-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 A0D3nd6w2v2zkiu2Min3n/1iXc1KEW/DZrsN2Xj4iHWkSOmU2EQpeL2uCVYmJV1c
 HePKyahH0Rsv6McmATkHBg==

<SEC-DOCUMENT>0000950123-11-014564.txt : 20110216
<SEC-HEADER>0000950123-11-014564.hdr.sgml : 20110216
<ACCEPTANCE-DATETIME>20110216113855
ACCESSION NUMBER:		0000950123-11-014564
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110216
FILED AS OF DATE:		20110216
DATE AS OF CHANGE:		20110216

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:		11616536

	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>o68666e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">


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








<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"><B>For the month of February, 2011</B>
</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: 12pt">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="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yes&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">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;</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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Exhibit&nbsp;Index</U></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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&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">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Cameco Corporation
Bylaw No.&nbsp;6
</DIV></TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><B>SIGNATURE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">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:&nbsp;&nbsp;February 16, 2011&nbsp;</TD>
    <TD colspan="3" align="left">Cameco Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&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="center"><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>
Law and Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>o68666exv1.htm
<DESCRIPTION>EX-1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 22pt; margin-top: 18pt"><B>CAMECO CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 22pt; margin-top: 42pt"><B>BYLAW NO. 6</B>
</DIV>

<DIV align="center" style="font-size: 11pt; margin-top: 52pt"><B>A BYLAW RELATING GENERALLY TO THE CONDUCT OF THE BUSINESS<BR>

AND AFFAIRS OF CAMECO CORPORATION</B></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 1 &#151; GENERAL</B></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:30px; text-indent:-15px">1.1 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Interpretation</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:30px; text-indent:-15px">1.3 Subordination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 2 &#151; CORPORATE SEAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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>PART 3 &#151; EXECUTION OF CONTRACTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Execution of Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Execution of Documents In Ordinary Course</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 4 &#151; SHARES AND TRANSFERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Transfers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Defaced, Lost or Destroyed Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Dividend Disbursing Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Transfer Agent and Registrar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 5 &#151; SHAREHOLDERS&#146; MEETINGS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.3 Scrutineers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.4 Votes to Govern</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.5 Electronic Meeting and Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.6 Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.7 Ballot</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.8 Proxy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.9 Presiding Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.10 Persons Entitled to be Present</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</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>PART 6 &#151; DIRECTORS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.3 Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.4 Remuneration and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 7 &#151; MEETINGS OF DIRECTORS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Convening of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Canadian Majority at Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Meetings by Telephonic or Electronic Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.5 Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.6 Adjournment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.7 Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.8 Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.9 Presiding Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 8 &#151; OFFICERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Appointment of Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Chair of the Board</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:30px; text-indent:-15px">8.3 Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.4 President</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:30px; text-indent:-15px">8.5 Chief Operating Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.6 Senior Vice-President</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:30px; text-indent:-15px">8.7 Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.8 Secretary</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:30px; text-indent:-15px">8.9 Duties of Officers may be Delegated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 9 &#151; COMMITTEES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</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>PART 10 &#151; PROTECTION AND INDEMNITY OF DIRECTORS, OFFICERS AND OTHERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.1 Disclosure of Conflict of Interest</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:30px; text-indent:-15px">10.2 Validity of Agreements and Transactions where Conflict of Interest Exists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.3 Non-Liability For Acts</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:30px; text-indent:-15px">10.4 Approval of Contracts by Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.5 Indemnification</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:30px; text-indent:-15px">10.6 No Limitation of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 11 &#151; DIVIDENDS</B></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:30px; text-indent:-15px">11.1 Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.2 Cash Dividends</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:30px; text-indent:-15px">11.3 Record Date for Dividends and other Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 12 &#151; VOTING SECURITIES IN OTHER BODIES CORPORATE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</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>PART 13 &#151; NOTICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.1 Manner of Notice</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:30px; text-indent:-15px">13.2 Electronic Delivery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.3 Notice Computation</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:30px; text-indent:-15px">13.4 Returned Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.5 Joint Holders</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:30px; text-indent:-15px">13.6 Successor Bound</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.7 Deceased Holder</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:30px; text-indent:-15px">13.8 Signature</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.9 Certificate of Office</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:30px; text-indent:-15px">13.10 Common Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 14 &#151; FISCAL YEAR</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</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>PART 15 &#151; BANKING</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART 16 &#151; COMING INTO FORCE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</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>PART 17 &#151; REPEAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</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: 12pt">
<B>CAMECO CORPORATION</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BYLAW NO. 6</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Bylaw relating generally to the conduct of the business and affairs of Cameco Corporation
(hereinafter called the &#147;Corporation&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IT IS HEREBY ENACTED </B>as a Bylaw of the Corporation as follows:</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 1. &#151; GENERAL</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"><B>1.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions</B>: In this Bylaw and all other Bylaws of the Corporation, unless specifically
defined herein or the context otherwise specifies or requires, all terms which are defined in
the Act should have the meanings given to such terms in the Act, and in particular:</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>&#147;Act&#148; means the <I>Canada Business Corporations Act</I><B>, </B>R.S.C. 1985, c. C-44 and the
regulations made thereunder;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Articles&#148; means the articles of the Corporation from time to time in force and
effect;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Bylaws&#148; means all Bylaws of the Corporation from time to time in force and
effect;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;the directors&#148;, &#147;Board&#148; and &#147;Board of Directors&#148; means the directors of the
Corporation 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">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;in writing&#148; and &#147;written&#148; includes printing, typewriting, lithographing and
other modes of representing or reproducing words in visible form; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reference to any statute or statutory provision shall extend to any amendment
thereof or substitution therefor.</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"><B>1.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interpretation: </B>In this Bylaw and all other Bylaws of the Corporation, the following rules
of interpretation shall apply:</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>all references to a meeting of shareholders shall, unless the context otherwise
requires, include any meeting of only the holders of a particular
class or series of shares in the Corporation that is required by the Act, by applicable law or by the
Articles;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>words importing the singular number only shall include the plural and vice
versa; words importing the masculine gender shall include the feminine and neuter
genders; words importing persons shall include bodies corporate, corporations,
companies, partnerships, syndicates, trusts and any number or aggregate of persons; and</TD>
</TR>

