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<SEC-DOCUMENT>0001206212-07-000106.txt : 20070417
<SEC-HEADER>0001206212-07-000106.hdr.sgml : 20070417
<ACCEPTANCE-DATETIME>20070417140109
ACCESSION NUMBER:		0001206212-07-000106
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20070417
FILED AS OF DATE:		20070417
DATE AS OF CHANGE:		20070417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				99999999
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		07770354

	BUSINESS ADDRESS:	
		STREET 1:		1000 DE LA GAUCHETIERE OUEST
		STREET 2:		BUREAU 4100 MONTREAL
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			H3B 4Y7
		BUSINESS PHONE:		5143977000

	MAIL ADDRESS:	
		STREET 1:		1000 DE LA GAUCHETIERE OUEST
		STREET 2:		BUREAU 4100 MONTREAL
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			H3B 4Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>m35786ore6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


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









<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>

 <DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REPORT OF FOREIGN PRIVATE ISSUER</B>
</DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Pursuant to Rule&nbsp;13a-16 or 15d-16 under

</DIV>
<DIV align="center" style="font-size: 10pt">the Securities Exchange Act of 1934</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="47%" nowrap align="left">For the month of: <B>April&nbsp;2007</B></TD>
    <TD width="5%"></TD>
    <TD width="47%" align="right">Commission File Number: <B>1-7274</B></TD>
</TR>

</TABLE>
</DIV>







<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>BCE Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Translation of Registrant&#146;s name into English)</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1000, rue de La Gaucheti&#232;re Ouest, Bureau 3700, Montr&#233;al, Qu&#233;bec H3B 4Y7, (514)&nbsp;397-7000</B>

</DIV>
<DIV align="center" style="font-size: 10pt">(Address of principal executive offices)</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the Registrant files or will file annual reports under cover of
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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;Form&nbsp;20-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the Registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b)
under the Securities Exchange Act of 1934.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the Registrant in connection with
Rule&nbsp;12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Notwithstanding any reference to BCE Inc.&#146;s or Bell Canada&#146;s Web site on the World Wide Web in
the documents attached hereto, the information contained in BCE Inc.&#146;s or Bell Canada&#146;s site or any
other site on the World Wide Web referred to in BCE Inc.&#146;s or Bell Canada&#146;s site is not a part of
this Form 6-K and, therefore, is not filed with the Securities and Exchange Commission.
</DIV>







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


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

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

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">SIGNATURE</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



