Protection of the Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In the exercise of its rights, duties and obligations hereunder, the Trustee may, if it is
acting in good faith, act and rely upon the truth of the statements and the accuracy of the
opinions expressed in the evidence of compliance furnished pursuant to any covenant, condition or
other requirement of this Indenture, or reasonably required by notice in writing to the Company by
the Trustee to be furnished to it in the exercise of its rights and duties under this Indenture
where such evidence of compliance is in accordance with the provisions herein and the Trustee
examines the evidence of compliance furnished to it in order to determine whether such evidence
indicates compliance with the applicable requirements of this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Prior to the occurrence of an Event of Default hereunder and after the curing of all
Events of Default, the Trustee shall not be bound to make any investigation into the facts or
matters stated in any document, unless requested in writing to do so (i)&nbsp;by the Holders of not less
than a majority in Principal Amount of the Securities then outstanding or (ii)&nbsp;by adoption of a
resolution, at a meeting of Holders of Securities at which a quorum is present, by Holders of not
less than a majority in aggregate Principal Amount of Securities outstanding at such time
represented at such meeting; <I>provided</I>, <I>however</I>, that if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee, the Trustee
may require reasonable indemnity against such expense or liability as a condition to so proceeding.
The reasonable expense of every such examination shall be paid by the Company or, if paid by the
Trustee, shall be repaid by the Company upon demand.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee shall not be liable for or by reason of any statement of fact in this
Indenture or in the Securities or required to verify the same (except for the representations
contained in Section&nbsp;9.9 hereof and in the certificate of the Trustee on the Securities), but all
such statements of fact are and shall be deemed to have been made by the Company. The Trustee shall
not incur any liability or responsibility whatever or be in any way responsible for the consequence
of any breach on the part of the Company of any covenants herein contained.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within its rights or powers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Money held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. The Trustee (acting in any capacity hereunder)


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<P align="left" style="font-size: 10pt">shall be under no liability for interest on any money received by it hereunder unless
otherwise agreed.



<P align="left" style="font-size: 10pt"><B>9.6 </B><U><B>Individual Rights of Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not a Trustee. Any Paying Agent, Registrar, Conversion Agent or co-registrar may
do the same with like rights. However, the Trustee must comply with Sections&nbsp;9.12 and 9.13.


<P align="left" style="font-size: 10pt"><B>9.7 </B><U><B>Trustee&#146;s Disclaimer.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities; it shall not be accountable for the Company&#146;s use of the proceeds from the Securities;
and it shall not be responsible for any statement in the recitals herein, or the prospectus or
other offering document for the Securities under applicable securities law or in the Indenture or
the Securities (other than its certificate of authentication and Section&nbsp;9.9 hereof) or the
determination as to which beneficial owners are entitled to receive any notices hereunder.


<P align="left" style="font-size: 10pt"><B>9.8 </B><U><B>Compensation and Indemnity.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to pay to the Trustee from time to time reasonable compensation for all services rendered
by it hereunder (which compensation shall, to the extent permitted by law, not be limited by any
provision of law in regard to the compensation of a trustee of an express trust);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to reimburse the Trustee, upon its request and submission of reasonable documentation, for
all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any provision of this Indenture (including the reasonable compensation and the expenses,
advances and disbursements of its agents and counsel) except any such expense, disbursement or
advance as may be attributable to its negligence or bad faith; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in addition to and without limiting any other protection of the Trustee hereunder or
otherwise by law, to indemnify and save harmless the Trustee from and against any and all
liabilities, losses, claims, damages, penalties, actions, suits, demands, levies, costs, expenses
and disbursements, including any and all reasonable legal and advisor fees and disbursements of
whatever kind or nature, which may at any time be suffered by, imposed on, incurred by or asserted
against the Trustee, whether groundless or otherwise, howsoever arising from or out of any act,
omission or error of the Trustee, in connection with its acting as trustee hereunder, provided the
Trustee has acted in good faith, without negligence and in accordance with its obligations
hereunder. Notwithstanding any other provision hereof, this indemnity shall survive the removal or
resignation of the Trustee, the discharge of this Indenture and the termination of any trust
created hereby.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure the Company&#146;s payment obligations in this Section&nbsp;9.8, the Trustee shall have a lien
prior to the Securities on all money or property held or collected by the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s obligations pursuant to this Section&nbsp;9.8 shall survive the discharge of this
Indenture. When a Trustee incurs expenses after the occurrence of a Default specified in
Section 7.1(e), (f)&nbsp;or (g)&nbsp;the expenses are intended to constitute expenses of administration under
any Bankruptcy Law.


<P align="left" style="font-size: 10pt"><B>9.9 </B><U><B>Conflict of Interest.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee represents to the Company that at the date of execution and delivery by it of
this Indenture, there exists no material conflict of interest between its role as Trustee hereunder
and its role in any other capacity. A Trustee shall, within 90&nbsp;days after ascertaining that such a
material conflict of interest exists, either eliminate such conflict of interest or resign in the
manner and with the effect specified in Section&nbsp;9.10.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If, notwithstanding the provisions of Section&nbsp;9.9(a), the Trustee has such a material
conflict of interest, the validity and enforceability of this Indenture and of the Securities
issued hereunder shall not be affected in any manner whatsoever by reason only of such material
conflict of interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If at any time the Trustee fails to comply with the provisions of Section&nbsp;9.9(a), the
Trustee shall within 10&nbsp;days after the expiration of the 90-day period referred to therein,
transmit notice of such failure to the Holders of Securities in the manner provided for notices to
the Holders of Securities in Section&nbsp;14.2.


<P align="left" style="font-size: 10pt"><B>9.10 </B><U><B>Replacement of Trustee.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may resign its trust and be discharged from all further duties and liabilities
hereunder by giving to the Company 90&nbsp;days&#146; notice in writing or such shorter notice as the Company
may accept as sufficient <I>provided </I>that no such resignation shall be effective until a successor
Trustee has accepted its appointment pursuant to this Section&nbsp;9.10. The Holders of a majority in
aggregate Principal Amount of the Securities at the time outstanding shall have power at any time
to remove the Trustee by so notifying the Trustee and the Company (subject to the consent of the
Company, such consent not to be unreasonably withheld). In the event of the Trustee (a)&nbsp;failing to
comply with the provisions of Section&nbsp;9.9(a) or (c); (b)&nbsp;ceasing to be eligible in accordance with
the provisions of Section&nbsp;9.12 and failing to resign after written request by the Company or any
Securityholder; (c)&nbsp;resigning or being removed as aforesaid or being dissolved; (d)&nbsp;becoming
bankrupt, going into liquidation; or (e)&nbsp;otherwise becoming incapable of acting hereunder, then, in
any such case, (i)&nbsp;the Company shall appoint a new Trustee or (ii)&nbsp;the retiring Trustee (except in
the case of (a)&nbsp;of this Section&nbsp;9.10) or any Holder may apply to a Judge of the Saskatchewan Court
of Queen&#146;s Bench, on such notice as such Judge may direct, for the appointment of a new Trustee;
but any new Trustee so appointed by the Company or by the Court shall be subject to removal as
aforesaid by the Holders. Any new Trustee appointed under any provision of this Section shall be a
trust company meeting the requirements for eligibility herein. On any new appointment, the new
Trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been
originally named


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">herein as Trustee, without any further assurance, conveyance, act or deed; but there shall be
immediately executed, at the expense of the Company, all such conveyances or other instruments as
may, in the Opinion of Counsel, be necessary or advisable for the purpose of assuring the same to
the new Trustee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason (other than as contemplated in the foregoing paragraph), the Company shall promptly appoint
a successor Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall give notice of each resignation and removal of the Trustee with respect to
the Securities and each appointment of a successor Trustee with respect to the Securities to the
Holders of Securities in the manner provided for notices to the Holders of Securities in Section
14.2. Each notice shall include the name of the successor Trustee with respect to the Securities
and the address of its corporate trust office.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and the Company. Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall, without further act, become vested with all the rights,
powers, trusts and duties of the retiring Trustee under this Indenture. On request of the Company
or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of
the retiring Trustee. The retiring Trustee shall promptly duly assign, transfer and deliver all
property and money held by it as Trustee to the successor Trustee, subject to the lien provided for
in Section&nbsp;9.8.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article&nbsp;9.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If written acceptance by a successor Trustee shall not have been delivered to the retiring
Trustee and the Company within 30&nbsp;days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company or any Holder who has been a bona fide Holder of a Security for at
least six months may petition any court of competent jurisdiction for the appointment of a
successor Trustee.


<P align="left" style="font-size: 10pt"><B>9.11 </B><U><B>Successor Trustee by Merger.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee consolidates or amalgamates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation, the resulting,
surviving or transferee corporation without any further act shall be the successor Trustee provided
such corporation shall be eligible and qualified under the provisions of Section&nbsp;9.12.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the written request of the successor Trustee or of the Company, the Trustee ceasing to
act shall execute and deliver an instrument assigning and transferring to such successor Trustee,
upon the trusts herein expressed, all the rights, powers and trusts of the Trustee so ceasing to
act, and shall duly assign, transfer and deliver all property and money held by such Trustee to the
successor Trustee so appointed in its place. Should any deed, conveyance or instrument in writing
from the Company be required by any new Trustee for more fully and certainly vesting in and
confirming to it such estates, properties, rights, powers


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<P align="left" style="font-size: 10pt">and trusts, then any and all such deeds, conveyances and instruments in writing shall, on
request of such new Trustee, be made, executed, acknowledged and delivered by the Company.



<P align="left" style="font-size: 10pt"><B>9.12 </B><U><B>Eligibility; Disqualification.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as required by Trust Indenture Legislation, there shall be a Trustee under this
Indenture. The Trustee shall at all times be a corporation organized under the laws of Canada or
any province thereof and authorized under such laws and the laws of Saskatchewan (and the laws of
each province in which a prospectus is filed relating to the offering of the Securities and to
which the Indenture will be subject) to carry on trust business therein. If at any time the
Trustee shall cease to be eligible in accordance with this Section, it shall immediately notify the
Company. However, notwithstanding the provisions of this Section&nbsp;9.12, if at any time the Trustee
ceases to be eligible to act as Trustee in accordance with this Section, the validity and
enforceability of this Indenture and the Securities issued hereunder shall not be affected in any
manner whatsoever by reason only of such event but the Trustee shall forthwith become authorized
to, or upon written request by the Company or any Securityholders shall, resign in the manner and
with the effect specified in Section&nbsp;9.10.


<P align="left" style="font-size: 10pt"><B>9.13 </B><U><B>Trustee Not to be Appointed Receiver.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee nor any related person, as defined in <I>The Business Corporations Act</I>
(Saskatchewan), to the Trustee shall be appointed a receiver or receiver and manager or liquidator
of all or any part of the assets or undertaking of the Company.


<P align="left" style="font-size: 10pt"><B>9.14 </B><U><B>Adoption of Certification.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any of the Securities contemplated to be issued under this Indenture have been
certified but not delivered, any successor Trustee may adopt the certificate of authentication of
any predecessor Trustee so authenticating the Securities and deliver the Securities so
authenticated, and in case any of the Securities shall not have been authenticated, any successor
Trustee may authenticate the Securities in the name of the predecessor Trustee, or in the name of
the successor Trustee.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;10</B><BR>
<U><B>DISCHARGE OF INDENTURE</B></U>



<P align="left" style="font-size: 10pt"><B>10.1 </B><U><B>Discharge of Liability on Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;When the Company shall have delivered to the Trustee all outstanding Securities (other
than Securities replaced pursuant to Section&nbsp;2.14) for cancellation or (ii)&nbsp;after the Securities
have become due and payable, whether at Maturity, on any Redemption Date, on a Change of Control
Purchase Date, upon an election by a Holder to convert his Securities or otherwise, and the Company
shall have deposited with the Trustee, the Paying Agent or the Conversion Agent (as applicable in
accordance with this Indenture) cash or Common Shares, or any combination thereof (as applicable in
accordance with this Indenture) sufficient to pay the entire amount due and payable with respect to
each outstanding Security (other than Securities replaced pursuant to Section&nbsp;2.14), and if in
either case the Company shall have paid all other sums payable hereunder by the Company, then this
Indenture shall, subject to Sections&nbsp;4.2 and


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<P align="left" style="font-size: 10pt">9.8, cease to be of further effect. The Trustee shall join in the execution of a document
prepared by the Company acknowledging satisfaction and discharge of this Indenture on demand of the
Company accompanied by an Officers&#146; Certificate and Opinion of Counsel, each stating that all
conditions precedent provided for herein relating to the satisfaction and discharge of this
Indenture have been complied with, all of which shall be at the cost and expense of the Company.