</TABLE>
</DIV>

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

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

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


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


<DIV style="margin-top: 12pt">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the headings used are inserted for reference purposes only and are not to be
considered or taken into account in construing the terms or provisions thereof or to be
deemed in any way to clarify, modify or explain the effect of any such terms or
provisions.</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"><B>1.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Subordination: </B>The Bylaws are subordinate to, and should be read subject to the Act, the
Articles, and any other applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 2. &#151; CORPORATE SEAL</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"><B>2.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The corporate seal of the Corporation shall be such as the Board of Directors may by
resolution from time to time adopt.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 3. &#151; EXECUTION OF CONTRACTS</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"><B>3.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Execution of Documents: </B>Contracts, documents or instruments in writing requiring execution
by the Corporation may be signed by any two officers of the Corporation and all contracts,
documents or instruments in writing so signed shall be binding upon the Corporation without
any further authorization or formalities. The Board of Directors is authorized to appoint
from time to time, by resolution, any officer or officers or any other person or persons on
behalf of the Corporation either to sign contracts, documents or instruments in writing
generally or to sign specific contracts, documents or instruments in writing.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The corporate seal of the Corporation may, when required, be affixed to contracts, documents
or instruments in writing signed as aforesaid by an officer or officers or person or persons
appointed as aforesaid by resolution of the Board of Directors.</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"><B>3.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Execution of Documents In Ordinary Course: </B>Nothing contained herein shall restrict or in any
way limit the authority of the directors, officers and employees of the Corporation to sign
contracts, documents or instruments in writing on behalf of the Corporation in the ordinary
course of business and such contracts, documents or instruments in writing when so signed
shall be binding on the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 4. &#151; SHARES AND TRANSFERS</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"><B>4.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Certificates: </B>Security certificates (and the transfer form on the reverse side thereof)
shall be in such form as the Board of Directors may from time to time by resolution adopt.</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"><B>4.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Transfers: </B>No transfer shall be recorded or registered unless and until compliance has been
made with any conditions of transfer stated in the Act and the Articles and unless or until
the certificate representing the security to be transferred has been surrendered and cancelled
or, if no certificate has been issued by the Corporation in respect of such security, unless
or until a duly executed security transfer in respect thereof has been presented for
registration.</TD>
</TR>