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



<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BCE Inc.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Patricia A. Olah</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Patricia A. Olah</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Corporate Secretary and Lead Governance Counsel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: April&nbsp;17, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="m35786orm3578601.gif" alt="(INDUSTRY CANADA LOGO)">&nbsp;&nbsp;Industry Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrie Canada</TD>
</TR>
<TR><!-- BLANKSPACE -->
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;<B>Certificate</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<B>Certificat</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;<B>of Amendment</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<B>de modification</B></TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</Td></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;<B>Canada Business</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<B>Loi canadienne sur</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;<B>Corporations Act</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;<B>les soci&#233;t&#233;s par actions</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 5px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BCE INC.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BCE INC.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>425229-2</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name of corporation-D&#233;nomination de la soci&#233;t&#233;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporation number-Num&#233;ro de la soci&#233;t&#233;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">I hereby certify that the articles of the
above-named corporation were amended:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Je certifie que les statuts de la soci&#233;t&#233;<BR>
susmentionn&#233;e ont &#233;t&#233; modifi&#233;s:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">a)&nbsp;&nbsp;under section 13 of the <I>Canada Business
Corporations Act </I>in accordance with the attached
notice;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px">a)&nbsp;&nbsp;en vertu de 1&#146;article 13 de
la <I>Loi canadienne sur les soci&#233;t&#233;s par actions,</I>
conform&#233;ment &#224; 1&#146;avis ci-joint;</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">b)&nbsp;&nbsp;under section 27 of the <I>Canada Business
Corporations Act </I>as set out in the attached articles
of amendment designating a series of shares;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> <DIV style="margin-left:21px; text-indent:-21px"> b)&nbsp;&nbsp;en vertu de 1&#146;article 27
de la <I>Loi canadienne sur les soci&#233;t&#233;s par actions, </I>tel
qu&#146;il est indiqu&#233; dans les clauses modificatrices
ci-jointes d&#233;signant une s&#233;rie d&#146;actions;</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">c)&nbsp;&nbsp;under section 179 of the <I>Canada Business
Corporations Act </I>as set out in the attached articles
of amendment;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px">c)&nbsp;&nbsp;en vertu de 1&#146;article 179
de la <I>Loi canadienne sur les soci&#233;t&#233;s par actions, </I>tel
qu&#146;il est indiqu&#233; dans les clauses modificatrices
ci-jointes;</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="margin-left:21px; text-indent:-21px">d)&nbsp;&nbsp;under section 191 of the <I>Canada Business
Corporations Act </I>as set out in the attached articles
of reorganization;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px">d)&nbsp;&nbsp;en vertu de 1&#146;article 191
de la <I>Loi canadienne sur les soci&#233;t&#233;s par actions, </I>tel
qu&#146;il est indiqu&#233; dans les clauses de r&#233;organisation
ci-jointes;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="m35786orm3578603.gif" alt="-s- S Richard G. Shaw">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>January&nbsp;25, 2007 / le 25 janvier 2007</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard G. Shaw
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Date
of Amendment &#151; Date de modification</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director &#151; Directeur</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><IMG src="m35786orm3578602.gif" alt="(CANADA LOGO)">
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B><I>CANADA BUSINESS <BR>
CORPORATIONS ACT</I></B><BR>
<BR><B>FORM 4<BR>
ARTICLES OF AMENDMENT<BR>
(SECTION 27 OR 177)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>LOI CANADIENNE SUR LES
SOCI&#201;T&#201;S PAR<BR>ACTIONS</I></B><BR>
<BR><B>FORMULAIRE 4<BR>
CLAUSES MODIFICATRICES<BR>
(ARTICLE 27 OU 177)</B></TD>
</TR>
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</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Name of the Corporation</B><br>
<B>D&#233;nomination sociale de la soci&#233;t&#233;</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;BCE Inc.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Corporation No.</B><br>
<B>N</B><SUP style="font-size: 85%; vertical-align: text-top"><B>o</B></SUP> <B>de la soci&#233;t&#233;</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;425229-2
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>The articles of the above-named Corporation are amended as follows:</B><br>
<B>Les statuts de la soci&#233;t&#233; mentionn&#233;e ci-dessus sont modifi&#233;s de la fa&#231;on suivante :</B></DIV></TD>
</TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="JUSTIFY">Section&nbsp;3 of the Articles of
Amalgamation of the Corporation
dated July&nbsp;29, 2004 (and for which a
Certificate of Amendment dated
August&nbsp;1, 2004 was issued), which
sets out in Schedule&nbsp;1 to such
Articles of Amalgamation the classes
and any maximum number of shares
that the Corporation is entitled to
issue, is hereby amended as follows:
</DIV></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">La rubrique 3 des statuts de fusion
de la Soci&#233;t&#233; dat&#233;s du 29 juillet
2004 (et pour lesquels un certificat
de modification dat&#233; du
1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t 2004 a &#233;t&#233;
d&#233;livr&#233;), qui &#233;nonce &#224; l&#146;annexe 1 de
ces statuts les cat&#233;gories et le
nombre maximal des actions que la
Soci&#233;t&#233; peut &#233;mettre, est modifi&#233;e
de la mani&#232;re suivante :</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="JUSTIFY">(a) by the creation of six (6)
additional series of First Preferred
Shares as follows:
</DIV></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">a) par la cr&#233;ation des six (6)
s&#233;ries suppl&#233;mentaires d&#146;actions
privil&#233;gi&#233;es de premier rang
suivantes :</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(i) 24,000,000
Cumulative Redeemable
First Preferred Shares,
Series&nbsp;AE (the &#147;Series
AE Preferred Shares&#148;);
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(i) 24 000 000 d&#146;actions
privil&#233;gi&#233;es de premier rang &#224;
dividende cumulatif rachetables de
s&#233;rie AE (les &#171; actions privil&#233;gi&#233;es
de s&#233;rie AE &#187;);</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(ii) 24,000,000
Cumulative Redeemable
First Preferred Shares,
Series&nbsp;AF (the &#147;Series
AF Preferred Shares&#148;);
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(ii) 24 000 000 d&#146;actions
privil&#233;gi&#233;es de premier rang &#224;
dividende cumulatif rachetables de
s&#233;rie AF (les &#171; actions privil&#233;gi&#233;es
de s&#233;rie AF &#187;);</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(iii) 22,000,000
Cumulative Redeemable
First Preferred Shares,
Series&nbsp;AG (the &#147;Series
AG Preferred Shares&#148;);
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(iii) 22 000 000 d&#146;actions
privil&#233;gi&#233;es de premier rang &#224;
dividende cumulatif rachetables de
s&#233;rie AG (les &#171; actions privil&#233;gi&#233;es
de s&#233;rie AG &#187;);</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(iv) 22,000,000
Cumulative Redeemable
First Preferred Shares,
Series&nbsp;AH (the
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(iv) 22 000 000 d&#146;actions
privil&#233;gi&#233;es de premier rang &#224;
dividende cumulatif</DIV></TD>
</TR>
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</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">&#147;Series
AH Preferred Shares&#148;);
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">rachetables de s&#233;rie AH (les &#171; actions privil&#233;gi&#233;es
de s&#233;rie AH &#187;);</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(v) 22,000,000
Cumulative Redeemable
First Preferred Shares,
Series&nbsp;AI (the &#147;Series
AI Preferred Shares&#148;);
and
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(v) 22 000 000 d&#146;actions
privil&#233;gi&#233;es de premier rang &#224;
dividende cumulatif rachetables de
s&#233;rie AI (les &#171; actions privil&#233;gi&#233;es
de s&#233;rie AI &#187;); et</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(vi) 22,000,000
Cumulative Redeemable
First Preferred Shares,
Series&nbsp;AJ (the &#147;Series
AJ Preferred Shares&#148;);
and
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">(vi) 22 000 000 d&#146;actions
privil&#233;gi&#233;es de premier rang &#224;
dividende cumulatif rachetables de
s&#233;rie AJ (les &#171; actions privil&#233;gi&#233;es
de s&#233;rie AJ &#187;);</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV align="JUSTIFY">(b) Schedule&nbsp;1 to such Articles of
Amalgamation is amended by
inserting, immediately after Section
3.22 in such Schedule&nbsp;1, the rights,
privileges, restrictions and
conditions attached to the six (6)
new series of First Preferred Shares
created hereby, all of which are set
forth in Schedule&nbsp;A attached hereto.
</DIV></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="JUSTIFY">b) l&#146;annexe 1 de ces statuts de
fusion est modifi&#233; par l&#146;ajout,
imm&#233;diatement apr&#232;s l&#146;article 3.22
de cette annexe, des droits,
privil&#232;ges, restrictions et
conditions attach&#233;s aux six (6)
nouvelles s&#233;ries d&#146;actions
privil&#233;gi&#233;es de premier rang cr&#233;&#233;es
par les pr&#233;sentes, qui sont tous
&#233;nonc&#233;s dans l&#146;annexe A jointe aux
pr&#233;sentes.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">January&nbsp;25, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Capacity of</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Printed Name</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>En qualit&#233; de</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nom en lettres moul&#233;es</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 2pt"><B>FOR DEPARTMENTAL USE
ONLY - &#192; L&#146;USAGE DU MINIST&#200;RE SEULEMENT</B></DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 12pt">Filed
</DIV>