<P align="left" style="font-size: 10pt"><B>10.2 </B><U><B>Repayment to the Company.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, the Paying Agent and the Conversion Agent shall return to the Company upon
written request any money or securities held by them for the payment of any amount with respect to
the Securities that remains unclaimed for two years after the due date for such payment; <I>provided</I>
that the Trustee, such Paying Agent or such Conversion Agent, before being required to make any
such return, may at the expense of the Company cause to be published once in the national edition
of <I>The Globe and Mail </I>or other daily newspapers of national circulation in Canada or mail to each
Holder entitled to the money or securities notice that such money or securities remains unclaimed
and that, after a date specified therein, which shall not be less than 30&nbsp;days from the date of
such publication or mailing, any unclaimed money or securities then remaining will be returned to
the Company. After return to the Company, Holders entitled to the money or securities must look to
the Company for payment as general creditors unless an applicable abandoned property law designates
another person.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;11</B><BR>
<U><B>AMENDMENTS</B></U>



<P align="left" style="font-size: 10pt"><B>11.1 </B><U><B>Without Consent of Holders.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Trustee (or any successor trustee or Trustee appointed in compliance with
this Indenture) may amend this Indenture or the Securities by way of supplemental indenture without
the consent of any Securityholder:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to cure any ambiguity, defect or inconsistency <I>provided</I>, <I>however</I>, that the amendment to
cure any ambiguity, defect or inconsistency does not adversely affect the rights of any Holder;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to provide for the succession of another person to the Company or the Trustee, or
successive successions, and the assumption by the successor person of the covenants, agreements and
obligations of the Company or the Trustee, as the case may be, in compliance with Article&nbsp;6,
Article&nbsp;9 or Section&nbsp;12.16 as the case may be;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to add to the convenants or obligations of the Company hereunder or to surrender any
right, power or option herein conferred upon the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to make any change to comply with any Canadian federal or provincial Trust Indenture
Legislation; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;make any other change that does not adversely affect the rights of any Holder.


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<P align="left" style="font-size: 10pt"><B>11.2 </B><U><B>With Consent of Holders.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section&nbsp;11.1 above, neither the Company nor the Trustee may amend or
modify this Indenture or the Securities by way of supplemental indenture unless an Extraordinary
Resolution relating to such amendment or modification is passed or decided by an affirmative vote
at a meeting of Securityholders duly held in accordance with Article&nbsp;13 of this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Holders under this Section&nbsp;11.2 to approve
the particular form of any proposed amendment, but it shall be sufficient if such consent approves
the substance thereof.


<P align="left" style="font-size: 10pt"><B>11.3 </B><U><B>Compliance with Trust Indenture Legislation.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every supplemental indenture executed pursuant to this Article&nbsp;11 shall comply with Trust
Indenture Legislation as then in effect.


<P align="left" style="font-size: 10pt"><B>11.4 </B><U><B>Revocation and Effect of Consents, Waivers and Actions.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at its option by delivery of an Officers&#146; Certificate to the Trustee set a
record date to determine the Holders entitled to give any consent, request, demand, authorization,
direction, notice, waiver or other act. Such record date shall be the record date specified in such
Officers&#146; Certificate which shall be a date not more than 30&nbsp;days prior to the first solicitation
of Holders in connection therewith. If such a record date is fixed, such consent, request, demand,
authorization, direction, notice, waiver or other act may be given before or after such record
date, but only the Holders of record at the close of business on such record date shall be deemed
to be Holders for the purpose of determining whether the Holders of the requisite proportion of
Securities have authorized or agreed or consented to such consent, request, demand, authorization,
direction, notice, waiver, or other act, and for that purpose the Securities shall be computed as
such record date; <I>provided </I>that no such consent, request, demand, authorization, direction, notice,
waiver or other act by the Holders on such record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than one year after the
record date.


<P align="left" style="font-size: 10pt"><B>11.5 </B><U><B>Notation on or Exchange of Securities.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article&nbsp;11 may, and shall, if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, replacement Securities so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and executed by the
Company and authenticated and delivered by the Trustee in exchange for outstanding Securities.


<P align="left" style="font-size: 10pt"><B>11.6 </B><U><B>Trustee to Sign Supplemental Indentures.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall sign any supplemental indenture authorized pursuant to this Article&nbsp;11 if
the amendment contained therein does not adversely affect the rights, duties, liabilities or


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">immunities of the Trustee. If it does, the Trustee may, but need not, sign such supplemental
indenture. In signing any supplemental indenture the Trustee shall be entitled to receive, and
(subject to Trust Indenture Legislation) shall be fully protected in relying upon, an Officers&#146;
Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by
this Indenture.



<P align="left" style="font-size: 10pt"><B>11.7 </B><U><B>Effect of Supplemental Indentures.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of any supplemental indenture under this Article&nbsp;11, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.


<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;12</B><BR>
<U><B>CONVERSION</B></U>



<P align="left" style="font-size: 10pt"><B>12.1 </B><U><B>Conversion Rights.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder of a Security may convert such Security into Common Shares at any time on or prior to
the close of business on Maturity in accordance with this Article&nbsp;12, <I>provided </I>that, if a Security
is called for redemption pursuant to a Redemption Notice, the Holder is entitled to convert it at
any time before the close of business on the last Business Day prior to the Redemption Date. A
Security in respect of which a Holder has delivered a Change of Control Purchase Notice accepting a
Change of Control Offer may be converted only if the Change of Control Purchase Notice is withdrawn
by a written notice of withdrawal delivered by the Holder to the Paying Agent prior to the close of
business on the Change of Control Date, in accordance with the terms of Article&nbsp;8.


<P align="left" style="font-size: 10pt"><B>12.2 </B><U><B>Conversion Rate.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of Common Shares issuable upon conversion of a Security into Common Shares (the
&#147;<B>Conversion Rate</B>&#148;) shall be 15.3846153846 shares per $1,000 Principal Amount of Securities. The
Conversion Rate is subject to adjustment upon the occurrence of events described in this Article.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder may elect to convert a portion of the Principal Amount of a Security if the portion
is $1,000 or an integral multiple of $1,000. Provisions of this Indenture that apply to conversion
of all of a Security also apply to conversion of a portion of a Security.


<P align="left" style="font-size: 10pt"><B>12.3 </B><U><B>Conversion Procedure.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Holder of a Security desiring to convert such Security in whole or in part into Common
Shares shall surrender such Security to the Conversion Agent at either of its principal offices in
Winnipeg, Manitoba or Toronto, Ontario together with notice (in the form attached to the Security)
that the Holder is exercising the right to convert such Security in accordance with the provisions
of this Article. Thereupon such Securityholder or, subject to payment of all applicable stamp or
security transfer taxes or other governmental charges and compliance with all reasonable
requirements of the Conversion Agent, the Securityholder&#146;s nominee(s) or


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<P align="left" style="font-size: 10pt">assignee(s) shall be entitled to be entered in the books of the Company as at the Conversion
Date as the holder of the number of Common Shares into which such Security is convertible in
accordance with the provisions of this Article and, as soon as practicable thereafter, the Company
shall deliver to such Securityholder or, subject as aforesaid, the Securityholder&#146;s nominee(s) or
assignee(s), a certificate or certificates for such Common Shares and make or cause to be made any
payment of interest to which such holder is entitled in accordance with Section&nbsp;12.3(e) hereof.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;For the purposes of this Article, a Security shall be deemed to be received on the date
(the &#147;<B>Conversion Date</B>&#148;) on which it is received by the Conversion Agent at one of its offices
specified in Section&nbsp;12.3(a); <I>provided that </I>no Security shall be surrendered for conversion on a
day on which the stock transfer books of the Company shall be closed. The person or persons
entitled to receive Common Shares shall become the holder or holders of record of such Common
Shares as at the date on which such stock transfer books shall be next reopened.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any part, being $1,000 or an integral multiple thereof, of a Security in a denomination in
excess of $1,000 may be converted as provided in this Article and all references in this Indenture
to conversion of Securities shall be deemed to include conversion of such part.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Upon a holder of any Security exercising the right of conversion in respect of only a part
of the Security and surrendering such Security to the Trustee in accordance with Section&nbsp;12.3(a),
the Trustee shall cancel the same and shall without charge forthwith certify and deliver to the
holder a new Security or Securities in an aggregate Principal Amount equal to the unconverted part
of the Principal Amount of the Security so surrendered or, with respect to a Global Security, the
Depository shall make notations on the Global Security of the Principal Amount thereof so
converted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Subject to the following sentence, the holder of a Security surrendered for conversion in
accordance with this Section&nbsp;12.3 shall not be entitled to receive accrued and unpaid interest from
the latest Interest Payment Date up to and including the Conversion Date. If a Redemption Notice
has been delivered with respect to such Security at any time prior to the Conversion Date, the
Securityholder shall be entitled to receive all accrued and unpaid interest on the Security up to,
but excluding, the Conversion Date. Common Shares issued upon such conversion shall rank only in
respect of distributions or dividends declared in favour of holders of record on and after the
Conversion Date or such later date as such holder shall become the holder of record of such Common
Shares pursuant to Section&nbsp;12.3(b), from which applicable date they will for all purposes be and be
deemed to be issued and outstanding as fully paid and non-assessable Common Shares.


<P align="left" style="font-size: 10pt"><B>12.4 </B><U><B>Fractional Shares.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not issue a fractional Common Share upon conversion of a Security. Instead,
the Company will deliver cash for the Current Market Price of the fractional Common Share, which
shall be determined by multiplying the Current Market Price on (a)&nbsp;if the Conversion Date is a
Trading Day, the Conversion Date or (b)&nbsp;if the Conversion Date is not a


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Trading Day, the last Trading Day prior to the Conversion Date, of a full share by the
fractional amount and rounding the product to the nearest whole cent, one-half cent being rounded
upward.



<P align="left" style="font-size: 10pt"><B>12.5 </B><U><B>Transfer Taxes on Conversion.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Holder converts a Security into Common Shares, the Company, rather than the Holder, shall
be responsible for the payment of any documentary, stamp or similar issue or transfer tax due on
the issuance of any Common Shares upon such conversion. However, the Holder shall pay any such tax
that is due because the Holder requests the Common Shares to be issued in a name other than the
Holder&#146;s name. The Conversion Agent may refuse to deliver the certificates representing the Common
Shares being issued in a name other than the Holder&#146;s name until the Conversion Agent receives a
sum sufficient to pay any tax that will be due because the shares are to be issued in a name other
than the Holder&#146;s name. Nothing herein shall preclude the remittance by the Company of any income
tax or other withholding required by law or regulations.


<P align="left" style="font-size: 10pt"><B>12.6 </B><U><B>Provisions of Common Shares.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall, prior to issuance of any Securities hereunder, and from time to time as may
be necessary, reserve out of its authorized but unissued Common Shares a sufficient number of
Common Shares to permit the conversion of the Securities into Common Shares. All Common Shares
delivered upon conversion of the Securities shall be duly authorized, validly issued, fully paid
and non-assessable and shall be free from pre-emptive rights and free of any lien or adverse claim.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will use its best efforts to cause prompt compliance with all Canadian federal and
provincial securities laws regulating the offer and delivery of Common Shares upon conversion of
Securities, if any, and shall cause to be listed and posted for trading such Common Shares on each
securities exchange on which the Common Shares are then listed.


<P align="left" style="font-size: 10pt"><B>12.7 </B><U><B>Adjustment for Change in Capital Stock.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after the Issue Date, the Company:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;subdivides its outstanding Common Shares into a greater number of shares or consolidates
its outstanding Common Shares into a smaller number of shares; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;distributes Common Shares to all holders of Common Shares by way of dividend,
distribution or otherwise (other than an issue of Common Shares to holders of Common Shares who
have elected to receive distributions in Common Shares in lieu of receiving cash dividends),

<P align="left" style="font-size: 10pt">then the Conversion Rate in effect immediately prior to such event shall be adjusted so that it
shall equal the rate determined by multiplying the Conversion Rate in effect on the date
immediately preceding the effective date or record date, as applicable, of such event by a
fraction, the numerator of which shall be the total number of Common Shares outstanding immediately
<I>after </I>giving effect to such event and the denominator of which shall be the total



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<P align="left" style="font-size: 10pt">number of Common Shares outstanding on such date <I>before </I>giving effect to any event referred to in
either (a)&nbsp;or (b)&nbsp;above.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adjustment shall become effective immediately after the record date in the case of a
dividend or distribution and immediately after the effective date in the case of a subdivision or
consolidation.