</TABLE>
</DIV>

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

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

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


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



<DIV style="margin-top: 12pt">
<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"><B>4.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Defaced, Lost or Destroyed Certificates: </B>If a security certificate is defaced, lost or
destroyed, it may be replaced on payment of such fee, if any, and on such terms, if any, as to
evidence and indemnity as the Board may determine.</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"><B>4.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dividend Disbursing Agents: </B>The Board may from time to time appoint a dividend disbursing
agent to disburse dividends.</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"><B>4.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Transfer Agent and Registrar: </B>The Board may appoint or remove a transfer agent or a
registrar and one or more branch transfer agents or registrars for the shares of the
Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 5. &#151; SHAREHOLDERS&#146; 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="3%" nowrap align="left"><B>5.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Waiver of Notice: </B>Notice of any meeting of shareholders or any irregularity in any such
meeting or in the notice thereof may be waived by any shareholder, the duly appointed proxy of
any shareholder and any other person entitled to attend the meeting of shareholders, in any
manner, and such waiver may be validly given either before or after the meeting to which such
waiver relates. Attendance of any shareholder, any duly appointed proxy of any shareholder or
any other person entitled to attend the meeting of shareholders is a waiver of notice of the
meeting, except where that person attends a meeting for the express purpose of objecting to
the transaction of any business on the grounds that the meeting is not lawfully called.</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"><B>5.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Quorum: </B>A quorum for any meeting of shareholders shall be at least two persons present and
holding or representing by proxy not less than twenty-five (25)&nbsp;percent of the total number of
issued and outstanding shares of the Corporation entitled to vote at such meeting. No
business shall be transacted at any meeting unless the requisite quorum shall be present at
the commencement of such meeting, provided that if a quorum is present at the commencement of
a meeting a quorum shall be deemed to be present during the remainder of the meeting.</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"><B>5.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Scrutineers: </B>At any meeting of shareholders, the chair of the meeting may with the consent
of the meeting appoint one or more persons, who may be shareholders, to serve as scrutineers.</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"><B>5.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Votes to Govern: </B>At any meeting of shareholders, unless a special resolution or some other
special majority is required by the Act, applicable law or the Articles, all questions shall
be decided by the majority of votes cast on the question. In case of an equality of votes,
either upon a show of hands or its functional equivalent or by ballot, the chair of the
meeting shall be entitled to a second or casting vote.</TD>
</TR>

</TABLE>
</DIV>

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

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

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


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



<DIV style="margin-top: 12pt">
<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"><B>5.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Electronic Meeting and Voting: </B>If the directors call a meeting of shareholders, they may
determine that the meeting of shareholders shall be held entirely by means of a telephonic,
electronic or other communication facility that permits all participants to communicate
adequately with each other during the meeting, and any vote at that meeting of shareholders
shall be held entirely by means of that communication facility. A meeting of shareholders may
also be held at which some, but not all, persons entitled to attend may participate and vote
by means of such a communication facility, if the Corporation makes one available. A person
participating in a meeting by such means is deemed to be present at the meeting. Any vote at
a meeting of shareholders may be also held entirely by means of a telephonic, electronic or
other communication facility, if the Corporation makes one available, even if none of the
persons entitled to attend otherwise participates in the meeting by means of a communication
facility. For the purpose of voting, a communication facility that is made available by the
Corporation must enable the votes to be gathered in a manner that permits their subsequent
verification and permits the tallied votes to be presented to the Corporation without it being
possible for the Corporation to identify how each shareholder or group of shareholders voted.</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"><B>5.6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voting: </B>Subject to the Act, applicable law and the Articles, and unless a ballot is demanded
or required, voting at a meeting of shareholders shall be by way of a show of hands or the
functional equivalent of a show of hands by means of electronic, telephonic or other
communication facility. Upon a show of hands, or its functional equivalent, each person
present and entitled to vote at a meeting shall have one vote and a declaration by the chair
of the meeting that any question has been carried, carried by a particular majority or not
carried and an entry to that effect in the minutes of the meeting shall be conclusive evidence
of the fact without proof of the number or proportion of votes recorded in favour of or
against the motion and the result of the vote so taken and declared shall be the decision of
the shareholders upon the said question.</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"><B>5.7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ballot: </B>The chair of the meeting or any shareholder or proxy entitled to vote thereat may
require or demand a ballot upon any question, either before or after any vote by show of
hands, but such requirement or demand may be withdrawn at any time prior to the taking of the
ballot. Any ballot shall be taken in such manner as the chair of the meeting shall direct or
as provided by the electronic, telephonic or other communication facility through which votes
may be cast. On a ballot, each shareholder present in person or by proxy shall be entitled,
in respect of the shares which such shareholder is entitled to vote at the meeting upon the
question, to the number of votes provided by the Articles and the result of the ballot so
taken shall be the decision of the shareholders upon the said question.</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"><B>5.8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Proxy: </B>An instrument of proxy shall be in writing executed by the shareholder or the
shareholder&#146;s attorney and shall conform with the requirements of the Act and any requirements
established by the Board or shall be otherwise acceptable to the chair of the meeting at which
the instrument of proxy is to be used.</TD>
</TR>