</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



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


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.23 SERIES AE PREFERRED SHARES</B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Series&nbsp;AE Preferred Shares shall, in addition to the rights, privileges, restrictions and
conditions attaching to the First Preferred Shares as a class, carry and be subject to the
following rights, privileges, restrictions and conditions:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.23.1 Dividend</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.23.1.1 Definitions</I></B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">For the purposes hereof, the following capitalized terms shall have the following meanings,
unless the context otherwise requires:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Adjustment Factor&#148; for any Month means the percentage per annum, positive or
negative, based on the Calculated Trading Price of the Series&nbsp;AE Preferred Shares for
the preceding Month, determined in accordance with the following table:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">The Adjustment Factor as a</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">If Calculated Trading Price Is</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Percentage of Prime Shall Be</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.50 or more</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.375 and less than $25.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.25 and less than $25.375</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.125 and less than $25.25</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.875 and less than $25.125</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">nil</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.75 to $24.875</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.625 to $24.75</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.50 to $24.625</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$24.50 or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The maximum Adjustment Factor for any Month will be &#177; 4.00%.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If in any Month (other than, for greater certainty, the Month of January, 2007)
there is no trade on the Exchange of Series&nbsp;AE Preferred Shares of a board lot or
more, the Adjustment Factor for the following Month shall be nil;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Annual Floating Dividend Rate&#148; means for any Month the rate of interest
expressed as a percentage per annum (rounded to the nearest one-thousandth (1/1000) of
one percent (0.001%)) which is equal to Prime multiplied by the Designated Percentage
for such Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Banks&#148; means any two of Royal Bank of Canada, Bank of Montreal, The Bank of
Nova Scotia, The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce and any
successor of any of them as may be designated from time to time by the Board of
Directors by notice given to the transfer agent for the Series&nbsp;AE Preferred Shares,
such notice to take effect on, and to be given at least two (2)&nbsp;business days prior to,
the</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">commencement of a particular Dividend Period and, until such notice is first given,
means Royal Bank of Canada and The Toronto-Dominion Bank;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Calculated Trading Price&#148; for any Month means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the aggregate of the Daily Adjusted Trading Value for all
Trading Days in such Month;</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">divided by
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the aggregate of the Daily Trading Volume for all Trading Days
in such Month.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Notwithstanding the foregoing, the Calculated Trading Price for the Month of
January, 2007 shall be calculated using the trading data on the Toronto Stock
Exchange for the Cumulative Redeemable Class&nbsp;A Preferred Shares, Series&nbsp;15 of Bell
Canada, and accordingly the Daily Accrued Dividend Deduction, Daily Adjusted Trading
Value and Daily Trading Volume and related determinations for the Month of January,
2007 shall be calculated or made by reference to the Cumulative Redeemable Class&nbsp;A
Preferred Shares, Series&nbsp;15 of Bell Canada, and not the Series&nbsp;AE Preferred Shares;
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Daily Accrued Dividend Deduction&#148; for any Trading Day means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the product obtained by multiplying the dividend accrued on a
Series&nbsp;AE Preferred Share in respect of the Month in which the Trading Day
falls by the number of days elapsed from but excluding the day prior to the
Ex-Dividend Date immediately preceding such Trading Day to and including such
Trading Day (or if such Trading Day is an Ex-Dividend Date by one (1)&nbsp;day);</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">divided by
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the number of days from and including the Ex-Dividend Date to
but excluding the following Ex-Dividend Date;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Daily Adjusted Trading Value&#148; for any Trading Day means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the aggregate dollar value of all transactions of Series&nbsp;AE
Preferred Shares on the Exchange (made on the basis of the normal settlement
period in effect on the Exchange) occurring during such Trading Day;</DIV></TD>
</TR>

