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<SEC-DOCUMENT>0001130319-05-000610.txt : 20051018
<SEC-HEADER>0001130319-05-000610.hdr.sgml : 20051018
<ACCEPTANCE-DATETIME>20051018111147
ACCESSION NUMBER:		0001130319-05-000610
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20051018
FILED AS OF DATE:		20051018
DATE AS OF CHANGE:		20051018

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:		051142288

	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>o17997e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</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: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 8pt; margin-top: 12pt"><B>Page 1</B>
</DIV>


<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>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 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>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">For the month of October, 2005</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Cameco Corporation</B>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2121 &#150; 11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): <U>&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;</U>
</DIV>

<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: Helvetica,Arial,sans-serif">








<DIV align="right" style="font-size: 8pt; margin-top: 12pt"><B>Page 2</B>
</DIV>


<!-- 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></TD><TD colspan="8"><A HREF="#000"><U>Exhibit&nbsp;Index</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="o17997exv1.htm">Trust Indenture between Cameco Corporation and CIBC Mellon Trust Company</A></TD></TR>
<TR><TD colspan="9"><A HREF="o17997exv2.htm">First Supplemental Trust Indenture dated July 12, 1999</A></TD></TR>
<TR><TD colspan="9"><A HREF="o17997exv3.htm">Second Supplemental Trust Indenture dated July 6, 2001</A></TD></TR>
<TR><TD colspan="9"><A HREF="o17997exv4.htm">Third Supplemental Trust Indenture dated September16, 2005</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>






<!-- link2 "<U>Exhibit&nbsp;Index</U>" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;Index</B></U>
</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="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trust Indenture between Cameco Corporation and
CIBC Mellon Trust Company dated July&nbsp;12, 1999</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Supplemental Trust Indenture between
Cameco Corporation and CIBC Mellon Trust Company
dated July&nbsp;12, 1999</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Supplemental Trust Indenture between
Cameco Corporation and CIBC Mellon Trust Company
dated July&nbsp;6, 2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Supplemental Trust Indenture between
Cameco Corporation and CIBC Mellon Trust Company
dated September&nbsp;16, 2005</DIV></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: Helvetica,Arial,sans-serif">

<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="001"></A></DIV>

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


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

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date: October 18, 2005&nbsp;</TD>
    <TD colspan="3" align="left">Cameco Corporation<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ <I>"Gary M.S. Chad"</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gary M.S. Chad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President, Governance,<BR>
Legal and Regulatory Affairs, and<BR>
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>o17997exv1.htm
<DESCRIPTION>TRUST INDENTURE BETWEEN CAMECO CORPORATION AND CIBC MELLON TRUST COMPANY
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1</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 1.0</B>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


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

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">CAMECO CORPORATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">AND
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">CIBC MELLON TRUST COMPANY
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Made as of July&nbsp;12, 1999
</DIV>


<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">

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 1: INTERPRETATION </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.1 <FONT style="font-variant: SMALL-CAPS">Definitions</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.1
<FONT style="font-variant: SMALL-CAPS">Meaning of
&#147;Outstanding&#148;</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.2 <FONT style="font-variant: SMALL-CAPS">Non-Business Days</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.3 <FONT style="font-variant: SMALL-CAPS">Currency</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.4 <FONT style="font-variant: SMALL-CAPS">Headings</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.5 <FONT style="font-variant: SMALL-CAPS">Statute References</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.6 <FONT style="font-variant: SMALL-CAPS">Invalidity of Provisions</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.7 <FONT style="font-variant: SMALL-CAPS">Applicable Law</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.8 <FONT style="font-variant: SMALL-CAPS">Language Clause</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">1.9 <FONT style="font-variant: SMALL-CAPS">Accounting Terms</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 2: THE DEBENTURES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.1 <FONT style="font-variant: SMALL-CAPS">Limit of Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.2 <FONT style="font-variant: SMALL-CAPS">Terms of Debentures of any Series</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.3 <FONT style="font-variant: SMALL-CAPS">Form of Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.4 <FONT style="font-variant: SMALL-CAPS">Certification and Delivery of Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.5 <FONT style="font-variant: SMALL-CAPS">Issue of Global Debenture</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.6 <FONT style="font-variant: SMALL-CAPS">Execution of Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.7 <FONT style="font-variant: SMALL-CAPS">Certification</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.8 <FONT style="font-variant: SMALL-CAPS">Interim Debentures or Certificates</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.9 <FONT style="font-variant: SMALL-CAPS">Issue of Substitutional Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.10 <FONT style="font-variant: SMALL-CAPS">Pledge and Re-Issue of Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.11 <FONT style="font-variant: SMALL-CAPS">Commencement of Interest</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.12
<FONT style="font-variant: SMALL-CAPS">Debentures to Rank <I>Pari
Passu</I></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2.13 <FONT style="font-variant: SMALL-CAPS">Prescription</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 3: REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.1 <FONT style="font-variant: SMALL-CAPS">Fully Registered Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.2 <FONT style="font-variant: SMALL-CAPS">Global Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.3 <FONT style="font-variant: SMALL-CAPS">Coupon Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.4 <FONT style="font-variant: SMALL-CAPS">Transferee Entitled to Registration</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.5 No <FONT style="font-variant: SMALL-CAPS">Notice of Trusts</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.6 <FONT style="font-variant: SMALL-CAPS">Registers Open for Inspection</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.7 <FONT style="font-variant: SMALL-CAPS">Exchanges of Debentures</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.8 <FONT style="font-variant: SMALL-CAPS">Closing of Registers</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.9 <FONT style="font-variant: SMALL-CAPS">Charges for Registration, Transfer and Exchange</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.10 <FONT style="font-variant: SMALL-CAPS">Ownership of Debentures and Coupons</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3.11 <FONT style="font-variant: SMALL-CAPS">Evidence of Ownership</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 4: REDEMPTION AND PURCHASE OF DEBENTURES </B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.1 <FONT style="font-variant: SMALL-CAPS">Redemption</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.2 <FONT style="font-variant: SMALL-CAPS">Partial Redemption</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.3 <FONT style="font-variant: SMALL-CAPS">Notice of Redemption</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.4 <FONT style="font-variant: SMALL-CAPS">Debentures Due on Redemption Dates</FONT> </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.5 <FONT style="font-variant: SMALL-CAPS">Deposit of Redemption Moneys</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.6 <FONT style="font-variant: SMALL-CAPS">Failure to Surrender Debentures Called for Redemption</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" 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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.7 <FONT style="font-variant: SMALL-CAPS">Cancellation of Debentures Redeemed</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">4.8 <FONT style="font-variant: SMALL-CAPS">Purchase of Debentures by the Company</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 5: COVENANTS OF THE COMPANY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.1 <FONT style="font-variant: SMALL-CAPS">General Covenants</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.2 <FONT style="font-variant: SMALL-CAPS">Trustee&#146;s Remuneration and Expenses</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.3 <FONT style="font-variant: SMALL-CAPS">Not to Accumulate Interest</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">5.4 <FONT style="font-variant: SMALL-CAPS">Performance of Covenants by Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 6: DEFAULT AND ENFORCEMENT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.1
<FONT style="font-variant: SMALL-CAPS">Event of Default</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.2 <FONT style="font-variant: SMALL-CAPS">Notice of Events of Default</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.3 <FONT style="font-variant: SMALL-CAPS">Acceleration on Default</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.4 <FONT style="font-variant: SMALL-CAPS">Waiver of Default</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.5 <FONT style="font-variant: SMALL-CAPS">Right of Trustee to Enforce Payment</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.6 <FONT style="font-variant: SMALL-CAPS">Application of Moneys by Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.7 <FONT style="font-variant: SMALL-CAPS">Notice of Payment by Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.8 <FONT style="font-variant: SMALL-CAPS">Trustee May Demand Production of Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.9 <FONT style="font-variant: SMALL-CAPS">Trustee Appointed Attorney</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.10 <FONT style="font-variant: SMALL-CAPS">Remedies Cumulative</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.11 <FONT style="font-variant: SMALL-CAPS">Judgment Against Company</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">6.12 <FONT style="font-variant: SMALL-CAPS">Immunity of Shareholders, etc</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 7: ACTIONS BY DEBENTUREHOLDERS AND TRUSTEE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.1 Debentureholders May Not Sue</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.2 Trustee Not Required to Possess Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">7.3 Trustee May Institute All Proceedings</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 8: SATISFACTION AND DISCHARGE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">8.1 Discharge</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">8.2 Money May Be Set Aside For Holders</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">8.3 Money Not Claimed May Be Repaid</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">8.4 Satisfaction</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">8.5 Continuance of Rights, Duties and Obligations</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 9: CONSOLIDATION AND AMALGAMATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">9.1 <FONT style="font-variant: SMALL-CAPS">Successor Corporation</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>9.2
SUCCESSOR TO POSSESS POWERS OF THE COMPANY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 10: ADMINISTRATION OF THE TRUST</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">10.1 <FONT style="font-variant: SMALL-CAPS">Sufficiency of Execution of Instruments</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">10.2 <FONT style="font-variant: SMALL-CAPS">Trustee May Require Indemnity</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">10.3 <FONT style="font-variant: SMALL-CAPS">Experts and Advisers</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">10.4 <FONT style="font-variant: SMALL-CAPS">Evidence</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">10.5 <FONT style="font-variant: SMALL-CAPS">Reliance by Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">10.6 <FONT style="font-variant: SMALL-CAPS">No Person Dealing with Trustee Need Enquire</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">10.7 <FONT style="font-variant: SMALL-CAPS">Investment of Trust Funds</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 11: CONCERNING THE TRUSTEE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">11.1 <FONT style="font-variant: SMALL-CAPS">Duty of Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">11.2
<FONT style="font-variant: SMALL-CAPS">Resignation, etc. of Trustee
and Appointment of New Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">11.3 <FONT style="font-variant: SMALL-CAPS">Trustee May Deal in Debentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">11.4 <FONT style="font-variant: SMALL-CAPS">Trustee Not Required to Give Security</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">11.5 <FONT style="font-variant: SMALL-CAPS">Protection of Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">11.6 <FONT style="font-variant: SMALL-CAPS">Conflict of Interest</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 12: NOTICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>12.1 NOTICE TO THE COMPANY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">12.2 <FONT style="font-variant: SMALL-CAPS">Notice to the Trustee</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">12.3 <FONT style="font-variant: SMALL-CAPS">Notice to Debentureholders</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">12.4 <FONT style="font-variant: SMALL-CAPS">Waiver of Notice</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 13: DEBENTUREHOLDERS&#146; MEETINGS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.1 <FONT style="font-variant: SMALL-CAPS">Convening of Meetings </FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.2 <FONT style="font-variant: SMALL-CAPS">Notice</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.3
<FONT style="font-variant: SMALL-CAPS">Quorum</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.4 <FONT style="font-variant: SMALL-CAPS">Chairman</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.5 <FONT style="font-variant: SMALL-CAPS">Procedure When Quorum Not Present</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.6 <FONT style="font-variant: SMALL-CAPS">Show of Hands</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.7 <FONT style="font-variant: SMALL-CAPS">Poll</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.8 <FONT style="font-variant: SMALL-CAPS">Voting</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.9 <FONT style="font-variant: SMALL-CAPS">Proxies</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.10 <FONT style="font-variant: SMALL-CAPS">Persons Who May Attend</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.11 <FONT style="font-variant: SMALL-CAPS">Powers Exercisable By Extraordinary Resolution</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.12 <FONT style="font-variant: SMALL-CAPS">Definition of Extraordinary Resolution</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.13 <FONT style="font-variant: SMALL-CAPS">Powers Cumulative</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.14 <FONT style="font-variant: SMALL-CAPS">Minutes</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.15 <FONT style="font-variant: SMALL-CAPS">Instrument In Lieu of Extraordinary Resolution</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.16 <FONT style="font-variant: SMALL-CAPS">Evidence of Instruments of Debentureholders</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.17 <FONT style="font-variant: SMALL-CAPS">Binding Effect of Resolutions</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">13.18 <FONT style="font-variant: SMALL-CAPS">Serial Meetings</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 14: SUPPLEMENTAL INDENTURES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">14.1 <FONT style="font-variant: SMALL-CAPS">Supplemental Indentures</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 15: ACCEPTANCE OF TRUSTS BY TRUSTEE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">15.1 <FONT style="font-variant: SMALL-CAPS">Acceptance</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 16: COUNTERPARTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">16.1 <FONT style="font-variant: SMALL-CAPS">Counterparts</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIS TRUST INDENTURE </B>is made as of July&nbsp;12, 1999.
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><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;Company&#148;),
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">- and -
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>CIBC MELLON TRUST COMPANY, </B>a trust company incorporated under the
laws of Canada and duly authorized to carry on the trust business in
each province of Canada (hereinafter referred to as the &#147;Trustee&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS </B>the Company is desirous of creating and issuing its Debentures to be constituted in the
manner hereinafter appearing;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>the Company, under the laws relating thereto, is authorized to create and issue the
Debentures to be issued as herein provided;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>all things necessary have been done and performed to make the Debentures, when
certified by the Trustee and issued as in this Indenture provided, legal, valid and binding
obligations of the Company with the benefits and subject to the terms of this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>the foregoing recitals are made as representations and statements of fact by the
Company and not the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW THEREFORE THIS INDENTURE WITNESSES </B>that it is hereby agreed and declared as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1: INTERPRETATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this Indenture, unless something in the subject matter or context is inconsistent
therewith:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Acquired Restricted Subsidiary Funded Debt&#148; </B>means Funded Debt of a Restricted Subsidiary existing
at the time of acquisition of control of such Restricted Subsidiary by the Company or any of its
Subsidiaries (but, for greater certainty, shall not include Funded Debt incurred in anticipation
of such acquisition of control).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Act&#148; </B>means the <I>Canada Business Corporations Act, </I>R.S.C. 1985, c. C44, as amended from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Authorized Investments&#148; </B>means short-term interest-bearing or discount debt obligations issued or
guaranteed by the Government of Canada or a Province of Canada or a Canadian chartered bank(which
may include an affiliate or related party of the Trustee, including without limitation Mellon Bank
Canada and Canadian Imperial Bank of Commerce) provided that each such obligation is rated at
least RI (middle)&nbsp;by DBRS Inc. or an equivalent rating by Canadian Bond Rating Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Blind River Refinery&#148; </B>means the uranium conversion services facility for the production of
UO<SUB>3</SUB> located at Blind River, Ontario;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Business Day&#148; </B>means a day other than a Saturday or Sunday on which banks are open for business in
Saskatoon;
</DIV>


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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Certified Resolution&#148; </B>means a copy of a resolution certified by the Secretary of the Company to
have been duly passed by the directors and to be in full force and effect on the date of such
certification;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Cdn. GAAP&#148; </B>means generally accepted accounting principles applied in Canada as prescribed by the
Canadian Institute of Chartered Accountants from time to time;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Cigar Lake Project&#148; </B>means the development, construction and operation of an underground uranium
mine located at Cigar Lake, Saskatchewan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Company&#148; </B>means Cameco Corporation and, subject to the provisions of Article&nbsp;9, also includes its
successors and assigns;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Company&#146;s Auditors&#148; </B>means the auditors of the Company at the date hereof, or any other independent
firm of chartered accountants duly appointed as auditors of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Company&#146;s Proportionate Share of Funded Debt of Restricted Subsidiaries&#148; </B>means, in respect of
Funded Debt of Restricted Subsidiaries, the portion of such Funded Debt representing the
percentage of such Funded Debt which is equal to the Company&#146;s or, as applicable, its Subsidiary&#146;s
percentage of all the ownership interests in such Restricted Subsidiaries, provided that the
following shall not be included in the calculation of the Company&#146;s Proportionate Share of Funded
Debt of Restricted Subsidiaries:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inter-company Funded Debt owing to the Company or one or more Restricted Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acquired Restricted Subsidiary Funded Debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Funded Debt of a Restricted Subsidiary, provided that such Restricted
Subsidiary shall have, at the
time of the creation, assumption, incurrence or becoming obligated in respect of
such Funded Debt,
executed and delivered to the Trustee, for the benefit of all Debentureholders, a
guarantee by the
Restricted Subsidiary in such form as is acceptable to the Trustee, together with
such officer&#146;s
certificates, board resolutions and legal opinions as the Trustee may reasonably
request.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Consolidated Subsidiary&#148; </B>means, for any person, each Subsidiary of such person (whether now
existing or hereafter created or acquired) the financial statements of which shall be (or are
required to have been) consolidated with the financial statements of such person in accordance
with Cdn. GAAP;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Counsel&#148; </B>means any barrister or solicitor or firm of barristers or solicitors retained by the
Trustee or retained by the Company and acceptable to the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Debentures&#148; </B>means the Debentures to be issued under this Indenture as provided in Article&nbsp;2
hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Debentureholders&#148; </B>or <B>&#147;holders&#148; </B>means the persons for the time being entered on the registers
hereinafter mentioned as Debentureholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Depository&#148; </B>means, with respect to any series of the Debentures issuable or issued in the form of
one or more global Debentures, the person designated as a depository by the Company pursuant to
Section&nbsp;2.2 until a successor Depository shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depository&#148; shall mean each person who is then a
Depository hereunder, and if at any time there is more than one such person, &#147;Depository&#148; as used
with respect to any series of the Debentures shall mean the Depository with respect to the global
Debenture of such series;
</DIV>



<P align="center" style="font-size: 10pt">- 2 -
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;director&#148; </B>means a director of the Company, and reference without more to action by the directors
means action by the directors as a board, or, whenever duly empowered, by the executive committee
of the board;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Environmental Laws&#148; </B>means all laws, statutes, codes, ordinances, orders, decrees, rules,
regulations, guidelines, standards, judgements or instruments, in each case having the force of
law, of any authority having jurisdiction relating in whole or in part to the environment or its
protection;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Event of Default&#148; </B>has the meaning ascribed thereto in Section&nbsp;6.1;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Extraordinary Resolution&#148; </B>has the meaning ascribed thereto in
Section&nbsp;13.12;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Funded Debt&#148; </B>means, as at any date and for any Restricted Subsidiary, the amount calculated as
follows (determined without duplication in accordance with Cdn. GAAP): (a)&nbsp;Indebtedness <u><B>less</B></u> (b)
liabilities up to a maximum amount of $100&nbsp;million in respect of letters of credit (or similar
instruments) required under Environmental Laws for the cleanup, remediation, restoration,
reclamation or decommissioning of assets or properties or similar activities where no demand or
claim has been made under such letters of credit or other instruments <U><B>less</B></U> (c)&nbsp;all cash on
hand and marketable securities and without duplication, cash on hand and marketable securities
related to Guaranteed Indebtedness;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Government Authority&#148; </B>means any nation or government, any province, state, municipality or other
political subdivision thereof and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Guarantee&#148; </B>shall mean a guarantee, an endorsement, a contingent agreement to purchase or to
furnish funds for the payment or maintenance of, or otherwise to be or become contingently liable
under or with respect to, the Indebtedness, other obligations, net worth, working capital or
earnings of any person, or a guarantee of the payment of dividends or other distributions upon the
stock or equity interests of any person, or an agreement to purchase, sell or lease (as lessee or
lessor) Property, products, materials, supplies or services primarily for the purpose of enabling
a debtor to make payment of such debtor&#146;s obligations or an agreement to assure a creditor against
loss, and including, without limitation, causing a bank or other financial institution to issue a
letter of credit or other similar instrument for the benefit of another person, but excluding (i)
endorsements for collection or deposit in the ordinary course of business and (ii)&nbsp;causing a bank
or other financial institution to issue (a)&nbsp;a documentary letter of credit providing for payment
in a trade transaction entered into in the ordinary course of business or (b)&nbsp;a letter of credit
constituting the substantial functional equivalent of a reclamation bond. The terms <B>&#147;Guarantee&#148;</B>
and <B>&#147;Guaranteed&#148; </B>used as a verb or an adjective shall have a correlative meaning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Hedge Agreement&#148; </B>means any swap agreement, cap agreement, collar agreement, futures contract,
forward contract or similar agreement or arrangement designed to protect against or mitigate the
effect of fluctuations in interest rates, foreign exchange or prices of precious metals or other
commodities. For greater certainty, sale agreements of uranium entered into in the ordinary course
of business by the Company or any of its Subsidiaries shall not constitute Hedge Agreements even
though such sale agreements may include certain incidental hedging features. The amount of any
Indebtedness of any person under any Hedge Agreement shall be deemed to be an amount (not less
than zero) equal to the amount that such person would be required to pay as a liquidation or
termination payment under such Hedge Agreement if such Hedge Agreement were liquidated or
terminated at the time of determination, giving effect to all netting arrangements between such
person and the counterparty to such Hedge Agreement that are enforceable in a bankruptcy or
similar proceeding for such person or such counterparty and under all other circumstances;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Indebtedness&#148; </B>means in respect of any person, without duplication, all items of indebtedness of
any such person created, issued or assumed for any amounts borrowed and all Purchase Money
Obligations which, in accordance with Cdn. GAAP, would be recorded in the financial statements of
such person as at the date as of which Indebtedness is to be determined, and in any event
including, to the extent not otherwise included:
</DIV>



<P align="center" style="font-size: 10pt">- 3 -
</DIV>

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




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obligations secured by any Lien existing on Property owned by such person
subject to such Lien,
whether or not the obligations secured thereby shall have been assumed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guarantees, indemnities, endorsements (other than endorsements for collection
in the ordinary course
of business) or other contingent liabilities of such person in respect of
obligations of another person
or indebtedness of that other person, but only do the extent so guaranteed,
indemnified or endorsed,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">excluding, however, with respect to Purchase Money Obligations, obligations of any person to
pay trade accounts payable, payments in kind and accrued expenses incurred in the ordinary
course of business, so long as the trade accounts payable and accrued expenses are payable
within 180&nbsp;days. In the case of Indebtedness of others secured by a Lien on the property of,
but not assumed by, any person, the amount of such Indebtedness shall be limited to the
lesser of (i)&nbsp;the amount thereof and (ii)&nbsp;the fair market value of the affected property;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Interest
Payment Date&#148; </B>means a date specified in a Debenture as the date on which an installment
of interest on such Debenture shall become due and payable;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Key Lake Mine&#148; </B>means an open pit high grade uranium mine located at Key Lake, Saskatchewan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Kumtor Escrow Agreement&#148; </B>means the Escrow and Security Agreement among the Company, European Bank
for Reconstruction and Development, Export Development Corporation, International Finance
Corporation and Chemical Bank (now known as The Chase Manhattan Bank), as escrow and security
agent, dated as of June&nbsp;28, 1995, as such agreement may be amended, modified, supplemented or
restated from time to time;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Kumtor Gold&#148; </B>means Kumtor Gold Company, a joint stock company of the closed type established
under the laws of Kyrgyzstan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Kumtor Guaranty Agreement&#148; </B>means the Guaranty Agreement dated as of June&nbsp;28, 1995 between the
Company and The Chase Manhattan Bank, in its capacity as trustee, as such agreement may be
amended, modified, supplemented or restated from time to time;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Lien&#148;
</B>means any mortgage, lien, pledge, hypothecation, assignment, charge, security interest,
royalty or encumbrance of any kind created, incurred or assumed in order to secure payment of
Indebtedness. For purposes of this Agreement, a person shall be deemed to own subject to a Lien
any Property that it holds subject to the interest of a vendor or lessor under any conditional
sale agreement, capital lease or other title retention agreement (other than an operating lease)
relating to such Property;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;McArthur River Project&#148; </B>means the development, construction and operation of an underground
uranium mine located at McArthur River, Saskatchewan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Non-Recourse Debt&#148; </B>means any Indebtedness incurred in whole or in part to finance the creation,
exploration, exploitation, development, construction, operation or acquisition of assets and any
increases in or extensions, renewals or refunding of any such Indebtedness, provided that the
recourse of the lender thereof or any agent, trustee, receiver or other person acting on behalf of
the lender in respect of such Indebtedness or any judgement in respect thereof is limited (other
than in respect of false or misleading representations or warranties) to the Property created,
explored, exploited, developed, constructed, operated or acquired in respect of which such
Indebtedness has been incurred and to any receivables, inventory, equipment, chattel paper,
intangibles and other rights or collateral connected with the Property created, explored,
exploited, developed, constructed, operated or acquired (and includes the shares of any Subsidiary
of the Company whose Property in whole or in part consist of the Property referred to in this
definition) and to which the lender has recourse (collectively, the &#147;Non-Recourse Properties&#148;);
</DIV>