<P align="left" style="font-size: 10pt"><B>12.8 </B><U><B>Adjustment for Rights Issue.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall, while any of the Securities are outstanding, issue options, rights or
warrants to, or share acquisition plans of any kind for, (collectively, <B>&#147;Options or Rights&#148;</B>)
holders of its Common Shares entitling them (for a period expiring within 45&nbsp;days after the record
date mentioned below) to subscribe for or purchase or otherwise acquire Common Shares or securities
convertible into Common Shares at a price per share less than the Current Market Price on the
record date related to such issuance, the Conversion Rate shall be adjusted so that the same shall
equal the rate determined by multiplying the Conversion Rate in effect immediately prior to such
record date by a fraction of which the numerator shall be the number of Common Shares outstanding
at the close of business on such record date plus the number of additional Common Shares offered
for subscription or purchase, and of which the denominator shall be the number of Common Shares
outstanding at the close of business on such record date plus the number of Common Shares which the
aggregate offering price of the total number of Common Shares so offered for subscription or
purchase would purchase at the Current Market Price on such record date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such adjustment shall become effective immediately after the record date for the determination
of shareholders entitled to receive such Options or Rights.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any Options or Rights referred to in this Section&nbsp;12.8, in respect of which an
adjustment shall have been made, expire unexercised, the Conversion Rate applicable to Securities
that have not been converted or surrendered for conversion into Common Shares prior to the date of
such expiration shall be readjusted at the time of such expiration to the Conversion Rate that
would have been in effect if no adjustment had been made on account of the distribution or issuance
of such expired Options or Rights. In determining whether any Options or Rights entitle the
holders to subscribe for or purchase Common Shares at less than such Current Market Price, and in
determining the aggregate offering price of such Common Shares, there shall be taken into account
the fair market value of any consideration received by the Company for such Options or Rights (the
fair market value of any non-cash consideration to be determined in good faith by the Board of
Directors, whose determination shall be conclusive, binding and described in a Board Resolution).


<P align="left" style="font-size: 10pt"><B>12.9 </B><U><B>Adjustment for Distributions In Kind.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall fix a record date for distribution, by dividend or otherwise, to all
holders of its Common Shares evidences of its indebtedness, shares of any class, securities, cash
or assets (excluding (a)&nbsp;Common Shares, (b)&nbsp;any Options or Rights, (c)&nbsp;any dividend or distribution
paid exclusively in cash) (such evidences of indebtedness, shares, securities, cash or assets being
herein referred to as &#147;<B>Distributed Property</B>&#148;), the Conversion Rate shall be


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<P align="left" style="font-size: 10pt">adjusted so that the same shall equal the rate determined by multiplying the Conversion Rate
in effect immediately prior to the close of business on the date fixed for the determination of
shareholders entitled to such distribution (the &#147;<B>Reference Date</B>&#148;) by a fraction of which the
numerator shall be the total number of Common Shares outstanding on the Reference Date multiplied
by the Current Market Price on the Reference Date and the denominator shall be: (i)&nbsp;the product of
total number of Common Shares outstanding on the Reference Date multiplied by the Current Market
Price on the Reference Date minus (ii)&nbsp;the fair market value (as determined in good faith by the
Board of Directors, whose determination shall be conclusive, binding and described in a Board
Resolution) of the Distributed Property on the Reference Date.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such adjustment shall become effective immediately prior to the opening of business on the
Business Day following the Reference Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that such dividend or distribution is not so paid or made, the Conversion Rate
shall be readjusted to be the Conversion Rate which would then be in effect if such dividend or
distribution had not been declared.


<P align="left" style="font-size: 10pt"><B>12.10 </B><U><B>Adjustment for Cash Distributions.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall fix a record date for the payment or making of a dividend or other
distribution on its Common Shares exclusively in cash to all holders of Common Shares, excluding:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any dividend or distribution in connection with the liquidation, dissolution or winding
up of the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;prior to October&nbsp;1, 2008, any quarterly cash dividend on the Common Shares to the extent
that the aggregate cash dividend per Common Share in any fiscal quarter does not exceed the greater
of: (i)&nbsp;the amount per Common Share of the preceding quarterly cash dividend on the Common Shares
to the extent that such quarterly dividend did not require an adjustment of the Conversion Rate
pursuant to this clause, as adjusted to reflect subdivisions or consolidations of the Common Shares
and (ii)&nbsp;0.375% of the Current Market Price of the Common Shares on the declaration date of the
dividend (any such excess amount, calculated on a per Common Share basis, being the <B>&#147;Excess
Distribution Amount&#148; </B>); and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;on or after October&nbsp;1, 2008, dividend or distribution in an aggregate amount that when
combined with all other cash dividends and distributions made within the preceding one year period
do not exceed 5% of the product of the Current Market Price of the Common Shares multiplied by the
number of Common Shares then outstanding on the date fixed for the determination of shareholders
entitled to receive the dividend or distribution;

<P align="left" style="font-size: 10pt">the Conversion Rate shall be adjusted as provided in this Section&nbsp;12.10.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a dividend or a distribution made prior to October&nbsp;1, 2008, for which the
Conversion Rate must be adjusted under this Section&nbsp;12.10, the Conversion Rate shall be increased
so that the same shall equal the rate determined by multiplying the Conversion Rate in effect on
the applicable record date by a fraction, (a)&nbsp;the numerator of which shall be the


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<P align="left" style="font-size: 10pt">Current Market Price on such record date; and (b)&nbsp;the denominator of which shall be the
Current Market Price on such record date less the Excess Distribution Amount.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a dividend or a distribution made on or after October&nbsp;1, 2008 for which the
Conversion Rate must be adjusted under this Section&nbsp;12.10, the Conversion Rate shall be increased
so that the same shall equal the rate determined by multiplying the Conversion Rate in effect on
the applicable record date by a fraction, (a)&nbsp;the numerator of which shall be the Current Market
Price on such record date; and (b)&nbsp;the denominator of which shall be the sum of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>the Current Market Price on such record date, less the amount of such
dividend or distribution, including all other cash dividends and distributions made
within the preceding one year period, as applicable to one Common Share; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>the amount equal to the greater of: (A)&nbsp;the aggregate amount per Common
Share of the preceding four quarterly cash dividends on the Common Shares to the
extent that such quarterly dividends would not have required a Conversion Rate
adjustment if Section&nbsp;12.10(b) was still applicable, as adjusted to reflect
subdivisions or consolidations of the Common Shares and (B)&nbsp;1.5% of the Current
Market Price on such record date.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such dividend or distribution is not so paid or made, the Conversion Rate shall again be
adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such adjustment shall become effective immediately prior to the opening of business on the day
following such record date.


<P align="left" style="font-size: 10pt"><B>12.11 </B><U><B>Adjustment for Issuer Bid.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an issuer bid or a tender or exchange offer made by the Company or a Subsidiary for all or
any portion of the Common Shares shall expire and such issuer bid or tender or exchange offer shall
require the payment by the Company or a Subsidiary of cash or other consideration (based on the

acceptance of all Common Shares validly tendered or exchanged and not withdrawn up to any maximum
specified in the terms of the issuer bid or tender or exchange offer, such shares, up to such
maximum, the &#147;<B>Purchased Shares</B>&#148;) having a fair market value (as determined in good faith by the
Board of Directors, whose determination shall be conclusive and described in a Board Resolution)
(the &#147;<B>FMV</B>&#148;) that, when combined with the aggregate of:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any cash and the fair market value of other consideration (as determined in good faith by
the Board of Directors, whose determination shall be conclusive and described in a Board
Resolution) as of the expiration of such issuer bid, tender, or exchange offer payable in respect
of an issuer bid or a tender or exchange offer by the Company or a Subsidiary for Common Shares
concluded within the preceding 12&nbsp;months which did not trigger an adjustment to the Conversion
Rate, and


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the amount of any dividends or other distributions made by the Company to all holders of
Common Shares made exclusively in cash and made within the 12&nbsp;months preceding such issuer bid or
tender or exchange offer which did not trigger an adjustment to the Conversion Rate pursuant to
Section&nbsp;12.10,

<P align="left" style="font-size: 10pt">exceeds 10% of the product of the Current Market Price, multiplied by the number of Common Shares
then outstanding, the Conversion Rate shall be adjusted so that it shall equal the rate determined
by multiplying the Conversion Rate in effect immediately prior to the Expiration Time by a
fraction, of which the numerator shall be the sum of: (a)&nbsp;FMV and (b)&nbsp;the product of the number of
Common Shares outstanding (less the Purchased Shares) and the Current Market Price at the
Expiration Time, and of which the denominator shall be the product of the number of Common Shares
outstanding (including any Purchased Shares) at the Expiration Time and the Current Market Price as
of the Expiration Time. &#147;<B>Expiration Time</B>&#148; means the last time issuer bids, tender or exchanges
could have been made pursuant to such issuer, tender or exchange offer.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such adjustment shall become effective immediately prior to the opening of business on the
next Trading Day immediately following the Expiration Time. If (a)&nbsp;no Common Shares are validly
accepted in such issuer bid, tender or exchange offer or (b)&nbsp;the Company is obligated to purchase
Common Shares pursuant to any such issuer bid, tender or exchange offer, but the Company is
permanently prevented by the applicable law from effecting any such purchases or all such purchases
are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate which would
then be in effect if such issuer bid, tender or exchange offer had not been made.


<P align="left" style="font-size: 10pt"><B>12.12 </B><U><B>When Adjustment May be Deferred.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No adjustments in the Conversion Rate need be made unless the cumulative effect of such
adjustments would require an increase or decrease of at least 1&nbsp;percent (<I>e.g.</I>, if the Conversion
Rate is 4, an increase or decrease of .04 (one percent of 4)) in the Conversion Rate. Any
adjustments that are not made shall be carried forward and taken into account in any subsequent
adjustment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All calculations under this Article&nbsp;12 shall be made to the nearest cent or to the nearest
1/1,000,000,000 of a share, as the case may be, with one-half of a cent and
5,000,000,000/10,000,000,000 of a share being rounded upwards.


<P align="left" style="font-size: 10pt"><B>12.13 </B><U><B>When No Adjustment Required.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No adjustment in the Conversion Rate need be made for a transaction referred to in Section
12.7(b), 12.8, 12.9, 12.10 or 12.11 if the Company determines that the Securityholders are
permitted to participate in the transaction (subject to the prior consent of the TSX and any other
exchange the Securities are listed on) on a basis and with notice that the Board of Directors
determines is fair and appropriate in light of the basis on which holders of Common Shares
participate in the transaction; the Board&#146;s determination shall be conclusive and binding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No adjustment in the Conversion Rate need be made for rights to purchase Common Shares
pursuant to a Company plan for reinvestment of dividends or interest or on account of


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<P align="left" style="font-size: 10pt">the granting or exercise of options under the Company&#146;s stock option plan or plans from time
to time.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No adjustment of the Conversion Rate will result in zero or a negative number.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a Holder becomes entitled to receive cash pursuant to the terms of Section
12.9, 12.10 or 12.16 no adjustment need be made thereafter as to the cash. Interest will not
accrue on the cash.


<P align="left" style="font-size: 10pt"><B>12.14 </B><U><B>Notice of Adjustment.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Conversion Rate is adjusted, the Company shall file with the Trustee and the
Conversion Agent a notice of such adjustment and a certificate from the Company&#146;s auditors briefly
stating the facts requiring the adjustment and the manner of computing it. The Trustee will
promptly mail such notice to Securityholders, at the Company&#146;s expense. The certificate shall be
conclusive evidence that the adjustment is correct. Neither the Trustee nor the Conversion Agent
shall be under any duty or responsibility with respect to any such certificate except to exhibit
the same to any Holder desiring inspection thereof.