</TABLE>
</DIV>

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

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

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


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



<DIV style="margin-top: 12pt">
<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"><B>5.9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Presiding Officers: </B>The chair of any meeting of shareholders shall be the first mentioned of
such of the following persons who is also a director, and is present at the meeting; the Chair
of the Board, the Chief Executive Officer or the President. In the absence of any such
persons, the shareholders shall choose one of their number to chair the meeting. The
secretary of the meeting shall be the Secretary of the Corporation, or if the Secretary is not
present, any Assistant Secretary of the Corporation. Notwithstanding the above, the chair of
the meeting, at the chair&#146;s sole discretion, may appoint a person, who need not be a
shareholder, to act as secretary of the meeting.</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"><B>5.10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Persons Entitled to be Present: </B>The only persons entitled to be present at a meeting of
shareholders shall be those entitled to vote thereat, the directors and auditors of the
Corporation and others who, although not entitled to vote, are entitled or required by the
Act, applicable law, the Articles or the Bylaws to be present. Any other person may be
admitted only with the consent of the chair of the meeting or with the consent of the meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 6. &#151; DIRECTORS</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"><B>6.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Number: </B>The number of directors shall be the number fixed by the Articles, or where the
Articles specify a variable number, the number shall not be less than the minimum and not more
than the maximum number so specified and shall be determined from time to time within such
limits by resolution of the Board of Directors. A majority of the directors of the
Corporation shall be resident Canadians.</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"><B>6.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vacancies: </B>Where there is a vacancy or vacancies in the Board of Directors, the remaining
directors may exercise all the powers of the Board so long as a quorum of the Board remains in
office. Subject to the Act, where a vacancy occurs in the Board of Directors, and a quorum of
directors remains, the directors remaining in office may appoint a qualified person to fill
the vacancy for the remainder of the term.</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"><B>6.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election: </B>A director may be elected for an expressly stated term, and if so elected ceases
to hold office at the expiration of such term. A director not elected for an expressly stated
term of office shall hold office from the date of the meeting at which he is elected until the
annual meeting next following; provided that a retiring director shall retain office until the
adjournment or termination of the meeting at which his successor is elected or appointed
unless such meeting was called for the purpose of removing him from office as a director in
which case the director so removed shall vacate office forthwith upon the passing of the
resolution for his removal. Retiring directors, if qualified, are eligible for re-election or
reappointment.</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"><B>6.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Remuneration and Expenses: </B>The directors shall be paid such remuneration for their services
as the Board may from time to time determine. The directors shall also be paid their
reasonable out-of-pocket expenses incurred in attending meetings of the directors,
shareholders or committees of the Board or otherwise in the performance of their duties.</TD>
</TR>

</TABLE>
</DIV>

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

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

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


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 7. &#151; MEETINGS OF DIRECTORS</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"><B>7.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Convening of Meetings: </B>A meeting of the Board of Directors may be convened by the Chair of
the Board, the Chief Executive Officer, the President or any two (2)&nbsp;directors at any time and
the Secretary shall, upon direction of any of the foregoing, convene a meeting of the Board of
Directors. A meeting of any committee may be convened by the chair of the committee or any
two (2)&nbsp;members of the committee and the Secretary shall, upon the direction of either of the
foregoing, convene a meeting of the said committee. Except as otherwise provided by the Act
and the Bylaws, the directors, either as a Board or as a committee thereof, may convene,
adjourn and otherwise regulate their meetings as they think fit.</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"><B>7.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Canadian Majority at Meetings: </B>The directors shall not transact business at a meeting, other
than filling a vacancy in the board, unless a majority of the directors present are resident
Canadians or if a resident Canadian director who is unable to be present approves in writing
or by telephonic, electronic or other communication facility, the business transacted at the
meeting and a majority of resident Canadian directors would have been present had that
director been present.</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"><B>7.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Meetings by Telephonic or Electronic Facility: </B>Subject to the requirements of the Act, any
director may participate in a meeting of the Board or any committee by means of a telephonic,
electronic or other communication facility that permits all persons participating in the
meeting to communicate adequately with each other. Each director so participating shall be
deemed to be present at such meeting and such meeting shall be deemed to be held at the place
specified in the notice calling such meeting.</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"><B>7.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice: </B>Notice of the time and place of each meeting of the Board and of any committee of
the Board shall be given in the manner provided in Part&nbsp;13 to each director or member, as the
case may be. If notice is given by personal delivery, by electronic mail, facsimile or other
like form of electronic communication, it must be given not less than forty-eight (48)&nbsp;hours
before the time when the meeting is to be held. If notice is given by mail, it must be given
not less than ninety-six (96)&nbsp;hours before the time when the meeting is to be held.
Notwithstanding the foregoing, meetings of the Board or of any committee of the Board may be
held at any time without formal notice if all the directors are present (including being
present by way of any of the means specified in Section&nbsp;7.3) or if all of the absent
directors waive notice.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the first meeting of the Board of Directors or of any committee of the Board to be held
immediately following the election of directors at an annual or general meeting of the
shareholders or for a meeting of the Board of Directors or a committee thereof at which a
director or member is appointed to fill a vacancy in the Board or committee, no notice need
be given to the newly elected or appointed directors or members in order for the meeting to
be duly constituted, provided a quorum is present.</TD>
</TR>