<P align="center" style="font-size: 10pt">- 4 -
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Officers&#146; Certificate&#148; </B>means a certificate of the Company signed by any two of the Chief
Executive Officer, an Executive Vice-President, the Chief Financial Officer, the Treasurer or the
Secretary of the Company in their capacities as officers of the Company and not in their personal
capacities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Periodic Offering&#148; </B>means an offering of a series of Debentures from time to time, the specific
terms of which Debentures, including, without limitation, the rate or rates of interest, if any,
thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with
respect thereto, are to be determined by the Company upon the issuance of such Debentures from
time to time;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Permitted Encumbrance&#148; </B>means any of the following:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien created, incurred or assumed by the Company or any Restricted
Subsidiary or otherwise in
existence as of the date of the first issuance by the Company of Debentures issued
pursuant to this
Indenture, or arising thereafter pursuant to contractual commitments entered into
prior to such
issuance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien arising under the Kumtor Escrow Agreement or the Kumtor Guaranty Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien imposed by any Government Authority for taxes, assessments or charges
not yet due or if
due, that are being contested in good faith and by appropriate proceedings if
adequate reserves with
respect thereto are maintained on the books of the Company or the affected
Restricted Subsidiary, as
the case may be, in accordance with Cdn. GAAP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any carrier&#146;s, warehousemen&#146;s, mechanics, construction, materialmen&#146;s,
repairmen&#146;s or other like Lien
arising in the ordinary course of business provided that the obligations secured by
such Lien are not
overdue for a period of more than 30&nbsp;days or are being contested in good faith by
appropriate
proceedings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien securing court proceedings or judgments for an amount and for a period
not resulting in an
Event of Default and deposits in connection with any appeal, review or contestation
thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien, trust or deposit under worker&#146;s compensation, unemployment insurance
and other similar
statutory obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien or deposit to secure the performance of bids, trade contracts (other
than Indebtedness),
leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a
like nature incurred in the ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien giving security on any Property in favour of a Government Authority
within or outside Canada or any political subdivision, department, agency or
instrumentality thereof or any public utility to secure the performance of any
covenant or obligation to or in favour of or entered into at the request of any such
authorities where such security is required pursuant to any contract, statute, order
or regulation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien on Property of a corporation, which Lien exists at the time such
corporation is merged into, or amalgamated or consolidated with the Company or a
Restricted Subsidiary, provided that such Lien is in existence at the time of such
amalgamation, merger or consolidation, was not created in anticipation thereof and is
confined solely to such Property;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 5 -
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien on Property prior to the acquisition thereof by the Company or a Restricted
Subsidiary, provided that any such Lien was not created in anticipation thereof and is
confined solely to such Property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien to secure obligations under Hedge Agreements entered into in the ordinary course of
business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien on existing Property of a corporation when it becomes a Restricted Subsidiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien upon Property of any Restricted Subsidiary to secure Indebtedness owing by such
Restricted Subsidiary to the Company or any other Subsidiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien created, incurred or assumed to secure any Purchase Money Obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien consisting of royalties payable with respect to, and other usual grantors&#146; /
lessors&#146; rights on, any real property, mining claims or other mineral interest created as
part of the acquisition (whether of freehold or leasehold interests) thereof or existing on
the date of such acquisition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien in favour of a party (a &#147;JV Partner&#148;) to a joint venture agreement, joint
development agreement, co-ownership agreement, operating agreement, shareholders&#146; agreement
or other similar agreement to which the Company or a Restricted Subsidiary is a party or in
favour of any operator or similar party under any such agreement which Lien secures the
obligations of the Company or a Restricted Subsidiary under such agreements, including,
without limitation, any obligation of the Company or a Restricted Subsidiary to reimburse
such JV Partner or such operator or other person for the Company&#146;s or a Restricted
Subsidiary&#146;s share of the expenses of developing or conducting operations for the recovery,
storage, treatment, transportation, crushing, milling, refinement, marketing or sale of any
mineral resource, including without limitation, uranium, gold, or other precious metals, to
the extent that such obligations so secured relate to the joint venture that is the subject
of such agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all rights reserved to or vested in any Government Authority by the terms of any lease,
license, franchise, grant or permit held by the Company or a Restricted Subsidiary, or by any
statutory provision, to distrain against or to obtain a charge on any Property of the Company
or a Restricted Subsidiary in the event of failure to make any periodic payment or deposit
for reclamation, decommissioning or similar expenses as a condition of the continuance of
such lease, license, franchise or permit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien on inventory granted in the ordinary course of business securing loans of such
inventory and exchanges of such inventory (excluding any Liens securing Indebtedness) entered
into in the ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any zoning restriction, statutory exception to title, easement, right of way, servitude,
lease or other similar encumbrance or privilege in respect of real property, which does not
materially detract from the value of the Company taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien created, incurred or assumed to secure any Non-Recourse Debt of the Company or a
Restricted Subsidiary on any Property other than a Principal Property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien on current assets (as determined in accordance with Cdn. GAAP) securing any
Indebtedness of the Company to any bank or banks or other financial institution or
institutions incurred in the ordinary course of business and for the purpose of carrying on
the same, repayable on demand or
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 6 -
</DIV>

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

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

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


</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">maturing within 12&nbsp;months of the date when such Indebtedness is incurred or
the date of any renewal, extension or replacement thereof;
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lien or right of distress reserved in or exercisable under any lease,
sublease or license for rent and for compliance with the terms of such lease, sublease
or license arising in the ordinary course of business and not securing any
Indebtedness with respect to amounts delinquent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extension, renewal or refinancing of any Lien permitted pursuant to the
foregoing, provided that the amount secured thereby does not exceed the amount
secured immediately prior to such extension, renewal or refinancing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating leases entered into by the Company or any Restricted Subsidiary in
the ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital leases entered into by the Company or any Restricted Subsidiary in the
ordinary course of business; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other Lien not permitted under clauses (a)&nbsp;through (y)&nbsp;hereof, provided
that the aggregate amount of Indebtedness secured by all Liens permitted pursuant to
this provision (z)&nbsp;does not exceed 10% of Shareholders&#146; Equity;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Permitted Subsidiary Transaction&#148; </B>means, in respect of any Subsidiary, any transaction of merger,
consolidation, amalgamation or reorganization of such Subsidiary with the Company or any
Subsidiary or Subsidiaries (but not any other person) or any liquidation, winding-up or
dissolution of such Subsidiary as part of any merger, consolidation, amalgamation or
reorganization with the Company or any Subsidiary or Subsidiaries (but not any other person) and
any default in payment of, or non-payment of, or forgiveness in repayment of, any principal or
interest on any Indebtedness of a Subsidiary to the Company or to another Subsidiary, and shall
include the taking of steps and actions and the enforcement of remedies in respect of Indebtedness
of such Subsidiary and any security or agreements in respect thereof in connection with such
merger, consolidation, amalgamation, reorganization, liquidation, winding-up or dissolution;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;person&#148; </B>means an individual, a corporation, a partnership, an association, a trust, an
unincorporated organization, a joint venture, a Government Authority or other entity of whatever
nature;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Port Hope Facility&#148; </B>means a uranium conversion services facility for the production of
UF<SUB>6</SUB> and UO<SUB>2</SUB> located at Port Hope, Ontario;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Principal Property&#148; </B>means any current or future mineral property or mining right or manufacturing
or processing plant, building, structure or other facility, together with the land upon which it
is erected and fixtures comprising a part thereof, in respect of the assets or investments of the
Company or any Subsidiary in any of the Blind River Refinery, the Cigar Lake Project, the Key Lake
Mine, the McArthur River Project, the Port Hope Facility and the Rabbit Lake Mine and shall
include the shares or other securities issued by any Restricted Subsidiary as well as any claims
or rights of the Company or any Restricted Subsidiary against any Restricted Subsidiary;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Property&#148; </B>means any right or interest in or to property of any kind whatsoever, whether real,
personal or mixed and whether tangible or intangible;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Purchase Money Obligation&#148; </B>means any monetary obligation created or assumed in connection with
the acquisition, purchase, construction, development, extension or improvement of any Property
(including but not limited to the purchase of any assets, shares or any ownership interest in any
person), together with any extensions, renewals, replacements or refundings of any such
obligations, provided that: (i)&nbsp;any Lien securing such obligations covers only
</DIV>
<P align="center" style="font-size: 10pt">- 7 -
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Property; (ii)&nbsp;such Lien secures no more than the purchase price or other consideration paid
for or the costs of construction, development, extension or
improvement of such Property; and (iii)
the principal amount of such obligation outstanding on the date of any such extension, renewal,
replacement or refunding is not increased;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Rabbit Lake Mine&#148; </B>means an underground uranium mine located at Rabbit Lake, Saskatchewan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Restricted Subsidiary&#148; </B>means any Subsidiary that owns or leases an interest in a Principal
Property or invests in, lends money to, or otherwise owns or holds shares or other securities
issued by, one or more Restricted Subsidiaries;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Shareholders&#146; Equity&#148; </B>shall, with respect to the Company and its Consolidated Subsidiaries, be
determined in accordance with Cdn. GAAP;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Subsidiary&#148; </B>means any corporation or other entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions are directly or indirectly owned or controlled (within the
meaning of the Act, as such statute is in effect on the date hereof) by the Company (for greater
certainty, Kumtor Gold and, in the event of the closing of the transaction presently agreed to with
Cogema Resources Inc. pursuant to which the Company&#146;s voting interest in UEM, Inc. is reduced to
50% and for as long as the Company&#146;s voting interest in UEM, Inc. thereafter remains at 50% or
less, UEM, Inc. are not and shall not be deemed to be Subsidiaries);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Trustee&#148; </B>means CIBC Mellon Trust Company or any successor trustee under Article&nbsp;11 hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;The
Indenture&#148;</B>, &#147;this Indenture&#148;, &#147;this Trust Indenture&#148;, &#147;hereto&#148;, &#147;herein&#148;, &#147;hereof, &#147;hereby&#148;,
&#147;hereunder&#148; and similar expressions refer to this indenture and not to any particular Article,
Section or other portion hereof, and include any and every instrument supplemental or ancillary
hereto and references to Articles and Sections are to articles and sections of this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Wholly-Owned Subsidiary&#148; </B>means any corporation of which the Company beneficially owns, directly
or indirectly, all of the shares and a corporation shall be deemed to beneficially own shares
beneficially owned by a Wholly-Owned Subsidiary and so on indefinitely; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Written Order&#148; </B>of or by the Company means a written order signed in the name of the Company by
any two of the Chief Executive Officer, Executive Vice-President, Chief Financial Officer,
Treasurer and Secretary of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Words importing the singular number only include the plural and <I>vice versa, </I>words importing any
gender include any other gender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.1 Meaning of &#147;Outstanding&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every
Debenture certified and delivered by the Trustee hereunder shall be deemed to be outstanding
until it is cancelled or delivered to the Trustee for cancellation or money for the payment
thereof has been set aside pursuant to Article&nbsp;8, provided that:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a new Debenture has been issued in substitution for a Debenture that has
been mutilated, lost, stolen
or destroyed, only one of such Debentures shall be counted for the purpose of
determining the
aggregate principal amount of Debentures outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debentures that have been partially redeemed, purchased or converted shall be
deemed to be
outstanding only to the extent of the unredeemed, unpurchased or unconverted part of
the principal
amount thereof; and</TD>
</TR>

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

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the purpose of any provision of this Indenture entitling holders of
outstanding Debentures to vote, sign consents, requisitions or other instruments or
take any action under this Indenture or to constitute a quorum at any meeting of
Debentureholders, Debentures owned directly or indirectly by the Company, a
Subsidiary or any affiliate of the Company (as defined in the Act), shall be
disregarded, except that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the purpose of determining whether the Trustee shall be
protected in relying on any such vote, consent, requisition or other
instrument or action or on the holders of Debentures present or represented at
any meeting of Debentureholders, only the Debentures which the Trustee knows
are so owned shall be so disregarded; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debentures so owned that have been pledged in good faith other
than to the Company, a Subsidiary or an affiliate of the Company (as defined in
the Act) shall not be disregarded if the pledgee shall establish to the
satisfaction of the Trustee the pledgee&#146;s right to vote, sign consents,
requisitions or other instruments or take such other actions free from the
control of the Company, a Subsidiary or any affiliate of the Company (as
defined in the Act).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.2 Non-Business Days</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whenever any payment to be made hereunder shall be stated to be due or any other action to be
taken hereunder shall be stated to be required to be taken on a day other than a Business Day,
such payment shall be made or action taken on the next succeeding day that is a Business Day (and
without any interest or other payment in respect of any such delay), except that with respect to
any payment due, if such Business Day is in the next succeeding calendar year, then such payment
shall be made on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date. Any payment made after 4:00 p.m. (Saskatoon time) on a Business Day
shall be deemed to be made on the next following Business Day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.3 Currency</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All references to currency herein are to lawful money of Canada, unless otherwise stated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.4 Headings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The headings of all the Articles and Sections hereof and the table of contents are inserted for
convenience of reference only and shall not affect the construction or interpretation of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.5 Statute References</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any reference in this Indenture to any Act or statute or section thereof shall be deemed to be a
reference to such Act or statute or section as amended or re-enacted from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.6
Invalidity of Provisions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of the provisions contained in this Indenture or the Debentures is distinct and severable and
a declaration of invalidity or unenforceability of any such provision by a court of competent
jurisdiction shall not affect the validity or enforceability of any
other provision hereof or
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.7 Applicable Law</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Indenture and the Debentures shall be governed by and construed in accordance with the laws
of the Province of Saskatchewan and the laws of Canada applicable therein and shall be treated in
all respects as Saskatchewan contracts.
</DIV>


<P align="center" style="font-size: 10pt">- 9 -
</DIV>

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.8 Language Clause</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Les parties aux presentes ont exige que la presente convention ainsi que tous les documents et avis
qui s&#146;y rattachent et/ou qui en decouleront soient rediges en langue anglaise. The parties hereto
have required that this Indenture and all documents and notices related thereto and/or resulting
therefrom be drawn up in English.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of any contradiction, discrepancy or difference between the English language version
and the French language version of the text, if any, of the form of the Debentures, the English
language version of the text shall govern.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.9 Accounting Terms</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All accounting terms not defined in this Indenture shall be interpreted in accordance with Cdn.
GAAP applied on a basis consistent with the Company&#146;s audited financial statements.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2: THE DEBENTURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.1 Limit of Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate principal amount of Debentures which may be certified and delivered under this
Indenture is unlimited, but Debentures may be issued only upon and subject to the conditions and
limitations herein set forth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.2 Terms of Debentures of any Series</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures may be issued in one or more series subject to compliance with the provisions and
conditions hereinafter set forth. There shall be established herein or in or pursuant to one or
more resolutions of the directors (and to the extent established pursuant to rather than set forth
in a resolution of the directors, in an Officers&#146; Certificate detailing such establishment)or
established in one or more indentures supplemental hereto, prior to the initial issuance of any
particular series of Debentures:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the designation of the series of the Debentures (which need not include the
term &#147;Debentures&#148;), which
shall distinguish the series of the Debentures from all other series of the
Debentures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limit upon the aggregate principal amount of the series of the Debentures
that may be certified
and delivered under such supplemental Indenture (except for Debentures certified and
delivered upon
registration of, transfer of, amendment of, or in exchange for, or in lieu of, other
series of the
Debentures pursuant to Sections&nbsp;2.8, 2.9, 3.1, 3.2, 3.3, 3.4 or 3.7, or Debentures
that are re-issued
pursuant to Section&nbsp;2.10);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates on which the principal and any premium of the series of the Debentures
is payable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rate or rates at which the series of the Debentures shall bear interest, if
any, the date or dates from
which such interest shall accrue, on which such interest shall be payable and on
which a record, if
any, shall be taken for the determination of holders to whom such interest shall be
payable and/or the
method or methods by which such rate or rates or date or dates shall be determined;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the place or places where the principal of and any interest on the series of
the Debentures shall be
payable or where any series of the Debentures may be surrendered for registration of
transfer or
exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right, if any, of the Company to redeem the series of the Debentures, in
whole or in part, at its
option and the period or periods within which, the price or prices at which and any
terms and
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 10 -
</DIV>

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

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

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


</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">conditions upon which, the series of the Debentures may be so redeemed, pursuant to
any sinking fund or otherwise;
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the obligation, if any, of the Company to redeem, purchase or repay the series
of the Debentures pursuant to any mandatory redemption, sinking fund or analogous
provisions or at the option of a holder thereof and the price or prices at which, the
period or periods within which, the date or dates on which, and any terms and
conditions upon which, the series of the Debentures shall be redeemed, purchased or
repaid, in whole or in part, pursuant to such obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the series of the Debentures shall be issuable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any trustees, depositories, authenticating or paying agents, transfer agents
or registrars or any other agents with respect to the series of the Debentures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any additional events of default or covenants with respect to the series of the
Debentures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether and under what circumstances the series of the Debentures will be
convertible into or exchangeable for securities of the Company or any other person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form and terms of the series of the Debentures, including, without
limitation, if the series of the Debentures shall be in registered or unregistered
form;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if applicable, that the series of the Debentures shall be issuable in whole or
in part as one or more global Debentures and, in such case, the Depository or
Depositories for such global Debentures in whose name the global Debentures will be
registered, and any circumstances other than or in addition to those set forth in
Section&nbsp;2.5 or 3.2 or those applicable with respect to any specific series of
Debentures, as the case may be, in which any such global Debenture may be exchanged for
coupon Debentures or fully registered Debentures, or transferred to and registered in
the name of a person other than the Depository for such global Debentures or a nominee
thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if other than Canadian currency, the currency in which the series of the Debentures are
issuable; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other terms of the series of the Debentures (which terms shall not be
inconsistent with the provisions of this Indenture).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All Debentures of any one series shall be substantially identical, except as may otherwise be
established herein or by or pursuant to a resolution of the directors, in an Officers&#146;
Certificate, or in an indenture supplemental hereto. All Debentures of any one series need not be
issued at the same time and may be issued from time to time, consistent with the terms of the
Indenture, if so provided herein, by or pursuant to such resolution of the directors, in an
Officers&#146; Certificate, or in an indenture supplemental hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.3 Form of Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each series of Debentures shall be substantially in such form or forms (not inconsistent with this
Indenture) as shall be established herein or by or pursuant to one or more resolutions of the
directors (as set forth in a resolution of the directors or to the extent established pursuant to
rather than set forth in a resolution of the directors, in an Officers&#146; Certificate detailing such
establishment) or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or
endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply
with any law or with any rules or regulations pursuant thereto
</DIV>
<P align="center" style="font-size: 10pt">- 11 -
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or with any rules or regulations of any securities exchange or securities regulatory authority or
to conform to general usage, all as may be determined by the officers executing such Debentures,
as conclusively evidenced by their execution of such Debentures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.4 Certification and Delivery of Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may from time to time request the Trustee to certify and deliver Debentures of any
series by delivering to the Trustee the documents referred to below in this Section&nbsp;2.4 whereupon
the Trustee shall certify such Debentures and cause the same to be delivered in accordance with the
Written Order of the Company referred to in this Section&nbsp;2.4 or pursuant to such procedures
acceptable to the Trustee as may be specified from time to time by a Written Order of the Company.
The maturity date, issue date, interest rate (if any) and any other terms of the series of the
Debentures shall be set forth in or determined by or pursuant to such Written Order of the Company
and procedures. If provided for in such procedures, such Written Order of the Company may authorize
certification and delivery pursuant to written instructions from the Company. In certifying such
Debentures the Trustee shall be entitled to receive and shall be fully protected in acting and
relying upon, unless and until such documents have been superseded or revoked:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Certified Resolution, Officers&#146; Certificate and/or executed supplemental
indenture in form and terms
approved by Counsel by or pursuant to which the form and terms of such Debentures
were established
and providing for their issuance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Written Order of the Company requesting certification and delivery of such
Debentures and setting
forth delivery instructions, provided that, with respect to a series of Debentures
subject to a Periodic
Offering:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Written Order of the Company may be delivered by the
Company to the Trustee prior to the delivery to the Trustee of such series of
Debentures for certification and delivery,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee shall certify and deliver Debentures of such
series for original issue from time to time, in an aggregate principal amount
not exceeding the aggregate principal amount, if any, established for such
series, pursuant to a Written Order of the Company or pursuant to procedures
acceptable to the Trustee as may be specified from time to time by a Written
Order of the Company,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the maturity date or dates, issue date or dates, interest
rate or rates (if any) and any other terms of such series of Debentures shall
be determined by a Written Order of the Company or pursuant to such
procedures, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if provided for in such procedures, such Written Order of the
Company may authorize certification and delivery pursuant to written
instructions from the Company;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion of Counsel that all requirements imposed by this Indenture or by law
in connection with
the proposed issue of Debentures have been complied with, subject to the delivery of
certain
documents or instruments specified in such opinion; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Officers&#146; Certificate certifying that the Company is not in default under
this Indenture, that the
terms and conditions for the certification and delivery of Debentures (including
those set forth in
Section&nbsp;10.4) have been complied with subject to the delivery of any documents or
instruments
specified in such Officers&#146; Certificate and that no Event of Default will exist upon
such certification
or delivery.</TD>
</TR>



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

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

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


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



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.5 Issue of Global Debenture</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may specify that a series of Debentures are to be issued in whole or in part as one or
more global Debentures registered in the name of a Depository, or its nominee, designated by the
Company in the Written Order of the Company delivered to the Trustee at the time of issue of such
Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Depository designated for a global Debenture must, at the time of its designation and at all
times while it serves as such Depository, be a clearing agency registered or designated under the
securities legislation of the jurisdiction applicable to the issue of such Debentures, and under
any other applicable legislation to the extent that such registration or designation is required
by such legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.6 Execution of Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All Debentures shall be signed (either manually or by facsimile signatures) by any two
authorized officers of the Company holding office at the time of signing and any coupons shall be
signed by any one of the said officers. A facsimile signature upon a Debenture or a coupon shall
for all purposes of this Indenture be deemed to be the signature of the person whose signature it
purports to be. Notwithstanding that any person whose signature, either manual or in facsimile,
appears on a Debenture or a coupon as one of such officers may no longer hold such office at the
date of the Debenture or coupon or at the date of the certification and delivery thereof, such
Debenture or coupon shall be valid and binding upon the Company and entitled the holder to the
benefits of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.7 Certification</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="2" width="3%" nowrap align="left">(1)</TD>
    <TD colspan="2">No Debenture shall be issued or, if issued, shall be obligatory or entitle the holder to the
benefit hereof until it has been certified by or on behalf of the Trustee in the form set out
in the Debenture or in some other form approved by the Trustee. Such certificate on any
Debenture shall be conclusive evidence that such Debenture has been duly issued and is a
valid obligation of the Company and that the holder is entitled to the benefits of this
Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="2" width="3%" nowrap align="left">(2)</TD>
    <TD colspan="2">The certificate of the Trustee on Debentures shall not be construed as a representation or
warranty by the Trustee as to the validity of this Indenture or of the Debentures (except the
due certification thereof and any other warranties implied by law) and the Trustee shall in
no respect be liable or answerable for the use made of any Debenture or proceeds thereof or
as to the performance by the Company of its obligations under this Indenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.8 Interim Debentures or Certificates</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pending the delivery of definitive Debentures of any series to the Trustee, the Company may issue
and the Trustee certify in lieu thereof interim Debentures, with or without coupons, in such forms
and in such denominations and signed in such manner as provided herein, entitling the holders
thereof to definitive Debentures of the series when the same are ready for delivery; or the
Company may execute and the Trustee may certify a temporary Debenture for the whole principal
amount of Debentures of the series then authorized to be issued hereunder and deliver the same to
the Trustee and thereupon the Trustee may issue its own interim certificates in such form and in
such amounts, not exceeding in the aggregate the principal amount of the temporary Debenture so
delivered to it, as the Company and the Trustee may approve entitling the holders thereof to
definitive Debentures of the series when the same are ready for delivery; and, when so issued and
certified, such interim or temporary Debentures or interim certificates shall, for all purposes
but without duplication, rank in respect of this Indenture equally with Debentures duly issued
hereunder and, pending the exchange thereof for definitive Debentures, the holders of the interim
or temporary Debentures or interim certificates shall be deemed without duplication to be
Debentureholders and entitled to the benefit of this Indenture to the same extent and in the same
manner as though the said exchange had actually been made. Forthwith after the Company shall have
delivered the definitive Debentures to the Trustee, the Trustee shall cancel such temporary
Debenture, if any, and
</DIV>