</TABLE>
</DIV>


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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Daily Trading Volume for such Trading Day multiplied by the
Daily Accrued Dividend Deduction for such Trading Day;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Daily Trading Volume&#148; for any Trading Day means the aggregate number of Series
AE Preferred Shares traded in all transactions (made on the basis of the normal
settlement period in effect on the Exchange) occurring during such Trading Day on the
Exchange;</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Deemed Record Date&#148; means the last Trading Day of a Month with respect to
which no dividend is declared by the Board of Directors;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Designated Percentage&#148; for the Month of January&nbsp;2007 means 71&nbsp;percent (71%)
and for each Month thereafter means the Adjustment Factor for such Month plus the
Designated Percentage for the preceding Month, provided that the Annual Floating
Dividend Rate for any Month shall in no event be less than 50% of Prime for such Month
or more than 100% of Prime for such Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Dividend Payment Date&#148; means the twelfth day of each Month and the first
Dividend Payment Date shall be February&nbsp;12, 2007;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Dividend Period&#148; means a Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Ex-Dividend Date&#148; means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Trading Day which, under the rules or normal practices of
the Exchange, is designated or recognized as the ex-dividend date relative to
any dividend record date for the Series&nbsp;AE Preferred Shares; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if the Board of Directors fails to declare a dividend in
respect of a Month, the Trading Day which, under the rules or normal practices
of the Exchange, would be recognized as the Ex-Dividend Date relative to any
Deemed Record Date for the Series&nbsp;AE Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Exchange&#148; means the Toronto Stock Exchange or such other exchange or trading
market in Canada as may be determined from to time by the Corporation as being the
principal trading market for the Series&nbsp;AE Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Month&#148; means a calendar month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Prime&#148; for a Month means the average (rounded to the nearest one-thousandth
(1/1000) of one percent (0.001%)) of the Prime Rate in effect on each day of such
Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Prime Rate&#148; for any day means the average (rounded to the nearest one
thousandth (1/1000) of one percent (0.001%)) of the annual rates of interest announced
from time to time by the Banks as the reference rates then in effect for such day for
determining interest rates on Canadian dollar commercial loans made to prime commercial
borrowers in Canada. If one of the Banks does not have such an interest rate in effect
on a day, the Prime Rate for such day shall be such interest rate in effect for that
day of the other Bank; if both Banks do not have such an interest rate in effect on a
day, the Prime Rate for that day shall be equal to one and a half percent (1.5%) per
annum plus the average yield expressed as a percentage per annum on 91&nbsp;day Government
of Canada Treasury Bills, as reported by the Bank of Canada, for the weekly tender for
the week immediately preceding that day; and if both of such Banks do not have such an
interest rate in effect on a day and the Bank of Canada does not report such average
yield per annum, the Prime Rate for that day shall be equal to the Prime Rate for the
next preceding day. The Prime Rate and Prime shall be determined from time to time by
an officer of the Corporation from quotations supplied by the Banks or otherwise
publicly available. Such determination shall, in the absence of manifest error, be
final and binding upon the Corporation and upon all holders of Series&nbsp;AE Preferred
Shares;</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Trading Day&#148; means, if the Exchange is a stock exchange in Canada, a day on
which the Exchange is open for trading or, in any other case, a business day.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>General</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holders of the Series&nbsp;AE Preferred Shares shall be entitled to receive cumulative preferred
cash dividends, as and when declared by the Board of Directors, out of moneys of the Corporation
properly applicable to the payment of dividends, at the rates and times herein provided.
Dividends on the Series&nbsp;AE Preferred Shares shall accrue on a daily basis from and including the
date of issue thereof, and shall be payable monthly. Payment of the dividend on the Series&nbsp;AE
Preferred Shares payable on any Dividend Payment Date (less any tax required to be deducted)
shall be made by cheque at par in lawful money of Canada payable at any branch in Canada of the
Corporation&#146;s bankers. Notwithstanding the foregoing or anything to the contrary in these
Articles, such dividends are deemed to have commenced to accrue on January&nbsp;1, 2007 at the Annual
Floating Dividend Rate for January&nbsp;2007, regardless of whether any Series&nbsp;AE Preferred Shares
were outstanding on such date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dividends declared on the Series&nbsp;AE Preferred Shares shall (except in case of redemption in
which case payment of dividends shall be made on surrender of the certificate representing the
Series&nbsp;AE Preferred Shares to be redeemed) be paid by posting in a postage paid envelope
addressed to each holder of the Series&nbsp;AE Preferred Shares at the last address of such holder as
it appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation, or,
in the case of joint holders, to the address of that one whose name appears first in the
securities register of the Corporation as one of such joint holders, a cheque for such dividends
(less any tax required to be deducted) payable to the order of such holder or, in the case of
joint holders, to the order of all such holders failing written instructions from them to the
contrary. Notwithstanding the foregoing, any dividend cheque may be delivered by the
Corporation to a holder of Series&nbsp;AE Preferred Shares at his address as aforesaid. The posting
or delivery of such cheque shall be deemed to be payment and shall satisfy and discharge all
liabilities for the payment of such dividends to the extent of the sum represented thereby (plus
the amount of any tax required to be deducted as aforesaid) unless such cheque is not paid on
due presentation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The dividends in respect of the Series&nbsp;AE Preferred Shares shall be payable monthly at the
Annual Floating Dividend Rate as calculated from time to time. Accordingly, on each Dividend
Payment Date, the dividend payable on the Series&nbsp;AE Preferred Shares shall be that amount
(rounded to the nearest one-thousandth (1/1000) of one cent) obtained by multiplying $25.00 by
the Annual Floating Dividend Rate applicable to the Month preceding such Dividend Payment Date
and by dividing the product by twelve. The record date for the purpose of determining holders
of Series&nbsp;AE Preferred Shares entitled to receive dividends on each Dividend Payment Date shall
be the last Trading Day of the next preceding Month. In the event of the redemption or purchase
of Series&nbsp;AE Preferred Shares or the distribution of the assets of the Corporation as
contemplated by section 3.23.2 hereof, the amount of the dividend which has accrued during the Month
in which such redemption, purchase or distribution occurs shall be the amount (rounded to the
nearest one-thousandth (1/1000) of one cent) calculated by multiplying:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the amount obtained by multiplying $25.00 by one-twelfth (1/12) of the Annual
Floating Dividend Rate applicable to the preceding Month; by</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a fraction of which the numerator is the number of days elapsed in the Month in
which such redemption, purchase or distribution occurs up to but not including the date
of such event and the denominator of which is the number of days in that Month.</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 5 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Calculation of Designated Percentage</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall as promptly as practicable calculate the Designated Percentage for each
Month and give notice thereof to all stock exchanges in Canada on which the Series&nbsp;AE Preferred
Shares are listed for trading or if the Series&nbsp;AE Preferred Shares are not listed on a stock
exchange in Canada to the Investment Dealers Association of Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rights on Liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event of the liquidation, dissolution or winding up of the Corporation or any other