</TABLE>
</DIV>

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

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

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


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->



<DIV style="margin-top: 12pt">
<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"><B>7.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Waiver: </B>Notice of any meeting of the Board of Directors or of any committee of the Board of
Directors or any irregularity in any meeting or in the notice thereof may be waived by any
director in any manner, and such waiver may be validly given either before or after the
meeting to which such waiver relates.</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"><B>7.6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjournment: </B>Any meeting of the Board of Directors or of any committee of the Board of
Directors may be adjourned from time to time by the chair of the meeting, with the consent of
the meeting, to an announced time and place and no notice of the time and place for the
holding of the adjourned meeting need be given to any director. Any adjourned meeting shall
be duly constituted if held in accordance with the terms of the adjournment and if a quorum is
present thereat. The directors who formed a quorum at the original meeting are not required
to form the quorum at the adjourned meeting. If there is no quorum present at the adjourned
meeting, the original meeting shall be deemed to have terminated forthwith after its
adjournment.</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"><B>7.7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Quorum: </B>A quorum for any meeting of the Board of Directors of the Corporation shall consist
of a majority of the directors of the Corporation. Notwithstanding any vacancy among the
directors, a quorum of directors may exercise all the powers of the directors.</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"><B>7.8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voting: </B>Questions arising at any meeting of directors shall be determined by a majority of
votes of the directors present, and in the case of an equality of votes the chair of the
meeting shall not have a second or casting vote.</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"><B>7.9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Presiding Officers: </B>The chair of any meeting of the Board shall be the Chair of the Board.
If he is not present at the meeting, the directors shall choose one of their number to chair
the meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 8. &#151; OFFICERS</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"><B>8.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appointment of Officers: </B>The directors shall from time to time appoint a Chief Executive
Officer, a President, and a Secretary. The directors may from time to time, as deemed
advisable, appoint a Chair of the Board, a Chief Operating Officer, one or more Senior
Vice-Presidents, a Chief Financial Officer, a Vice-Chair, and one or more Assistant
Secretaries. The directors may additionally from time to time designate other offices and
appoint persons to such offices, as deemed necessary. Subject to the provisions of the Act,
the directors may by resolution designate, vary, add to or limit the duties and powers of any
officer.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A director may be appointed to any office of the Corporation; but none of the officers
except the Chair of the Board need be a director of the Corporation. Two or more offices of
the Corporation may be held by the same person. In addition to the Chair of the Board, only
the Chief Executive Officer and the President shall be eligible to be elected to the Board.</TD>
</TR>

</TABLE>
</DIV>

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

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

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


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



<DIV style="margin-top: 12pt">
<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"><B>8.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chair of the Board: </B>The Chair of the Board shall, if present, preside as chair at all
meetings of the Board of Directors and of shareholders. He shall sign such contracts,
documents and instruments in writing as require his signature and shall have such other powers
and shall perform such other duties as may from time to time be assigned to him by resolution
of the Board of Directors.</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"><B>8.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chief Executive Officer: </B>The Chief Executive Officer shall report to the directors and shall
exercise overall management and direction of the Corporation. In the absence of the Chair of
the Board, the Chief Executive Officer shall, when present, preside as chair at all meetings
of shareholders. He shall sign such contracts, documents or instruments in writing as require
his signature and shall have such other powers and shall perform such other duties as may from
time to time be assigned to him by resolution of the directors or as are incident to his
office.</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"><B>8.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>President: </B>The President shall report to the Chief Executive Officer and shall, subject to
the direction of the Chief Executive Officer, have general supervision and control over the
business and affairs of the Corporation. In the absence of the Chair of the Board and the
Chief Executive Officer, the President shall, when present, preside as chair at all meetings
of shareholders. He shall sign such contracts, documents or instruments in writing as require
his signature and shall have such other powers and shall perform such other duties as may from
time to time be assigned to him by resolution of the directors or as are incident to his
office.</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"><B>8.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chief Operating Officer: </B>If the Chief Operating Officer is not also the President he shall
report to the President and shall, subject to the direction of the President, have the general
supervision of the operations of the Corporation.</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"><B>8.6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Senior Vice-President: </B>The Senior Vice-President or, if more than one, the Senior
Vice-Presidents in order of their appointment, or as otherwise determined by the directors,
shall be vested with all the powers and shall perform all the duties of the President in the
absence or inability or refusal to act as the President. The Senior Vice-President or, if
more than one, the Senior Vice-Presidents shall sign such contracts, documents or instruments
in writing as shall require his or their signatures and shall also have such other powers and
shall perform such other duties as may from time to time be assigned to him or them by
resolution of the directors.</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"><B>8.7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chief Financial Officer: </B>The Chief Financial Officer shall report to the President and
shall, subject to the direction of the President, have the general supervision of the
financial affairs of the Corporation. In addition, subject to the provisions of any resolution
of the directors, the Chief Financial Officer shall have the care and custody of all the funds
and securities of the Corporation and shall deposit the same in the name of the Corporation in
such bank or banks or with such other depositary or depositaries as the directors may by
resolution direct. He shall prepare and maintain adequate accounting records. He shall sign
such contracts, documents or instruments in writing as require his signature and shall have
such other powers and shall perform such other duties as may from time to time be assigned to him by resolution of the directors or as are incident to
his office.</TD>
</TR>