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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall call in for exchange all interim Debentures or certificates that shall have been issued and
forthwith after such exchange shall cancel the same together with all
unmatured coupons, if any,
appertaining thereto. No charge shall be made by the Company or the Trustee to the holders of such
interim Debentures or certificates for the exchange thereof. All interest paid upon interim or
temporary Debentures or interim certificates without coupons shall be noted thereon as a condition
precedent to such payment unless paid by cheque to the registered holders thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.9 Issue of Substitutional Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case any of the Debentures issued and certified hereunder or coupons appertaining thereto shall
become mutilated or be lost, destroyed or stolen, the Company in its discretion may issue, and
thereupon the Trustee shall certify and deliver, a new Debenture or coupon of like date or tenor as
the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation
of such mutilated Debenture or coupon or in lieu of and in substitution for such lost, destroyed or
stolen Debenture or coupon and the substituted Debenture or coupon shall be in a form approved by
the Trustee and the holder shall be entitled to the benefit of this Indenture and rank equally with
all other Debentures issued or to be issued hereunder. In case of loss, destruction or theft an
applicant for a substituted Debenture or coupon shall, as a condition precedent to the issue
thereof, furnish to the Company and to the Trustee such evidence of ownership and of the loss,
destruction or theft of the Debenture or coupon so lost, destroyed or stolen as shall be
satisfactory to the Company and to the Trustee in their discretion and such applicant shall also be
required to furnish indemnity in amount and form satisfactory to them in their discretion, and
shall pay the reasonable charges of the Company and the Trustee in
connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.10 Pledge and Re-Issue of Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provided the Company is not at the time in default hereunder, all or any of the Debentures may be
pledged, hypothecated or charged from time to time by the Company as security for advances or
loans to or for Indebtedness or other obligations of the Company, provided that the principal
amount of the advances, loans, Indebtedness or other obligations so secured is initially not less
than one hundred per cent (100%) of the principal amount of Debentures so pledged, hypothecated or
charged in respect thereof, and, when redelivered to the Company or its nominees on or without
payment, satisfaction, release or discharge in whole or in part of any such advances, loans,
Indebtedness or obligations, together with all or any of the Debentures which pursuant to any
provision of the Debentures may be purchased in the market or by tender or by private contract,
may be held by the Company for such period or periods as it deems expedient and shall (except when
acquired pursuant to any provision of the Debentures or of this Indenture or pursuant to a
resolution of the directors which provision or resolution requires cancellation and retirement of
such Debentures so acquired) while the Company remains in possession thereof be treated as
unissued Debentures and accordingly may be issued or re-issued, pledged or charged, sold or
otherwise disposed of as and when the Company may think fit, and all such Debentures so issued,
re-issued or pledged or charged, sold or otherwise disposed of before but not after the respective
dates of maturity thereof shall, subject to the provisions of Section&nbsp;1.2, continue to be
entitled, as upon their original issue, to the benefit of all the terms, conditions, rights,
priorities and privileges hereby attached to or conferred on Debentures issued hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.11 Commencement of Interest</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coupon Debentures shall bear interest from their date of issuance. The coupons, if any,
matured at the date
of delivery by the Trustee of any coupon Debentures shall be detached therefrom and
cancelled before
delivery, unless such Debenture is being issued in exchange or in substitution for another
Debenture (whether
in interim or definitive form) and such matured coupons represent unpaid interest to which
the holder of such
exchanged or substituted Debenture is entitled.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All fully registered Debentures issued hereunder, whether originally or upon exchange or in
substitution for
previously issued Debentures, shall bear interest from their date or from the last Interest
Payment Date to which
interest shall have been paid or made available for payment on the outstanding Debentures of
the same series
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 14 -
</DIV>

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

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

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


</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">and date of maturity, whichever shall be the later, or, in respect of Debentures subject to
a Periodic Offering, from their date or from the last Interest Payment Date to which
interest shall have been paid or made available for payment on such Debentures.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise specifically provided in the terms of any series of Debentures, interest for
any period of less than six months shall be computed on the basis of a year of 365&nbsp;days. With
respect to any series of Debentures, whenever interest is computed on a basis of a year (the
&#147;deemed year&#148;) which contains fewer than the actual number of days in the calendar year of
calculation, such rate of interest shall be expressed as yearly rate for purposes of the
<I>Interest Act </I>(Canada) by multiplying such rate of interest by the actual number of days in the
calendar year of calculation and dividing it by the number of days in the deemed year.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.12 Debentures to Rank <I>Pari Passu</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All
Debentures shall rank <I>pari passu </I>without discrimination, preference or priority, whatever may
be the actual date or terms of the issue of the same respectively, save only as to sinking fund,
purchase fund, amortization fund or analogous provisions (if any) applicable to different series
and to the provisions of Section&nbsp;5.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.13 Prescription</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any Debenture issued hereunder shall become void unless presented for payment within a period of
20&nbsp;years from such Debenture&#146;s maturity date.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3: REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.1 Fully Registered Debentures</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each series of Debentures issuable as fully registered Debentures, the
Company shall cause to
be kept by and at the principal office of the Trustee in Winnipeg 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 may be
specified in the series of such Debentures 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 Debentures and
particulars of the Debentures held by them respectively and of all transfers of fully
registered Debentures.
Such registration shall be noted on the Debentures by the Trustee or other registrar unless
a new Debenture
shall be issued upon such transfer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No transfer of a fully registered Debenture shall be valid unless made on such register upon
the surrender to
the Trustee of the Debenture certificate duly endorsed by the registered holder or the holder&#146;s executors,
administrators or other legal representatives or any attorney duly appointed by an instrument in writing in form
and execution satisfactory to the Trustee or other registrar upon compliance with such reasonable requirements
as the Trustee or other registrar may prescribe, nor unless the name or the transferee shall have been noted on
the Debenture by the Trustee or other registrar.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.2 Global Debentures</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each series of Debentures issuable in whole or in part as one or more global
Debentures, the Company shall cause to be kept by and at the principal office or the Trustee
in Winnipeg 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 Debenture (being the Depository, or its</TD>
</TR>

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

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


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



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">nominee, for such global Debenture) as holder thereof and particulars of the global
Debenture held by it, and of all transfers thereof. If any Debentures of such series are at
any time not global Debentures, the provision of Section&nbsp;3.1 or 3.3, whichever are
applicable, shall govern with respect to registrations and transfers of such Debentures.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision of this Article&nbsp;3, a global Debenture may not be
transferred by the registered holder thereof except in the following circumstances or as
otherwise specified in the supplemental indenture relating to a particular series of
Debentures;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a global Debenture 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 style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a global Debenture may be transferred at any time after the Depository for such
global Debenture (i)
has notified the Company this it is unwilling or unable to continue as Depository
for such global
Debenture or (ii)&nbsp;ceases to be eligible to be a Depository under Section&nbsp;2.5(2),
provided that at the
time of such transfer the Company has not appointed a successor Depository for such
global
Debenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a global Debenture may be transferred at any time after the Company has
determined, in its sole
discretion, to terminate the book-entry only registration system in respect of such
global Debenture;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a global Debenture may be transferred at any time after the Trustee has
determined that an Event of
Default has occurred and is continuing with respect to the Debentures of the series
issued as a global
Debenture, provided that at the time of such transfer the Trustee has not waived the
Event of Default
pursuant to Section&nbsp;6.4.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.3 Coupon Debentures</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coupon Debentures issued hereunder shall be negotiable and shall pass by delivery unless
registered for the
time being as hereinafter provided. Notwithstanding registration of coupon Debentures as to
principal, the
coupons when detached shall continue to be payable to bearer and pass
by delivery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each series of Debentures issuable in whole or in part as coupon Debentures
registrable as to
principal only, the Company shall cause to be kept by and at the principal office of the
Trustee in Winnipeg
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 may be specified in such series of the Debentures or
as the Company may
designate with the approval of the Trustee, a register in which holders of coupon Debentures
of such series may
register the same as to principal only and in which shall be entered the names and addresses
of the holders of
the Debentures so registered. Such registration shall be noted on the Debentures by the
Trustee or other
registrar.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After such registration of a coupon Debenture no transfer thereof shall be valid unless made on
such register
upon the surrender to the Trustee of the coupon Debenture certificate duly endorsed by the
registered holder or the 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 compliance with such reasonable
requirements as the Trustee or other registrar may prescribe, nor unless the name of the
Transferee shall have been noted on the Debenture by the Trustee or other registrar; but
any such Debenture may be discharged from registry by being transferred to bearer after
which it shall again be transferable by delivery but may again from time to time be
registered and discharged from registry.</TD>
</TR>

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

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


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



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3.4 Transferee Entitled to Registration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The transferee of a fully-registered or a principally-registered Debenture shall be entitled, after
the surrender to the Trustee of the Debenture certificate and the appropriate form of transfer is
lodged with the Trustee or other registrar and upon compliance with all applicable conditions of
this Indenture and all requirements of any applicable law, to be entered on the register as the
owner of such Debenture free from all equities or rights of set-off or counterclaim between the
Company and the transferor or any previous holder of such Debenture, save in respect of equities of
which the Company is required to take notice by statute or by order of a court of competent
jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3.5 No Notice of Trusts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither the Company nor the Trustee nor any Debenture registrar shall be bound to take notice of
or see to the execution of any trust, whether express, implied or constructive, in respect of any
Debenture, and may transfer the same on the direction of the person registered as the holder
thereof, whether named as trustee or otherwise, as though that person were the beneficial owner
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3.6 Registers Open for Inspection</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The registers referred to in Sections&nbsp;3.1 and 3.3 shall at all reasonable times be open for
inspection by the Company, the Trustee or any Debentureholder. Every registrar, including the
Trustee, shall from time to time when requested to do so in writing by the Company or by the
Trustee furnish the Company or the Trustee, as the case may be, with a list of names and addresses
of holders of registered Debentures entered on the register kept by them and showing the principal
amount and serial numbers of the Debentures held by each such holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3.7 Exchanges of Debentures</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;3.8, Debentures in any authorized form or denomination, other than global
Debentures, may be exchanged for Debentures in any other authorized form or denomination, of
the same series and date of maturity, bearing the same interest rate and of the same
aggregate principal amount as the Debentures so exchanged.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debentures of any series may be exchanged only at the principal office of the Trustee in the
City of Winnipeg
or at such other place or places, if any, as may be specified in the series of such
Debentures and as such other
place or places as may from time to time be designated by the Company with the approval of
the Trustee. Any
Debentures tendered for exchange shall be surrendered to the Trustee together with all
unmatured coupons,
if any, and all matured coupons, if any, in default pertaining thereto. The Company shall
execute and the
Trustee shall certify all Debentures necessary to carry out exchanges as aforesaid. All
Debentures and coupons
surrendered for exchange shall be cancelled.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debentures issued in exchange for Debentures which at the time of such issue have been
selected or called for
redemption at a later date shall be deemed to have been selected or called for redemption in the same manner
and shall have noted thereon a statement to that effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Closing of Registers</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Company nor the Trustee nor any registrar shall be required:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make transfers or exchanges of fully registered Debentures on any
Interest Payment Date for the Debentures or during the 10 preceding Business Days;</TD>
</TR>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make transfers or exchanges of any Debentures on the day of any selection by
the Trustee of
Debentures to be redeemed or during the 10 preceding Business Days; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make exchanges of any Debentures which will have been selected or called for
redemption, unless
upon due presentation thereof for redemption such Debentures shall not be redeemed.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to any restriction herein provided, the Company with the approval of the Trustee may
at any time close any register for any series of Debentures, other than that kept at the
principal office of the Trustee in Winnipeg, and transfer the registration of any Debentures
registered thereon to another register and thereafter such Debentures shall be deemed to be
registered on such other register. Notice of such transfer shall be given to the holders of
such Debentures.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.9 Charges for Registration, Transfer and Exchange</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For each Debenture exchanged, registered, transferred or discharged from registration the Trustee
or other registrar, except as otherwise herein provide, may make a reasonable charge for its
services and in addition may charge a reasonable sum for each new Debenture issued (such amounts
to be agreed upon by the Trustee and the Company from time to time), and payment of such charges
and reimbursement of the Trustee or other registrar for any stamp taxes or governmental or other
charges required to be paid shall be made by the party requesting such exchange, registration,
transferor discharge from registration as a condition precedent thereto. Notwithstanding the
foregoing provisions, no charge shall be made to a Debentureholder hereunder:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for any exchange, registration, transfer or discharge from registration of any
Debenture applied for
within a period of two months from the date of the first delivery of Debentures of
that series or, with
respect to a Debenture subject to a Periodic Offering, within a period of two months
from the date of
delivery of any such Debenture; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for any exchange after such period of fully registered Debentures in
denominations in excess of
$1,000 for Debentures in lesser denominations, in either coupon or fully registered form, provided
that the Debentures surrendered for exchange shall not have been issued as a result of any previous
exchange other than an exchange pursuant to the foregoing Section&nbsp;3.9(a).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.10 Ownership of Debentures and Coupons</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise required by law, the person in whose name any registered Debenture is
registered shall for
all the purposes of this Indenture be and be deemed to be the owner thereof and payment of
or on account of
the principal of and premium, if any, on such Debenture and, in the case of a fully
registered Debenture,
interest thereon shall be made to such registered holder and such payment shall be good and
sufficient
discharge to the Company and the Trustee for the amount so paid. The Company and the Trustee
may deem
and treat the bearer of any unregistered Debenture and the bearer of any coupon, whether or
not the Debenture
from which it has been detached shall be registered as to principal, as the absolute owner
of such Debenture
or coupon, as the case may be, for all purposes and the Company and the Trustee shall not be
affected by any
notice to the contrary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registered holder for the time being of any registered Debenture and the bearer of any
unregistered
Debenture and the bearer of any coupon (except any coupon which shall be void by reason of
the acceleration
pursuant to Section&nbsp;6.2 of the coupon Debenture to which it was annexed) shall be entitled
to the principal,
premium, if any, and/or interest evidenced by such instruments respectively free from all
equities or rights of
set-off or counterclaim between the Company and the original or any intermediate holder
thereof and all
persons may act accordingly and the receipt of any such registered holder or bearer, as the
case may be, for
any such principal, premium or interest shall be a good discharge to the Company and/or the
Trustee for the
</TD>
</TR>
</TABLE>
</DIV>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">same and neither the Company nor the Trustee shall be bound to inquire into the title of
any such registered holder or bearer.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where registered Debentures are registered in more than one name the principal moneys,
premium, if any, and interest (in the case of fully registered Debentures) from time to time
payable in respect thereof may be paid to the order of ail such holders, failing written
instructions from them to the contrary, and the receipt of any one of such holders therefor
shall be a valid discharge to the Trustee and any Debenture registrar and to the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.11 Evidence of Ownership</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon receipt of a certificate of any bank, trust company or other depository satisfactory to the
Trustee stating that the unregistered Debentures and coupons specified therein have been deposited
by a named person with such bank, trust company or other depository and will remain so deposited
until the expiry of the period specified therein, the Company and the Trustee may treat the person
so named as the owner, and such certificate as sufficient evidence of the ownership by such person
during such period, of such Debentures and coupons, for the purpose of any requisition, direction,
consent, instrument, proxy or other document to be made, signed or given by the holder of the
Debentures so deposited.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4: REDEMPTION AND PURCHASE OF DEBENTURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.1 Redemption</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall have the right at its option to redeem either in whole at any time or in part
from time to time before maturity any Debentures issued hereunder of any series which by their
terms are made so redeemable (subject, however, to any applicable restriction on the redemption of
the series of Debentures) at such rate or rates or premium, if any, and on such date or dates and
in accordance with such other provisions as shall have been determined at the time of issue of
such Debentures and as shall have been expressed in this Indenture, in the Debentures, in a
resolution of the directors, in an Officers&#146; Certificate, or in a supplemental indenture
authorizing or providing for the issue thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.2 Partial Redemption</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If less than all the Debentures of any series for the time being outstanding are at any time to be
redeemed, the Debentures so to be redeemed shall be selected by the Trustee (i)&nbsp;in the case of
fully registered Debentures, on a <I>pro rata </I>basis to the nearest multiple of $1,000 in accordance
with the principal amount of the Debentures registered in the name of each holder, or (ii)&nbsp;by lot
in such manner as the Trustee may deem equitable. Unless otherwise specifically provided in the
terms of any series of Debentures, no Debenture shall be redeemed in part unless the principal
amount redeemed is $1,000 or a multiple thereof. For this purpose, the Trustee may make, and from
time to time vary, regulations with respect to the manner in which such Debentures may be drawn
for redemption and regulations so made shall be valid and binding upon all holders of such
Debentures notwithstanding the fact that as a result thereof one or more of such Debentures may
become subject to redemption in part only. In the event that one or more of such Debentures
becomes subject to redemption in part only, upon surrender of any such Debentures for payment of
the redemption price, the Company shall execute and the Trustee shall certify and deliver without
charge to the holder thereof or upon the holder&#146;s order one or more new Debentures for the
unredeemed part of the principal amount of the Debenture or Debentures so surrendered. Unless the
context otherwise requires, the terms &#147;Debenture&#148; or &#147;Debentures&#148; as used in this Article&nbsp;4 shall
be deemed to mean or include any part of the principal amount or any Debenture which in accordance
with the foregoing provisions has become subject to redemption.
</DIV>


<P align="center" style="font-size: 10pt">- 19 -
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.3 Notice of Redemption</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notice of redemption of any series of Debentures shall be given to the holders of the Debentures so
to be redeemed not more than 60&nbsp;days nor less than 30&nbsp;days prior to the date fixed for redemption,
in the manner provided in Article&nbsp;12. Every such notice shall specify the aggregate principal
amount of Debentures called for redemption, the redemption date, the redemption price and the
places of payment and shall state that interest upon the principal amount of Debentures called for
redemption shall cease to be payable from and after the redemption date. In addition, unless all
the outstanding Debentures are to be redeemed, the notice of redemption shall specify:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a notice mailed to a registered Debentureholder, the
distinguishing letters and number
of the registered Debentures which are to be redeemed (or of such thereof as are
registered in the
name of such Debentureholder);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a published notice, the distinguishing letters and numbers of
the Debentures which are
to be redeemed or if such Debentures are selected by terminal digit or other similar
system such
particulars as may be sufficient to identify the Debentures so selected; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in all cases, the principal amounts of such Debentures or, if any such
Debenture is to be redeemed in
part only, the principal amount of such part.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that all Debentures to be redeemed are registered Debentures, publication shall not be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.4 Debentures Due on Redemption Dates</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notice having been given as aforesaid, all the Debentures so called for redemption shall thereupon
be and become due and payable at the redemption price, on the redemption date specified in such
notice, in the same manner and with the same effect as if it were the date of maturity specified
in such Debentures, anything therein or herein to the contrary notwithstanding, and from and after
such redemption date, if the moneys necessary to redeem such Debentures shall have been deposited
as provided in Section&nbsp;4.5 and affidavits or other proof satisfactory to the Trustee as to the
publication and/or mailing of such notices shall have been lodged with it, interest upon the
Debentures shall cease and coupons for interest to accrue after the date upon the Debentures shall
become and be void. If any question shall arise as to whether any notice has been given as above
provided and such deposit made, such question shall be decided by the Trustee whose decision shall
be final and binding upon all parties in interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.5 Deposit of Redemption Moneys</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Redemption of Debentures shall be provided for by the Company depositing with the Trustee or any
paying agent to the order of the Trustee, at least two Business Days day prior to the redemption
date specified in such notice, such sums as may be sufficient to pay the redemption price of the
Debentures so called for redemption, including accrued interest thereon to the date of redemption.
The Company shall also deposit with the Trustee a sum sufficient to pay any charges or expenses
which may be incurred by the Trustee in connection with such redemption. Every such deposit shall
be irrevocable. From the sums so deposited the Trustee shall pay or cause to be paid to the
holders of such Debentures so called for redemption, upon surrender of such Debentures with the
unmatured coupons, if any, appertaining thereto, the principal, premium, if any, and interest, if
any to which they are respectively entitled on redemption. In the case of coupon Debentures the
accrued interest as represented by coupons matured prior to, or on, the redemption date shall
continue to be payable (but without interest thereon, unless the Company shall make default in the
payment thereof upon demand) to the respective bearers of the coupons therefor upon presentation
and surrender thereof.
</DIV>


<P align="center" style="font-size: 10pt">- 20 -
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.6 Failure to Surrender Debentures Called for Redemption</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case the holder of any Debenture so called for redemption shall fail on or before the date
specified for redemption so to surrender such holder&#146;s Debenture and the unmatured coupons, if any,
appertaining thereto, or shall not within such time accept payment of the redemption moneys payable
in respect thereof or give such receipt therefor, if any, as the Trustee may require, such
redemption moneys may be set aside in trust at such rate of interest as the depository may allow,
either in the deposit department of the Trustee or in a chartered bank, and such setting aside
shall for all purposes be deemed a payment to the Debentureholder of the sum so set aside and, to
that extent, the Debenture and such coupons, if any, shall thereafter not be considered as
outstanding hereunder and the Debentureholder shall have no other right except to receive payment
out of the moneys so paid and deposited upon surrender and delivery up of such holder&#146;s Debenture
and such coupons, if any, of the redemption price of such Debenture. Any interest allowed by the
depository upon the money so set aside shall be payable to the
Company. In the event that any money
required to be deposited hereunder with the Trustee or any depository or paying agent on account of
principal, premium, if any, or interest, if any, on Debentures issued hereunder shall remain so
deposited for a period of six years, then such moneys, together with any accumulated interest
thereon, shall at the end of such period be paid over by the Trustee or such depository or paying
agent to the Company on its demand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.7 Cancellation of Debentures Redeemed</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the provisions of Section&nbsp;4.2 as to Debentures redeemed in part, all Debentures
redeemed and paid under this Article&nbsp;4 together with all unmatured coupons, if any appertaining
thereto shall forthwith be delivered to the Trustee and cancelled and no Debentures shall be
issued in substitution therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.8 Purchase of Debentures by the Company</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise specifically provided with respect to a particular series of Debentures, the
Company may if it is not at the time in default hereunder, at any time and at any price and from
time to time, purchase Debentures in the open market (which shall include purchase from or through
an investment dealer or a firm holding membership on a recognized stock exchange) or by tender or
by contract. All Debentures so purchased, together with any unmatured coupons appertaining thereto,
may, at the option of the Company, be delivered to the Trustee and shall be cancelled and no
Debentures shall be issued in substitution therefor.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5: COVENANTS OF THE COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5.1 General Covenants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby covenants with the Trustee that, so long as any Debentures remain
outstanding:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Principal and Interest.</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will duly and punctually pay or cause to be paid
to every holder of every Debenture issued hereunder the principal thereof,
premium, if any, and interest accrued thereon, if any (including, in the case
of default, interest at the rate specified therein on the amount in default),
at the dates and places, in the currencies and in the manner mentioned herein
and in such Debentures and in the coupons, if any, appertaining thereto. As
interest becomes due on each fully registered Debenture (except at maturity or
on redemption, when interest may at the option of the Company be paid upon
surrender of such Debenture) the Company, either directly or through the
Trustee or any agent of the Trustee, shall send or forward by prepaid ordinary
mail, transfer of funds or such other means as may be agreed to by the
Trustee, a cheque for or other payment of such interest (less any tax required
to be</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 21 -
</DIV>