distribution of assets of the Corporation for the purpose of winding up its affairs, the holders
of the Series&nbsp;AE Preferred Shares shall be entitled to receive $25.00 per Series&nbsp;AE Preferred
Share together with all dividends accrued and unpaid up to but excluding the date of payment or
distribution, before any amounts shall be paid or any assets of the Corporation distributed to
the holders of the Common Shares of the Corporation or any other shares ranking junior to the
Series&nbsp;AE Preferred Shares. Upon payment of such amounts, the holders of the Series&nbsp;AE
Preferred Shares shall not be entitled to share in any further distribution of the property or
assets of the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Redemption at the Option of the Corporation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Subject
to applicable law and section 3.23.5 hereof, upon giving notice as hereinafter provided, the
Corporation may redeem at any time all, but not less than all, of the outstanding Series&nbsp;AE
Preferred Shares, on payment of $25.50 for each such share to be redeemed, in each case,
together with accrued and unpaid dividends up to but excluding the date fixed for redemption,
the whole constituting the redemption price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall give notice in writing not less than 45&nbsp;days nor more than 60&nbsp;days prior
to the date on which the redemption is to take place to each person who at the date of giving
such notice is the holder of Series&nbsp;AE Preferred Shares to be redeemed of the intention of the
Corporation to redeem such shares; such notice shall be given by posting the same in a postage
paid envelope addressed to each holder of Series&nbsp;AE Preferred Shares to be redeemed at the last
address of such holder as it appears on the securities register of the Corporation or, in the
event of the address of any holder not so appearing, then to the address of such holder last
known to the Corporation, provided that the accidental failure or omission to give any such
notices as aforesaid to one or more of such holders shall not affect the validity of the
redemption as to the other holders of the Series&nbsp;AE Preferred Shares to be redeemed. Such
notice shall set out the number of such Series&nbsp;AE Preferred Shares held by the person to whom it
is addressed which are to be redeemed and the redemption price and shall also set out the date
on which the redemption is to take place, and on and after the date so specified for redemption
the Corporation shall pay or cause to be paid to the holders of such Series&nbsp;AE Preferred Shares
to be redeemed the redemption price on presentation and surrender at any place or places within
Canada designated by such notice, of the certificate or certificates for such Series&nbsp;AE
Preferred Shares so called for redemption; such payment shall be made by cheque payable at par
at any branch in Canada of the Corporation&#146;s bankers; from and after the date specified in any
such notice, the Series&nbsp;AE Preferred Shares called for redemption shall cease to be entitled to
dividends and the holders thereof shall not be entitled to exercise any of the rights of
shareholders in respect thereof unless payment of the redemption price shall not be duly made by
the Corporation; at any time after notice of redemption is given as aforesaid, the Corporation
shall have the right to deposit the redemption price of any or all Series&nbsp;AE Preferred Shares
called for redemption with any chartered bank or banks or with any trust company or trust
companies in Canada named in the notice of redemption to the credit of a special account or
accounts in trust for the respective holders of such shares, to be paid to them respectively
upon surrender to such bank or banks or trust company or trust companies of the certificate or
certificates representing the same, and upon such deposit or deposits being made, such shares
shall be redeemed on the redemption date specified in the notice of
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 6 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> redemption; after the Corporation has made a deposit as aforesaid with respect to any shares,
the holders thereof shall not, from and after the redemption date, be entitled to exercise any
of the rights of shareholders in respect thereof and the rights of the holders thereof shall be
limited to receiving the proportion of the amounts so deposited applicable to such shares,
without interest; any interest allowed on such deposit shall belong to the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion of Series&nbsp;AE Preferred Shares</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion at the Option of the Holder</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AE Preferred Shares shall have the right, at their option, on February&nbsp;1, 2010
and on February 1 in every fifth year thereafter (a &#147;Conversion Date&#148;), to convert, subject to
the terms and conditions hereof, all or any Series&nbsp;AE Preferred Shares registered in their name
into Series&nbsp;AF Preferred Shares of the Corporation on the basis of one (1)&nbsp;Series&nbsp;AF Preferred
Share for each Series&nbsp;AE Preferred Share. The Corporation shall give notice in writing to the
then holders of the Series&nbsp;AE Preferred Shares of the Selected Percentage Rate (as defined in
section 3.24.1.1 of the articles of the Corporation relating to the Series&nbsp;AF Preferred Shares)
determined by the Board of Directors to be applicable for the next succeeding Fixed Dividend
Rate Period (as defined in section 3.24.1.1 of the articles of the Corporation relating to the Series
AF Preferred Shares) and of the conversion right provided for herein; such notice shall be given
by posting the same in a postage paid envelope addressed to each holder of the Series&nbsp;AE
Preferred Shares at the last address of such holder as it appears on the securities register of
the Corporation or, in the event of the address of any holder not so appearing, then to the
address of such holder last known to the Corporation. Such notice shall set out the Conversion
Date and shall be given not less than 45&nbsp;days nor more than 60&nbsp;days prior to the applicable
Conversion Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the
Corporation gives notice as provided in section 3.23.3 to the holders of the Series&nbsp;AE
Preferred Shares of the redemption of all the Series&nbsp;AE Preferred Shares, the Corporation shall
not be required to give notice as provided in this section 3.23.4.1 to the holders of the Series&nbsp;AE
Preferred Shares of a Selected Percentage Rate (as defined in section
3.24.1.1 of the articles of the
Corporation relating to the Series&nbsp;AF Preferred Shares) for the Series&nbsp;AF Preferred Shares or of
the conversion right and the right of any holder of Series&nbsp;AE Preferred Shares to convert such
Series&nbsp;AE Preferred Shares as herein provided shall cease and terminate in that event.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AE Preferred Shares shall not be entitled to convert their shares into Series
AF Preferred Shares if, following the close of business on the 14th day preceding a Conversion
Date, the Corporation determines that there would remain outstanding on the Conversion Date less
than 1,000,000 Series&nbsp;AF Preferred Shares, after taking into account all Series&nbsp;AE Preferred
Shares tendered for conversion into Series&nbsp;AF Preferred Shares and all Series&nbsp;AF Preferred
Shares tendered for conversion into Series&nbsp;AE Preferred Shares. The Corporation shall give
notice in writing thereof, in accordance with the provisions of the first paragraph of this
section 3.23.4.1, to all affected holders of Series&nbsp;AE Preferred Shares at least seven (7)&nbsp;days prior
to the applicable Conversion Date and will issue and deliver, or cause to be delivered, prior to
such Conversion Date, at the expense of the Corporation, to such holders of Series&nbsp;AE Preferred
Shares, who have surrendered for conversion any certificate or certificates representing Series
AE Preferred Shares, new certificates representing the Series&nbsp;AE Preferred Shares represented by
any certificate or certificates surrendered as aforesaid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Automatic Conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If following the close of business on the 14th day preceding a Conversion Date the Corporation
determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series
AE Preferred Shares after taking into account all Series&nbsp;AE Preferred Shares tendered for
conversion into Series&nbsp;AF Preferred Shares and all Series&nbsp;AF Preferred Shares tendered for
conversion into Series
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 7 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> AE Preferred Shares, then, all, but not part, of the remaining outstanding Series&nbsp;AE Preferred
Shares shall automatically be converted into Series&nbsp;AF Preferred Shares on the basis of one (1)