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

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

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


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



<DIV style="margin-top: 12pt">
<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"><B>8.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secretary: </B>The Secretary shall give or cause to be given notices for all meetings of
directors, any committee of directors and shareholders when directed to do so and shall,
subject to the provisions of the Act, maintain the records, documents and registers of the
Corporation. He shall sign such contracts, documents or instruments in writing as require his
signature and shall have such other powers and shall perform such other duties as may from
time to time be assigned to him by resolution of the directors or as are incident to his
office.</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"><B>8.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Duties of Officers may be Delegated: </B>In case of the absence or inability or refusal to act
of any officer of the Corporation or for any other reason that the Board may deem sufficient,
the directors may delegate all or any of the powers of such officer to any other officer or to
any director for the time being.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 9. &#151; COMMITTEES</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"><B>9.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board may create, and prescribe the duties and terms of reference of, such committee or
committees of directors as it may from time to time determine necessary to more effectively
permit the efficient direction of the business and affairs of the Corporation. The Board may
delegate to such committee or committees any of the powers of the Board except those which
under the Act must be exercised by the Board itself, provided that any such delegation shall
not limit the ability of the Board to make decisions on any subject matter so delegated. The
procedures of any such committee or committees of the Board shall, except as otherwise
determined by the Board, be those applicable to the Board, as set out in Part&nbsp;7 of these
Bylaws.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PART 10. &#151; PROTECTION AND INDEMNITY OF<BR>

DIRECTORS, OFFICERS AND OTHERS</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"><B>10.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclosure of Conflict of Interest: </B>A director or officer of the Corporation who is a party
to a material contract or material transaction, whether made or proposed, with the
Corporation, or is a director or an officer or an individual acting in a similar capacity, of
a party to a material contract or material transaction, whether made or proposed, with the
Corporation, or has a material interest in any person who is a party to a material contract or
material transaction, whether made or proposed, with the Corporation shall disclose the nature
and extent of his interest at the time and in the manner provided in the Act. Except as
provided in the Act, no such director of the Corporation shall vote on any resolution to
approve such contract or transaction.</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"><B>10.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Validity of Agreements and Transactions where Conflict of Interest Exists: </B>A contract or
transaction for which the disclosure in section 10.1 is required is not invalid, and the
director or officer is not accountable to the Corporation or its shareholders for any profit
realized from the contract or transaction, because of the director&#146;s or officer&#146;s</TD>
</TR>

</TABLE>
</DIV>

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

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

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


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



<DIV style="margin-top: 12pt">
<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest in the contract or transaction or because the director was present at or was
counted to determine the presence of a quorum at a meeting of directors or committee of
directors that considered the contract or transaction, if:</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>the director or officer disclosed his interest in accordance with the
provisions of the Act;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the contract or transaction was approved by the directors; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the contract or transaction was reasonable and fair to the Corporation at the
time it was approved.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Even if the conditions of A to C above are not met, a director or officer, acting honestly
and in good faith, is not accountable to the Corporation or to its shareholders for any
profit realized from a contract or transaction for which the disclosure in section 10.1 is
required and the contract or transaction is not invalid by reason only of the interest of
the director or officer in the contract or transaction, if:</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>the contract or transaction is approved or confirmed by special resolution at a
meeting of the shareholders;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosure of the interest was made to the shareholders in a manner sufficient
to indicate its nature before the contract or transaction was approved or confirmed;
and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the contract was reasonable and fair to the Corporation at the time it was
approved or confirmed.</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"><B>10.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-Liability for Acts: </B>Subject to the Act, no director or officer shall be liable for the
acts, receipts, neglects or defaults of any other person or for joining in any receipt or act
for conformity or for any loss, damage or expense happening to the Corporation through the
insufficiency or deficiency of title to any property acquired by, for or on behalf of the
Corporation or for the insufficiency or deficiency of any security in or upon which any moneys
of the Corporation are invested or for any loss or damages arising from the bankruptcy,
insolvency or tortious act of any person with whom any moneys, securities or other properties
of the Corporation are lodged or deposited or for any other loss, damage or misfortune
whatever which may arise out of the execution of the duties of his office or in relation
thereto.</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"><B>10.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Approval of Contracts by Shareholders: </B>Subject to the Act, any contract entered into or
action taken or omitted by or on behalf of the Corporation shall, if approved by a resolution
of the shareholders, be deemed for all purposes to have had the prior authorization of all the
shareholders.</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"><B>10.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnification: </B>To the fullest extent permitted by the Act or otherwise by law, the
Corporation shall indemnify a director or officer of the Corporation, a former director or
officer of the Corporation, or another individual who acts or acted at the Corporation&#146;s</TD>
</TR>