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




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>withheld therefrom) payable to the order of the then registered holder of
such Debenture and addressed to the holder at the holder&#146;s last address appearing
on the register, unless such holder otherwise directs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If payment is made by cheque such cheque shall be forwarded at least two days
prior to each date on which interest becomes due and if payment is made by other means
(such as transfer of funds), such payment shall be made in a manner whereby the holder
receives credit for such payment on the date such interest on such Debenture becomes
due. The mailing of such cheque or the making of such payment by other means shall, to
the extent of the sum represented thereby, plus the amount of any tax
withheld as
aforesaid, satisfy and discharge all liability for interest on such Debenture, unless
in the case of payment by cheque, such cheque be not paid at par on presentation at
any one of the places where such interest is by the terms of such Debenture made
payable. In the event of non-receipt of any cheque for payment of interest by the
person to whom it is so sent as aforesaid, the Company will issue to such person a
replacement cheque or other payment for a like amount upon being furnished with such
evidence of non-receipt as it shall reasonably require and upon being indemnified to
its satisfaction. Notwithstanding the foregoing, if the Company is prevented by
circumstances beyond its control (including, without limitation, any interruption in
mail service) from making payment of any interest due on each Debenture in the manner
provided above, the Company may make payment of such interest or make such interest
available for payment in any other manner acceptable to the Trustee with the same
effect as though payment had been made in the manner provided above.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Existence, etc. </B>The Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence and the Company will not
dispose of all or substantially all of its undertaking or assets except in accordance with
Article&nbsp;9; and the Company will cause each of its Restricted Subsidiaries, if any, to do the
like things as the Company has undertaken to do in this Section&nbsp;5.1(b), subject to the same
qualifications, provided, however, that nothing herein contained shall prevent the
amalgamation, consolidation, merger, sale, winding-up, liquidation or cessation of operations
of any such Restricted Subsidiary if, in the opinion of the Company, such action would be
advisable and in the best interests of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reporting Requirements. </B>The Company will send to the Trustee one copy of each of the
following for its records:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consolidated annual financial statements of the Company including
the report of the Company&#146;s Auditors thereon; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consolidated interim financial statements of the Company,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%">at the same time as they are furnished to its shareholders and at all reasonable times
will furnish or cause to be furnished to the Trustee or its agents or attorneys such
information relating to its business as the Trustee may reasonably require in connection
with this Indenture.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Negative Pledge. </B>The Company will not nor will it permit any Restricted Subsidiary to
create, incur, assume or suffer to exist any Lien upon any part of its Property, present or
future, or permit to subsist, after knowledge of the existence thereof, any Lien to secure
any Indebtedness of the Company except for Permitted Encumbrances without at the same time,
or prior thereto securing or causing to be secured equally and rateably with such
Indebtedness all of the Debentures then outstanding by the same instrument or by other
instruments, and providing to the Trustee at such time an opinion of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 22 -
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Counsel which confirms that all of the Debentures then outstanding have been
secured equally and rateably with such Indebtedness.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Limitation on Restricted Subsidiary Borrowing: </B>The Company shall not permit
the Company&#146;s Proportionate Share of Funded Debt of Restricted Subsidiaries to equal
or exceed in the aggregate 15% of Shareholders&#146; Equity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Give Notice to Trustee. </B>The Company will send or cause to be sent to the
Trustee a copy of all notices given to all or any of the
Debentureholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice of Event of Default. </B>The Company will give notice to the Trustee of the
occurrence of any Event of Default upon becoming aware thereof and without waiting for
the Trustee to take any further action, and specifying the nature of such default and
the steps taken or proposed to be taken to remedy same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Keeping of Books. </B>The Company will keep or cause to be kept, and will cause
each of its Restricted Subsidiaries to keep, proper books of record and account, in
which full and correct entries shall be made of all financial transactions and the
assets and business of the Company and of the Restricted Subsidiaries in accordance
with accounting principles generally accepted in the jurisdiction of incorporation of
the relevant entity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Certificate of Compliance. </B>The Company covenants that, on or before June&nbsp;1, 2000
and on or before June 1 in each year and at any reasonable time if requested by the
Trustee, the Company will furnish to the Trustee an Officer&#146;s Certificate of the
Company stating that the Company has complied with all covenants, conditions and
other requirements contained in this Indenture, non-compliance with which would
constitute an Event of Default hereunder or, if such is not the case, specifying
the covenant, condition or other requirement which has not been complied with and
giving particulars of such non-compliance and the action, if any, the Company
proposes to take with respect thereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.2 Trustee&#146;s Remuneration and Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company covenants that it will pay to the Trustee from time to time reasonable remuneration
for its services hereunder and will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee in the
administration or execution of the trusts hereby created (including the reasonable fees and
disbursements of its counsel and all other advisers not regularly in its employ), both before any
default hereunder and thereafter until all duties of the Trustee under this Indenture shall be
finally and fully performed, except any such expense, disbursement or advance as may arise from
its negligence or bad faith. Any amount due under this Section&nbsp;5.2 and unpaid 30&nbsp;days after demand
for such payment by the Trustee shall bear interest from the expiration of such 30&nbsp;day period at a
rate per annum designated from time to time by a Canadian chartered bank selected by the Trustee.
After default all amounts so payable and interest thereon shall be payable out of any funds coming
into the possession of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.3 Not to Accumulate Interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to prevent any accumulation after maturity of unpaid coupons, of unpaid interest or of
unpaid Debentures, the Company covenants with the Trustee that it will not, directly or
indirectly, extend or assent to the extension of time for payment of any interest on any Debenture
or be a party to or approve any such arrangement by purchasing or funding any of said coupons or
interest or in any other manner. In case the time for payment of any such coupons or interest
shall be so extended, whether or not such extension is by or with the consent of the Company and
whether for a definite period or otherwise, such coupons or interest shall not be entitled in case
of default hereunder to the benefit of the
</DIV>

<P align="center" style="font-size: 10pt"> - 23 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions of this Section&nbsp;5.3 except subject to the prior payment in full of the principal of all
Debentures issued hereunder and then outstanding and of all matured coupons and interest of such
Debentures, the payment of which has not been so extended, and of all other moneys payable
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.4 Performance of Covenants by Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Company shall fail to perform any of its covenants contained in this Indenture the Trustee
may notify the Debentureholders of such failure on the part of the Company or may itself perform
any of the covenants capable of being performed by it, but shall be under no obligation to do so or
to notify the Debentureholders. All sums so expensed or advanced by the Trustee shall be repayable
as provided in Section&nbsp;5.2. No such performance,expenditure or advance by the Trustee shall be
deemed to relieve the Company of any default hereunder or its continuing obligations hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6: DEFAULT AND ENFORCEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.1 Event of Default</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of the following events constitutes, and is herein sometimes referred to as, as an &#147;Event of
Default&#148;:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Company makes default in payment of the principal of or premium, if any,
on any Debenture when the same becomes due under any provision hereof or of such
Debenture and such default continues for a period of five Business Days;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Company makes default in payment of any interest due on any Debenture or
on any sinking fund payment due hereunder and any such default continues for a period
of 30&nbsp;days;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Company makes default in observing or performing any other covenant or
condition herein contained and on its part to be observed or performed and, after
notice in writing has been given by the Trustee (which notice the Trustee may give on
its own initiative and shall give where requested by the holders of at least 25% in
principal amount of the outstanding Debentures to the Company and may be given by such
holders where the Trustee fails to do so within a reasonable time period following such
request) to the Company specifying such default and requiring the Company to put an end
to the same, the Company fails to make good such default within a period of 60&nbsp;days,
unless the Trustee (having regard to the subject matter of the default) shall have
agreed to a longer period, and in such event, within the period agreed to by the
Trustee provided the required remedial action is commenced promptly and is diligently
carried on;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Company or, except as part of a Permitted Subsidiary Transaction, any Restricted
Subsidiary:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>makes default in payment at maturity, including any applicable grace
period; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>makes default in the performance or observance of any other
covenant, term, agreement or condition of any Indebtedness and, if such
Indebtedness has not already matured in accordance with its terms, such
Indebtedness shall have been accelerated so that the same shall be or become
due and payable prior to the date on which the same would otherwise have
become due and payable, provided that any applicable grace period has expired,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%">with respect to any one or more items of Indebtedness singly or in the aggregate in
an amount in excess of 5% of Shareholders&#146; Equity, provided that if such default is
waived by the persons entitled to do so, then the Event of Default hereunder shall
be deemed to be waived without further action on the part of the Trustee or the
Debentureholders;
</DIV>

<P align="center" style="font-size: 10pt"> - 24 -
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if an order is made or an effective resolution is passed for the winding-up,
liquidation or dissolution of the Company or, except as part of a Permitted
Subsidiary Transaction, any Restricted Subsidiary other than in the course of
carrying out, or pursuant to, a transaction in respect of which the conditions of
Article&nbsp;9 are duly observed and performed or if the Company or, except as part of a
Permitted Subsidiary Transaction, any Restricted Subsidiary institutes proceedings to
be adjudicated a bankrupt or insolvent, or consents to the institution of bankruptcy
proceedings against it, or files a notice of intention to make a proposal, or a
petition or answer or consent seeking reorganization or relief under the <I>Companies&#146;
Creditors Arrangement Act </I>(Canada), the <I>Bankruptcy and Insolvency Act </I>(Canada) or the
<I>Winding-up and
Restructuring Act </I>(Canada) or any other bankruptcy, insolvency or
analogous laws, or consents to the filing of any such petition or to the appointment
of a receiver, custodian, trustee, examiner, liquidator or the like of the Company
or, except as part of a Permitted Subsidiary Transaction, any Restricted Subsidiary
or of the undertaking or assets of the Company or, except as part of a Permitted
Subsidiary Transaction, any Restricted Subsidiary or any part thereof which is, in
the Trustee, a substantial part thereof or makes a general assignment for the benefit
of creditors, or admits in writing its inability to pay its debts generally as they
become due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a decree or order of a court having jurisdiction is entered adjudging the
Company or, except as part of a Permitted Subsidiary Transaction, any Restricted
Subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization or winding-up of the Company or, except as part of a Permitted
Subsidiary Transaction, any Restricted Subsidiary under the <I>Companies&#146; Creditors
Arrangement Act </I>(Canada), the <I>Bankruptcy and Insolvency Act </I>(Canada) or the <I>Winding-up
and Restructuring Act </I>(Canada) or any other bankruptcy, insolvency or analogous laws,
or issuing sequestration or processing execution against all, or any part thereof which
is in the opinion of the Trustee, a substantial part of the undertaking or assets of
the Company or, except as part of a Permitted Subsidiary Transaction, any Restricted
Subsidiary or appointing a receiver, custodian, trustee, examiner or liquidator or the
like of the undertaking or assets of, the Company, or except as part of a Permitted
Subsidiary Transaction, any Restricted Subsidiary or any part thereof which is, in the
opinion of the Trustee, a substantial part thereof or ordering the winding-up or
liquidation of the affairs of the Company, and any such decree or order continues
unstayed and in effect for a period of 30&nbsp;days; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if an encumbrancer takes possession of the Property (other than Non-Recourse
Properties) of the Company or, except as part of a Permitted Subsidiary Transaction,
any Restricted Subsidiary or any part thereof which is, in the opinion of the Trustee,
a substantial part of the Property of the Company on a consolidated basis, or if any
process of execution is levied or enforced upon or against the Property of the Company
or, except as part of a Permitted Subsidiary Transaction, any Restricted Subsidiary or
any part thereof (other than Non-Recourse Properties) which is, in the opinion of the
Trustee, a substantial part of the property of the Company on a consolidated basis and
remains unsatisfied for such period as would permit any such Property to be sold
thereunder, unless such process is in good faith disputed by the Company, but in that
event the Company shall, if the Trustee so requires, give security which, in the
discretion of the Trustee, is sufficient to pay in full the amount thereby claimed in
case the claim is held to be valid.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.2 Notice of Events of Default</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an Event of Default shall occur and is continuing the Trustee shall, within 30&nbsp;days after it
becomes aware of the occurrence of such Event of Default, give notice thereof to the
Debentureholders provided that, notwithstanding the foregoing, the Trustee shall not be required
to give such notice if the Trustee in good faith shall have decided that the withholding of such
notice is in the best interests of the Debentureholders and shall have so advised the Company in
writing. Where notice of the occurrence of an Event of Default has been given and the Event of
Default is thereafter
</DIV>

<P align="center" style="font-size: 10pt"> - 25 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cured, notice that the Event of Default is no longer continuing shall be given by the Trustee to
the Debentureholders within 30&nbsp;days after the Trustee becomes aware that the Event of Default has
been cured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.3 Acceleration on Default</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an Event of Default has occurred, the Trustee may in its discretion and shall upon the
requisition in writing of the holders of at least 25% of the principal amount of the Debentures
then outstanding (or, if an Event of Default has occurred which is applicable only to one or more
series of the Debentures, the holders of at least 25% in aggregate amount of the outstanding
Debentures of such series), subject to the provisions of Section&nbsp;6.4, by notice in writing to the
Company declare the principal, premium, if any, and interest, if any, of all Debentures then
outstanding and other moneys payable hereunder to be due and payable and the same shall become
immediately due and payable to the Trustee, anything therein or herein to the contrary
notwithstanding, and the Company shall forthwith pay to the Trustee for the benefit of the
Debentureholders the principal of and accrued and unpaid interest and interest on amounts in
default on such Debentures (and, where such a declaration is based upon a voluntary winding-up or
liquidation of the Company, the premium, if any, on the Debentures then outstanding which would
have been payable upon the redemption thereof by the Company on the date of such declaration) and
all other moneys secured hereby, together with subsequent interest thereon at the rates borne by
the Debentures from the date of the declaration until payment is received by the Trustee, such
subsequent interest to be payable at the times and places and in the moneys mentioned in and
according to the tenor of the Debentures and coupons. Such payment when made shall be deemed to
have been made in discharge of the Company&#146;s obligations hereunder and any moneys so received by
the Trustee shall be applied as provided in Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.4 Waiver of Default</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The holders of not less than 66 2/3% of the principal amount of Debentures then outstanding
shall have power (in addition to and subject to the powers exercisable by Extraordinary
Resolution as hereinafter provided) by instrument made by the Trustee pursuant to Section&nbsp;6.3
and the Trustee shall thereupon waive the default and/or cancel such declaration upon such
terms and conditions as such Debentureholders shall prescribe; provided that notwithstanding
the foregoing if the Event of Default has occurred by reason of the
nonobservance or
nonperformance by the Company of any covenant applicable only to one or more particular series
of Debentures then the holders of not less than 66 2/3% of the principal amount of the
outstanding Debentures of that series or those series, as the case may be, shall be entitled
to exercise the foregoing power and the Trustee shall so act and it shall not be necessary to
obtain a waiver from the holders of any other series of Debentures.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee, so long as it has not become bound to institute any proceedings hereunder, shall
have power to waive the default if, in the Trustee&#146;s opinion, the same shall have been cured
or adequate satisfaction made therefor, and in such event to cancel any such declaration
theretofore made by the Trustee in the exercise of its discretion, upon such terms and
conditions as the Trustee may deem advisable.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No act or omission either of the Trustee or of the Debentureholders in the premises shall
extend to or be taken in any manner whatsoever to affect any subsequent default or the rights
resulting therefrom.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.5 Right of Trustee to Enforce Payment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the provisions of Section&nbsp;6.4, if the Company shall fail to pay to the Trustee, on
demand, and when due, the principal of and premium (if any) and interest on all Debentures then
outstanding, together with any other amounts due hereunder, the Trustee may in its discretion and
shall upon the request in writing of the holder of not less than 25% in principal amount of the
Debentures then outstanding, and upon being indemnified to its reasonable satisfaction against all
costs, expenses and liabilities to be incurred, proceed in its name as Trustee hereunder to obtain
or enforce payment of the said principal of and premium (if any) and interest on all the
Debentures then outstanding (without possession
</DIV>

<P align="center" style="font-size: 10pt"> - 26 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of any of the Debentures or coupons or the production thereof at any trial or proceeding) together
with any other amounts due hereunder, by any remedy provided by law either by legal proceedings or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.6 Application of Moneys by Trustee</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as herein otherwise expressly provided, any moneys received by the Trustee from the
Company pursuant to the foregoing Sections of this Article&nbsp;6, or as a result of legal or other
proceedings or from any trustee in bankruptcy or liquidator of the Company, shall be applied,
together with any other moneys in the hands of the Trustee available for such purposes, as
follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FIRST: to the payment or reimbursement to the Trustee of its compensation, costs, charges,
expenses, borrowings, advances, or other moneys furnished or provided by or at the instance
of the Trustee in or about the execution of its trust or otherwise in relating to this
Indenture, with interest thereon as herein provided;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECOND: subject to the provisions of Section&nbsp;5.3 and as hereinafter in this Section&nbsp;6.6
provided, in payment rateably and proportionately to the holders of Debentures of the
principal of and premium (if any) and accrued and unpaid interest and interest on amounts
in default on the Debentures and coupons which shall then be outstanding in the priority of
principal first and then premium and then accrued and unpaid interest and interest on
amounts in default, unless otherwise directed by Extraordinary Resolution passed as
hereinafter provided and in that case in such order of priority as between principal,
premium, if any, and interest, if any, as may be directed by such resolution; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>THIRD: the surplus (if any) of such moneys shall be paid to the Company or its assigns;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PROVIDED, however, that no payment shall be made in respect of the principal, premium or
interest of any Debenture or coupon held, directly or indirectly, by or for the benefit of
the Company or any Subsidiary (other than any Debenture pledged for value and in good faith
to a person other than the Company or any Subsidiary, but only to the extent of such
person&#146;s interest therein) except subject to the prior payment in full of the principal,
premium (if any) and interest (if any) of all Debentures which are not so held.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be bound to apply or make any partial or interim payment of any moneys
coming into its hands if the amount so received by it is insufficient to make a distribution
of at least 2% of the aggregate principal amount of the outstanding Debentures but it may
retain the money so received by it and deposit the same in its deposit department or in a
chartered bank in Canada to its credit at such rate of interest as is then current on similar
deposits or invest the same as provided in Section&nbsp;10.7 until the moneys or the investments
representing the same, with the income derived therefrom, together with any other moneys for
the time being under its control, shall be sufficient for the purpose or until it shall
consider it advisable to apply the same in the manner above set forth.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.7 Notice of Payment by Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not less than 21&nbsp;days notice shall be given by the Trustee to the Debentureholders of any payment
to be made under this Article&nbsp;6. Such notice shall state the time when and place where such
payment is to be made and also the liability under this Indenture upon which it is to be applied.
After the day so fixed, unless payment shall have been duly demanded and have been refused, the
Debentureholders will be entitled to interest only on the balance (if any) of the principal
moneys, premium (if any) and interest due (if any) to them, respectively, on the Debentures, after
deduction of the respective amounts payable in respect thereof on the day so fixed.
</DIV>

<P align="center" style="font-size: 10pt"> - 27 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.8 Trustee May Demand Production of Debentures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall have the right to demand production of the Debentures and/or coupons in respect
of which any payment of principal, interest or premium required by this Article&nbsp;6 is made and may
cause to be endorsed on the same a memorandum of the amount so paid and the date of payment, but
the Trustee may in its discretion, dispense with such production and endorsement in any special
case, upon such indemnity being given to it and to the Company as the Trustee shall deem
sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.9 Trustee Appointed Attorney</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby irrevocably appointees the Trustee to be the attorney of the Company for and in
the name and on behalf of the Company to execute any instrument and do any acts and things which
the Company ought to sign, execute and do hereunder and generally to use the name of the Company
in the exercise of all or any of the powers hereby conferred on the Trustee, with full powers of
substitution and revocation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.10 Remedies Cumulative</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each and every remedy herein conferred upon or reserved to the Trustee, or upon or reserved to the
holders of the Debentures, shall be cumulative and shall be in addition to every other remedy
given hereunder or now existing or hereafter to exist by law or by statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.11 Judgment Against Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company covenants and agrees with the Trustee that, in case of any proceedings to obtain
judgment for the principal of or interest or premium on the Debentures, judgment may be rendered
against it in favour of the Debentureholders hereunder, or in favour of the Trustee, as trustee of
an express trust for the Debentureholders, for any amount which may remain due in respect of the
Debentures and premium (if any) and interest thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6.12 Immunity of Shareholders, etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentureholders and the Trustee hereby waive and release any right, cause of action or remedy
now or hereafter existing in any jurisdiction against any past, present or future incorporator,
shareholder, director or officer of the Company or any successor corporation for the payment of
the principal of or premium or interest on any of the Debentures or on any covenant, agreement,
representation or warranty by the Company herein or in the Debentures contained.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7; ACTIONS BY DEBENTUREHOLDERS AND TRUSTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.1 Debentureholders May Not Sue</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No holder of any Debenture shall have any right to institute any action or proceeding for
payment of any principal or interest owing on any Debenture, or for the execution of any
trust or power hereunder, or for the appointment of a liquidator, receiver or receiver and
manager or to have the Company wound up, or for any other remedy hereunder, unless such
holder shall previously have given to the Trustee written notice of the happening of an Event
of Default hereunder, nor unless the holders of at least 25% in principal amount of the
Debentures shall have made written request to the Trustee and shall have afforded to it
reasonable opportunities either itself to proceed to exercise the powers hereinbefore granted
or to institute an action, suit or proceeding in its own name for such purpose; nor unless
also such Debentureholders shall have offered to the Trustee, when so requested by the
Trustee, sufficient funds and security and indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred therein or thereby; nor unless the Trustee shall have
failed to act</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 28 -
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within a reasonable time after such notification, request and offer of indemnity; and
such notification, request and offer of indemnity are hereby declared in every such case,
at the option of the Trustee, to be conditions precedent to any such proceedings or for any
other remedy hereunder by or on behalf of the holder of any Debentures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless permitted under Section&nbsp;7.1 (l), any Debentureholder, acting on behalf of itself and
all other Debentureholders, shall not be entitled to take proceedings in any court of
competent jurisdiction or pursue any other remedy; it being understood and agreed that no one
or more of the Debentureholders shall have any right in any manner to enforce any right
hereunder or under any Debenture except subject to the conditions and in the manner herein
provided, and that all powers and trusts hereunder shall be exercised and all proceedings at
law shall be instituted, had and maintained by the Trustee, except only as herein provided,
and in any event for the equal benefit of all Debentureholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.2 Trustee Not Required to Possess Debentures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All rights of action under this Indenture may be enforced by the Trustee without the possession of
any of the Debentures or the production thereof on any trial or other proceedings relative thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.3 Trustee May Institute All Proceedings</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall be entitled and empowered, either in its own name or as trustee of an
express trust, or as attorney-in-fact for the holders of the Debentures, or in any one or more
of such capacities, to file such proof of debt, amendment of proof of debt, claim, petition or
other document as may be necessary or advisable in order to have the claim of the Trustee and
of the holders of the Debentures allowed in any insolvency, bankruptcy, liquidation or other
judicial proceedings relative to the Company or its creditors or relative to or affecting its
property. The Trustee is hereby irrevocably appointed (and the successive respective holders
of the Debentures by taking and holding the same shall be conclusively deemed to have so
appointed the Trustee) the true and lawful attorney-in-fact of the respective holders of the
Debentures with authority to make and file in the respective names of the holders of the
Debentures or on behalf of the holders of the Debentures as a class, subject to deduction from
any such claims of the amounts of any claims filed by any of the holders of the Debentures
themselves, any proof of debt, amendment of proof of debt, claim, petition or other document
in any such proceedings and to receive payment of any sums becoming distributable on account
thereof, and to execute any such other papers and documents and to do and perform any and all
such acts and things for and on behalf of such holders of the Debentures, as may be necessary
or advisable in the opinion of the Trustee, or as is properly allowed in any such proceeding,
and to receive payment of or on account of such claims; provided, however, that nothing
contained in this indenture shall be deemed to give to the Trustee, unless so authorized by
Extraordinary Resolution, any right to accept or consent to any plan of reorganization or
otherwise by action of any character in such proceeding to waive or change in any way any
right of any Debentureholder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall also have the power at any time and from time to time to institute and to
maintain such suits and proceedings as it may be advised shall be necessary or advisable to
preserve and protect its interests and the interests of the Debentureholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any such suit or proceeding instituted by the Trustee may be brought in the name of the
Trustee as trustee of an express trust, and any recovery of judgment shall be for the rateable
benefit of the holders of the Debentures subject to the provisions of this Indenture. In any
proceeding brought by the Trustee (and also any proceeding in which a declaratory judgment of
a court may be sought as to the interpretation or construction 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 Debentures, and it shall not be necessary to make any holders of the
Debentures parties to any such proceeding.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 29 -
</DIV>