Series&nbsp;AF Preferred Share for each Series&nbsp;AE Preferred Share on the applicable Conversion Date
and the Corporation shall give notice in writing thereof, in accordance with the provisions of
section 3.23.4.1, to the holders of such remaining Series&nbsp;AE Preferred Shares at least seven (7)&nbsp;days
prior to the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>3.23.4.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manner of Exercise of Conversion Privilege</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The conversion of Series&nbsp;AE Preferred Shares may be effected by surrender of the certificate or
certificates representing the same not earlier than 45&nbsp;days prior to a Conversion Date but not
later than the close of business on the 14th day preceding a Conversion Date during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AE
Preferred Shares are transferable accompanied by: (i)&nbsp;payment or evidence of payment of the tax
(if any) payable as provided in this section 3.23.4.3; and (ii)&nbsp;a written instrument of surrender in
form satisfactory to the Corporation duly executed by the holder, or his attorney duly
authorized in writing, in which instrument such holder may also elect to convert part only of
the Series&nbsp;AE Preferred Shares represented by such certificate or certificates not theretofore
called for redemption in which event the Corporation shall issue and deliver or cause to be
delivered to such holder, at the expense of the Corporation, a new certificate representing the
Series&nbsp;AE Preferred Shares represented by such certificate or certificates which have not been
converted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event the Corporation is required to convert all remaining outstanding Series&nbsp;AE
Preferred Shares into Series&nbsp;AF Preferred Shares on the applicable Conversion Date as provided
for in section 3.23.4.2, the Series&nbsp;AE Preferred Shares in respect of which the holders have not
previously elected to convert shall be converted on the Conversion Date into Series&nbsp;AF Preferred
Shares and the holders thereof shall be deemed to be holders of Series&nbsp;AF Preferred Shares at
the close of business on the Conversion Date and shall be entitled, upon surrender during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AE
Preferred Shares were transferable of the certificate or certificates representing Series&nbsp;AE
Preferred Shares not previously surrendered for conversion, to receive a certificate or
certificates representing the same number of Series&nbsp;AF Preferred Shares in the manner and
subject to the terms and provisions as provided in this section
3.23.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">As promptly as practicable after the Conversion Date, the Corporation shall issue and deliver,
or cause to be delivered to or upon the written order of the holder of the Series&nbsp;AE Preferred
Shares so surrendered, a certificate or certificates, issued in the name of, or in such name or
names as may be directed by, such holder representing the number of fully-paid and
non-assessable Series&nbsp;AF Preferred Shares and the number of remaining Series&nbsp;AE Preferred
Shares, if any, to which such holder is entitled. Such conversion shall be deemed to have been
made at the close of business on the Conversion Date, so that the rights of the holder of such
Series&nbsp;AE Preferred Shares as the holder thereof shall cease at such time and the person or
persons entitled to receive Series&nbsp;AF Preferred Shares upon such conversion shall be treated for
all purposes as having become the holder or holders of record of such Series&nbsp;AF Preferred Shares
at such time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holder of any Series&nbsp;AE Preferred Share on the record date for any dividend declared payable
on such share shall be entitled to such dividend notwithstanding that such share is converted
into a Series&nbsp;AF Preferred Share after such record date and on or before the date of the payment
of such dividend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The issuance of certificates for the Series&nbsp;AF Preferred Shares upon the conversion of Series&nbsp;AE
Preferred Shares shall be made without charge to the converting holders of Series&nbsp;AE Preferred
Shares for any fee or tax in respect of the issuance of such certificates or the Series&nbsp;AF
Preferred Shares represented thereby; provided, however, that the Corporation shall not be
required to pay any
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 8 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> tax which may be imposed upon the person or persons to whom such Series&nbsp;AF Preferred Shares are
issued in respect of the issuance of such Series&nbsp;AF Preferred Shares or the certificate therefor
or which may be payable in respect of any transfer involved in the issuance and delivery of any
such certificate in a name or names other than that of the holder of the Series&nbsp;AE Preferred
Shares converted, and the Corporation shall not be required to issue or deliver such certificate
unless the person or persons requesting the issuance thereof shall have paid to the Corporation
the amount of such tax or shall have established to the satisfaction of the Corporation that
such tax has been paid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Status of Converted Series&nbsp;AE Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All Series&nbsp;AE Preferred Shares converted into Series&nbsp;AF Preferred Shares on a Conversion Date
shall not be cancelled but shall be restored to the status of authorized but unissued shares of
the Corporation as at the close of business on the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions on Dividends and Retirement of Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Without the approval of the holders of outstanding Series&nbsp;AE Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not declare, pay or set apart for payment any dividends
(other than stock dividends payable in shares of the Corporation ranking junior to the
Series&nbsp;AE Preferred Shares) on the Common Shares of the Corporation or any other shares
of the Corporation ranking junior to the Series&nbsp;AE Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire or make any
capital distribution on or in respect of the Common Shares of the Corporation or any
other shares of the Corporation ranking junior to the Series&nbsp;AE Preferred Shares
(except out of the net cash proceeds of a substantially concurrent issue of shares of
the Corporation ranking junior to the Series&nbsp;AE Preferred Shares);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not purchase or otherwise retire less than all of the
Series&nbsp;AE Preferred Shares then outstanding; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire (except in
connection with the exercise of any retraction privilege or any mandatory redemption
obligation attaching thereto) any shares of any class or series ranking on a parity
with the Series&nbsp;AE Preferred Shares provided that, for greater certainty, the covenant
in this clause (d)&nbsp;shall not limit or affect any such action in
respect of any class of shares ranking in priority to the Series&nbsp;AE Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">unless, in each such case, all cumulative dividends on outstanding Series&nbsp;AE Preferred Shares
accrued up to and including the dividend payable for the last completed period for which
dividends were payable shall have been declared and paid.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval of the holders of Series&nbsp;AE Preferred Shares required to be given pursuant to this
section 3.23.5 may be given in accordance with the second paragraph
of section 3.23.7 and section 3.23.10.
Notwithstanding the provisions of section 3.23.10 hereof, any approval required to be given pursuant
to this section 3.23.5 shall be required to be given only by the affirmative vote of the holders of
the majority of the Series&nbsp;AE Preferred Shares present or represented at a meeting, or adjourned
meeting, of the holders of Series&nbsp;AE Preferred Shares duly called for the purpose and at which a
quorum is present.
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 9 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.6</I></B></TD>
    <TD width="1%"><B><I>&nbsp;</I></B></TD>
    <TD><DIV style="text-align: justify"><B><I>
Purchase for Cancellation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may at any time purchase for cancellation the whole or any part of the Series&nbsp;AE
Preferred Shares outstanding from time to time, in the open market through or from an investment
dealer or any firm holding membership on a recognized stock exchange, or by private agreement or
otherwise, at the lowest price or prices at which in the opinion of
the Board of Directors such shares are obtainable.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Voting Rights</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation fails to pay eight (8)&nbsp;dividends on the Series&nbsp;AE Preferred Shares, whether