</TABLE>
</DIV>

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

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

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


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->



<DIV style="margin-top: 12pt">
<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>request as a director or officer or an individual acting in a similar capacity of another
entity, against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by the individual in respect of any civil,
criminal, administrative, investigative or other proceeding in which the individual is
involved because of that association with the Corporation or other entity, provided the
individual:</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>acted honestly and in good faith with a view to the best interests of the
Corporation, or, as the case may be, to the best interests of the other entity for
which the individual acted as director or officer or in a similar capacity at the
Corporation&#146;s request; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, the individual had reasonable grounds for believing
that the individual&#146;s conduct was lawful.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall advance moneys to a director, officer or other individual for the
costs, charges and expenses of such proceedings. The individual shall repay the moneys if
the individual does not fulfill the conditions of A and B above.</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"><B>10.6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Limitation of Rights: </B>The foregoing provisions of this Part&nbsp;10 shall be in amplification
of and in addition to, and not by way of limitation of or substitution for, any rights,
immunities or protection conferred upon by any director, officer or other person by any
statute, law, matter or thing whatsoever.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 11. &#151; DIVIDENDS</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"><B>11.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dividends: </B>The Board may from time to time declare and the Corporation may pay dividends on
its issued shares to its shareholders according to their respective shareholdings in the
Corporation as they appear from the Corporation&#146;s register.</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"><B>11.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash Dividends: </B>A dividend payable in cash shall be paid by cheque drawn either on the
bankers of the Corporation or the bankers of its dividend disbursing agent to the order of
each registered holder of shares of the class or series in respect of which the dividend has
been declared, and mailed by pre-paid ordinary mail to such registered holder at his recorded
address or to such other address as the holder directs. In the case of joint holders, the
cheque shall, unless such joint holders otherwise direct, be made payable to the order of all
such joint holders. The mailing of such cheque as aforesaid, unless the same is not paid on
due presentation, shall satisfy and discharge the liability for the dividend to the extent of
the sum represented thereby plus the amount of any tax which the Corporation is required to
and does withhold. All dividends unclaimed for six (6)&nbsp;years after the date of declaration
shall be forfeited to the Corporation.</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"><B>11.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Record Date for Dividends and other Rights: </B>For the purpose of determining the person
entitled to receive payment of any dividend or for any other purpose, except the right to
receive notice of or to vote at a meeting of shareholders, the Board may fix in</TD>
</TR>

</TABLE>
</DIV>

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

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

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


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



<DIV style="margin-top: 12pt">
<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advance a date preceding the date for the particular action by not more than sixty (60)&nbsp;days
for the determination of such persons. Notice of such date shall be given not less than
seven (7)&nbsp;days prior to such date:</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>by advertisement in a newspaper distributed in the place where the Corporation
has its registered office and in each place in Canada where it has a transfer agent or
where a transfer of its shares may be recorded; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by written notice to each stock exchange in Canada on which the shares of the
Corporation are listed for trading.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 12. &#151; VOTING SECURITIES IN OTHER BODIES CORPORATE</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"><B>12.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All securities of any other body corporate carrying voting rights held from time to time by
the Corporation may be voted at all meetings of shareholders, bondholders, debentureholders or
holders of such securities, as the case may be, of such other body corporate, in such manner
and by such person or persons as the Board of Directors of the Corporation shall from time to
time determine by resolution. Any two officers of the Corporation may also from time to time
execute and deliver for and on behalf of the Corporation instruments of proxy and/or arrange
for the issuance of voting certificates and/or other evidences of the right to vote in such
names as may determine without the necessity of a resolution or other action by the Board of
Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 13. &#151; NOTICES</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"><B>13.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Manner of Notice: </B>Any notice (which includes any communication or document) to be given
(which term includes sent, delivered or served) pursuant to the Act, applicable law, the
Articles, the Bylaws, or otherwise to a shareholder, director, officer, auditor or member of a
committee of the Board shall be sufficiently given, if delivered personally to the person to
whom it is to be given or if delivered to his latest address as shown on the records of the
Corporation, or if mailed to him at his said address by prepaid ordinary or air mail, or if
sent to him by facsimile at his said address. A notice so delivered shall be deemed to have
been given when it is delivered personally or to the said address as aforesaid; a notice so
mailed shall be deemed to have been given when deposited in a post office or public letter
box, a notice so sent by facsimile shall be deemed to have been given when dispatched. The
Secretary may change or cause to be changed the recorded address of any shareholder, director,
officer, auditor or member of a committee of the Board in accordance with any information
believed by the Secretary to be reliable.</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"><B>13.2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Electronic Delivery: </B>Provided the addressee has consented in writing or electronically in
accordance with the Act, the Corporation may satisfy the requirement to send any notice or
document referred to in section 13.1 by creating and providing an electronic document in
compliance with the Act. An electronic document is deemed to have been received when it
enters the information system designated by the addressee or, if the document is posted on or
made available through a generally accessible electronic source, when the addressee receives
notice in writing of the availability and location of that electronic
document, or, if such notice is sent electronically, when it enters the information system
designated by the addressee.</TD>
</TR>