<P align="left" style="font-size: 10pt"><B>12.15 </B><U><B>Notice of Certain Transactions.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Company takes any action that would require an adjustment in the Conversion Rate
pursuant to Section&nbsp;12.7, 12.8, 12.9, 12.10 and 12.11 (unless no adjustment is to occur pursuant to
Section&nbsp;12.13); or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Company takes any action that would require a supplemental indenture pursuant to
Section&nbsp;12.16 or 12.18; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;there is a liquidation or dissolution of the Company;

<P align="left" style="font-size: 10pt">then the Company shall file with the Trustee (who shall mail such notice to Securityholders) and
the Conversion Agent a notice stating the proposed record date for a dividend, distribution or
issuance or the proposed effective date of an issuer bid, exchange or tender offer, a subdivision,
recapitalization, reclassification, change, consolidation, amalgamation, merger, combination,
compulsory share exchange, sale, transfer, lease, liquidation or dissolution. The Company shall
file such notice, and cause the Trustee to mail such notice, at least 15&nbsp;days before such date.
Failure to file or mail the notice or any defect in it shall not affect the validity of the
transaction.



<P align="left" style="font-size: 10pt"><B>12.16 </B><U><B>Effect of Reclassification, Consolidation, Amalgamation, Merger or Sale.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the following events occur, namely


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any recapitalization or reclassification or change of the outstanding Common Shares (other
than a subdivision or combination to which Section&nbsp;12.7 applies);


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any consolidation, amalgamation, merger or combination of the Company with, or merger of
the Company into, another Person, or any merger of another Person into the Company, as a result of
which holders of Common Shares shall be entitled to receive stock, other securities or other
property or assets (including cash) with respect to or in exchange for such Common Shares;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any sale, transfer or lease of all or substantially all of the properties and assets of
the Company to any other Person; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;compulsory share exchange as a result of which holders of Common Shares shall be entitled
to receive stock, other securities or other property or assets (including cash) with respect to or
in exchange for such Common Shares, (a &#147;<B>Transaction</B>&#148;)

<P align="left" style="font-size: 10pt">then the Company or the successor or purchasing Person, as the case may be, shall execute with the
Trustee a supplemental indenture providing that the Security shall be convertible into the kind and
amount of shares or other securities or property or assets (including cash) receivable upon such
Transaction by a holder of Common Shares (assuming, for such purposes, a sufficient number of
authorized Common Shares are available to convert all such Securities) immediately prior to such
Transaction assuming such holder of Common Shares (a)&nbsp;is not a person with which the Company
consolidated or into which the Company merged or which merged into the Company or to which such
sale or transfer was made, as the case may be (a &#147;<B>Constituent Person</B>&#148;), or an Affiliate of a
Constituent Person, and (b)&nbsp;failed to exercise such person&#146;s rights of election, if any, as to the
kind or amount of securities, cash or other property receivable upon such Transaction (<I>provided</I>
that, if the kind or amount of securities, cash or other property receivable upon such Transaction
is not the same for each Common Share in respect of which such rights of election shall not have
been exercised (&#147;<B>Non-Electing Share</B>&#148;)), then for the purposes of this Section&nbsp;12.16 the kind and
amount of securities, cash or other property receivable upon such Transaction for each Non-Electing
Share shall be deemed to be the kind and amount so receivable per share by the holders of a
plurality of the Non-Electing Shares. Such supplemental indenture shall provide for adjustments
which, for events subsequent to the effective date of such supplemental indenture, shall be as
nearly equivalent as may be practicable to the adjustments provided for in this Article&nbsp;12. The
above provisions of this Section&nbsp;12.16 shall similarly apply to successive Transactions.
Securityholders will have no voting rights with respect to any Transaction described in this
Section. Notice of the execution of such a supplemental indenture shall be given by the Company to
the Holder of each Security as provided in Section&nbsp;14.2 promptly upon such execution.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Trustee, any Paying Agent nor any Conversion Agent shall be under any
responsibility to determine the correctness of any provisions contained in any such supplemental
indenture relating either to the kind or amount of shares of stock or other securities or property
or cash receivable by Holders of Securities upon the conversion of their Securities after any such
Transaction or to any such adjustment, but may accept as conclusive evidence of the correctness of
any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect
thereto, which the Company shall cause to be furnished to the Trustee.


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<P align="left" style="font-size: 10pt"><B>12.17 </B><U><B>Deferred Adjustment for Special Distributions.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company makes a dividend or distribution contemplated by Section&nbsp;12.8, 12.9 or 12.10 to
all holders of its Common Shares of any of its assets, cash or debt securities or any rights,
warrants or options to purchase securities of the Company and the fair market value (as determined
in good faith by the Board of Directors, whose determination shall be conclusive and described in a
Board Resolution) of the portion of the assets, debt securities or rights, warrants or options to
purchase securities of the Company distributed to shareholders of the Company exceeds on a per
Common Share basis the Current Market Price by less than $0.50 or where the Current Market Price
exceeds the fair market value (as determined above) of such portion of assets, debt securities or
rights, warrants or options so distributed by less than $0.50, then, there shall be no adjustment
to the Conversion Rate and in lieu thereof, from and after the record date for determining the
holders of Common Shares entitled to receive the distribution immediately after conversion, a
Holder of a Security who elects to convert such Security in accordance with the provisions of this
Indenture shall be entitled to receive as a distribution, in addition to the Common Shares issuable
on the conversion, the kinds and amounts of securities, cash or other assets comprising the
distribution that such Holder would have received if such Holder had converted the Security
immediately prior to the record date for determining the holders of Common Shares entitled to
receive the distribution.


<P align="left" style="font-size: 10pt"><B>12.18 </B><U><B>Overriding Limitation on Conversion Right.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Sections&nbsp;12.16 and 12.17, if any of the events referred to
in such sections occur on or before October&nbsp;1, 2008:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;and, as a result of which, holders of Common Shares would be entitled to receive any
stock, other securities or other property or assets (including cash), other than securities
prescribed for purposes of section 212(1)(b)(vii)(E) of the <I>Income Tax Act </I>(Canada) (&#147;<B>Prescribed
Securities</B>&#148;), with respect to or in exchange for such Common Shares (other than any such event (a
&#147;<B>Cash-Out Transaction</B>&#148;) in which all or substantially all of the Common Shares are exchanged for
(i)&nbsp;cash or (ii)&nbsp;securities which are redeemable for cash within 60&nbsp;days of their issue or (iii)
any combination of (i)&nbsp;and (ii)) then the Company or the successor, as the case may be, shall
execute with the Trustee a supplemental indenture providing that in respect of any Securities
surrendered for conversion following such event and on or before October&nbsp;1, 2008, the Securities
shall be convertible into the Prescribed Securities of a type specified by the Board of Directors
and identified in the supplemental indenture referred to in clause (c)&nbsp;below and the Conversion
Rate shall be adjusted so that the kind and amount of Prescribed Securities into which each
Security is convertible immediately following such event shall be equivalent in value (as
determined by the Board of Directors whose determination shall be conclusive and binding) to the
value of the property a Holder of the Security would have been entitled to receive had the Holder
converted the Security to Common Shares immediately prior to such event and, in the circumstances
contemplated by this Section&nbsp;12.18, no Holder shall have the right upon the surrender of Securities
for conversion on or before October&nbsp;1, 2008 to the property which holders of Common Shares shall be
entitled to receive as a result of such event;


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;if the event is a Cash-Out Transaction, then without any further act or formality, the
Securities shall cease to be convertible from the effective time of the Cash-Out Transaction.
Nothing in this Section&nbsp;12.18 shall limit the right of a Holder of a Security to surrender the
Security for conversion pursuant to the terms of this Indenture prior to the effective time of a
Cash-Out Transaction or to tender the Security to a Change of Control Notice pursuant to the terms
of this Indenture; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;where Section&nbsp;12.18(a) applies, the Trustee and the Company shall execute a supplemental
indenture modifying the provisions of this Indenture relating to the conversion rights applicable
to the Securities following such event, including without limitation the applicable provisions of
this Article and the definition of Common Shares and such other related definitions set forth
herein as determined in good faith by the Company (which determination shall be conclusive and
binding), and to make such provisions apply in the event of a subsequent event similar to the event
described above to the Prescribed Securities and the issuer thereof if different from the Company
and the Common Shares (in lieu of the Company and Common Shares).


<P align="left" style="font-size: 10pt"><B>12.19 </B><U><B>Company Determination Final.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any determination that the Company or the Board of Directors must make pursuant to this
Article&nbsp;12 shall be conclusive.


<P align="left" style="font-size: 10pt"><B>12.20 </B><U><B>Trustee&#146;s Adjustment Disclaimer.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee has no duty to determine when an adjustment under this Article&nbsp;12 should be made,
how it should be made or what it should be. The Trustee has no duty to determine whether a
supplemental indenture under Section&nbsp;12.16 need be entered into or whether any provisions of any
supplemental indenture are correct. The Trustee shall not be accountable for and make no
representation as to the validity or value of any securities or assets issued upon conversion of
Securities. The Trustee shall not be responsible for the Company&#146;s failure to comply with this
Article&nbsp;12. The Conversion Agent (other than the Company or an Affiliate of the Company) shall
have the same protection under this Section&nbsp;12.20 as the Trustee.


<P align="left" style="font-size: 10pt"><B>12.21 </B><U><B>Simultaneous Adjustments.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Article&nbsp;12 requires adjustments to the Conversion Rate under more than one of Section
12.7, 12.8, 12.9, 12.10 and 12.11, and the record dates for the distributions giving rise to such
adjustments will occur on the same date, then such adjustments shall be made by applying, first,
the provisions of Section&nbsp;12.7, second, the provisions of Section&nbsp;12.9, third, the provisions of
Section&nbsp;12.8 fourth, the provisions of Section&nbsp;12.10 and fifth, the provisions of Section&nbsp;12.11.


<P align="left" style="font-size: 10pt"><B>12.22 </B><U><B>Successive Adjustments.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After an adjustment to the Conversion Rate under this Article&nbsp;12, any subsequent event
requiring an adjustment under this Article&nbsp;12 shall cause an adjustment to the Conversion Rate as
so adjusted.


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<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;13</B><BR>
<U><B>MEETING OF SECURITYHOLDERS</B></U>



<P align="left" style="font-size: 10pt"><B>13.1 </B><U><B>Convening of Meetings</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee or the Company may at any time and from time to time, and the Trustee shall on
requisition in writing made by the Company or by the holders of at least 25% of the principal
amount of the Securities and upon receiving sufficient funds and an indemnity satisfactory to the
Trustee, convene a meeting of Securityholders. If the Trustee fails to convene a meeting after
requisition made as aforesaid the Company or the holders of at least 25% of the principal amount of
the Securities, as the case may be, may convene such meeting. Every such meeting shall be held at
Saskatoon, Saskatchewan or at such other place as the Trustee may approve.


<P align="left" style="font-size: 10pt"><B>13.2 </B><U><B>Notice</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 21&nbsp;days&#146; previous notice of any meeting shall be given to the Securityholders and
such notice shall state the time when and the place where the meeting is to be held and shall set
out the general nature of the business to be transacted thereat. The notice shall be given in the
manner provided in Article&nbsp;14 hereof, and a copy thereof shall be sent by prepaid ordinary mail to
the Trustee unless the meeting has been called by it and to the Company unless the meeting has been
called by it. A Securityholder may waive notice of a meeting either before or after the meeting.


<P align="left" style="font-size: 10pt"><B>13.3 </B><U><B>Quorum</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;13.5 and 13.12 hereof, a quorum at any meeting of the
Securityholders shall consist of Securityholders present in person or by proxy and representing at
least 25% in principal amount of the Securities. The chairman of any such meeting at which a
quorum exists may, with the consent of the holders of a majority in principal amount of the
Securities present or represented by proxy thereat, adjourn any such meeting and no notice of such
adjourned meeting need be given except such notice, if any, as the meeting so adjourned may
prescribe.


<P align="left" style="font-size: 10pt"><B>13.4 </B><U><B>Chairman</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some person nominated by the Trustee, who need not be a Securityholder, shall be chairman of
the meeting.