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


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8: SATISFACTION AND DISCHARGE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.1 Discharge</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall at the request of the Company release and discharge this Indenture and the
security, if any, created pursuant hereto and execute and deliver such instruments as it shall be
advised by Counsel and requisite for that purpose and to release the Company from its covenants
herein contained (other than the provisions relating to the indemnification of the Trustee), upon
proof being given to the reasonable satisfaction of the Trustee that the principal of and interest
(including interest on amounts in default, if any) and premium, if any, on all the Debentures and
all other money payable hereunder have been paid or satisfied or that, all the outstanding
Debentures having matured or having been duly called for redemption, payment thereof and of all
other money payable hereunder has been duly and effectually provided for.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.2 Money May Be Set Aside For Holders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the holder of any Debenture shall fail to surrender any Debenture within 60&nbsp;days after the date
on which the same shall be due and payable on redemption, at maturity, or otherwise and the
principal, premium (if any) or interest (if any) then payable in respect thereof shall have been
duly provided for by the Company by deposit with the paying agent for the time being or the
Trustee, interest, if any, accruing in respect thereof shall cease to accrue, from such date, and
such money on the direction of the Company may be set aside in trust for such holder in a Canadian
chartered bank, or the Trustee may itself so set aside such money and such setting aside shall for
all purposes be deemed a payment to the holder of such Debenture of the money payable in respect
thereof and the holder thereof shall have no other right except to receive payment, subject to the
provisions of Section&nbsp;8.3 hereof, of the money so set aside upon surrender of such Debenture. Any
interest allowed by the depository upon the money so set aside shall be payable to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.3 Money Not Claimed May Be Repaid</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to applicable law, any money set aside under Section&nbsp;8.2 and not claimed by and paid to
holders of Debentures within 6&nbsp;years after the date of such setting aside, or set aside under
Section&nbsp;8.2 hereof and not claimed by and paid to Debentureholders within 6&nbsp;years after maturity,
the repayment date or redemption dates, as the case may be, shall be repaid to the Company by the
Trustee on demand, together with any interest accrued thereon, and thereupon the Trustee shall be
released from all further liability with respect to such money and thereafter the holder of a
Debenture in respect of which such money was so repaid to the Company shall have no rights in
respect thereof except to obtain payment of the money due thereon from the Company subject to any
applicable period of prescription provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.4 Satisfaction</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall be deemed to have fully paid, satisfied and discharged the outstanding
Debentures and the Trustee shall execute and deliver proper instruments acknowledging the
full payment, satisfaction and discharge of the Debentures, when, with respect to all
outstanding Debentures, either:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has deposited or caused to be deposited with the Trustee as trust
funds in trust for the purpose of making payment on the Debentures, an amount
sufficient to pay, satisfy and discharge the entire amount of principal, premium, if
any, and interest, if any, to maturity or any repayment date or redemption dates, as
the case may be, of the outstanding Debentures; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has deposited or caused to be deposited with the Trustee as trust
property in trust for the purpose of making payment on the Debentures:</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 30 -
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Debentures are issued in Canadian dollars, such amount in Canadian
dollars of direct
obligations of, or obligations the principal and interest of which are
guaranteed by, the Government of Canada; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Debentures are issued in a currency or currency unit
other than Canadian dollars, cash in the currency or currency unit in which
the Debentures are payable and/or such amount in such currency or currency
unit of direct obligations of, or obligations the principal and interest of
which are guaranteed by, the Government of Canada or the government that
issued the currency or currency unit in which the Debentures are payable;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%">as will, together with the income to accrue thereon and reinvestment thereof, be
sufficient to pay and discharge the entire amount of principal and accrued and
unpaid interest to maturity or any repayment date, as the case may be, of the
outstanding Debentures;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and in either event:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has paid, caused to be paid or made provisions to the satisfaction
of the Trustee for the payment of all other sums payable with respect to the
outstanding Debentures; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has delivered to the Trustee an Officers&#146; Certificate stating that
all conditions precedent herein provided relating to the payment, satisfaction and
discharge of the outstanding Debentures have been complied with.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any deposits with the Trustee referred to in this Section&nbsp;8.4 shall be irrevocable, subject
to Section&nbsp;8.5, and shall be made under the terms of an escrow and/or trust agreement in
form and substance satisfactory to the Trustee and which provided for the due and punctual
payment of the principal of, and interest and premium, if any, on the Debentures being
satisfied.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the satisfaction of the conditions set forth in this Section&nbsp;8.4 with respect to all
the outstanding Debentures, the terms and conditions of the Debentures, including the terms
and conditions with respect thereto set forth in this Indenture (other than those contained
in Articles 2 and 4 and the provisions of Article&nbsp;I pertaining to Articles 2 and 4) shall no
longer be binding upon or applicable to the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any funds or obligations deposited with the Trustee pursuant to this Section&nbsp;8.4 shall be
denominated in the currency of denomination of the Debentures in respect of which such
deposit is made.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.5 Continuance of Rights, Duties and Obligations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Where trust funds or trust property have been deposited pursuant to Section&nbsp;8.4, the holders of
Debentures and the Company shall continue to have and be subject to their respective rights,
duties and obligations under Articles 2 and 4 hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 9: CONSOLIDATION AND AMALGAMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.1 Successor Corporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So long as any of the Debentures remain outstanding, the Company shall not, directly or
indirectly, sell, lease, transfer or otherwise dispose of all or substantially all of its Property
to any other person, and shall not amalgamate or merge with or into any other corporation (other
than a Wholly-Owned Subsidiary), (any such corporation being herein referred to as a &#147;Successor
Corporation&#148;) unless:
</DIV>

<P align="center" style="font-size: 10pt"> - 31 -
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Successor Corporation: (i)&nbsp;is a corporation organized or existing under
the laws of Canada or a province or territory thereof, and (ii)&nbsp;executes, prior to
or contemporaneously with the consummation of such transaction, such indenture
supplemental hereto and other instruments (if any) as are satisfactory to the
Trustee and in the opinion of Counsel necessary or advisable to evidence the
assumption by the Successor Corporation of the liability for the due and punctual
payment of all the Debentures and the interest thereon and all other moneys payable
hereunder and the covenant of such Successor Corporation to pay the same and its
agreement to observe and perform all the covenants and obligations of the Company
under this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the time of or immediately after the consummation of such transaction no
condition or event shall exist which constitutes or which would, after the lapse of
time or giving of notice or both, constitute an Event of Default hereunder; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such transaction is in the opinion of Counsel upon such terms as substantially
to preserve and not to impair any of the rights and powers of the Trustee or of the
Debentureholders hereunder and in accordance with the terms of this Indenture; and</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.2 Successor to Possess Powers of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon any transaction described in and complying with the provisions of Section&nbsp;9.1 in which the
Company is not the continuing corporation, the Successor Corporation shall succeed to, and be
substituted for, and may exercise every right and power of, the
Company.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.1 Sufficiency of Execution of Instruments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any order, request, direction, certificate or other instrument to be made or given by the Company
under any of the provisions hereof shall, unless otherwise provided, be deemed sufficiently
executed if executed by any two of the Chief Executive Officer, the Executive Vice-President, the
Chief Financial Officer, the Treasurer and the General Counsel of the Company. The Trustee may
receive a certificate signed by the Secretary of the Company as sufficient evidence of the passage
of any resolution of the directors or of the shareholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.2 Trustee May Require Indemnity</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to Section&nbsp;11.1 hereof, the Trustee shall not be required to take any measures to enforce
this Indenture or any covenant herein contained until furnished with funds for the purpose and
indemnified to its reasonable satisfaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.3 Experts and Advisers</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may, in relation to this Indenture, act and rely on the opinion or advice of or
on information obtained from any Counsel, accountant, appraiser or other expert or adviser,
whether obtained by the Trustee or by the Company or otherwise.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may employ or retain such counsel, accountants, appraisers, or other experts or
advisers as it may reasonably require for the purpose of determining and discharging its
duties hereunder. The cost of such services may be added to and be part of the Trustees&#146; fees
hereunder.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 32 -
</DIV>

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


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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.4 Evidence</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall furnish to the Trustee forthwith evidence of compliance with the conditions
precedent provided for in this Indenture relating to the issue, certification and delivery of
Debentures hereunder, the satisfaction and discharge of this Indenture or the taking of any
other action to be taken by the Trustee at the request of or on the application of the
Company. Such evidence shall consist of (i)&nbsp;a statutory declaration or an Officers&#146;
Certificate stating that such conditions precedent, compliance with which are by this
Indenture subject to review or examination by Counsel, an opinion of Counsel that such
conditions precedent have been complied with in accordance with the terms of this Indenture.
Whenever such evidence relates to a matter other than the issue, certification and delivery of
Debentures and the satisfaction and discharge of this Indenture, such evidence may consist of
or otherwise be in accordance with a report or opinion of any solicitor, auditor, accountant,
engineer or appraiser or any other person whose qualifications give authority to a statement
made by him, but if such report is furnished by a director, officer or employee of the Company
it shall be in the form of a statutory declaration or a certificate.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evidence furnished to the Trustee under this Section&nbsp;10.4 shall include (i)&nbsp;a statement by
the person giving the evidence declaring that such person has read and understands the
provisions hereof relating to the conditions precedent with respect to compliance with which
such evidence is being given, (ii)&nbsp;a statement describing the nature and scope of the
examination or investigation upon which the statements or opinions contained in the evidence
are based, and (iii)&nbsp;a statement declaring that, in the belief of the person giving the
evidence, such person has made such examination or investigation as is necessary to enable
such person to make the statements or give the opinions contained or expressed therein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.5 Reliance by Trustee</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the exercise of its rights and duties, the Trustee may, if it is acting in good faith,
rely, as to the truth of the statements and accuracy of the opinions expressed therein, upon a
statutory declaration, opinion, report or certificate furnished to the Trustee under a
provision hereof or at its request where the Trustee examines the same and determines that it
complies with the applicable requirement, if any, of this Indenture.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except in cases where some other mode of proof is required by this Indenture, the Trustee
shall be at liberty to accept an Officers&#146; Certificate (i)&nbsp;as to any statements of fact, as
evidence of the truth of such statements, and (ii)&nbsp;to the effect that any particular dealing
or transaction or step or thing is, in the opinion of the officers so certifying, expedient,
as evidence that it is expedient; provided that the Trustee may in its sole discretion require
from the Company or otherwise further evidence or information before acting or relying on such
certificate.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be bound to act in accordance with any direction or request of the
Company or of its directors until a duly authenticated copy of the instrument or resolution
containing such direction or request shall have been delivered to the Trustee, and the Trustee
shall be empowered to act upon any such copy purporting to be authenticated and believed by
the Trustee to be genuine.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Debentureholders hereunder shall be
conditional upon the Debentureholders 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. None of the provisions contained in
this Indenture shall require
the Trustee to risk or expend 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
funded and indemnified as aforesaid.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 33 -
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may, before commencing or at any time during the continuance of any such
act, action or proceeding, require the Debentureholders at whose instance it is acting to
deposit with the Trustee the Debentures held by them, for which Debentures the Trustee shall
issue receipts.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be bound to give any notice to 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; nor shall the Trustee be required to take notice of any default
hereunder, 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
no default has been made in the observance or performance of any of the representations,
warranties, covenants, agreements or conditions contained herein. Any such notice shall in no
way limit any discretion herein given the Trustee to determine whether or not the Trustee
shall take action with respect to any default.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.6 No Person Dealing with Trustee Need Enquire</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No person dealing with the Trustee shall be concerned to enquire whether the powers that the
Trustee is purporting to exercise have become exercisable, or whether any money remains due upon
the Debentures or to see to the application of any money paid to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.7 Investment of Trust Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless herein otherwise expressly provided, any of the funds held by the Trustee may be deposited
in a trust account in the name of the Trustee (which may be held with the Trustee or an affiliate
or related party of the Trustee), which account shall be non-interest bearing. Upon the written
direction of the Company, the Trustee shall invest in its name such funds in Authorized
Investments in accordance with such direction. Any direction by the Company to the Trustee as to
the investment of the funds shall be in writing and shall be provided to the Trustee no later than
9:00 a.m. on the day on which the investment is to be made. Any such direction received by the
Trustee after 9:00 a.m. or received on a non-Business Day, shall be deemed to have been given
prior to 9:00 a.m. the next Business Day.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 11: CONCERNING THE TRUSTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.1 Duty of Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the exercise of the powers, rights, duties and obligations prescribed or conferred by the terms
of this Indenture, the Trustee shall act honestly and in good faith with a view to the best
interests of the Debentureholders and shall exercise that degree of care, diligence and skill that
a reasonably prudent corporate trustee would exercise in comparable circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.2 Resignation, etc. of Trustee and Appointment of New Trustee</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may resign its trust and be discharged from all further duties and liabilities
hereunder by giving to the Company three months&#146; notice in writing or such shorter
notice as the Company may accept as sufficient. In the event of the Trustee resigning or
being removed by the Debentureholders by Extraordinary Resolution or being dissolved,
becoming bankrupt, going into liquidation or otherwise becoming incapable of acting
hereunder, the Company shall forthwith appoint a new Trustee unless a new Trustee has already
been appointed by the Debentureholders; failing such appointment by the Company the retiring
Trustee (at the Company&#146;s expense) or any Debentureholder may apply to a Judge of the Court
of Queen&#146;s Bench of Saskatchewan, 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 Debentureholders. Any new Trustee appointed
under any provision of this Section&nbsp;11.2(1) shall be a corporation authorized to carry on the
business of a trust company in the Province of Saskatchewan. On any</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 34 -
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>new appointment the new Trustee shall be vested with the same powers, rights, duties and
obligations as if it had been originally named herein as Trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any corporation into which the Trustee may be merged or with which it may be consolidated or
amalgamated or any corporation resulting from any merger, consolidation or amalgamation to
which the Trustee shall be a party shall be the successor Trustee under this Indenture
without the execution of any instrument or any further act.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.3 Trustee May Deal in Debentures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to Section&nbsp;11.6 hereof, the Trustee may buy, lend upon and deal in the Debentures either
with the Company or otherwise, and generally contract and enter into financial transactions with
the Company or otherwise, without being liable to account for any profit made thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.4 Trustee Not Required to Give Security</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall not be required to give security for the execution of the trusts or its conduct
or administration hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.5 Protection of Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By way of supplement to the provisions of any law for the time being relating to trustees, it is
expressly declared and agreed as follows:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee shall not be liable for or by reason of any statements of facts or
recitals in this Indenture or in the Debentures (except the representation contained in
Section&nbsp;11.6 and in the certificate of the Trustee on the Debentures) or required to
verify the same, but all such statements or recitals are and shall be deemed to be made
by the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nothing herein contained shall impose any obligation on the Trustee to see or
to require evidence of registration or filing (or renewals thereof) of this Indenture
or any instrument ancillary or supplemental hereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee shall not be bound to give any notice of the execution hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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
of the covenants herein contained or of any act of the agents or servants of the
Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in addition to any right of indemnity given to the Trustee by law, the Company
shall at all times indemnify the Trustee, its directors, officers and employees against
all liabilities, losses, damages, actions, proceedings, costs, claims, expenses and
demands whatsoever brought against the Trustee which it may suffer or incur as a result
of or arising out of the performance of its duties and obligations under this Indenture
in respect of any matter or thing done or omitted by the Trustee (other than through
bad faith or negligence of the Trustee) in any way related to this Trust Indenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is understood and agreed that this indemnity shall survive the termination or discharge of this
Indenture and the resignation or removal of the Trustee.
</DIV>

<P align="center" style="font-size: 10pt"> - 35 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.6 Conflict of Interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee represents to the Company that at the time of the execution and delivery hereof no
material conflict of interest exists in the Trustee&#146;s role as a fiduciary hereunder and agrees that
in the event of a material conflict of interest arising hereafter it will give immediate notice
thereof to the Company and will, within 30&nbsp;days after ascertaining that it has such material
conflict of interest, either eliminate the same or resign as Trustee hereunder. If any such
material conflict of interest exists or hereafter shall exist, the validity and enforceability of
this Indenture and the Debentures shall not be affected in any manner whatsoever by reason thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 12: NOTICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.1 Notice to the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any notice to the Company under the provisions hereof shall be valid and effective if delivered to
Cameco Corporation, 2121 &#151; 11th Street West, Saskatoon, Saskatchewan, S7M 1J3, facsimile: (306)
956-6312 Attention: General Counsel, and subject as provided in this
Section&nbsp;12.1, shall be deemed
to have been given at the time of delivery, on the third Business Day after mailing or at the time
of sending by facsimile, as the case may be. Any delivery made or facsimile sent on a day other
than a Business Day, or after 4:00 p.m. (at the place of receipt) on a Business Day, shall be
deemed to be received on the next following Business Day. In the case of disruption in postal
services any notice shall be delivered or sent by facsimile. The Company may from time to time
notify the Trustee of a change in address or facsimile number which thereafter, until changed by
like notice, shall be the address or facsimile number of the Company for all purposes of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.2 Notice to the Trustee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any notice to the Trustee under the provisions hereof shall be valid and effective if delivered to
CIBC Mellon Trust Company, 201 &#151; 330 St. Mary Avenue, Winnipeg, Manitoba R3C 3Z5, Telephone: (204)
987-2490, Fax: (204)&nbsp;956-2369, and, subject as provided in this
Section&nbsp;12.2, shall be deemed to
have been given at the time of delivery or on the third Business Day after mailing or at the time
of sending by facsimile, as the case may be. Any delivery made or sent on a day other than a
Business Day, or after 4:00 p.m. (at the place of receipt) on a Business Day, shall be deemed to
be received on the next following Business Day. In the case of disruption in postal services any
notice shall be delivered or sent by facsimile. The Trustee may from time to time notify the
Company of a change in address or facsimile number which thereafter, until changed by like notice,
shall be the address or facsimile number of the Trustee for all
purposes of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.3 Notice to Debentoreholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless herein otherwise expressly provided, any notice to be given hereunder to Debentureholders
shall be deemed to be validly given:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the holders of registered Debentures if such notice is sent by electronic
communication acceptable to the Trustee, personally delivered or sent by first-class
mail, postage prepaid, addressed to such holders at their respective electronic
communication numbers or addresses appearing in any of the registers above mentioned
and, subject as hereinafter provided, shall be deemed to have been received at the
time of sending or delivery or on the third Business Day after mailing, as applicable.
Any electronic communication acceptable to the Trustee senior delivery made after 4:00
p.m. (at the place or receipt) on a Business Day shall be deemed to be received on the
next following Business Day. If in the case of joint holders of any Debenture more
than one address appears in the register in respect of such joint holdings, such
notice shall be addressed only to the first address appearing;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 36 -
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the holders of unregistered Debentures if such notice is published:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>once in each of two successive weeks in a
daily newspaper in the English language of national circulation approved
by the Trustee, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>once in each of two successive weeks in
the City of Montreal in a daily newspaper in the French language of
general circulation approved by the Trustee,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 7%">provided that in the case of notice convening a meeting of Debentureholders,
the Trustee may require such additional publications of such notice, in the
same or in other cities or both, as it may deem necessary for the reasonable
protection of the Debentureholders. Any notice so given by publication shall
be deemed to have been given on the day on which publication shall have been
first effected in one of the newspapers in which publication was required,
publication having been effected at least once contemporaneously or
previously in all other such newspapers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In determining under any provision hereof the date when notice of any meeting, redemption
or other event must be given, the date of giving the notice shall be included and the date
of the meeting, redemption or other event shall be excluded. Accidental error or omission
in giving notice or accidental failure to mail notice to any
Debentureholder shall not
invalidate any action or proceeding founded thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.4 Waiver of Notice</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Where this Indenture provides for notice to any person 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 Debentureholders 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.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 13: DEBENTUREHOLDERS&#146; MEETINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.1 Convening of Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 Debentures and upon receiving sufficient funds and an
indemnity satisfactory to the Trustee, convene a meeting of Debentureholders, In the event
of the Trustee failing to convene a meeting after requisition made as aforesaid the
Company or the holders of at least 25% of the principal amount of the Debentures, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.2 Notice</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At least 21&nbsp;days&#146; previous notice of any meeting shall be given to the Debentureholders
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;12 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 Debentureholder may waive
notice of a meeting either before or after the meeting.
</DIV>

<P align="center" style="font-size: 10pt"> - 37 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.3 Quorum</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the provisions of Section&nbsp;13.5 and 13.12 hereof, a quorum at any meeting of the
Debentureholders shall consist of Debentureholders present in person or by proxy and representing
at least 25% in principal amount of the Debentures, 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
Debentures 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.4 Chairman</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some
person nominated by the Trustee, who need not be a Debentureholder, shall be chairman of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.5 Procedure When Quorum Not Present</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a quorum of the Debentureholders 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 Debentureholders,
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 quorum be not present, the
Debentureholders then present or represented by proxy shall constitute a quorum for the
transaction of the business for which the meeting was convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.6 Show of Hands</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.7 Poll</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded
by the chairman or by one or more Debentureholders or proxies for Debentureholders,. 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 Debentures represented at the meeting and
voted on the poll.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.8 Voting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On a show of hands every person who is present and entitled to vote, whether as a Debentureholder
or as proxy for one or more Debentureholders or both, shall have one vote. On a poll each
Debentureholder 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 Debentures of
which the person shall then be the holder. A proxy holder need not be
a Debentureholder. 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 Debentures of which they are joint
holders.
</DIV>

<P align="center" style="font-size: 10pt"> - 38 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.9 Proxies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Debentureholder may be present and vote at any meeting of Debentureholders by an
authorized representative. The Company in the case it convenes the meeting or the Trustee
in any other case (for the purpose of enabling the Debentureholders to be present and vote
at any meeting without producing their Debentures, 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:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Debentureholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any regulations so made shall be binding and effective, and the votes given in accordance therewith
shall be valid and shall be counted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.10 Persons Who May Attend</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company, the Trustee, and the Debentureholders (by their respective employees,
officers and directors where applicable), and the legal advisors of the Company, the
Trustee and any Debentureholder, may attend any meeting of the Debentureholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.11 Powers Exercisable By Extraordinary Resolution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to all powers hereinbefore given, a meeting of the Debentureholders shall
have the following powers exercisable from time to time, by Extraordinary Resolution only:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power to direct or authorize the Trustee to grant extensions of
time for payment of any principal or interest on the Debentures, whether or not
the principal or interest, the payment of which is extended, is at the time due
or overdue;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Debentures in any manner
specified in such Extraordinary Resolution or to refrain from exercising any
such power, right, remedy or authority;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power to waive and direct the Trustee to waive compliance by
the Company of any provision of this Indenture or the Debentures and/or to
annul and to direct the Trustee to annul any declaration in respect of such
default made by the Trustee pursuant to Section&nbsp;6.3, either unconditionally or
upon any conditions specified in such Extraordinary Resolution;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 39 -
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Debentures may be
required thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power, with the approval of the Company, to sanction the exchange of the Debentures for, or
the conversion of the Debentures into, shares, Debentures, mortgage Debentures, bonds or any
other securities of the Company or any other corporation formed or to be formed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power to sanction any modification, abrogation, alteration, compromise or arrangement of the
rights of the Debentureholders against the Company, or against its Property, whether such
rights shall arise under this Indenture or the Debentures or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power to restrain any holder of any Debentures 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
Debentures 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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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
Debentureholders such of the powers of the Debentureholders 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 Debentureholders. 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 Debentureholders.
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;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 40 -
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power to remove the Trustee and to appoint a new Trustee to take the
place of the Trustee so removed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power to amend, alter or repeal any Extraordinary Resolution previously
passed or sanctioned by the Debentureholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.12 Definition of Extraordinary Resolution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The expression &#147;Extraordinary Resolution&#148; when used in this Indenture means, subject to the
provisions of 13.18, a resolution passed at a meeting of Debentureholders 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 Debentures 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
Debentures present or represented by proxy at the meeting given on a poll. If, at any such meeting
convened for the purpose of considering an Extraordinary Resolution, the holders of 25% of the
principal amount of the Debentures are not present or represented by proxy within half an hour
after the time appointed for the meeting, then the meeting, if convened by or on the requisition of
Debentureholders, shall be dissolved but any other case it shall stand adjourned to such date,
being not less than seven days later, and to such place and time as may be appointed by the
chairman, and two clear days&#146; notice shall be given of such adjourned meeting in the manner in
which notices are by this Indenture authorized to be given (but it shall not be necessary to
specify in such notice the business to be transacted at such adjourned meeting) and at such
adjourned meeting Debentureholders present in person or represented by proxy shall form a quorum
and may transact the business for which the meeting was originally convened and a resolution passed
thereat by the affirmative vote of not less than 66 2/3% of the principal amount of the Debentures
present or represented by proxy at the meeting given on a poll shall be an Extraordinary Resolution
within the meaning of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.13 Powers Cumulative</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any one or more of the powers and any combination of the powers in this Indenture stated to be
exercisable by the Debentureholders 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 Debentureholders to exercise such
power or powers or combination of powers thereafter from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.14 Minutes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 <I>prima facie </I>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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.15 Instrument In Lieu of Extraordinary Resolution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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
Debentures shall have the same force and effect as an Extraordinary Resolution.
</DIV>