or not consecutive, the holders of the Series&nbsp;AE Preferred Shares shall have the right to
receive notice of, and to attend, each meeting of shareholders of the Corporation which takes
place more than 60&nbsp;days after the date on which the failure first occurs (other than a separate
meeting of the holders of another series or class of shares) and such holders shall also have
the right, at any such meeting, to one (1)&nbsp;vote for each Series&nbsp;AE Preferred Share held, until
all such arrears of dividends on the Series&nbsp;AE Preferred Shares shall have been paid whereupon
such rights shall cease unless and until the same default shall again arise under the provisions
of this section 3.23.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In connection with any actions to be taken by the Corporation which require the approval of the
holders of the Series&nbsp;AE Preferred Shares voting as a series or as part of a class, each Series
AE Preferred Share shall entitle the holder thereof to one (1)&nbsp;vote for such purpose.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Issue of Additional Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may issue additional series of First Preferred Shares ranking on a parity with
the Series&nbsp;AE Preferred Shares without the authorization of the holders of the Series&nbsp;AE
Preferred Shares.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The provisions attaching to the Series&nbsp;AE Preferred Shares as a series may be repealed, altered,
modified or amended from time to time with such approval as may then be required by the <I>Canada
Business Corporations Act </I>(in these Articles, the &#147;CBCA&#148;), any such approval to be given in
accordance with section 3.23.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">None of the series provisions of the articles of the Corporation relating to the Series&nbsp;AE
Preferred Shares shall be amended or otherwise changed unless, contemporaneously therewith, the
series provisions, if any, relating to the Series&nbsp;AF Preferred Shares are, to the extent deemed
required by the Corporation, amended or otherwise changed in the same proportion and in the same
manner.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approval of Holders of Series&nbsp;AE Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval given by the holders of the Series&nbsp;AE Preferred Shares shall be deemed to have been
sufficiently given if it shall have been given by the holders of Series&nbsp;AE Preferred Shares as
provided in the provisions attaching to the First Preferred Shares as a class, which provisions
shall apply mutatis mutandis.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Tax Election</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall elect, in the manner and within the time provided under the Income Tax Act
(Canada) (the &#147;ITA&#148;), under subsection 191.2(1) of the said Act, or any successor or replacement
provision of similar effect, and take all other necessary action under such Act, to pay tax at a
rate such that no holder of the Series&nbsp;AE Preferred Shares will be required to pay tax on
dividends received on
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 10 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> the Series&nbsp;AE Preferred Shares under section 187.2 of Part&nbsp;IV.I of such Act or any successor or
replacement provision of similar effect.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Mail Service Interruption</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation determines that mail service is, or is threatened to be, interrupted at the
time when the Corporation is required or elects to give any notice hereunder by mail, or is
required to send any cheque or any share certificate to the holder of any Series&nbsp;AE Preferred
Shares, whether in connection with the redemption or conversion of such share or otherwise, the
Corporation may, notwithstanding the provisions hereof:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">give such notice by telex, telecopier or telegraph communication or by means of
publication once in each of two successive weeks in a newspaper of general circulation
published or distributed in Montr&#233;al and Toronto and such notice shall be deemed to
have been given on the date on which such telex, telecopier or telegraph communication
was given or on the date on which the first publication has taken place; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">fulfill the requirement to send such cheque or such share certificate by
arranging for delivery thereof to the principal office of the Corporation in Montr&#233;al,
and such cheque and/or certificate shall be deemed to have been sent on the date on
which notice of such arrangement shall have been given as provided in (a)&nbsp;above,
provided that as soon as the Corporation determines that mail service is no longer
interrupted or threatened to be interrupted such cheque or share certificate, if not
theretofore delivered to such holder, shall be sent by ordinary unregistered first
class prepaid mail to the registered address of each person who at the date of mailing
is a registered holder and who is entitled to receive such cheque or share certificate,
or in the event of the address of any such holder not appearing on the securities
register of the Corporation, then at the last address of such holder known to the
Corporation.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Notice of Annual Dividend Rate Applicable to the Series&nbsp;AF Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Within three (3)&nbsp;business days of the determination of the Annual Dividend Rate (as defined in
section 3.24.1.1 of the articles of the Corporation relating to the Series&nbsp;AF Preferred Shares) (other
than, for greater certainty, the Annual Dividend Rate for the initial Fixed Dividend Rate
Period) the Corporation shall give notice thereof to the holders of the Series&nbsp;AE Preferred
Shares by publication once in the national edition of The Globe and Mail in the English language
and once in the City of Montr&#233;al in both the French and English languages in a daily newspaper
of general circulation in Montr&#233;al; provided that if any such newspaper is not being generally
circulated at that time, such notice shall be published in another equivalent publication.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the provisions herein contained attaching to the Series&nbsp;AE Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;accrued and unpaid dividend&#148; means the aggregate of (i)&nbsp;all unpaid dividends
on the Series&nbsp;AE Preferred Shares for any Dividend Period and (ii)&nbsp;the amount
calculated as though dividends on each Series&nbsp;AE Preferred Share had been accruing on a
day-to-day basis from and including the first day of the Month immediately following
the Dividend Period with respect to which the last monthly dividend will be or was, as
the case may be, payable to but excluding the date to which the computation of accrued
dividends is to be made; and</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 11 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;in priority to&#148;, &#147;on a parity with&#148; and &#147;junior to&#148; have reference to the
order of priority in payment of dividends and in the distribution of assets in the
event of any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, or other distribution of the assets of the Corporation among
its shareholders for the purpose of winding up its affairs.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.23.15</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpretation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event that any date on which any dividend on the Series&nbsp;AE Preferred Shares is payable by
the Corporation, or any date on or by which any other action is required to be taken by the
Corporation or the holders of Series&nbsp;AE Preferred Shares hereunder, is not a business day (as
hereinafter defined), then such dividend shall be payable, or such other action shall be
required to be taken, on or by the next succeeding day that is a business day. A &#147;business day&#148;
shall be a day other than a Saturday, a Sunday or any other day that is treated as a holiday at
the Corporation&#146;s principal office in Canada.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.24
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERIES AF PREFERRED SHARES</B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Series&nbsp;AF Preferred Shares shall, in addition to the rights, privileges, restrictions and
conditions attaching to the First Preferred Shares as a class, carry and be subject to the
following rights, privileges, restrictions and conditions:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividend</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">For the purposes hereof, the following capitalized terms shall have the following meanings,
unless the context otherwise requires:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Annual Dividend Rate&#148; means for any Fixed Dividend Rate Period the rate of