<P align="left" style="font-size: 10pt"><B>13.5 </B><U><B>Procedure When Quorum Not Present</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a quorum of the Securityholders shall not be present within half an hour after the time
fixed for holding any meeting, the meeting, if convened by or on the requisition of
Securityholders, shall be dissolved, but in any other case the meeting shall be adjourned to the
same day in the next week (unless such day is a non-Business Day in which case it shall be
adjourned to the following Business Day) at the same time and place and no notice shall be required
to be given in respect of such adjourned meeting. If at the adjourned meeting a


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<P align="left" style="font-size: 10pt">quorum be not present, the Securityholders then
present or represented by proxy shall constitute a quorum for the transaction of the business for
which the meeting was convened.



<P align="left" style="font-size: 10pt"><B>13.6 </B><U><B>Show of Hands</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every question submitted to a meeting shall be decided in the first place by a majority of the
votes given on a show of hands except that votes on Extraordinary Resolutions shall be taken in the
manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein
provided, a declaration by the chairman that a resolution has been carried or carried unanimously
or by a particular majority or lost or not carried by a particular majority shall be conclusive
evidence of the fact.


<P align="left" style="font-size: 10pt"><B>13.7 </B><U><B>Poll</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On every Extraordinary Resolution, and on any other question submitted to a meeting when
demanded by the chairman or by one or more Securityholders or proxies for Securityholders, a poll
shall be taken in such manner and either at once or after an adjournment, as the chairman shall
direct. Questions other than Extraordinary Resolutions shall, if a poll be taken, be decided by
the votes of the holders of a majority in principal amount of the Securities represented at the
meeting and voted on the poll.


<P align="left" style="font-size: 10pt"><B>13.8 </B><U><B>Voting</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a show of hands every person who is present and entitled to vote, whether as a
Securityholder or as proxy for one or more Securityholders or both, shall have one vote. On a poll
each Securityholder present in person or represented by proxy duly appointed by an instrument in
writing shall be entitled to one vote in respect of each $1,000 principal amount of Securities of
which the person shall then be the holder. A proxy holder need not be a Securityholder. In the
case of joint holders of a Debenture, any one of them present in person or by proxy at the meeting
may vote in the absence of the other or others; but in case more than one of them be present in
person or by proxy, they shall vote together in respect of the Securities of which they are joint
holders.


<P align="left" style="font-size: 10pt"><B>13.9 </B><U><B>Proxies</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Securityholder may be present and vote at any meeting of Securityholders by an authorized
representative. The Company, if it has convened the meeting or the Trustee in any other case (for
the purpose of enabling the Securityholders to be present and vote at any meeting without producing
their Securities, and of enabling them to be present and vote at any such meeting by proxy and of
lodging instruments appointing such proxies at some place other than the place where the meeting is
to be held) may from time to time make and vary such regulations as it shall think fit providing
for any or all of the following matters:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the form of the instrument of proxy and the manner in which the same shall be executed and
the production of the authority of any person signing on behalf of a Securityholder;


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the deposit of such certificates and/or instruments of proxy at such place as the Trustee
(or the Company in case the meeting is convened by it) may in the notice convening the meeting
direct, and the time before the holding of the meeting, or adjourned meeting, when the same shall
be deposited; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the lodging of such certificates and/or instruments of proxy at some place or places other
than the place at which the meeting is to be held and for particulars of such instruments of proxy
to be sent by facsimile or otherwise transmitted before the meeting to the Company or to the
Trustee at the place where the same is to be held, and that instruments of proxy so deposited may
be voted as though the instruments themselves were produced at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any regulations so made shall be binding and effective, and the votes given in accordance
therewith shall be valid and shall be counted.


<P align="left" style="font-size: 10pt"><B>13.10 </B><U><B>Persons Who May Attend</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, the Trustee, and the Securityholders (by their respective employees, officers and
directors where applicable), and the legal advisors of the Company, the Trustee and any
Securityholder, may attend any meeting of the Securityholders.


<P align="left" style="font-size: 10pt"><B>13.11 </B><U><B>Powers Exercisable By Extraordinary Resolution</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to all powers hereinbefore given, a meeting of the Securityholders shall have the
following powers exercisable from time to time, by Extraordinary Resolution only:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;power to direct or authorize the Trustee to grant extensions of time for payment of any
principal or interest on the Securities, whether or not the principal or interest, the payment of
which is extended, is at the time due or overdue;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;power to direct or authorize the Trustee, subject to the Trustee receiving funding and
indemnity, to exercise any power, right, remedy or authority given to it by this Indenture or the
Securities in any manner specified in such Extraordinary Resolution or to refrain from exercising
any such power, right, remedy or authority;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;power to sanction any scheme for the reconstruction, reorganization or recapitalization of
the Company, or for the consolidation, amalgamation or merger of the Company into or with any other
corporation, or for the transferring, selling or leasing of the property or any part thereof of the
Company, when the consent of the holders of Securities may be required thereto;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;power, with the approval of the Company, to sanction the exchange of the Securities for,
or the conversion of the Securities into, shares, securities, mortgage securities, bonds or any
other securities of the Company or any other corporation formed or to be formed;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;power to assent to any compromise or arrangement with any creditor or creditors or any
class or classes of creditors, whether secured or otherwise, and with holders of any shares or
securities of the Company;


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;power to authorize the distribution in specie of any shares or securities received
pursuant to a transaction authorized under the provisions of Section&nbsp;13.11(e);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;power to sanction any modification, abrogation, alteration, compromise or arrangement of
the rights of the Securityholders against the Company, or against its property, whether such rights
shall arise under this Indenture or the Securities or otherwise;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;power to assent to any modification of or change in or omission from or addition to the
provisions contained in this Indenture or in any deed or instrument supplemental hereto which shall
be agreed to by the Company, and to authorize the Trustee to concur in and execute any indenture
supplemental to this Indenture embodying any such modification, change, omission or addition;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;power to restrain any holder of any Securities from taking or instituting any action or
other proceeding for the payment of principal or interest, or for the execution of any trust or
power hereunder, or for the appointment of a liquidator or receiver or for a receiving order under
the <I>Bankruptcy and Insolvency Act </I>(Canada) or to have the Company wound up or for any other remedy
hereunder and to require such holder of any Debenture to waive any default or defaults by the
Company hereunder on which any action or proceeding is founded; and, in case any action or other
proceedings shall have been brought by any holder or holders of any Securities after failure of the
Trustee to act, power to direct such holder or holders and the Trustee to waive the default in
respect of which such action or other proceeding shall have been brought, upon payment of the
costs, charges and expenses incurred in connection therewith, and to stay or discontinue or
otherwise deal with any such action or other proceeding;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;power from time to time to appoint a committee with power and authority (subject to such
limitations, if any, as may be prescribed in the resolution) to exercise on behalf of the
Securityholders such of the powers of the Securityholders exercisable by Extraordinary Resolution
or other resolution as shall be included in such appointment. The resolution making such
appointment may provide for payment of the expenses and disbursements of and remuneration to such
committee and the Trustee. Such committee shall consist of such number of persons as shall be
prescribed in the resolution appointing it, and the members need not be themselves Securityholders.
Every such committee may elect its chairman, and may make regulations respecting its quorum, the
calling of its meetings, the filling of vacancies occurring in its number, and its procedure
generally. Such regulations may provide that the committee may act at a meeting at which a quorum is present or may act by minutes signed by
the number of members thereof necessary to constitute a quorum. All acts of any such committee
within the authority delegated to it shall be binding upon all Securityholders. Neither the
committee nor any member thereof nor the Trustee shall be liable for any loss arising from or in
connection with any action taken or omitted to be taken by them in good faith;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;power to remove the Trustee and to appoint a new Trustee to take the place of the Trustee
so removed; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;power to amend, alter or repeal any Extraordinary Resolution previously passed or
sanctioned by the Securityholders.


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

<P align="left" style="font-size: 10pt"><B>13.12 </B><U><B>Definition of Extraordinary Resolution</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expression &#147;Extraordinary Resolution&#147; when used in this Indenture means a resolution
passed at a meeting of Securityholders duly convened for that purpose and held in accordance with
the provisions herein contained at which the holders of at least 25% of the principal amount of the
Securities are present or represented by proxy and carried by the affirmative vote of the holders
of not less than 66 2/3% of the principal amount of the Securities present or represented by proxy
at the meeting given on a poll.


<P align="left" style="font-size: 10pt"><B>13.13 </B><U><B>Powers Cumulative</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any one or more of the powers and any combination of the powers in this Indenture stated to be
exercisable by the Securityholders by Extraordinary Resolution or otherwise may be exercised from
time to time and the exercise of any one or more of such powers or any combination of them from
time to time shall not be deemed to exhaust the right of the Securityholders to exercise such power
or powers or combination of powers thereafter from time to time.


<P align="left" style="font-size: 10pt"><B>13.14 </B><U><B>Minutes</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes of all resolutions and proceedings at every such meeting shall be made and duly
entered in books to be from time to time provided for that purpose by the Trustee at the expense of
the Company, and any such minutes as aforesaid, if signed by the chairman of the meeting at which
such resolutions were passed or proceedings had, shall be prima facie evidence of the matters
therein stated, and until the contrary is proved every such meeting, in respect of which minutes
shall have been made, shall be deemed to have been duly held and convened, and all resolutions
passed thereat or proceedings had, to have been duly passed and had.


<P align="left" style="font-size: 10pt"><B>13.15 </B><U><B>Instrument In Lieu of Extraordinary Resolution</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Indenture, any resolution or instrument
signed in one or more counterparts by the holders of not less than 66 2/3% in principal amount of the Securities shall have the same force and effect
as an Extraordinary Resolution.


<P align="left" style="font-size: 10pt"><B>13.16 </B><U><B>Evidence of Instruments of Securityholders</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any request, direction, notice, consent or other instrument which this Indenture may
require or permit to be signed or executed by the Securityholders may be in any number of
concurrent instruments of similar tenor signed or executed by such Securityholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee may, in its discretion, require proof of execution in cases where it deems
proof desirable and may accept such proof as it shall consider proper.


<P align="left" style="font-size: 10pt"><B>13.17 </B><U><B>Binding Effect of Resolutions</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every resolution and every Extraordinary Resolution passed at a meeting of the Securityholders
held in accordance with the provisions herein contained shall be binding upon


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">all Securityholders, whether present at or absent from such meeting, and every instrument in writing signed by
Securityholders in accordance with Section&nbsp;13.15 shall be binding upon all the Securityholders,
whether signatories thereto or not, and each and every Securityholder and the Trustee (subject to
Section&nbsp;11.6 and the provisions for its indemnity otherwise herein contained) shall be bound to
give effect thereto accordingly.



<P align="center" style="font-size: 10pt"><B>ARTICLE&nbsp;14</B><BR>
<U><B>MISCELLANEOUS</B></U>



<P align="left" style="font-size: 10pt"><B>14.1 </B><U><B>Trust Indenture Legislation Controls.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture is subject to the provisions of the Trust Indenture Legislation and shall, to
the extent applicable, be governed by such provisions. Without limiting the foregoing, the Trustee
and the Company each agree to comply with all provisions of the Trust Indenture Legislation
applicable to or binding upon each of them in connection with this Indenture.


<P align="left" style="font-size: 10pt"><B>14.2 </B><U><B>Notices.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication shall be in writing and delivered in person or mailed by
first-class mail, postage prepaid, addressed as follows:

<P align="left" style="font-size: 10pt; margin-left: 3%">if to the Company:

<P align="left" style="font-size: 10pt; margin-left: 3%">Cameco Corporation

<P align="left" style="font-size: 10pt; margin-left: 3%">2121 &#150; 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West

<DIV align="left" style="font-size: 10pt; margin-left: 3%">Saskatoon,
Saskatchewan</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%">S7M
1J3</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(306) 956-6312</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-10px">&nbsp;&nbsp;Attention:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice-President,</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Law, Regulatory Affairs and</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt; margin-left: 3%">if to the Trustee:

<P align="left" style="font-size: 10pt; margin-left: 3%">CIBC Mellon Trust Company

<DIV align="left" style="font-size: 10pt; margin-left: 3%">Suite&nbsp;750</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%">One
Lombard Place</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%">Winnipeg,
Manitoba</DIV>

<P align="left" style="font-size: 10pt; margin-left: 3%">R3B 0X3

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax:<BR>
Attention:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(204) 956-2369<BR>
Manager</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company or the Trustee by notice to the others may designate additional or different
addresses for the subsequent notices or communications.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication given to a Securityholder shall be mailed to the Securityholder at
the Securityholder&#146;s address as it appears on the registration books of the Registrar and shall be
sufficiently given if so mailed within the time prescribed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to mail a notice or communication to a Securityholder or any defect in it shall not
affect its sufficiency with respect to other Securityholders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not received by the addressee.
Notices to a Trustee shall be deemed given only upon receipt of such notice by the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company mails a notice or communication to the Securityholders, it shall mail a copy to
the Trustee and each Registrar, Paying Agent, Conversion Agent or co-registrar.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If by reason of the suspension of regular mail service or by reason of any other cause, it
shall be impracticable to mail notice of any event as required by any provision of this Indenture,
then any method of giving such notice as shall be satisfactory to the Trustee shall be deemed to be
sufficient giving of such notice.