<P align="center" style="font-size: 10pt"> - 41 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.16
Evidence of Instruments of Debentureholders</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any request, direction, notice, consent or other instrument which this
Indenture may require or permit to be signed or executed by the
Debentureholders may
be in any number of concurrent instruments of similar tenor signed or executed by such
Debentureholders.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.17 Binding Effect of Resolutions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the provisions of Section&nbsp;13.18, every resolution and every Extraordinary
Resolution passed at a meeting of the Debentureholders held in accordance with the
provisions herein contained shall be binding upon all Debentureholders, whether present at
or absent from such meeting, and every instrument in writing signed by Debentureholders in
accordance with Section&nbsp;13.15 shall be binding upon all the Debentureholders, whether
signatories thereto or not, and each and every Debentureholder and the Trustee (subject to
the provisions for its indemnity herein contained) shall be bound to give effect thereto
accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.18 Serial Meetings</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any business to be transacted at a meeting of Debentureholders, or any
action to be taken or power to be exercised by instrument in writing under Section
13.15, affects the rights of the Debentureholders of one or more series or maturities
in a manner or to an extent substantially differing from that in or to which it
affects the rights of Debentureholders of any other series or maturities (as to which
an opinion of Counsel shall be binding on all Debentureholders, the Trustee and the
Company for all purposes hereof) then:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reference to such fact, indicating each series or maturity so affected,
shall be made in the notice of such meeting and the meeting shall be and is
herein called a &#147;Serial Meeting; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holders of Debentures of a series or maturity so affected
shall not be bound by any action taken at a Serial Meeting or by instrument in
writing under Section&nbsp;13.15 unless in addition to compliance with the other
provisions of this Article&nbsp;13:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at such Serial Meeting (A)&nbsp;there are
Debentureholders present in person or by proxy and representing at
least 25% in principal amount of the Debentures of such series or
maturity, subject to the provisions of this Article&nbsp;13 as to quorum at
adjourned meetings and (B)&nbsp;the resolution is passed by the affirmative
vote of the holders of more than 50% (or in the case of an
Extraordinary Resolution not less than 66 2/3%) of the principal amount
of the Debentures of such series or maturity voted on the resolution;
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of action taken or power exercised
by instrument in writing under Section&nbsp;13.15, such instrument is signed
in one or more counterparts by the holders of not less than 66 2/3% in
principal amount of the Debentures of such series or maturity.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If in the opinion of Counsel any business to be transacted at any meeting, or
any action to be taken or power to be exercised by instrument in writing under Section
13.15, does not adversely affect the rights of the holders of Debentures of one or
more series or maturities, the provisions of this Article&nbsp;13 shall apply as if the
Debentures of such series or maturity were not outstanding and no notice of any such
meeting need be given to the Debentureholders of such series or maturity. Without
limiting the generality of the foregoing, a proposal to modify or terminate any
covenant or agreement which is effective only so long as Debentures of a particular</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 42 -
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>series or maturity are outstanding shall be deemed not to adversely affect the rights of the
Debentureholders of any other series or maturity.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A proposal:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to extend the maturity of Debentures of any particular series
or maturity or to reduce the principal amount thereof, the rate of interest or
redemption premium thereon or to impair any conversion right thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to modify or terminate any covenant or agreement which by its
terms is effective only so long as Debentures of a particular series or
maturity are outstanding; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to reduce with respect to Debentureholders of any particular
series or maturity any percentage stated in Sections&nbsp;13.3, 13.6,13.7, 13.12,
13.15 or in this Section&nbsp;13.18.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be deemed to affect the rights of the Debentureholders of such series or maturity,
as the case may be, in a manner substantially differing from that in which it affects the
rights of holders of Debentures of any other series or maturity, whether or not a similar
extension, reduction, modification or termination is proposed with respect to Debentures
or any or all other series or maturities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 14: SUPPLEMENTAL INDENTURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.1 Supplemental Indentures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From time to time the Company, when authorized by a resolution of the directors, and the
Trustee may, subject to the
provisions of this Indenture, and they shall, when so directed by this Indenture,
execute, acknowledge and deliver by their proper officers deeds or indentures
supplemental hereto, which thereafter shall form part hereof, for any one or more of the
following purposes:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing for the issuance of Debentures under this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding to the provisions hereof such additional covenants,
enforcement provisions, release provisions, and other provisions as, in the
opinion of Counsel, are necessary for the protection of the holders of the
Debentures, or of the Debentures of any series, or providing for events of
default in addition to those herein specified;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if and whenever required by any provision hereof, for
hypothecating, mortgaging, pledging, charging, assigning or transferring to, or
vesting in, the Trustee any of the Property then owned or thereafter acquired
by the Company or any part thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding to the provisions hereof such additional covenants,
enforcement provisions, release provisions and other provisions which are
considered by the Company to be necessary or desirable, provided that, in the
opinion of counsel to the Trustee, the same are not materially prejudicial to
the interests of the Debentureholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making any modification of any of the provisions of this
Indenture or the Debentures which is of a formal, minor or technical nature;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making any additions to, deletions from or alterations of the
provisions of this Indenture (including any of the terms and conditions of the
Debentures) which in the opinion of the Trustee, relying, if</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"> - 43 -
</DIV>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appropriate, on the opinion of Counsel and/or a financial adviser, are not materially
prejudicial to the interests of the Debentureholders and which are necessary or
advisable in order to incorporate, reflect or comply with any legislation the
provisions of which apply to this Indenture;</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding to or altering the provisions hereof in respect of the transfer of
Debentures including provision for the exchange of Debentures of different
denominations and making any modification in the form of the Debentures which does not
affect the substance thereof and which, in the opinion of the Trustee, is not
materially prejudicial to the interests of the Debentureholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>correcting or rectifying any ambiguities, defective provisions, errors or
omissions herein, provided that, in the opinion of the Trustee relying on the advice
of counsel, the rights of the Trustee and the Debentureholders are in no way
prejudiced thereby;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidencing the succession, or successive successions of other corporations to
the Company and the covenants of and obligations assumed by any such successor in
accordance with the provisions of this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>giving effect to any Extraordinary Resolution passed as provided in Article&nbsp;13;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for any other purpose not inconsistent with the terms of this Indenture
provided that, in the opinion of the Trustee, the rights of the Trustee and of the
Debentureholders are not materially prejudiced thereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company and the Trustee may correct any typographical or other manifest errors in this
Indenture and may execute all such documents as may be necessary to correct such errors.
Notwithstanding anything herein contained, the Trustee may in its uncontrolled discretion decline
to enter into any supplemental indenture which in its opinion may not afford adequate protection
to the Trustee when the same shall become operative.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 15: ACCEPTANCE OF TRUSTS BY TRUSTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.1 Acceptance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee hereby accepts the trusts in this Indenture declared and provided and agrees to
perform the same upon the terms and conditions hereinbefore set forth and to hold all rights,
privileges and benefits conferred hereby and by law in trust for the person who shall from time to
time be Debentureholders subject to all the terms and conditions herein set forth.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 16: COUNTERPARTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16.1 Counterparts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Trust Indenture may be executed in several counterparts, each of which so executed shall be
deemed to be an original, and such counterparts together shall constitute the one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of July&nbsp;12,
1999.
</DIV>

<P align="center" style="font-size: 10pt"> - 44 -
</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">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>the parties hereto have executed this Indenture under the hands of their proper
officers duly authorized in that behalf.
</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CAMECO CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Bernard D. Michel&#148;</I></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">&nbsp;
</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>
    <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">Bernard D. Michel, Chair</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">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;David M. Petroff&#148;</I></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">&nbsp;
</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>
    <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">David M. Petroff, Senior</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">Vice-President Finance and Administration</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">and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Gloria Gherasim&#148;</I></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">&nbsp;
</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>
    <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">Gloria Gherasim</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Jan Sheffield&#148;</I></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">&nbsp;
</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>
    <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">Jan Sheffield</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"> - 45 -
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>o17997exv2.htm
<DESCRIPTION>FIRST SUPPLEMENTAL TRUST INDENTURE DATED JULY 12, 1999
<TEXT>
<HTML>
<HEAD>
<TITLE>exv2</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 2.0</B>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIS FIRST SUPPLEMENTAL TRUST INDENTURE </B>is made as of July&nbsp;12, 1999.
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><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;Company&#148;),
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>CIBC MELLON TRUST COMPANY, </B>a trust company incorporated under the
laws of Canada and duly authorized to carry on the trust business in
each province of Canada (hereinafter referred to as the &#147;Trustee&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS </B>in and by a trust indenture (hereinafter called the &#147;Indenture&#148;) made as of the 12th day of
July, 1999, between the Company and the Trustee provision was made for issuance of Debentures of
the Company in one or more series, unlimited as to aggregate principal amount but issuable only
upon the terms and subject to the conditions and limitations therein provided;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>pursuant to an underwriting agreement dated July&nbsp;5, 1999, among the Company and the
underwriters named therein, the Company has agreed to create and issue pursuant to the Indenture
and this First Supplemental Trust Indenture a series of Debentures, in aggregate principal amount
of $100,000,000 to be designated as the 6.90% Debentures, Series&nbsp;A due July&nbsp;12, 2006;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>this First Supplemental Trust Indenture is executed pursuant to all necessary
authorization and resolutions of the Company to authorize the creation, issuance and delivery of
the said Debentures and to establish the terms, provisions and condition thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>the foregoing recitals are made as representations and statements of fact by the
Company and not by the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW, THEREFORE THIS INDENTURE WITNESSES </B>that it is hereby agreed and declared as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 1: ISSUANCE OF DEBENTURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.1 Limit of Issue and Designation of Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby creates and agrees to issue a series of Debentures (the &#147;Debentures&#148;)
pursuant to the Indenture and this First Supplemental Trust Indenture to be designated as the
&#147;6.90% Debentures, Series&nbsp;A due July&nbsp;12, 2006,&#148; which shall consist of, and be limited to, an
aggregate principal amount of One Hundred Million Dollars ($100,000,000) in lawful money of
Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.2 Terms of Debentures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures shall be dated July&nbsp;12, 1999, shall bear interest (&#147;Interest&#148;) from that date
at the rate of 6.90% per annum calculated and payable semi-annually in arrears (after as well as
before maturity and after as well as before default with interest on overdue interest at the said
rate) on January&nbsp;12 and July&nbsp;12 in each year (each an &#147;Interest Payment Date&#148;), commencing January
12, 2000 and shall mature on July&nbsp;12, 2006. Interest for the period from July&nbsp;12, 1999 to January
12, 2000 will be $34.50 for each $1,000 principal amount of Debentures. The record date for the
payment of Interest shall be the close of business on the tenth Business Day preceding the relevant
Interest Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company, at least two Business Days prior to an Interest Payment Date, shall deliver or cause
to be delivered by prepaid mail, by courier or by an employee of the Company to registered holders
of Debentures, post-dated
</DIV>


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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cheques for interest due thereon (less any tax required by law to be deducted or withheld) payable
to the order of the registered holders thereof and negotiable on the Interest Payment Date. The
Company may, at its option, cause the amount of such interest to be paid to one or more registered
holders thereof by way of electronic transfer of funds, with any such transfer to be made no later
than 11:30&nbsp;a.m. (Toronto time) on the date of such payment. The delivery of such cheques or
electronic transfer of funds shall satisfy and discharge the liability for interest on such
Debentures to the extent of the sums represented thereby (plus the amount of any tax deducted or
withheld as aforesaid) unless, in the case of a cheque, such cheque shall not be paid on
presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company upon maturity of the Debentures shall deliver or cause to be delivered by prepaid mail,
by courier or by an employee of the Company to the registered holders thereof cheques for such
principal amount due, payable to the order of the registered holders thereof and negotiable on the
date of the maturity of the Debentures. The Company may, at its option, cause the amount of any
such interest or principal payment to be paid to the registered holders of Debentures by way of
electronic transfer of funds, with such transfer to be made no later
than 11:30&nbsp;a.m. (Toronto time)
on the date of such payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At its option, the Company may redeem the Debentures at any time and from time to time, in whole
or in part, upon not more than 60&nbsp;days and not less than 30&nbsp;days prior notice, at the higher of
the Canada Yield Price (as defined below) and par, together in each case with accrued and unpaid
interest to the date fixed for redemption. Less than all of the Debentures may be redeemed in
accordance with Section&nbsp;4.2 of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the foregoing redemption provisions, the following terms are defined as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Canada Yield Price&#148; shall mean a price equal to the price of the Debentures calculated to provide
a yield to maturity, compounded semi-annually, equal to the Government of Canada Yield plus 0.25%
on the Business Day preceding the day notice of redemption is given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Government of Canada Yieid&#148; on any date for the Debentures shall mean the yield to maturity on
such date, compounded semi-annually, which a non-callable Government of Canada bond would carry if
issued in dollars in Canada, at 100% of its principal amount on such date with a term to maturity
equal to the remaining term to maturity (calculated from the redemption date) of the Debentures.
The Government of Canada Yield will be the arithmetic average of the percentage yield provided by
two specified Canadian investment dealers selected by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures and the certificate of the Trustee endorsed thereon shall be substantially in the
form set forth in Schedule&nbsp;A hereto and shall bear such distinguishing letters and numbers as the
Company and the Trustee may approve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.3 Form, Transfer and Issuance of a Global Debenture</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Form: </I>Except as provided for in Section&nbsp;1.6, the Debentures shall be issued in
the form of one global Debenture substantially in the form of Schedule&nbsp;A hereto (the
&#147;Global Debenture&#148;). The Global Debenture will be issued in the name of and deposited
by the Trustee with, or on behalf of, The Canadian Depository for Securities Limited
(&#147;CDS&#148;) or a successor (collectively, the &#147;Depository&#148;) as custodian of the Global
Debenture and registered by the Trustee in the name of the Depository or its nominee.
No purchaser of Debentures represented by the Global Debenture will be entitled to a
certificate or other instrument from the Company or the Depository evidencing that
purchaser&#146;s ownership thereof except in the circumstances where: (i)&nbsp;the Depository
resigns or is removed from its responsibilities as depository and the Company is unable
or does not wish to locate a qualified successor: or (ii)&nbsp;the Company determines that
it wishes definitive Debentures to replace the Global Debenture; or (iii)&nbsp;if required
by applicable law. Beneficial interests in the Global Debenture, constituting ownership
of the Debentures, will be represented only through the Book-Based System. &#147;Book-Based
System&#148; means the record entry securities transfer and pledge system known, as of the
date hereof, by such name, which is administered by CDS in accordance with the
operating rules and procedures of the Securities Settlement Service of CDS enforced
from time to time, or any successor system which CDS may offer from time to time.</TD>
</TR>

</TABLE>
</DIV>

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



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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Issuance: </I>The Global Debenture shall be signed by any authorized signatory of the Company
holding office at the time of signing and empowered to sign the Global Debenture on behalf of the
Company and delivered to the Trustee. Upon receipt thereof by the Trustee, the Global Debenture
shall be certified, in accordance with Section&nbsp;1.7, by the Trustee and delivered to
CDS pursuant to a Written Order of the Company, without the Trustee receiving consideration
therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer: </I>Transfers of Debentures between CDS Participants shall occur in
accordance with the Depository&#146;s rules and procedures. &#147;CDS Participant&#148; means a broker, dealer, bank, other financial
institution or other person who, directly or indirectly, from time to time effects book-based
transfers with CDS and pledges of securities deposited with CDS.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.4 Dealings with and by the Depository</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All references herein to actions by, or notices given or payments made to, Debentureholders shall,
where such Debentures are held through the Depository, refer to actions taken by, or notices given
or payments made to, the Depository upon instructions from the CDS Participants in accordance with
the Depository&#146;s rules and procedures. For the purpose of any provision of this First Supplemental
Trust Indenture requiring or permitting actions with the consent of or at the direction of the
Debentureholders evidencing a specified percentage of the aggregate unpaid principal amount of
Debentures outstanding, such direction or consent may be given by Debentureholders acting through
the Depository and the CDS Participants owning Debentures evidencing the requisite percentage of
the principal amount of Debentures. The rights of a Debentureholder shall be exercised only
through the Depository and the CDS Participants and shall be limited to those established by law
and agreements between such Debentureholder and the Depository and/or the CDS Participants or upon
instructions from the CDS Participants. Each of the Company and the Trustee may deal with the
Depository for all purposes (including the making of payments) as the authorized representative of
the respective Debentureholders and such dealings with the Depository shall constitute
satisfaction or performance, as applicable, of its respective obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a vote by registered Debentureholders pursuant to the Indenture when the Debentures
are held through the Depository, the Depository shall vote such Debentures upon instructions from
the CDS Participants in accordance with the Depository&#146;s rules and procedures, and if such vote
requires the approval of a specified percentage of the aggregate unpaid principal amount of
Debentures outstanding, the approval of CDS Participants owning Debentures evidencing the requisite
percentage of the principal amount of Debentures shall be sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.5 Notices to the Depository</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For so long as the Debentures are held through the Depository, if any notice or other
communication is required to be given to Debentureholders, the Trustee and the Company shall give
all such notices and communications through the Depository, which shall be in accordance with
applicable law and regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.6 Form and Issuance of Definitive Debenture Certificates</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Form: </I>If: (i)&nbsp;the Depository resigns or is removed from its responsibilities
as depository and the Company is unable or does not wish to locate a qualified successor; or (ii)&nbsp;the
Company determines that it wishes definitive Debentures to replace the Global Debenture and
notifies the Depository to such effect, the Depository shall surrender the Global Debenture to the
Trustee with instructions from the Depository for re-registration of each Debenture in the name
and as to the principal amount specified by the Depository, and the Company shall issue and the
Trustee shall certify and deliver the aggregate unpaid principal amount of the Debentures then
outstanding in the form of definitive Debenture certificates (the &#147;Definitive Debentures&#148;)
representing such Debentures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Definitive Debentures shall be issued as fully-registered Debentures in
denominations of $1,000 and integral multiples thereof. Each Definitive Debenture and the certificate
of the Trustee in respect thereof endorsed thereon shall be substantially in the form set forth in
Schedule&nbsp;A annexed hereto in respect of the Global Debenture with such changes, additions and
deletions as are necessary. The Definitive Debentures may be typed, engraved, printed or
lithographed, or</TD>
</TR>

</TABLE>
</DIV>
<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">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>partly in one form and partly in another, as the Company may determine. The
Definitive Debentures shall be signed (either manually or by facsimile signature)
by any authorized signatory of the Company holding office at the time of signing
and empowered to sign such Definitive Debentures on behalf of the Company. A
facsimile signature upon any of the Definitive Debentures shall for all purposes of
this First Supplemental Trust Indenture be deemed to be the signature of the person
whose signature it purports to be and to have been signed at the time such
facsimile signature is reproduced and, notwithstanding that any person whose
signature, either manual or in facsimile, appears on the Definitive Debentures is
not at the date of this First Supplemental Trust Indenture or at the date of the
Definitive Debentures or at the date of the certification and delivery thereof an
officer of the Company, such Definitive Debentures shall be valid and binding upon
the Company and entitled to the benefits of this First Supplemental Trust
Indenture.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Issuance: </I>The Definitive Debentures shall forthwith upon their issue, having
been authorized and executed by the Company, be delivered to the Trustee. Upon receipt thereof by the
Trustee, the Definitive Debentures shall be certified by the Trustee and delivered to or to the
order of the Company pursuant to a Written Order of the Company, without the Trustee
receiving consideration therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer: </I>Transfers of Definitive Debentures shall be governed by the
provisions of Article&nbsp;3 of the Indenture.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.7 Certification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No Debenture shall be issued or, if issued, shall be obligatory or shall entitle the
Debentureholder to the benefits of this First Supplemental Trust Indenture until it has been
certified by or on behalf of the Trustee. Such certificate on any Debenture shall be conclusive
evidence as against the Company that such Debenture is duly issued and is a valid obligation of
the Company and that the holder is entitled to the benefits hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The certificate of the Trustee signed on the Debentures shall not be construed as a representation
or warranty by the Trustee as to the validity of this First Supplemental Trust Indenture or of the
Debentures or their issuance and the Trustee shall in no respect be liable or answerable for the
use made of said Debentures or either of them or the proceeds thereof. The certificate of the
Trustee signed on the said Debentures shall, however, be a representation and warranty by the
Trustee that said Debentures have been duly certified by or on behalf of the Trustee pursuant to
the provisions of this First Supplemental Trust Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.8 Rank</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures are direct unsecured obligations of the Corporation and rank equally and rateably
among themselves and with all other present and future unsecured and unsubordinated indebtedness
of the Corporation, subject to exceptions prescribed by statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 2: MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.1 Interpretation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This First Supplemental Trust Indenture is supplemental to the Indenture and shall be read in
conjunction therewith. Except only insofar as the Indenture may be inconsistent with the express
provisions of this First Supplemental Trust Indenture in which case the terms of this First
Supplemental Trust Indenture shall govern and supersede those contained in the Indenture only to
the extent of such inconsistency, this First Supplemental Trust Indenture shall henceforth have
effect so far as practicable as if all the provisions of the Indenture and this First Supplemental
Trust Indenture were contained in one instrument. The terms and expressions used in this First
Supplemental Trust Indenture which are defined in the Indenture shall, except as otherwise
provided herein, have the respective meanings ascribed to them in the indenture. Unless otherwise
stated, any reference in this First Supplemental Trust Indenture to an Article, Section or
Schedule shall be interpreted as a reference to the stated Article or Section of, or Schedule to,
this First Supplemental Trust Indenture.
</DIV>


<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">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.2 Acceptance of Trust by Trustee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee hereby accepts the trusts in this First Supplemental Trust Indenture declared
and created and agrees to perform the same upon the terms and conditions herein before set out
but subject to the provisions of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.3 Governing Law</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This First
Supplemental Trust Indenture shall be governed by and construed in accordance
with the laws of the Province of Saskatchewan and the laws of Canada applicable therein and shall
be treated in all respects as a Saskatchewan contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.4 Counterparts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This First Supplemental Trust Indenture may be executed in several counterparts, each of
which so executed shall be deemed to be an original, and such counterparts together shall
constitute the one and the same instrument and notwithstanding their date of execution shall be
deemed to bear date as of July&nbsp;12, 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.5 Schedule</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The schedule to this First Supplemental Trust Indenture shall be deemed to be incorporated
herein and to form part hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>the parties hereto have executed this Indenture under the hands of their proper
officers duly authorized in that behalf.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CAMECO CORPORATION</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Bernard Michel&#148;</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">&nbsp;
</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>
    <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">Bernard M. Michel, Chair,</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">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;D.M. Petroff&#148;</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">&nbsp;
</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>
    <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">David M. Petroff Senior</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">Vice-President Finance and Administration</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">and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;G. Gherasim&#148;</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">&nbsp;
</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;J. Sheffield&#148;</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">&nbsp;
</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>
    <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">&nbsp;</H5><P>

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




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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the annexed First Supplemental Trust Indenture dated as of July&nbsp;12, 1999 between Cameco
Corporation and CIBC Mellon Trust Company, as trustee.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Form of Global Debenture</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.&nbsp;000001
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$100,000,000, Canadian</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CUSIPNo.&nbsp;1332IL AA 6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAMECO CORPORATION<BR>
(Incorporated under the laws of Canada)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">6.90% DEBENTURE DUE JULY 12, 2006
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation (the &#147;Company&#148;) for value received acknowledges itself indebted and hereby
promises to pay or cause to be paid to the registered holder hereof on July&nbsp;12, 2006, or on such
earlier date as the principal amount hereof may become due in accordance with the provisions of
the Indenture (as defined below) on presentation and surrender of this Debenture as provided in
the Indenture, the sum of One Hundred Million Dollars, ($100,000,000.00,) in lawful money of
Canada and to pay or cause to be paid to <B>CDS &#038; Co.</B> interest (&#147;Interest&#148;) on the principal amount
hereof at the rate of 6.90% per annum calculated and payable semi-annually in arrears (after as
well as before maturity and after as well as before default with interest on overdue interest at
the said rate) on January&nbsp;12 and July&nbsp;12 in each year (each an &#147;Interest Payment Date&#148;),
commencing January&nbsp;12, 2000, and interest for the period from the date hereof to January&nbsp;12, 2000
will be $34.50 for each $1,000 principal amount of Debentures. The record date for the payment of
Interest shall be the close of business on the tenth Business Day preceding the relevant Interest
Payment Date. Subject to the foregoing, the Company, at least two Business Days prior to an
Interest Payment Date, shall deliver or cause to be delivered by prepaid mail, by courier or by an
employee of the Company to the registered holder hereof, a post-dated cheque for interest due
hereon (less any tax required by law to be deducted or withheld) payable to the order of the
registered holder hereof and negotiable on the Interest Payment Date. The Company may, at its
option, cause the amount of such interest to be paid to the registered holder hereof by way of
electronic transfer of funds, with any such transfer to be made no later than 11:30&nbsp;a.m. (Toronto
time) on the date of such payment. The delivery of such cheque or electronic transfer of funds
shall satisfy and discharge the liability for interest hereon to the extent of the sums
represented thereby (plus the amount of any tax deducted or withheld as aforesaid) unless, in the
case of a cheque, such cheque shall not be paid on presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company upon maturity of the Debentures shall deliver or cause to be delivered by prepaid
mail, by courier or by an employee of the Company to the registered holder hereof a cheque for
such principal amount due, payable to the order of the registered holder hereof and negotiable on
the date of the maturity of the Debentures. The Company may, at its option, cause the amount of
any such interest or principal payment to be paid to the registered holder hereof by way of
electronic transfer of funds, with such transfer to be made no later than 11:30&nbsp;a.m. (Toronto
time) on the date of such payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This
Global Debenture certificate represents $ 100,000,000 principal amount of the Debentures
designated as &#147;6.90% Debentures, Series&nbsp;A due July&nbsp;12, 2006&#148; issued under a trust indenture (which
indenture, together with all instruments supplemental or ancillary thereto, including the First
Supplemental Indenture made as of July&nbsp;12, 1999 between the Company and the Trustee, is herein
referred to as the &#147;Indenture&#148;) dated as of July&nbsp;12, 1999, and made between the Company and CIBC
Mellon Trust Company (the &#147;Trustee&#148;), as trustee. Reference is hereby expressly made to the
Indenture for a statement and description of the terms and conditions upon which the Debentures
are issued or may be issued and held, and the rights and remedies of the holders of the Debentures
and of the Company
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</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">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and of the Trustee in respect thereof, all to the same effect as if the provisions of the Indenture
were herein set forth, to all of which the holder hereof by acceptance hereof assents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures are direct unsecured obligations of the Company and rank equally and rateably among
themselves and with all other present and future unsecured and unsubordinated indebtedness of the
Company, subject to exceptions prescribed by statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures have the benefit of certain covenants the terms of which are set out in the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall be entitled to purchase Debentures in the open market or by tender or private
contract at any price as provided in the Indenture. Debentures purchased by the Company will be
cancelled and may not be reissued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At its option, the Company may redeem the Debentures at any time and from time to time, in whole
or in part, upon not more than 60&nbsp;days and not less than 30&nbsp;days prior notice, at the higher of
the Canada Yield Price (as defined in the Indenture) and par, together in each case with accrued
and unpaid interest to the date fixed for redemption. Less than all of the Debentures may be
redeemed in accordance with section 4.2 of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case an Event of Default, as defined in the Indenture, has occurred, the principal of, and
interest on, all Debentures then outstanding under the Indenture may be declared due and payable
upon the conditions and in the manner and with the effect provided in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indenture contains provisions for the holding of meetings of the holders of the Debentures and
rendering resolutions passed at such meetings and instruments in writing signed by the holders of
a specified percentage of the principal amount of the Debentures outstanding are binding upon all
holders of the Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Debenture may only be transferred upon compliance with the conditions prescribed in the
Indenture on the register to be kept at the office of the Trustee in the City of Winnipeg and at
such other place or places, if any, and/or by such other registrar or registrars, if any, as the
Company with the approval of the Trustee may designate, by the registered holder hereof or his
executors or administrators or other legal representatives or his or their attorney duly appointed
by an instrument in writing in form and execution satisfactory to the Trustee, and upon compliance
with such reasonable requirements as the Trustee and/or other registrar may prescribe, and such
transfer shall be duly noted hereon by the Trustee or other registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures will become void unless presented for payment within a period of twenty years from
the relevant date therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any capitalized terms not defined in this Debenture shall have the meanings ascribed thereto in
the Indenture except that &#147;Debentures&#148; shall have meaning set forth in the First Supplemental
Trust Indenture thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indenture is and this Debenture shall be governed by and construed in accordance with the laws
of the Province of Saskatchewan and the laws of Canada applicable therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Debenture shall not become obligatory for any purpose until this Debenture shall have been
certified by or on behalf of the Trustee for the time being under the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF this Debenture has been duly executed and the corporate seal of the Company
affixed hereto.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">DATED as of July&nbsp;12, 1999.</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"><!-- 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>
    <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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CAMECO CORPORATION</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>
    <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">Per:
</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">Per:</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">&nbsp;
</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>
    <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;&nbsp;&nbsp;&nbsp;&nbsp;Bernard M. Michel, Chair,
</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;&nbsp;&nbsp;&nbsp;&nbsp;Gary M.S. Chad, Senior General</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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">President and Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counsel and Corporate Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Form of Trustee&#146;s Certificate</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Global Debenture represents the $100,000,000 of 6.90% Debentures due July&nbsp;12, 2006
referred to in the Indenture within mentioned.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 colspan="3" valign="top" align="left">CIBC MELLON TRUST COMPANY,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="margin-left:0px; text-indent:-0px">By:</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">&nbsp;
</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>
</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 colspan="3" valign="top" align="left">(FORM OF REGISTRATION PANEL)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 colspan="3" valign="top" align="left">(No writing hereon except by Trustee or other Registrar)</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="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date
of Registration</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>In
Whose Name Registered</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Trustee
or Registrar</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">July&nbsp;12, 1999
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CDS &#038; Co.</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>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>o17997exv3.htm
<DESCRIPTION>SECOND SUPPLEMENTAL TRUST INDENTURE DATED JULY 6, 2001
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3</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 3.0</B>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS SECOND SUPPLEMENTAL TRUST INDENTURE </B>is made as of July&nbsp;6, 2001.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><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;Company&#148;),
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>CIBC MELLON TRUST COMPANY, </B>a trust company incorporated under the
laws of Canada and duly authorized to carry on the trust business in
each province of Canada (hereinafter referred to as the &#147;Trustee&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS </B>in and by a trust indenture (hereinafter called the &#147;Indenture&#148;) made as of July&nbsp;12, 1999,
between the Company and the Trustee provision was made for issuance of Debentures of the Company in