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

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

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


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



<DIV style="margin-top: 12pt">
<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"><B>13.3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice Computation: </B>In computing the time when notice must be given under any provision
requiring a specified number of hours notice of any meeting or other event, the hour of giving
the notice and the hour of commencement of the meeting shall be excluded, and in computing the
date when notice must be given under any provision requiring a specified number of days&#146;
notice of any meeting or other event, the date of giving the notice shall be excluded and the
date of the meeting or other event shall be included.</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"><B>13.4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Returned Notices: </B>Where notices or other documents required to be given by the Corporation
to its shareholders have been mailed to a shareholder at the shareholder&#146;s latest address as
shown on the records of the Corporation and where, on two(2)consecutive occasions, notices or
other documents have been returned, the Corporation is not required to send to the shareholder
any further notices or other documents until such time as the Corporation receives written
notice from the shareholder requesting that notices and other documents be sent to the
shareholder at a specified address.</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"><B>13.5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Joint Holders: </B>All notices or other documents shall, with respect to any shares in the
capital of the Corporation registered in more than one name, be given to whichever of such
persons is named first in the records of the Corporation and any notice or other document so
given shall be sufficient notice or delivery of such document to all
the holders of such shares.</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"><B>13.6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Successor Bound: </B>Every person who by operation of law, transfer or by any other means
whatsoever shall become entitled to any shares in the capital of the Corporation shall be
bound by every notice or other document in respect of such shares which prior to his name and
address being entered on the records of the Corporation shall have been duly given to the
person or persons from whom he derives his title to such shares.</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"><B>13.7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deceased Holder: </B>Any notice or other document given by mail shall, notwithstanding that
such shareholder be then deceased and whether or not the Corporation has notice of his death,
be deemed to have been duly served in respect of the shares held by such shareholder (whether
held solely or with other persons) until some other person be entered in his stead in the
records of the Corporation as the holder or one of the holders thereof and such service shall
for all purposes be deemed a sufficient service of such notice or other document on his heirs,
executors or administrators and all persons (if any), interested with him is such shares.</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"><B>13.8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Signature: </B>The signature of any director or officer of the Corporation to any notice may be
written, stamped, typewritten or printed, or partly written, stamped, typewritten or printed.</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"><B>13.9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Certificate of Office: </B>A certificate of any officer of the Corporation holding office at
the time of the making of the certificate or of a transfer officer or any transfer agent or
branch transfer agent of shares of any class of the Corporation as to facts in relation to the
mailing or delivery or service of any notice or other document to any shareholder, director,
officer, auditor or member of any committee of the Board or publication of any notice or
other document shall be conclusive evidence thereof, and shall be binding on every
shareholder, director, officer or auditor of the Corporation or member of any committee of
the Board, as the case may be.</TD>
</TR>




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

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

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

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->

<DIV style="margin-top: 12pt">
<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"><B>13.10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Common Notice: </B>A special meeting and the annual general meeting of shareholders of the
Corporation may be convened by one and the same notice, and it shall be no objection to the
said notice that it only convenes the second meeting contingently on any resolution being
passed by the requisite majority at the first meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 14. &#151; FISCAL YEAR</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"><B>14.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fiscal year of the Corporation shall terminate on such day in each year as the Board of
Directors may from time to time by resolution determine.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 15. &#151; BANKING</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"><B>15.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The bank accounts of the Corporation shall be kept with such banks, trust companies, other
firms or bodies corporate as the Board may from time to time determine. The Board may appoint
any person or persons as authorized signatories on any such bank accounts as it may from time
to time determine.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 16. &#151; COMING INTO FORCE</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"><B>16.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Bylaw shall come into force at, and be effective from, the time of its passing by the
Board of Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART 17. &#151; REPEAL</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"><B>17.1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bylaw No.&nbsp;4 of the Corporation enacted May&nbsp;3, 1991 is repealed effective when this Bylaw
comes into force without prejudice to any action taken thereunder prior to such repeal. All
directors, officers and other persons acting under the repealed Bylaw shall continue to act as
if elected or appointed under the provisions of this Bylaw. All resolutions with continuing
effect of the Board, committees of the Board and shareholders shall continue in effect except
to the extent inconsistent with this Bylaw.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ENACTED the 7<SUP style="FONT-size: 85%; vertical-align: text-top">th </SUP>day of February, 2002, amended the 4<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of November, 2010,
and further amended the
11<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of February, 2011.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 22pt; margin-left: 55%">&#147;Original signed by Victor J. Zaleschuk&#148;<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>Chair

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 22pt; margin-left: 55%">&#147;Original signed by Gary M.S. Chad&#148;<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>Secretary

</DIV>


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



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