<P align="left" style="font-size: 10pt"><B>14.3 </B><U><B>Communication by Holders with Other Holders.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A Securityholder may, upon payment to the Trustee of a reasonable fee, require the Trustee
to furnish within 10 Business Days after receiving the affidavit referred to below, a list setting
out (i)&nbsp;the name and address of every registered Securityholder, (ii)&nbsp;the aggregate Principal
Amount owned by each registered Securityholder, and (iii)&nbsp;the aggregate Principal Amount of the
Securities then outstanding. The affidavit shall contain (i)&nbsp;the name, address
and occupation of the Securityholder, (ii)&nbsp;where the applicant is a corporation, its name and
address for service, and (iii)&nbsp;a statement that the list will not be used except for corporate
purposes. Where the Securityholder is a corporation, the affidavit shall be made by a director or
officer of the corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Every Holder of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor any other obligor nor the Trustee nor any agent of any of
them shall be held accountable for reason of the disclosure of any such list of the names and
addresses of Securityholders, regardless of the source from which such information was derived, and
that the Trustee shall not be held accountable by reason of mailing any material pursuant to a
request made under Trust Indenture Legislation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the &#147;<B>Act</B>&#148; of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in
favour of the Trustee and the Company, if made in the manner provided in this Section.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be
proved in any reasonable manner which the Trustee deems sufficient.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The ownership of Securities shall be proved by the principal register.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;If the Company shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to
a resolution of the Board of Directors, fix in advance a record date for the determination of such
Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or
other Act, but the Company shall have no obligation to do so. Any such record date shall be the
record date specified in or pursuant to such Board Resolution, which shall be a date not more than
30&nbsp;days prior to the first solicitation of Holders generally in connection therewith and not later
than the date such solicitation is completed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be Holders for the purposes
of determining whether Holders of the requisite proportion of Securities then outstanding have
authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other Act, and for this purpose the Securities then outstanding shall be
computed as of such record date; <I>provided </I>that no such request, demand, authorization, direction,
notice, consent, waiver or other Act by the Holders on such record date
shall be deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than 11&nbsp;months after the record date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other Act by the
Holder of any Security shall bind every future Holder of the same Security or the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof, in respect of anything done, suffered or omitted to be done by the Trustee, any Paying
Agent or the Company in reliance thereon, whether or not notation of such action is made upon such
Security.


<P align="left" style="font-size: 10pt"><B>14.4 </B><U><B>Certificate and Opinion as to Conditions Precedent.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any request or application by the Company to the Trustee to take any action under this
Indenture or otherwise upon the demand of the Trustee, the Company shall furnish to the Trustee:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;an Officers&#146; Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with; and


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedents, if any, have been complied with,

<P align="left" style="font-size: 10pt">except that in the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.



<P align="left" style="font-size: 10pt"><B>14.5 </B><U><B>Statements Required in Certificate or Opinion.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion, including any Officers&#146; Certificate or Opinion of Counsel, with
respect to compliance with a covenant or condition provided for in this Indenture (other than
certificates provided pursuant to Section&nbsp;4.2) shall include:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;a statement that each person making such certificate or opinion has read and understands
such covenant or condition;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;a statement that, in the opinion of each such person, such person has made such
examination or investigation as is necessary to enable such person to make the statement or express
an informed opinion as to whether or not such covenant or condition has been complied with; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;a statement that, in the opinion of such person, such covenant or condition has been
compiled with or satisfied.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or
Officers of the Company stating that the information with respect to such factual matters is in the
possession of the Company, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such matters are
erroneous.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.


<P align="left" style="font-size: 10pt"><B>14.6 </B><U><B>Severability Clause.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.


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<P align="left" style="font-size: 10pt"><B>14.7 </B><U><B>Rules by Trustee, Paying Agent, Conversion Agent and Registrar.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may make reasonable rules for action by or a meeting of Securityholders. The
Registrar, the Conversion Agent and the Paying Agent may make reasonable rules for their functions.


<P align="left" style="font-size: 10pt"><B>14.8 </B><U><B>Governing Law.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture and the Securities shall be governed by and construed in accordance with the
laws of the Province of Saskatchewan, as applied to contracts made and performed within the
Province of Saskatchewan.


<P align="left" style="font-size: 10pt"><B>14.9 </B><U><B>No Recourse Against Others.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director, officer, employee or shareholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a
Security, each Securityholder shall waive and release all such liability. The waiver and release
shall be part of the consideration for the issue of the Securities.


<P align="left" style="font-size: 10pt"><B>14.10 </B><U><B>Successors.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All agreements of the Company in this Indenture and the Securities shall bind its successor.
All agreements of the Trustee in this Indenture shall bind its successor.


<P align="left" style="font-size: 10pt"><B>14.11 </B><U><B>Multiple Originals.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.


<P align="left" style="font-size: 10pt"><B>14.12 </B><U><B>Legal Holidays.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any date specified in this Indenture or the Securities for the occurrence of any event
(including the giving of notice and the making of a payment) shall not be a Business Day, then such
event shall occur on the next succeeding date that is a Business Day with the same force and effect
as if such event had occurred on the date originally specified, and, if such event is a payment in
respect of the Securities, no Interest or Default Interest, if any, shall accrue for the
intervening period.


<P align="left" style="font-size: 10pt"><B>14.13 </B><U><B>Table of Contents, Headings, etc.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table of contents, titles and headings of the Articles and Sections of this Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.


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<P align="left" style="font-size: 10pt"><B>14.14 </B><U><B>Benefits of Indenture.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or in the Securities, express or implied, shall give to any person
(other than the parties hereto and their successors hereunder, any Paying Agent and the Holders)
any benefit or any legal or equitable right, remedy or claim under this Indenture.


<P align="left" style="font-size: 10pt"><B>14.15 </B><U><B>Documents in English.</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto hereby acknowledges that it has consented to and requested that
this Indenture and all documents relating hereto, including the form of Global Security attached
hereto as Exhibit&nbsp;A, be drawn up in the English language only. Les parties aux pr&#233;sentes
reconnaissent avoir accept&#233; et demand&#233; que le present acte de fiducie et tous les documents s&#146;y
rapportant, y compris, sans restreindre la port&#233;e g&#233;n&#233;rale de ce qui pr&#233;c&#232;de, le formulaire de
d&#233;benture globale joint aux pr&#233;sentes &#224; titre d&#146;annexe A, soient r&#233;dig&#233;s en langue anglaise
seulement.


<P align="center" style="font-size: 10pt"><B><FONT face="wingdings">&#108;</FONT> The remainder of this page has been left blank intentionally *</B>




<P align="right" style="font-size: 10pt">- 77 -
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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have caused this Indenture to be executed by their respective
duly authorized officers as of the day and year first above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CAMECO CORPORATION</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">by
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Gary M.S. Chad&#148;</I>
<HR size="1" noshade width="46%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Gary M.S. Chad</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Vice-President,
Law,<BR> Regulatory Affairs and
Corporate Secretary</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">by
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Rita M. Mirwald&#148;</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="46%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Rita M. Mirwald</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Vice-President, Human<BR> Resources and Corporate
Relations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CIBC MELLON TRUST COMPANY, as Trustee</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">by
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Gloria Gherasim&#148;</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="46%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Gloria Gherasim</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Manager, Client Relations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">by
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Geralyn Krowles&#148;</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="46%" align="left" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Geralyn Krowles</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Account Manager</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 10pt">CAMECO CORPORATION



<P align="center" style="font-size: 10pt">5% Convertible Subordinated Debenture due October&nbsp;1, 2013


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.: <FONT style="font-family: Wingdings">&#117;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Amount: $<FONT style="font-family: Wingdings">&#117;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Issue Date: <FONT style="font-family: Wingdings">&#117;</FONT>, 2003



<P align="left" style="font-size: 10pt">CUSIP #: <B>&#091;13321L AD 0&#093;<BR>
&#091;or&#093;<BR>
&#091;13321L AE 8&#093; &#091;if Restricted Security&#093;</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO CORPORATION, a company duly organized and subsisting under the laws of Canada (herein
referred to as the &#147;Company&#148;), for value received, hereby promises to pay to
&#95;&#95;&#95;&#95;&#95;&#95;&#95;or registered assigns, the Principal Amount of &#95;&#95;&#95;&#95;&#95;&#95;&#95;
Canadian Dollars on October&nbsp;1, 2013.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security shall bear interest and the interest shall accrue and be calculated in the
manner and shall be paid as specified on the reverse of this Security. This Security is subject to
redemption and conversion as specified on the reverse of this Security. All capitalized terms used
herein without definition shall have the respective meanings assigned thereto in the Indenture
referred to in this Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B><U><B>If Global Security, insert following legend</B></U><B>: </B>&#147;This Security is a Global Security
within the meaning of the Indenture herein referred to and is registered in the name of a
Depository or a nominee thereof. This Security may not be transferred to or exchanged for
Securities registered in the name of any person other than the Depository or a nominee thereof and
no such transfer may be registered except in the limited circumstances described in the Indenture.
Every Security authenticated and delivered for registration of transfer of, or in exchange for, or
in lieu of, this Security shall be a Global Security subject to the foregoing, except in such
limited circumstances described in the Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless this certificate is presented by an authorized representative of The Canadian
Depository for Securities Limited (&#147;CDS&#148;) to the Company or its agent for registration of transfer,
exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS
&#038; CO., or in such other name as is requested by an authorized representative of CDS (and any
payment is made to CDS &#038; CO. or to such other entity as is requested by an authorized
representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL since the registered holder hereof, CDS &#038; CO., has an interest herein.&#148;<B>&#093;</B>


<P align="right" style="font-size: 10pt">- 1 -
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><B>&#091;</B><U><B>If Restricted Security, insert following U.S. legend</B></U><B>: &#147;THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &#147;U.S.
SECURITIES ACT&#148;). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE
COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A)&nbsp;TO THE COMPANY,
(B)&nbsp;OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES
ACT, (C)&nbsp;INSIDE THE UNITED STATES IN ACCORDANCE WITH (1)&nbsp;RULE 144A UNDER THE U.S. SECURITIES ACT,
OR (2)&nbsp;RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE.&#148;</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional provisions of this Security, which are qualified in their entirety by the
provisions of the Indenture (as defined in paragraph 4 of this Security), are set forth on the
Reverse of this Security, which additional provisions shall for all purposes have the same effect
as if set forth at this place.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF CAMECO CORPORATION has caused this security to be signed by its authorized
representatives as of the &#95;&#95;&#95;day of &#95;&#95;&#95;, &#95;&#95;&#95;.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">by
</DIV></TD>
    <TD align="left" valign="top">&nbsp;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">by
</DIV></TD>
    <TD align="left" valign="top">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security is one of the 5% Convertible Subordinated Debentures due October&nbsp;1, 2013
referred to in the Indenture within mentioned.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CIBC MELLON TRUST COMPANY</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Authorized Signatory)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- 2 -
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>REVERSE OF THIS SECURITY</B>



<P align="center" style="font-size: 10pt">Cameco Corporation



<P align="center" style="font-size: 10pt">5% Convertible Subordinated Debenture due October&nbsp;1, 2013



<P align="left" style="font-size: 10pt">1. <U>Interest</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall pay interest (&#147;Interest&#148;) on the Principal Amount of this Security in
arrears in semi-annual instalments on April 1 and October 1 of each year (the &#147;Interest Payment
Dates&#148;) at the rate of 5% per annum computed on the basis of a 365&nbsp;day year. Subject to the terms
and conditions of the Indenture hereinafter referred to, Interest shall accrue from and including
the most recent date to which Interest has been paid or duly provided for or, if no Interest has
been paid or duly provided for, from and including September&nbsp;25, 2003. Interest shall cease to
accrue on (and excluding) the earlier of (i)&nbsp;the date on which the Principal Amount hereof or any
portion of such Principal Amount becomes due and payable and (ii)&nbsp;any Conversion Date, Redemption
Date, Change of Control Purchase Date or other date on which Interest shall cease to accrue in
accordance with Section&nbsp;2.15 of the Indenture. The first Interest payment shall be made on April
1, 2004 in the amount of $25.89 per $1,000 Principal Amount.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Principal Amount or any portion of the Principal Amount is not paid when due
(whether upon acceleration pursuant to Section&nbsp;7.2 of the Indenture, upon the Redemption Date (as
defined in the Indenture) or on the Business Day following the Change of Control Purchase Date (as
defined in the Indenture) or upon October&nbsp;1, 2013 (&#147;Maturity&#148;) or if Interest is not paid when due
upon the Interest Payment Dates provided for in Section 1(a) hereof, or if Common Shares (or cash
in lieu of fractional shares) are not delivered when due upon the conversion of this Security, or
if Additional Amounts are not paid when due, then in each such case the Company shall pay on demand
interest (&#147;Default Interest&#148;) on the overdue amount at the rate of 5% per annum, compounded
semi-annually, which Default Interest (to the extent payment of such Default Interest shall be
legally enforceable) shall accrue from the date such overdue amount was due to, but excluding, the
date payment of such amount, including Default Interest thereon, has been made or duly provided
for.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will pay to the registered Holder of this Security such Additional Amounts as may
become payable under Section&nbsp;4.2 of the Indenture.