one or more series, unlimited as to aggregate principal amount but issuable only upon the terms and
subject to the conditions and limitations therein provided;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>pursuant to a dealer agreement dated June&nbsp;29, 2001, among the Company and the agent
named therein, the Company has agreed to create and issue pursuant to the Indenture and this
Second Supplemental Trust Indenture a series of Debentures, in aggregate principal amount of
$50,000,000 to be designated as the 7.0% Debentures, Series&nbsp;B due July&nbsp;6, 2006;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>this Second Supplemental Trust Indenture is executed pursuant to all necessary
authorization and resolutions of the Company to authorize the creation, issuance and delivery of
the said Debentures and to establish the terms, provisions and condition thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>the foregoing recitals are made as representations and statements of fact by the
Company and not by the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW,
THEREFORE THIS INDENTURE WITNESSES</B> that it is hereby agreed and declared
as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1: ISSUANCE OF DEBENTURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.1
</B> <B><U>LIMIT OF ISSUE AND DESIGNATION OF DEBENTURES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby creates and agrees to issue a series of Debentures (the &#147;Debentures&#148;) pursuant
to the Indenture and this Second Supplemental Trust Indenture to be designated as the &#147;7.0%
Debentures, Series&nbsp;B due July&nbsp;6, 2006,&#148; which shall consist of, and be limited to, an aggregate
principal amount of Fifty Million Dollars ($50,000,000) in lawful money of Canada.
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.2 </B><U><B>TERMS OF DEBENTURES</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures shall be dated July&nbsp;6, 2001, shall bear interest (&#147;Interest&#148;) from that date at the
rate of 7.0% per annum calculated and payable semi-annually in arrears (after as well as before
maturity and after as well as before default with interest on overdue interest at the said rate)
on January 6 and July 6 in each year (each an &#147;Interest Payment Date&#148;), commencing January&nbsp;6, 2002
and shall mature on July&nbsp;6, 2006. Interest for the period from July&nbsp;6, 2001 to January&nbsp;6, 2002
will be $35.00 for each $1,000 principal amount of Debentures. The record date for the payment of
Interest shall be the close of business on the tenth Business Day preceding the relevant Interest
Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company, at least two Business Days prior to an Interest Payment Date, shall deliver or cause
to be delivered by prepaid mail, by courier or by an employee of the Company to registered holders
of Debentures, post-dated cheques for interest due thereon (less any tax required by law to be
deducted or withheld) payable to the order of the registered holders thereof and negotiable on the
Interest Payment Date. The Company may, at its option, cause the amount of such interest to be paid
to one or more registered holders thereof by way of electronic transfer of funds, with any such
transfer to be made no later than 11:30&nbsp;a.m. (Toronto time) on the date of such payment. The
delivery of such cheques or electronic transfer of funds shall satisfy and discharge the liability
for interest on such Debentures to the extent of the sums represented thereby (plus the amount of
any tax deducted or withheld as aforesaid) unless, in the case of a cheque, such cheque shall not
be paid on presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company upon maturity of the Debentures shall deliver or cause to be delivered by prepaid
mail, by courier or by an employee of the Company to the registered holders thereof cheques for
such principal amount due, payable to the order of the registered holders thereof and negotiable
on the date of the maturity of the Debentures. The Company may, at its option, cause the amount of
any such principal payment to be paid to the registered holders of Debentures by way of electronic
transfer of funds, with such transfer to be made no later than 11:30&nbsp;a.m. (Toronto time) on the
date of such payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At its option, the Company may redeem the Debentures at any time and from time to time, in whole
or in part, upon not more than 60&nbsp;days and not less than 30&nbsp;days prior notice, at the higher of
the Canada Yield Price (as defined below) and par, together in each case with accrued and unpaid
interest to the date fixed for redemption. Less than all of the Debentures may be redeemed in
accordance with Section&nbsp;4.2 of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the foregoing redemption provisions, the following terms are defined as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Canada Yield Price&#148; shall mean a price equal to the price of the Debentures calculated to provide
a yield to maturity, compounded semi-annually, equal to the Government of Canada Yield plus 0.34%
on the Business Day preceding the day notice of redemption is given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Government of Canada Yield&#148; on any date for the Debentures shall mean the yield to maturity on
such date, compounded semi-annually, which a non-callable Government of Canada bond would carry if
issued in dollars in Canada, at 100% of its principal amount on such date with a term to maturity
equal to the remaining term to maturity (calculated from the redemption date) of
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Debentures. The Government of Canada Yield will be the arithmetic average of the
percentage yield provided by two specified Canadian investment dealers selected by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures and the certificate of the Trustee endorsed thereon shall be substantially in the
form set forth in Schedule&nbsp;A hereto and shall bear such distinguishing letters and numbers as the
Company and the Trustee may approve.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.3 </B><U><B>FORM, TRANSFER AND ISSUANCE OF A GLOBAL DEBENTURE</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Form: </I>Except as provided for in Section&nbsp;1.6, the Debentures shall be issued in
the form of one global Debenture substantially in the form of Schedule&nbsp;A hereto (the
&#147;Global Debenture&#148;). The Global Debenture will be issued in the name of, and
deposited by the Trustee with, or on behalf of, The Canadian Depository for
Securities Limited (&#147;CDS&#148;) or a successor (collectively, the &#147;Depository&#148;) as
custodian of the Global Debenture and registered by the Trustee in the name of
the Depository or its nominee. No purchaser of Debentures represented by the
Global Debenture will be entitled to a certificate or other instrument from the
Company or the Depository evidencing that purchaser&#146;s ownership thereof except
in the circumstances where: (i)&nbsp;the Depository resigns or is removed from its
responsibilities as depository and the Company is unable or does not wish to
locate a qualified successor; or (ii)&nbsp;the Company determines that it wishes
definitive Debentures to replace the Global Debenture; (iii)&nbsp;if required by
applicable law; or (iv)&nbsp;the Book-Based System (as defined herein) of CDS ceases
to exist. Beneficial interests in the Global Debenture, constituting ownership of
the Debentures, will be represented only through the Book-Based System.
&#147;Book-Based System&#148; means the record entry securities transfer and pledge
system known, as of the date hereof, by such name, which is administered by
CDS in accordance with the operating rules and procedures of the Securities
Settlement Service of CDS enforced from time to time, or any successor system
which CDS may offer from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Issuance: </I>The Global Debenture shall be signed by any authorized signatory of
the Company holding office at the time of signing and empowered to sign the
Global Debenture on behalf of the Company and delivered to the Trustee. Upon
receipt thereof by the Trustee, the Global Debenture shall be certified, in
accordance with Section&nbsp;1.7, by the Trustee and delivered to CDS pursuant to a
Written Order of the Company, without the Trustee receiving consideration
therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer: </I>Transfers of Debentures between CDS Participants shall occur in
accordance with the Depository&#146;s rules and procedures. &#147;CDS Participant&#148; means
a broker, dealer, bank, other financial institution or other person who, directly or
indirectly, from time to time effects book-based transfers with CDS and pledges
of securities deposited with CDS.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.4 </B><U><B>DEALINGS WITH AND BY THE DEPOSITORY</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All references herein to actions by, or notices given or payments made to, Debentureholders
shall, where such Debentures are held through the Depository, refer to actions taken by, or notices
given or payments made to, the Depository upon instructions from the CDS Participants in accordance
with the Depository&#146;s rules and procedures. For the purpose of any provision of this Second
Supplemental Trust Indenture requiring or permitting actions with the consent of or at the
direction of the Debentureholders evidencing a specified percentage of the aggregate unpaid
principal amount of Debentures outstanding, such direction or consent may be given by
Debentureholders acting through the Depository and the CDS Participants owning Debentures
evidencing the requisite percentage of the principal amount of Debentures. The rights of a
Debentureholder shall be exercised only through the Depository and the CDS Participants and shall
be limited to those established by law and agreements between such Debentureholder and the
Depository and/or the CDS Participants or upon instructions from the
CDS Participants. Each of the
Company and the Trustee may deal with the Depository for all purposes (including the making of
payments) as the authorized representative of the respective Debentureholders and such dealings
with the Depository shall constitute satisfaction or performance, as applicable, of its respective
obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a vote by registered Debentureholders pursuant to the Indenture when the
Debentures are held through the Depository, the Depository shall vote such Debentures upon
instructions from the CDS Participants in accordance with the Depository&#146;s rules and procedures,
and if such vote requires the approval of a specified percentage of the aggregate unpaid principal
amount of Debentures outstanding, the approval of CDS Participants owning Debentures evidencing
the requisite percentage of the principal amount of Debentures shall be sufficient.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.5 </B><U><B>NOTICES TO THE DEPOSITORY</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For so long as the Debentures are held through the Depository, if any notice or other
communication is required to be given to Debentureholders, the Trustee and the Company shall give
all such notices and communications through the Depository, which shall be in accordance with
applicable law and regulation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.6 </B><U><B>FORM AND ISSUANCE OF DEFINITIVE DEBENTURE CERTIFICATES</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Form: </I>If: (i)&nbsp;the Depository resigns or is removed from its responsibilities
as depository and the Company is unable or does not wish to locate a qualified
successor; or (ii)&nbsp;the Company determines that it wishes definitive Debentures to
replace the Global Debenture and notifies the Depository to such effect, the
Depository shall surrender the Global Debenture to the Trustee with instructions from
the Depository for re-registration of each Debenture in the name and as to the
principal amount specified by the Depository, and the Company shall issue and the
Trustee shall certify and deliver the aggregate unpaid principal amount of the
Debentures then outstanding in the form of definitive Debenture certificates (the
&#147;Definitive Debentures&#148;) representing such Debentures.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Definitive Debentures shall be issued as fully-registered Debentures
in denominations of $1,000 and integral multiples thereof. Each Definitive
Debenture and the certificate of the Trustee in respect thereof endorsed thereon
shall be substantially in the form set forth in Schedule&nbsp;A annexed hereto in respect
of the Global Debenture with such changes, additions and deletions as are
necessary. The Definitive Debentures may be typed, engraved, printed or
lithographed, or partly in one form and partly in another, as the Company may
determine. The Definitive Debentures shall be signed (either manually or by
facsimile signature) by any authorized signatory of the Company holding office at
the time of signing and empowered to sign such Definitive Debentures on behalf
of the Company. A facsimile signature upon any of the Definitive Debentures
shall for all purposes of this Second Supplemental Trust Indenture be deemed to
be the signature of the person whose signature it purports to be and to have been
signed at the time such facsimile signature is reproduced and, notwithstanding
that any person whose signature, either manual or in facsimile, appears on the
Definitive Debentures is not at the date of this Second Supplemental Trust
Indenture or at the date of the Definitive Debentures or at the date of the
certification and delivery thereof an officer of the Company, such Definitive
Debentures shall be valid and binding upon the Company and entitled to the
benefits of this Second Supplemental Trust Indenture.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Issuance: </I>The Definitive Debentures shall forthwith upon their issue, having
been authorized and executed by the Company, be delivered to the Trustee. Upon
receipt thereof by the Trustee, the Definitive Debentures shall be certified by the
Trustee and delivered to or to the order of the Company pursuant to a Written
Order of the Company, without the Trustee receiving consideration therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer: </I>Transfers of Definitive Debentures shall be governed by the
provisions of Article&nbsp;3 of the Indenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.7 </B><U><B>CERTIFICATION</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No Debenture shall be issued or, if issued, shall be obligatory or shall entitle the
Debentureholder to the benefits of this Second Supplemental Trust Indenture until it has been
certified by or on behalf of the Trustee. Such certificate on any
Debenture shall be conclusive evidence as against the Company that such Debenture is duly issued and is a valid obligation of
the Company and that the holder is entitled to the benefits hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The certificate of the Trustee signed on the Debentures shall not be construed as a representation
or warranty by the Trustee as to the validity of this Second Supplemental Trust Indenture or of the
Debentures or their issuance and the Trustee shall in no respect be liable or answerable for the
use made of said Debentures or either of them or the proceeds thereof. The certificate of the
Trustee signed on the said Debentures shall, however, be a representation and warranty by the
Trustee that said Debentures have been duly certified by or on behalf of the Trustee pursuant to
the provisions of this Second Supplemental Trust Indenture.
</DIV>


<P align="center" style="font-size: 10pt">5
</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">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.8 </B><U><B>RANK</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures are direct unsecured obligations of the Corporation and rank equally and rateably
among themselves and with all other present and future unsecured and unsubordinated indebtedness
of the Corporation, subject to exceptions prescribed by statute.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2: MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.1 </B><U><B>INTERPRETATION</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Second Supplemental Trust Indenture is supplemental to the Indenture and shall be read in
conjunction therewith. Except only insofar as the Indenture may be inconsistent with the express
provisions of this Second Supplemental Trust Indenture in which case the terms of this Second
Supplemental Trust Indenture shall govern and supersede those contained in the Indenture only to
the extent of such inconsistency, this Second Supplemental Trust Indenture shall henceforth have
effect so far as practicable as if all the provisions of the Indenture and this Second
Supplemental Trust Indenture were contained in one instrument. The terms and expressions used in
this Second Supplemental Trust Indenture which are defined in the Indenture shall, except as
otherwise provided herein, have the respective meanings ascribed to them in the Indenture. Unless
otherwise stated, any reference in this Second Supplemental Trust Indenture to an Article, Section
or Schedule shall be interpreted as a reference to the stated Article or Section of, or Schedule
to, this Second Supplemental Trust Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.2 </B><U><B>ACCEPTANCE OF TRUST BY TRUSTEE</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee hereby accepts the trusts in this Second Supplemental Trust Indenture declared
and created and agrees to perform the same upon the terms and conditions herein before set out but
subject to the provisions of the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.3 </B><U><B>GOVERNING LAW</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Second Supplemental Trust Indenture shall be governed by and construed in accordance with the
laws of the Province of Saskatchewan and the laws of Canada applicable therein and shall be
treated in all respects as a Saskatchewan contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.4 </B><U><B>COUNTERPARTS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Second Supplemental Trust Indenture may be executed in several counterparts, each of which so
executed shall be deemed to be an original, and such counterparts together shall constitute the one
and the same instrument and notwithstanding their date of execution shall be deemed to bear date as
of July&nbsp;6, 2001.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.5 </B><U><B>SCHEDULE</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The schedule to this Second Supplemental Trust Indenture shall be deemed to be incorporated herein
and to form part hereof.
</DIV>



<P align="center" style="font-size: 10pt">6
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>the parties hereto have executed this Indenture under the hands of their
proper officers duly authorized in that behalf.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&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">CAMECO CORPORATION</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Bernard Michel&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" 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">Bernard M. Michel, Chair</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">and Chief Executive Officer</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;David M. Petroff&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" 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">David M. Petroff, Senior</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">Vice-President Finance and Administration</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">and Chief Financial Officer</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CIBC MELLON TRUST COMPANY</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Gloria Gherasim&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" style="border-top: 1px solid #000000">&nbsp;</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Jan Sheffield&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the annexed Second Supplemental Trust Indenture dated as of July&nbsp;6, 2001 between Cameco
Corporation and CIBC Mellon Trust Company, as trustee.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Form of Global Debenture</B>
</DIV>
<P>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">No.&nbsp;000001<BR>
CUSIP No.&nbsp;13321L&nbsp;AC 2
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$50,000,000, Canadian</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CAMECO CORPORATION<BR>
(Incorporated under the laws of Canada)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">7.0% DEBENTURE DUE JULY 6, 2006
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation (the &#147;Company&#148;) for value received acknowledges itself indebted and hereby
promises to pay or cause to be paid to the registered holder hereof on July&nbsp;6, 2006, or on such
earlier date as the principal amount hereof may become due in accordance with the provisions of the
Indenture (as defined below) on presentation and surrender of this Debenture as provided in the
Indenture, the sum of Fifty Million Dollars, ($50,000,000) in lawful money of Canada and to pay or
cause to be paid to CDS &#038; Co. interest (&#147;Interest&#148;) on the principal amount hereof at the rate of
7.0% per annum calculated and payable semi-annually in arrears (after as well as before maturity
and after as well as before default with interest on overdue interest at the said rate) on January
6 and July 6 in each year (each an &#147;Interest Payment Date&#148;), commencing January&nbsp;6, 2002, and
interest for the period from the date hereof to January&nbsp;6, 2002 will be $35.00 for each $1,000
principal amount of Debentures. The record date for the payment of Interest shall be the close of
business on the tenth Business Day preceding the relevant Interest Payment Date. Subject to the
foregoing, the Company, at least two Business Days prior to an Interest Payment Date, shall deliver
or cause to be delivered by prepaid mail, by courier or by an employee of the Company to the
registered holder hereof, a post-dated cheque for interest due hereon (less any tax required by law
to be deducted or withheld) payable to the order of the registered holder hereof and negotiable on
the Interest Payment Date. The Company may, at its option, cause the amount of such interest to be
paid to the registered holder hereof by way of electronic transfer of funds, with any such transfer
to be made no later than 11:30&nbsp;a.m. (Toronto time) on the date of such payment. The delivery of
such cheque or electronic transfer of funds shall satisfy and discharge the liability for interest
hereon to the extent of the sums represented thereby (plus the amount of any tax deducted or
withheld as aforesaid) unless, in the case of a cheque, such cheque shall not be paid on
presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company upon maturity of the Debentures shall deliver or cause to be delivered by prepaid
mail, by courier or by an employee of the Company to the registered holder hereof a cheque for
such principal amount due, payable to the order of the registered holder hereof and negotiable on
the date of the maturity of the Debentures. The Company may, at its option, cause the amount of
any such principal payment to be paid to the registered holder hereof by way of electronic
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</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">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transfer of funds, with such transfer to be made no later than 11:30&nbsp;a.m. (Toronto time) on
the date of such payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Global Debenture certificate represents $50,000,000 principal amount of the Debentures
designated as &#147;7.0% Debentures, Series&nbsp;B due July&nbsp;6, 2006&#148; issued under a trust indenture dated
July&nbsp;12, 1999 (which indenture, together with all instruments supplemental or ancillary thereto,
including the Second Supplemental Indenture made as of July&nbsp;6, 2001 between the Company and the
Trustee, is herein referred to as the &#147;Indenture&#148;), and made between the Company and CIBC Mellon
Trust Company (the &#147;Trustee&#148;), as trustee. Reference is hereby expressly made to the Indenture for
a statement and description of the terms and conditions upon which the Debentures are issued or may
be issued and held, and the rights and remedies of the holders of the Debentures and of the Company
and of the Trustee in respect thereof, all to the same effect as if the provisions of the Indenture
were herein set forth, to all of which the holder hereof by acceptance hereof assents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures are direct unsecured obligations of the Company and rank equally and rateably among
themselves and with all other present and future unsecured and unsubordinated indebtedness of the
Company, subject to exceptions prescribed by statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures have the benefit of certain covenants the terms of which are set out in the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall be entitled to purchase Debentures in the open market or by tender or private
contract at any price as provided in the Indenture. Debentures purchased by the Company will be
cancelled and may not be reissued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At its option, the Company may redeem the Debentures at any time and from time to time, in whole
or in part, upon not more than 60&nbsp;days and not less than 30&nbsp;days prior notice, at the higher of
the Canada Yield Price (as defined in the Indenture) and par, together in each case with accrued
and unpaid interest to the date fixed for redemption. Less than all of the Debentures may be
redeemed in accordance with section 4.2 of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case an Event of Default, as defined in the Indenture, has occurred, the principal of, and
interest on, all Debentures then outstanding under the Indenture may be declared due and payable
upon the conditions and in the manner and with the effect provided in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indenture contains provisions for the holding of meetings of the holders of the Debentures and
rendering resolutions passed at such meetings and instruments in writing signed by the holders of
a specified percentage of the principal amount of the Debentures outstanding that are binding upon
all holders of the Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Debenture may only be transferred upon compliance with the conditions prescribed in the
Indenture on the register to be kept at the office of the Trustee in the City of Winnipeg and at
such other place or places, if any, and/or by such other registrar or registrars, if any, as the
Company with the approval of the Trustee may designate, by the registered holder hereof or his
executors or administrators or other legal representatives or his or their attorney duly appointed
by an instrument in writing in form and execution satisfactory to the Trustee, and upon
</DIV>