<P align="left" style="font-size: 10pt">2. <U>Method of Payment</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the Indenture and certain exceptions contained therein,
the Company will make payments or, if the Share Payment Option is exercised in connection with a
payment on a Redemption Date or at Maturity, the Company shall issue Common Shares, in respect of
the Securities to the persons who are registered Holders of Securities at the close of business on
the Business Day preceding the Redemption Date or Maturity, or at the close of business on the
Change of Control Purchase Date or Conversion Date (where applicable), or on the next preceding
April 1 or October 1 (to holders of record on March


<P align="right" style="font-size: 10pt">- 1 -
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">24 and September&nbsp;23 (or if not a Business Day, the preceding Business Day), as the case may
be, prior to the applicable Interest Payment Date), respectively, on which Interest is payable, as
the case may be. Holders must surrender Securities to the Paying Agent or Conversion Agent, as the
case may be, to collect payments in respect of the Securities, other than payments of only Interest
or Default Interest accrued thereon. Interest will be payable at the office of the Paying Agent,
except that, at the option of the Company, payment of Interest hereon and any Default Interest
hereon may be made by cheque mailed by first-class mail to the address of the person entitled
thereto at such address as shall appear in the principal register for the Securities or by
electronic transfer of funds or other means of acceptable to the Paying Agent.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;2.5 of the Indenture the Company may elect to pay Interest thereon by
delivering Common Shares to the Trustee, which the Trustee is obligated to sell and use the
proceeds to satisfy the Interest obligation.


<P align="left" style="font-size: 10pt">3. <U>Paying Agent, Conversion Agent and Registrar</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially, CIBC Mellon Trust Company (the &#147;Trustee&#148;) will act as Registrar, Conversion Agent
and Paying Agent. The Company may appoint and change any Paying Agent, Conversion Agent or
Registrar upon notice to the Trustee and the Holders. The Company or any Subsidiaries or
Affiliates of the Company may act as Paying Agent, Conversion Agent, Registrar or co-registrar.


<P align="left" style="font-size: 10pt">4. <U>Indenture</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company issued the Securities under an Indenture dated as of September&nbsp;25, 2003 (the
&#147;Indenture&#148;) between the Company and the Trustee and subject to the terms and conditions thereof.
Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the
Indenture. To the extent that the terms of this Security are inconsistent with the Indenture, the
Indenture shall govern.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities are subordinated unsecured general obligations of the Company limited to the
aggregate Principal Amount of $230,000,000 (subject to Section&nbsp;2.14 of the Indenture which provides
for the issue of replacement securities in certain events).


<P align="left" style="font-size: 10pt">5. <U>Subordination</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indebtedness evidenced by this Security is subordinated in right of payment, to the extent
and in the manner provided in the Indenture, to the prior payment in full of all Senior
Indebtedness whether outstanding at the date of the Indenture or thereafter created, incurred,
assumed or guaranteed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No payment of any Principal Amount, Redemption Price, Change of Control Purchase Price,
accrued or unpaid Interest, Additional Amounts or Default Interest, if any, in respect of this
Security will be made:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>if any Senior Indebtedness is not paid when due and such default has not been
cured or waived or ceased to exist; or</TD>
</TR>

</TABLE>

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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>if the maturity date of any Senior Indebtedness has been accelerated because of
a default and either such acceleration has not been rescinded or such Senior
Indebtedness has not been repaid.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">6. <U>Redemption at the Option of the Company</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or after October&nbsp;1, 2008, the Company may at its option, redeem the Securities in whole at
any time or in part from time to time at a redemption price equal to 100% of the Principal Amount
thereof plus accrued and unpaid Interest thereon to but excluding the Redemption Date (the
&#147;Redemption Price&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Securities are redeemable, in whole but not in part, at the option of the
Company for cash in Canadian dollars at any time upon not less than 30&nbsp;days&#146; nor more than 60&nbsp;days&#146;
notice at the Redemption Price in the event that the Company has become or would become obligated
to pay, on the next date on which any amount would be payable under or with respect to the
Securities, any Additional Amounts in accordance with Section&nbsp;4.2 of the Indenture as a result of
any change in, or amendment to, the laws (or any regulations promulgated hereunder) of Canada (or
any political subdivision or taxing authority thereof or therein) or any change in, or amendment
to, any official position regarding the application or interpretation of such laws or regulations,
which change or amendment is announced or becomes effective on or after September&nbsp;18, 2003;
provided that the Company determines, in its business judgment, that the obligation to pay such
Additional Amounts cannot be avoided by the use of reasonable measures available to the Company
(not including substitution of the obligor under the Securities).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than all the Securities are to be redeemed, the Securities will be redeemed in
Principal Amounts of $1,000 or integral multiples of $1,000 <I>pro rata </I>or by another method that
complies with the requirements of the TSX or any other exchange on which the Securities are listed
or quoted and that the Trustee shall deem fair and appropriate.


<P align="left" style="font-size: 10pt">7. <U>Notice of Redemption</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption will be mailed at least 30&nbsp;days but not more than 60&nbsp;days before the
Redemption Date to each Holder of Securities to be redeemed at the Holder&#146;s registered address. If
a combination of cash and Common Shares (if the Company elects to exercise the Share Payment
Option) sufficient to satisfy the Redemption Price of all Securities (or portions thereof) to be
redeemed on the Redemption Date are deposited with the Paying Agent prior to or on the Redemption
Date, on and after such Redemption Date, Interest shall cease to accrue on such Securities or
portions thereof. Securities in denominations larger than $1,000 Principal Amount may be redeemed
in part but only in integral multiples of $1,000 Principal Amount.


<P align="left" style="font-size: 10pt">8. <U>Share Payment Option</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at its option and subject to receiving all applicable regulatory approvals,
unless an Event of Default has occurred and is continuing, elect to satisfy its obligations to pay
all or a specified percentage of the outstanding principal amount of Securities upon redemption or
Maturity by issuing and delivering to the Holder, for each $1,000 Principal Amount of Securities,
that number of fully paid and non-assessable and freely tradeable


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Common Shares obtained by dividing such Principal Amount by 95% of the Current Market Price of
the Securities on the applicable Redemption Date or at Maturity, as the case may be, in accordance
with Sections&nbsp;2.7, 2.8 and 2.9 of the Indenture. No fractional Common Shares will be issued to the
holders of Securities, however in lieu thereof, the Company shall pay to the Trustee, on account of
the Holders, the cash equivalent thereof determined on the basis of the Current Market Price on the
Redemption Date or at Maturity, as the case may be.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To exercise the Share Payment Option, the Company must, in the case of a redemption of
Securities, so state in the applicable Redemption Notice, or in the case of payment at Maturity
provide the Payment Option Notice as described in the Indenture.


<P align="left" style="font-size: 10pt">9. <U>Purchase of Securities by the Company</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable law and provided that an Event of Default has not
occurred and is not continuing, the Company may, at any time and from time to time, purchase
Securities in the market or by tender or by contract, at any price. All Securities so purchased
shall be delivered to the Trustee and shall be cancelled and no Securities shall be issued in
substitution for such Securities.


<P align="left" style="font-size: 10pt">10. <U>Change of Control</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any Change of Control (as defined in the Indenture) of the Company, the
Company must, within 20 Business Days after the occurrence of the Change of Control, make an offer
to all Holders to purchase (a &#147;Change of Control Offer&#148;) all outstanding Securities properly
tendered pursuant to such offer on the date that is 35 Business Days after the occurrence of the
Change of Control (the &#147;Change of Control Purchase Date&#148;) for a cash price (the &#147;Change of Control
Purchase Price&#148;) equal to the sum of 100% of the aggregate Principal Amount of the Securities plus
accrued and unpaid Interest thereon to but excluding the Change of Control Purchase Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If on the Business Day following the Change of Control Purchase Date the Paying Agent holds
money sufficient to pay the Change of Control Purchase Price of all Securities or portions thereof
in respect of which a Change of Control Purchase Notice has been delivered as specified in Section
8.1(d) of the Indenture then after the Change of Control Purchase Date such Security shall cease to
be outstanding, Interest on such Security shall cease to accrue and the Principal Amount of the
Security and the amount of accrued and unpaid Interest thereon to, but excluding the Change of
Control Purchase Date, will be fully satisfied and all other rights of the Holder shall terminate
(other than the right to receive the Change of Control Purchase Price and Default Interest, if any,
upon surrender of such Security).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders have the right to withdraw any Change of Control Purchase Notice by delivering to the
Paying Agent a written notice of withdrawal in accordance with the terms and provisions of the
Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If 90% or more in aggregate Principal Amount of the Securities outstanding on the date the
Trustee provides the Change of Control Offer to each Holder has been tendered for purchase pursuant
to the Change of Control Offer on the Change of Control Purchase Date, the Company shall have the
right and obligation upon written notice provided to the Trustee within 10&nbsp;days


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">following the expiration of the Change of Control Offer, to redeem and shall redeem all the
Securities remaining outstanding on the expiration of the Change of Control Offer at the Change of
Control Purchase Price.



<P align="left" style="font-size: 10pt">11. <U>Conversion</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the next succeeding sentence, a Holder of a Security may convert it into Common
Shares at any time prior to the close of business on Maturity in accordance with the Indenture,
provided that if the Security is called for redemption, the Holder is entitled to convert it at any
time before the close of business on the last Business Day prior to the Redemption Date. A
Security in respect of which a Holder has delivered a Change of Control Purchase Notice accepting a
Change of Control Offer may be converted only if such Change of Control Purchase Notice is
withdrawn in accordance with the terms of the Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder may elect to convert a portion of a Security if the Principal Amount of such portion
is $1,000 or an integral multiple of $1,000. The initial Conversion Rate is 15.3846153846 Common
Shares per $1,000 Principal Amount of Securities. The Conversion Rate is subject to adjustment
upon the occurrence of certain events described in the Indenture. The Company will deliver cash in
lieu of any fractional Common Share.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holder of a Security desiring to convert the Security in whole or in part into Common
Shares shall surrender such Security to the Conversion Agent at either of its principal offices in
Winnipeg, Manitoba or Toronto, Ontario together with notice (in the form attached to this Security)
indicating that the Holder is exercising the right to convert this Security in accordance with the
provisions of the Indenture. Upon surrender of the Security and delivery of the notice the
Securityholder or, subject to payment of all applicable stamp or security transfer taxes or other
governmental charges and compliance with all reasonable requirements of the Conversion Agent, the
Securityholder&#146;s nominee(s) or assignee(s) shall be entitled to be entered in the books of the
Company as at the Conversion Date as the holder of the number of Common Shares into which this
Security is convertible in accordance with the provisions of the Indenture and, as soon as
practicable thereafter, the Company shall deliver to such Securityholder or, subject as aforesaid,
the Securityholder&#146;s nominee(s) or assignee(s), a certificate or certificates for such Common
Shares and make or cause to be made any payment of interest to which such holder is entitled in
accordance with Section&nbsp;12.3(e) of the Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the following sentence, the holder of a Security surrendered for conversion in
accordance with the Indenture shall not be entitled to receive accrued and unpaid interest from the
latest Interest Payment Date up to and including the Conversion Date. If a Redemption Notice is
delivered at any time prior to the Conversion Date, the Securityholder will be entitled to receive
all accrued and unpaid interest on the Security up to, but excluding, the Conversion Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company is a party to a consolidation, amalgamation, merger or binding share exchange,
a transfer or distributions or certain other transactions described in the Indenture, the right to
convert a Security may be changed into a right to convert it into securities, property or assets
(including cash) of the Company or another person.