<P align="center" style="font-size: 10pt">- 2 -
</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">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">compliance with such reasonable requirements as the Trustee and/or other registrar may
prescribe, and such transfer shall be duly noted hereon by the Trustee or other registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures will become void unless presented for payment within a period of twenty years from
the relevant date therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any capitalized terms not defined in this Debenture shall have the meanings ascribed thereto in the
Indenture except that &#147;Debentures&#148; shall have meaning set forth in the Second Supplemental Trust
Indenture thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indenture is and this Debenture shall be governed by and construed in accordance with the laws
of the Province of Saskatchewan and the laws of Canada applicable therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Debenture shall not become obligatory for any purpose until this Debenture shall have been
certified by or on behalf of the Trustee for the time being under the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF this Debenture has been duly executed and the corporate seal of the Company
affixed hereto.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">DATED as of July&nbsp;6, 2001.</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"><!-- 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>
    <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 colspan="3" valign="top" align="left">CAMECO CORPORATION<BR></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"><!-- 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>
    <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">Per:
</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">Per:</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">&nbsp;
</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>
    <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;&nbsp;&nbsp;&nbsp;&nbsp;Gerald W. Grandey, President
</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">David M. Petroff, Senior Vice-President</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finance and Administration and</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Form of Trustee&#146;s Certificate</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Global Debenture represents the $50,000,000 of 7.0% Debentures due July&nbsp;6, 2006 referred to in
the Indenture within mentioned.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">CIBC MELLON TRUST COMPANY,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><DIV style="margin-left:0px; text-indent:-0px">By:</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">&nbsp;
</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>
</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 colspan="3" valign="top" align="left">(FORM OF REGISTRATION PANEL)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 colspan="3" valign="top" align="left">(No writing hereon except by Trustee or other Registrar)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 3 -
</DIV>

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<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="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date of Registration</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">In Whose Name Registered</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Trustee or Registrar</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">July&nbsp;6, 2001
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CDS &#038; Co.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">- 4 -
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>5
<FILENAME>o17997exv4.htm
<DESCRIPTION>THIRD SUPPLEMENTAL TRUST INDENTURE DATED SEPTEMBER16, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4</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 4.0</B>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THIS
THIRD SUPPLEMENTAL TRUST INDENTURE </B>is made as of September 16, 2005.
</DIV>

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


<DIV align="left" style="margin-top: 6pt; margin-left:6%; margin-right:6%; 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;Company&#148;),
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">-and -
</DIV>


<DIV align="left" style="margin-top: 6pt; margin-left:6%; margin-right:6%; font-size: 10pt"><B>CIBC MELLON TRUST COMPANY</B>, a trust company incorporated under the
laws of Canada and duly authorized to carry on the trust business in
each province of Canada (hereinafter referred to as the &#147;Trustee&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS </B>in and by a trust indenture (hereinafter called the &#147;Indenture&#148;) made as of July&nbsp;12, 1999,
between the Company and the Trustee provision was made for issuance of Debentures of the Company in
one or more series, unlimited as to aggregate principal amount but issuable only upon the terms and
subject to the conditions and limitations therein provided;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>pursuant to an Underwriting Agreement dated September&nbsp;1, 2005, among the Company and
RBC Dominion Securities Inc. and Scotia Capital Inc., the Company has agreed to create and issue
pursuant to the Indenture and this Third Supplemental Trust Indenture a series of Debentures, in
aggregate principal amount of $300,000,000 to be designated as the 4.70% Senior Unsecured
Debentures, Series&nbsp;C due September&nbsp;16, 2015;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>this Third Supplemental Trust Indenture is executed pursuant to all necessary
authorization and resolutions of the Company to authorize the creation, issuance and delivery of
the said Debentures and to establish the terms, provisions and conditions thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>the foregoing recitals are made as representations and statements of fact by the
Company and not by the Trustee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW, THEREFORE THIS INDENTURE WITNESSES </B>that it is hereby agreed and declared as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1: ISSUANCE OF DEBENTURES</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>LIMIT OF ISSUE AND DESIGNATION OF DEBENTURES</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company hereby creates and agrees to issue a series of Debentures (the &#147;Debentures&#148;) pursuant
to the Indenture and this Third Supplemental Trust Indenture to be designated as the &#147;4.70% Senior
Unsecured Debentures, Series&nbsp;C due September&nbsp;16, 2015,&#148; which shall consist of, and be limited to,
an aggregate principal amount of $300 Million Dollars ($300,000,000) in lawful money of Canada.
</DIV>


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




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>TERMS OF DEBENTURES</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures shall be dated September&nbsp;16, 2005, shall bear interest (&#147;Interest&#148;) from that date
at the rate of 4.70% per annum calculated and payable semi-annually in arrears (after as well as
before maturity and after as well as before default with interest on overdue interest at the said
rate) on March&nbsp;16 and September&nbsp;16 in each year (each an &#147;Interest Payment Date&#148;), commencing March
16, 2006 and shall mature on September&nbsp;16, 2015. Interest for the period from September&nbsp;16, 2005
to March&nbsp;16, 2006 will be $23.50 for each $1,000 principal amount of Debentures. The record date
for the payment of Interest shall be the close of business on the tenth Business Day preceding the
relevant Interest Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company, at least two Business Days prior to an Interest Payment Date, shall deliver or cause
to be delivered by prepaid mail, by courier or by an employee of the Company to registered
holders of Debentures, post-dated cheques for interest due thereon (less any tax required by law to
be deducted or withheld) payable to the order of the registered holders thereof and negotiable on
the Interest Payment Date. The Company may, at its option, cause the amount of such interest to be
paid to one or more registered holders thereof by way of electronic transfer of funds, with any
such transfer to be made no later than 11:30&nbsp;a.m. (Toronto time) on the date of such payment. The
delivery of such cheques or electronic transfer of funds shall satisfy and discharge the liability
for interest on such Debentures to the extent of the sums represented thereby (plus the amount of
any tax deducted or withheld as aforesaid) unless, in the case of a cheque, such cheque shall not
be paid on presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company upon maturity of the Debentures shall deliver or cause to be delivered by prepaid mail,
by courier or by an employee of the Company to the registered holders thereof, cheques for such
principal amount due, payable to the order of the registered holders thereof and negotiable on the
date of the maturity of the Debentures. The Company may, at its option, cause the amount of any
such interest or principal payment to be paid to the registered holders of Debentures by way of
electronic transfer of funds, with such transfer to be made no later than 11:30&nbsp;a.m. (Toronto time)
on the date of such payment. The delivery of such cheques or electronic transfer of funds shall
satisfy and discharge the liability for principal on such Debentures to the extent of the sums
represented thereby unless, in the case of a cheque, such cheque shall not be paid on presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At its option, the Company may redeem the Debentures at any time and from time to time, in whole or
in part, upon not more than 60&nbsp;days and not less than 30&nbsp;days prior notice, at the higher of the
Canada Yield Price (as defined below) and par, together in each case with accrued and unpaid
interest to the date fixed for redemption. Less than all of the Debentures may be redeemed in
accordance with Section&nbsp;4.2 of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the foregoing redemption provisions, the following terms are defined as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Canada Yield Price&#148; shall mean a price equal to the price of the Debentures calculated to provide
a yield to maturity, compounded semi-annually, equal to the Government of Canada Yield plus 0.22%
on the Business Day preceding the day notice of redemption is given.
</DIV>


<P align="center" style="font-size: 10pt">- 2 -
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Government of Canada Yield&#148; means, on any date for the Debentures, the arithmetic average of the
interest rates quoted to the Company by two independent, registered Canadian investment dealers
selected by the Company as being the annual yield to maturity, compounded semi-annually, which a
non-callable Government of Canada bond would carry if issued in dollars in Canada, at 100% of its
principal amount on the date fixed for redemption with a maturity date of September&nbsp;16, 2015.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures and the certificate of the Trustee endorsed thereon shall be substantially in the
form set forth in Schedule&nbsp;A hereto and shall bear such distinguishing letters and numbers as the
Company and the Trustee may approve.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>FORM, TRANSFER AND ISSUANCE OF A GLOBAL DEBENTURE</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Form</I>: Except as provided for in Section&nbsp;1.6, the Debentures shall be issued in
the form of one global Debenture substantially in the form of Schedule&nbsp;A hereto (the
&#147;Global Debenture&#148;). The Global Debenture will be issued in the name of and deposited
by the Trustee with, or on behalf of, The Canadian Depository for Securities Limited
(&#147;CDS&#148;) or a successor (collectively, the &#147;Depository&#148;) as custodian of the Global
Debenture and registered by the Trustee in the name of the Depository or its nominee.
No purchaser of Debentures represented by the Global Debenture will be entitled to a
certificate or other instrument from the Company or the Depository evidencing that
purchaser&#146;s ownership thereof except in the circumstances contemplated in Section&nbsp;1.6.
Beneficial interests in the Global Debenture, constituting ownership of the Debentures,
will be represented only through the Book-Based System. &#147;Book-Based System&#148; means the
record entry securities transfer and pledge system known, as of the date hereof, by
such name, which is administered by CDS in accordance with the operating rules and
procedures of the Securities Settlement Service of CDS enforced from time to time, or
any successor system which CDS may offer from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Issuance</I>: The Global Debenture shall be signed by any authorized signatory of
the Company holding office at the time of signing and empowered to sign the Global
Debenture on behalf of the Company and delivered to the Trustee. Upon receipt thereof
by the Trustee, the Global Debenture shall be certified, in accordance with Section
1.7, by the Trustee and delivered to CDS pursuant to a Written Order of the Company,
without the Trustee receiving consideration therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer</I>: Transfers of Debentures between CDS Participants shall occur in
accordance with the Depository&#146;s rules and procedures. &#147;CDS Participant&#148; means a
broker, dealer, bank, other financial institution or other person who, directly or
indirectly, from time to time effects book-based transfers with CDS and pledges of
securities deposited with CDS.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">- 3 -
</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">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>DEALINGS WITH AND BY THE DEPOSITORY</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All references herein to actions by, or notices given or payments made to, Debentureholders shall,
where such Debentures are held through the Depository, refer to actions taken by, or notices given
or payments made to, the Depository upon instructions from the CDS Participants in accordance with
the Depository&#146;s rules and procedures. For the purpose of any provision of this Third Supplemental
Trust Indenture requiring or permitting actions with the consent of or at the direction of the
Debentureholders evidencing a specified percentage of the aggregate unpaid principal amount of
Debentures outstanding, such direction or consent may be given by Debentureholders acting through
the Depository and the CDS Participants owning Debentures evidencing the requisite percentage of
the principal amount of Debentures. The rights of a Debentureholder shall be exercised only
through the Depository and the CDS Participants and shall be limited to those established by law
and agreements between such Debentureholder and the Depository and/or the CDS Participants or upon
instructions from the CDS Participants. Each of the Company and the Trustee may deal with the
Depository for all purposes (including the making of payments) as the authorized representative of
the respective Debentureholders and such dealings with the Depository shall constitute satisfaction
or performance, as applicable, of its respective obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a vote by registered Debentureholders pursuant to the Indenture when the Debentures
are held through the Depository, the Depository shall vote such Debentures upon instructions from
the CDS Participants in accordance with the Depository&#146;s rules and procedures, and if such vote
requires the approval of a specified percentage of the aggregate unpaid principal amount of
Debentures outstanding, the approval of CDS Participants owning Debentures evidencing the requisite
percentage of the principal amount of Debentures shall be sufficient.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>NOTICES TO THE DEPOSITORY</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For so long as the Debentures are held through the Depository, if any notice or other communication
is required to be given to Debentureholders, the Trustee and the Company shall give all such
notices and communications through the Depository, which shall be in accordance with applicable law
and regulation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>FORM AND ISSUANCE OF DEFINITIVE DEBENTURE CERTIFICATES</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Form: </I>If: (i)&nbsp;the Depository resigns or is removed from its responsibilities
as depository and the Company is unable or does not wish to locate a qualified
successor or if the book entry only system for the Debentures otherwise ceases to
exist; (ii)&nbsp;the Company determines that it wishes definitive Debentures to replace the
Global Debenture and notifies the Depository to such effect; (iii)&nbsp;required by
applicable law; or (iv)&nbsp;after an Event of Default has occurred, the holders of
Debentures representing beneficial interests aggregating over 50% of the outstanding
principal amount of Debentures determine that the continuation of the book-entry system
is no longer in their best interests, the Depository shall surrender the Global
Debenture to the Trustee with instructions from the Depository for re-registration of
each Debenture in the name and as to the principal amount specified by the Depository,
and the Company shall issue and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 4 -
</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">


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



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">the Trustee shall certify and deliver the aggregate unpaid principal amount of the
Debentures then outstanding in the form of definitive Debenture certificates (the
&#147;Definitive Debentures&#148;) representing such Debentures.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Definitive Debentures shall be issued as fully-registered Debentures in
denominations of $1,000 and integral multiples thereof. Each Definitive Debenture and
the certificate of the Trustee in respect thereof endorsed thereon shall be
substantially in the form set forth in Schedule&nbsp;A annexed hereto in respect of the
Global Debenture with such changes, additions and deletions as are necessary. The
Definitive Debentures may be typed, engraved, printed or lithographed, or partly in one
form and partly in another, as the Company may determine. The Definitive Debentures
shall be signed (either manually or by facsimile signature) by any authorized signatory
of the Company holding office at the time of signing and empowered to sign such
Definitive Debentures on behalf of the Company. A facsimile signature upon any of the
Definitive Debentures shall for all purposes of this Third Supplemental Trust Indenture
be deemed to be the signature of the person whose signature it purports to be and to
have been signed at the time such facsimile signature is reproduced and,
notwithstanding that any person whose signature, either manual or in facsimile, appears
on the Definitive Debentures is not at the date of this Third Supplemental Trust
Indenture or at the date of the Definitive Debentures or at the date of the
certification and delivery thereof an officer of the Company, such Definitive
Debentures shall be valid and binding upon the Company and entitled to the benefits of
this Third Supplemental Trust Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Issuance</I>: The Definitive Debentures shall forthwith upon their issue, having
been authorized and executed by the Company, be delivered to the Trustee. Upon receipt
thereof by the Trustee, the Definitive Debentures shall be certified by the Trustee and
delivered to or to the order of the Company pursuant to a Written Order of the Company,
without the Trustee receiving consideration therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Transfer: </I>Transfers of Definitive Debentures shall be governed by the
provisions of Article&nbsp;3 of the Indenture.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>CERTIFICATION</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No Debenture shall be issued or, if issued, shall be obligatory or shall entitle the
Debentureholder to the benefits of this Third Supplemental Trust Indenture until it has been
certified by or on behalf of the Trustee. Such certificate on any Debenture shall be conclusive
evidence as against the Company that such Debenture is duly issued and is a valid obligation of the
Company and that the holder is entitled to the benefits hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The certificate of the Trustee signed on the Debentures shall not be construed as a representation
or warranty by the Trustee as to the validity of this Third Supplemental Trust Indenture or of the
Debentures or their issuance and the Trustee shall in no respect be liable or answerable for the
use made of said Debentures or either of them or the proceeds thereof. The certificate of the
Trustee signed on the said Debentures shall, however, be a representation and warranty by the
</DIV>



<P align="center" style="font-size: 10pt">- 5 -
</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">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustee that said Debentures have been duly certified by or on behalf of the Trustee pursuant to
the provisions of this Third Supplemental Trust Indenture.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>RANK</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures are direct unsecured obligations of the Corporation and rank equally and rateably
with one another and with all other present and future unsecured and unsubordinated indebtedness of
the Corporation, except to the extent prescribed by law.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2: MISCELLANEOUS</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>INTERPRETATION</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Third Supplemental Trust Indenture is supplemental to the Indenture and shall be read in
conjunction therewith. Except only insofar as the Indenture may be inconsistent with the express
provisions of this Third Supplemental Trust Indenture in which case the terms of this Third
Supplemental Trust Indenture shall govern and supersede those contained in the Indenture only to
the extent of such inconsistency, this Third Supplemental Trust Indenture shall henceforth have
effect so far as practicable as if all the provisions of the Indenture and this Third Supplemental
Trust Indenture were contained in one instrument. The terms and expressions used in this Third
Supplemental Trust Indenture which are defined in the Indenture shall, except as otherwise provided
herein, have the respective meanings ascribed to them in the Indenture. Unless otherwise stated,
any reference in this Third Supplemental Trust Indenture to an Article, Section or Schedule shall
be interpreted as a reference to the stated Article or Section of, or Schedule to, this Third
Supplemental Trust Indenture.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>ACCEPTANCE OF TRUST BY TRUSTEE</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee hereby accepts the trusts in this Third Supplemental Trust Indenture declared and
created and agrees to perform the same upon the terms and conditions herein before set out but
subject to the provisions of the Indenture.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>GOVERNING LAW</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Third Supplemental Trust Indenture shall be governed by and construed in accordance with the
laws of the Province of Saskatchewan and the laws of Canada applicable therein and shall be treated
in all respects as a Saskatchewan contract.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>COUNTERPARTS</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Third Supplemental Trust Indenture may be executed in several counterparts, each of which so
executed shall be deemed to be an original, and such counterparts together shall constitute the one
and the same instrument and notwithstanding their date of execution shall be deemed to bear date as
of September&nbsp;16, 2005.
</DIV>


<P align="center" style="font-size: 10pt">- 6 -
</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">




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>SCHEDULE</B></U></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The schedule to this Third Supplemental Trust Indenture shall be deemed to be incorporated herein
and to form part hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF </B>the parties hereto have executed this Indenture under the hands of their proper
officers duly authorized in that behalf.
</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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;O. Kim Goheen&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" 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">O. Kim Goheen</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">Senior Vice-President and Chief Financial Officer</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Gary M.S. Chad&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" 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">Gary M.S. Chad</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">Senior Vice-President, Governance, Legal and</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">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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CIBC MELLON TRUST COMPANY</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;G. Gherasim&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" 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">Gloria Gherasim</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">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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;J. Sheffield&#148;</TD>
</TR>
<TR style="font-size: 1px">
    <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" 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">Jan Sheffield,</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">Associate Manager, Client Relations</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 7 -
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the annexed Third Supplemental Trust Indenture dated as of September&nbsp;16, 2005 between Cameco
Corporation and CIBC Mellon Trust Company, as trustee.
</DIV>


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

<DIV align="center">
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    <TD align="left" valign="top">No.&nbsp;000001<BR>
CUSIP No.&nbsp;13321LAF5
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$300,000,000 Canadian</TD>
</TR>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAMECO CORPORATION<BR>
(Incorporated under the laws of Canada)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">4.70% SENIOR UNSECURED DEBENTURE DUE SEPTEMBER 16, 2015
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation (the &#147;Company&#148;) for value received acknowledges itself indebted and hereby
promises to pay or cause to be paid to the registered holder hereof on September&nbsp;16, 2015 or on
such earlier date as the principal amount hereof may become due in accordance with the provisions
of the Indenture (as defined below) on presentation and surrender of this Debenture as provided in
the Indenture, the sum of Three Hundred Million Dollars, ($300,000,000) in lawful money of Canada
and to pay or cause to be paid to the registered holder interest (&#147;Interest&#148;) on the principal
amount hereof at the rate of 4.70% per annum calculated and payable semi-annually in arrears (after
as well as before maturity and after as well as before default with interest on overdue interest at
the said rate) on March&nbsp;16 and September&nbsp;16 in each year (each an &#147;Interest Payment Date&#148;),
commencing March&nbsp;16, 2006, and interest for the period from the date hereof to March&nbsp;16, 2006 will
be $23.50 for each $1,000 principal amount of Debentures. The record date for the payment of
Interest shall be the close of business on the tenth Business Day preceding the relevant Interest
Payment Date. Subject to the foregoing, the Company, at least two Business Days prior to an
Interest Payment Date, shall deliver or cause to be delivered by prepaid mail, by courier or by an
employee of the Company to the registered holder hereof, a post-dated cheque for interest due
hereon (less any tax required by law to be deducted or withheld) payable to the order of the
registered holder hereof and negotiable on the Interest Payment Date. The Company may, at its
option, cause the amount of such interest to be paid to the registered holder hereof by way of
electronic transfer of funds, with any such transfer to be made no later than 11:30&nbsp;a.m. (Toronto
time) on the date of such payment. The delivery of such cheque or electronic transfer of funds
shall satisfy and discharge the liability for interest hereon to the extent of the sums represented
thereby (plus the amount of any tax deducted or withheld as aforesaid) unless, in the case of a
cheque, such cheque shall not be paid on presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company upon maturity of the Debentures shall deliver or cause to be delivered by prepaid mail,
by courier or by an employee of the Company to the registered holder hereof a cheque for such
principal amount due, payable to the order of the registered holder hereof and negotiable on the
date of the maturity of the Debentures. The Company may, at its option, cause the amount of any
such interest or principal payment to be paid to the registered holder hereof by way of electronic
transfer of funds, with such transfer to be made no later than 11:30&nbsp;a.m. (Toronto
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">time) on the date of such payment. The delivery of such cheques or electronic transfer of funds
shall satisfy and discharge the liability for principal on such Debentures to the extent of the
sums represented thereby unless, in the case of a cheque, such cheque shall not be paid on
presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Global Debenture certificate represents $300,000,000 principal amount of the Debentures
designated as &#147;4.70% Senior Unsecured Debentures, Series&nbsp;C due September&nbsp;16, 2015&#148; issued under a
trust indenture made as of July&nbsp;12, 1999 (which indenture, together with all instruments
supplemental or ancillary thereto, including the Third Supplemental Trust Indenture made as of
September&nbsp;16, 2005 between the Company and the Trustee, is herein referred to as the &#147;Indenture&#148;),
and made between the Company and CIBC Mellon Trust Company (the &#147;Trustee&#148;), as trustee. Reference
is hereby expressly made to the Indenture for a statement and description of the terms and
conditions upon which the Debentures are issued or may be issued and held, and the rights and
remedies of the holders of the Debentures and of the Company and of the Trustee in respect thereof,
all to the same effect as if the provisions of the Indenture were herein set forth, to all of which
the holder hereof by acceptance hereof assents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures are direct unsecured obligations of the Company and rank equally and rateably with
one another and with all other present and future unsecured and unsubordinated indebtedness of the
Company, except to the extent prescribed by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures have the benefit of certain covenants the terms of which are set out in the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall be entitled to purchase Debentures in the open market or by tender or private
contract at any price as provided in the Indenture. Debentures purchased by the Company will be
cancelled and may not be reissued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At its option, the Company may redeem the Debentures at any time and from time to time, in whole or
in part, upon not more than 60&nbsp;days and not less than 30&nbsp;days prior notice, at the higher of the
Canada Yield Price (as defined in the Indenture) and par, together in each case with accrued and
unpaid interest to the date fixed for redemption. Less than all of the Debentures may be redeemed
in accordance with section 4.2 of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case an Event of Default, as defined in the Indenture, has occurred, the principal of, and
interest on, all Debentures then outstanding under the Indenture may be declared due and payable
upon the conditions and in the manner and with the effect provided in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indenture contains provisions for the holding of meetings of the holders of the Debentures and
rendering resolutions passed at such meetings and instruments in writing signed by the holders of a
specified percentage of the principal amount of the Debentures outstanding are binding upon all
holders of the Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Debenture may only be transferred upon compliance with the conditions prescribed in the
Indenture on the register to be kept at the office of the Trustee in the City of Winnipeg and at
such other place or places, if any, and/or by such other registrar or registrars, if any, as the
Company with the approval of the Trustee may designate, by the registered holder hereof or his
executors or administrators or other legal representatives or his or their attorney duly appointed
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by an instrument in writing in form and execution satisfactory to the Trustee, and upon compliance
with such reasonable requirements as the Trustee and/or other registrar may prescribe, and such
transfer shall be duly noted hereon by the Trustee or other registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Debentures will become void unless presented for payment within a period of twenty years from
the relevant date therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any capitalized terms not defined in this Debenture shall have the meanings ascribed thereto in the
Indenture and the Third Supplemental Trust Indenture, except that &#147;Debentures&#148; shall have meaning
set forth in the Third Supplemental Trust Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indenture is and this Debenture shall be governed by and construed in accordance with the laws
of the Province of Saskatchewan and the laws of Canada applicable therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Debenture shall not become obligatory for any purpose until this Debenture shall have been
certified by or on behalf of the Trustee for the time being under the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF this Debenture has been duly executed and the corporate seal of the Company
affixed hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DATED as of September&nbsp;16, 2005

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CAMECO CORPORATION

</DIV>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</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">&nbsp;
</DIV></TD>
<TD>&nbsp;</TD>
    <TD colspan="0" 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 colspan="0" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Form of Trustee&#146;s Certificate</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Global Debenture represents the $300,000,000 of 4.70% Debentures due September&nbsp;16, 2015
referred to in the Indenture within mentioned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CIBC MELLON TRUST COMPANY,<BR>
Trustee

</DIV>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(FORM OF REGISTRATION PANEL)
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(No writing hereon except by Trustee or other Registrar)
</DIV>

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</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px double #000000">&nbsp;</TD>

    <TD nowrap align="left">Date of Registration</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">In Whose Name Registered</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left">Trustee or Registrar</TD>
    <TD>&nbsp;</TD>

    <TD width="1%" style="border-right: 3px double #000000">&nbsp;</TD>
</TR>

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</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
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    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
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</DIV></TD>
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    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
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    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
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    <TD width="1%" style="border-right: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 3px double #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
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</TD>
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</TR>
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</DIV></TD>
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    <TD nowrap align="left" colspan="9" style="border-top: 3px double #000000">&nbsp;</TD>
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