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No payment or adjustment will be made for dividends or other distributions on the Common
Shares except as provided in the Indenture.


<P align="left" style="font-size: 10pt">12. <U>Denominations; Transfer; Exchange</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities are issued in denominations of $1,000 and integral multiples thereof in fully
registered form, without coupons. A Holder may transfer or exchange Securities in accordance with
the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture.


<P align="left" style="font-size: 10pt">13. <U>Persons Deemed Owners</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registered Holder of this Security may be treated as the owner of this Security for all
purposes.


<P align="left" style="font-size: 10pt">14. <U>Amendments; Waiver</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain exceptions set forth in the Indenture, the Indenture or the Securities may
be amended if an Extraordinary Resolution relating to such amendment or modification is passed or
decided by an affirmative vote at meeting of Securityholders duly held in accordance with Article
13 of the Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the consent of any Securityholder, the Company and the Trustee may amend the Indenture
or the Securities: (i)&nbsp;to cure any ambiguity, defect or inconsistency <I>provided</I>, <I>however</I>, that the
amendment to cure any ambiguity, defect or inconsistency does not adversely affect the rights of
any Holder; (ii)&nbsp;to provide for the succession of another person to the Company, or successive
successions, and the assumption by the successor person of the covenants, agreements and
obligations of the Company, in compliance with Article&nbsp;6, Article&nbsp;9 or Section&nbsp;12.16 of the
Indenture; (iii)&nbsp;to add to the convenants or obligations of the Company hereunder or to surrender
any right, power or option herein conferred upon the Company; (iv)&nbsp;to make any change to comply
with any Canadian federal or provincial Trust Indenture Legislation; or (v)&nbsp;make any other change
that does not adversely affect the rights of any Holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Defaults may be waived with the written consent of the Holders of a majority in
aggregate Principal Amount of the Securities at the time outstanding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every resolution and every Extraordinary Resolution duly passed in accordance with the
provisions of the Indenture shall be binding on all Securityholders.


<P align="left" style="font-size: 10pt">15. <U>Defaults and Remedies</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Indenture, Events of Default include:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;a default in payment of Interest on any Security (or Additional Amounts relating thereto)
when the same becomes due and payable, and such default continues for a period of 10&nbsp;days;


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a default in the payment of the Principal Amount, Redemption Price (in either case, in
cash or by delivery of Common Shares pursuant to the Share Payment Option) or Change of Control
Purchase Price on any Security (or Additional Amounts relating thereto) when the same becomes due
and payable, whether at Maturity of such Security, upon redemption, upon declaration, when due for
purchase by the Company, or otherwise (whether or not such payment shall be prohibited by this
Indenture);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;failure on the part of the Company to comply with any material covenant or condition in
the Securities or the Indenture (other than those referred to in clause (a)&nbsp;and (b)&nbsp;above) and such
failure continues for 30&nbsp;days after receipt by the Company of a Notice of Default (as defined
below);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;failure on the part of the Company to deliver Common Shares (or cash in lieu of fractional
shares) in accordance with the terms hereof when such Common Shares (or cash in lieu of fractional
shares) are required to be delivered, upon conversion of a Security and any such failure is not
remedied for a period of 10&nbsp;days.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Company pursuant to or under or within the meaning of any Bankruptcy Law: (i)
commences a voluntary case or proceeding; (ii)&nbsp;consents to the entry of a Bankruptcy Order in an
involuntary case or proceeding or the commencement of any case against it; (iii)&nbsp;consents to the
appointment of a Custodian of it or for any substantial part of its property; (iv)&nbsp;makes a general
assignment for the benefit of its creditors or files a proposal or other scheme of arrangement
involving the rescheduling or composition of its indebtedness; (v)&nbsp;files a petition in bankruptcy
or answer or consent seeking reorganization or relief; or (vi)&nbsp;consents to the filing of such
petition or the appointment of or taking possession by a Custodian;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;a court of competent jurisdiction in any involuntary case or proceeding entering a
Bankruptcy Order against the Company, with such Bankruptcy Order remaining unstayed and in effect
for 15 consecutive days;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the appointment of a Custodian out of court with respect to the Company, or with respect
to all or any substantial part of the property of the Company, or any encumbrancer shall take
possession of all or any substantial part of the property of the Company; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;a default by the Company under the terms of any agreement or instrument evidencing or
under which the Company has at the date of the Indenture or hereafter outstanding any indebtedness
for borrowed money and such indebtedness shall be accelerated so that the same shall be or become
due and payable prior to the date on which the same would otherwise become due and payable and the
aggregate amount thereof so accelerated exceeds $30,000,000 and such acceleration is not rescinded
or annulled within five Business Days after receipt by the Company of a Notice of Default;
<I>provided</I>, <I>however</I>, that if such default under such agreement or instrument is remedied or cured by
the Company or waived by the holders of such indebtedness, then the Event of Default hereunder by
reason thereof shall be deemed likewise to have been thereupon remedied, cured or waived without
further action upon the part of the Trustee or any Holders.


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Default under clause (c)&nbsp;or clause (h)&nbsp;of this paragraph 15 is not an Event of Default until
the Trustee notifies the Company by registered mail. In the event that the trustee fails to notify
the Company of the Default within five Business Days of the Default of, the Holders of at least 25
percent in aggregate Principal Amount of the Securities at the time outstanding notify, by
registered mail, the Company and the Trustee of the Default and the Company shall be required to
cure such Default within the time specified in clause (c)&nbsp;or clause (h)&nbsp;above, as applicable, after
receipt of such Notice of Default.


<P align="left" style="font-size: 10pt">16. <U>No Recourse Against Others</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director, officer, employee or shareholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. By accepting a
Security, each Securityholder waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities.


<P align="left" style="font-size: 10pt">17. <U>Authentication</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security shall not be valid until an authorized signatory of the Trustee manually signs
the Trustee&#146;s certificate of authentication on the other side of this Security.


<P align="left" style="font-size: 10pt">18. <U>Governing Law</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security shall be governed by and construed in accordance with the laws of the Province
of Saskatchewan, as applied to contracts made and performed within the Province of Saskatchewan.




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<P align="center" style="font-size: 10pt"><B>FORM OF ASSIGNMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto , &#95;&#95;&#95;&#95;&#95;&#95;whose address
and social insurance number, if applicable, are set forth below, this Security (or $&#95;&#95;&#95;&#95;&#95;&#95;
principal amount hereof*) of CAMECO CORPORATION standing in the name(s) of the undersigned in the
register maintained by the Company with respect to such Security and does hereby irrevocably
authorize and direct the Trustee to transfer such Security in such register, with full power of
substitution in the premises.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>Dated:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Name of Transferee:</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" ><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000" align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>&nbsp;</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&nbsp;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Address:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Social Insurance No. of Transferee</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>(</B><B><I>if applicable</I></B><B>):</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000" colspan="3" valign="top" align="left"><B>&nbsp;</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;If less than the full principal amount of the within Security is to be transferred, indicate in
the space provided the principal amount (which must be $1,000 or an integral multiple thereof,
unless you hold a Security in a non-integral multiple of 1,000 by reason of your having exercised a
right to exchange, in which case such Security is transferable only in its entirety) to be
transferred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The signature(s) to this assignment must correspond with the name(s) as written upon the face of
this Security in every particular without alteration or any change whatsoever. The signature(s)
must be guaranteed by a Canadian chartered bank or trust company or by a member of an acceptable
Medallion Guarantee Program. Notarized or witnessed signatures are not acceptable as guaranteed
signatures. The Guarantor must affix a stamp bearing the actual words: &#147;SIGNATURE GUARANTEED&#148;.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The registered Holder of this Security is responsible for the payment of any documentary, stamp
or other transfer taxes that may be payable in respect of the transfer of this Security.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Signature of Guarantor</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature of Transferring Registered Owner</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Authorized Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Name of Institution)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- 2 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P align="center" style="font-size: 10pt"><B>NOTICE OF CONVERSION</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="2">TO: CAMECO CORPORATION</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="2"><B>NOTE: </B>All capitalized terms used herein have the meaning ascribed thereto in the Indenture
mentioned below, unless otherwise indicated.</TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The undersigned registered holder of 5% Convertible Subordinated Debentures due October&nbsp;1, 2013
bearing Certificate No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, irrevocably elects to convert such Securities (or $
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>principal amount thereof*) in accordance with the terms of the Indenture referred to in such
Securities and tenders herewith the Securities, and, if applicable, directs that the Common Shares
of Cameco Corporation issuable upon a conversion be issued and delivered to the person indicated
below. (If Common Shares are to be issued in the name of a person other than the holder, all
requisite transfer taxes must be tendered by the undersigned).

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Dated</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Registered Holder</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Signature)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*&nbsp;&nbsp;</TD>
    <TD>If less than the full Principal Amount of the Securities, indicate in the space provided the
principal amount (which must be $1,000 or integral multiples thereof).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD colspan="2"><B>NOTE: </B>If Common Shares are to be issued in the name of a person other than the Holder, the
signature must be guaranteed by a chartered bank, a trust company or by a member of an
acceptable Medallion Guarantee Program. The Guarantor must affix a stamp bearing the actual
words: &#147;SIGNATURE GUARANTEED&#148;.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">(<I>Print name in which Common Shares are to be issued, delivered and registered</I>)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name</B>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature of Guarantor</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Address</B>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Authorized Officer)</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Name of Institution)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt">- 3 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<P align="center" style="font-size: 10pt"><B>EXHIBIT B</B>



<P align="center" style="font-size: 10pt"><B>FORM OF DECLARATION FOR REMOVAL OF U.S. LEGEND</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>To: CIBC Mellon Trust Company, as registrar and transfer agent for the Securities
of Cameco Corporation</TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The undersigned (a)&nbsp;acknowledges that the sale of the securities of Cameco Corporation (the
&#147;Company&#148;) to which this declaration relates is being made in reliance on Rule&nbsp;904 of Regulation&nbsp;S
under the <I>United States Securities Act of 1933</I>, as amended (the &#147;1933 Act&#148;) and (b)&nbsp;certifies that
(1)&nbsp;it is not an affiliate of the Company (as defined in Rule&nbsp;405 under the 1933 Act), (2)&nbsp;the
offer of such securities was not made to a person in the United States, and either (A)&nbsp;at the time
the buy order was originated, the buyer was outside the United States, or the seller and any person
acting on its behalf reasonably believe that the buyer was outside the United States, or (B)&nbsp;the
transaction was executed on or through the facilities of the Toronto Stock Exchange and neither the
seller nor any person acting on its behalf knows that the transaction has been prearranged with a
buyer in the United States, (3)&nbsp;neither the seller nor any affiliate of the seller nor any person
acting on any of their behalf has engaged or will engage in any directed selling efforts in the
United States in connection with the offer and sale of such securities, (4)&nbsp;the sale is bona fide
and not for the purpose of &#147;washing off&#148; the resale restrictions imposed because the securities are
&#147;restricted securities&#148; (as such term is defined in Rule&nbsp;144(a)(3) under the 1933 Act), (5)&nbsp;the
seller does not intend to replace the securities sold in reliance on Rule&nbsp;904 of the 1933 Act with
fungible unrestricted securities, and (6)&nbsp;the contemplated sale is not a transaction, or part of a
series of transactions which, although in technical compliance with Regulation&nbsp;S, is part of a plan
or scheme to evade the registration provisions of the 1933 Act. Terms used herein have the meanings
given to them by Regulation&nbsp;S.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="right" style="font-size: 10pt">- 5 -
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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