interest expressed as a percentage per annum (rounded to the nearest one-thousandth of
one percent (0.001%)) which is equal to the Government of Canada Yield multiplied by
the Selected Percentage Rate for such Fixed Dividend Rate Period and, for the initial
Fixed Dividend Rate Period, means 4.400% per annum;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Dividend Payment Date&#148; means the first day of each of February, May, August
and November in each year, and the first Dividend Payment Date shall be February&nbsp;1,
2007;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Fixed Dividend Rate Period&#148; means, for the initial Fixed Dividend Rate Period,
the period commencing on the date Series&nbsp;AF Preferred Shares are first issued and
ending on and including January&nbsp;31, 2010 and for each succeeding Fixed Dividend Rate
Period, the period commencing on the day immediately following the end of the
immediately preceding Fixed Dividend Rate Period and ending on and including January&nbsp;31
in the fifth year immediately thereafter;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Government of Canada Yield&#148; on any date shall mean the average of the yields
determined by two registered Canadian investment dealers, selected by the Board of
Directors, as being the yield to maturity on such date compounded semi-annually and
calculated in accordance with generally accepted financial practice, which a
non-callable Government of Canada Bond would carry if issued in Canadian dollars in
Canada at 100% of its principal amount on such date with a term to maturity of five
years; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Selected Percentage Rate&#148; for each Fixed Dividend Rate Period means the rate
of interest, expressed as a percentage of the Government of Canada Yield, determined by</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 12 - <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Board of Directors as set forth in the notice to the holders of the Series&nbsp;AF
Preferred Shares given in accordance with the provisions of section
3.24.4.1, which rate of
interest shall be not less than 80% of the Government of Canada Yield.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>General</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holders of the Series&nbsp;AF Preferred Shares shall be entitled to receive fixed, cumulative,
preferred cash dividends, as and when declared by the Board of Directors, out of moneys of the
Corporation properly applicable to the payment of dividends, in the amount per share per annum
determined by multiplying the Annual Dividend Rate by $25.00 payable quarterly in respect of
each 12&nbsp;month period on the first day of February, May, August and November by cheque at par in
lawful money of Canada at any branch in Canada of the Corporation&#146;s bankers. Notwithstanding the
foregoing or anything to the contrary in these Articles, such dividends are deemed to have
commenced to accrue on November&nbsp;1, 2006 at the Annual Dividend Rate for the initial Fixed
Dividend Rate Period, regardless of whether any Series&nbsp;AF Preferred Shares were outstanding on
such date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dividends declared on the Series&nbsp;AF Preferred Shares shall (except in case of redemption in
which case payment of dividends shall be made on surrender of the certificate representing the
Series&nbsp;AF Preferred Shares to be redeemed) be paid by posting in a postage paid envelope
addressed to each holder of the Series&nbsp;AF Preferred Shares at the last address of such holder as
it appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation, or,
in the case of joint holders, to the address of that one whose name appears first in the
securities register of the Corporation as one of such joint holders, a cheque for such dividends
(less any tax required to be deducted) payable to the order of such holder or, in the case of
joint holders, to the order of all such holders failing written instructions from them to the
contrary. Notwithstanding the foregoing, any dividend cheque may be delivered by the
Corporation to a holder of Series&nbsp;AF Preferred Shares at his address as aforesaid. The posting
or delivery of such cheque shall be deemed to be payment and shall satisfy and discharge all
liabilities for the payment of such dividends to the extent of the sum represented thereby (plus
the amount of any tax required to be deducted as aforesaid) unless such cheque is not paid on
due presentation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Calculation of Annual Dividend Rate</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall calculate on the 21st day prior to the first day of each Fixed Dividend
Rate Period (other than, for greater certainty, the initial Fixed Dividend Rate Period) the
Annual Dividend Rate for each Fixed Dividend Rate Period based upon the Selected Percentage Rate
and the Government of Canada Yield in effect at 10:00&nbsp;A.M. (Montr&#233;al time) on the said 21st day
prior to the first day of each Fixed Dividend Rate Period and give notice thereof: (i)&nbsp;within
one (1)&nbsp;business day to all stock exchanges in Canada on which the Series&nbsp;AF Preferred Shares
are listed for trading or if the Series&nbsp;AF Preferred Shares are not listed on a stock exchange
in Canada, to the Investment Dealers Association of Canada; and (ii)&nbsp;within three (3)&nbsp;business
days to, except in relation to the initial Fixed Dividend Rate Period, the holders of the Series
AF Preferred Shares by publication once in the national edition of The Globe and Mail in the
English language and once in the City of Montr&#233;al in both the French and English languages in a
daily newspaper of general circulation in Montr&#233;al; provided that if any such newspaper is not
being generally circulated at that time, such notice shall be published in another equivalent
publication.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rights on Liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event of the liquidation, dissolution or winding up of the Corporation or any other
distribution of assets of the Corporation for the purpose of winding up its affairs, the holders
of the Series&nbsp;AF Preferred Shares shall be entitled to receive $25.00 per Series&nbsp;AF Preferred
Share together with all
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 13 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> dividends accrued and unpaid up to but excluding the date of payment or distribution, before any
amounts shall be paid or any assets of the Corporation distributed to the holders of the Common
Shares of the Corporation or any other shares ranking junior to the Series&nbsp;AF Preferred Shares.
Upon payment of such amounts, the holders of the Series&nbsp;AF Preferred Shares shall not be
entitled to share in any further distribution of the property or assets of the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Redemption at the Option of the Corporation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may not redeem any of the Series&nbsp;AF Preferred Shares prior to February&nbsp;1, 2010.
Subject to applicable law and section 3.24.5 hereof, upon giving notice as hereinafter provided, the
Corporation may, on February&nbsp;1, 2010 or on February 1 in every fifth year thereafter, redeem
all, but not less than all, of the outstanding Series&nbsp;AF Preferred Shares on payment of $25.00
for each such share to be redeemed together with accrued and unpaid dividends up to but
excluding the date fixed for redemption, the whole constituting the redemption price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall give notice in writing not less than 45&nbsp;days nor more than 60&nbsp;days prior
to the date on which the redemption is to take place to each person who at the date of giving
such notice is the holder of Series&nbsp;AF Preferred Shares to be redeemed of the intention of the
Corporation to redeem such shares; such notice shall be given by posting the same in a postage
paid envelope addressed to each holder of Series&nbsp;AF Preferred Shares to be redeemed at the last
address of such holder as it appears on the securities register of the Corporation or, in the
event of the address of any holder not so appearing, then to the address of such holder last
known to the Corporation, provided that the accidental failure or omission to give any such
notices as aforesaid to one or more of such holders shall not affect the validity of the
redemption as to the other holders of the Series&nbsp;AF Preferred Shares to be redeemed. Such
notice shall set out the number of such Series&nbsp;AF Preferred Shares held by the person to whom it
is addressed which are to be redeemed and the redemption price and shall also set out the date
on which the redemption is to take place, and on and after the date so specified for redemption
the Corporation shall pay or cause to be paid to the holders of such Series&nbsp;AF Preferred Shares
to be redeemed the redemption price on presentation and surrender at any place or places within
Canada designated by such notice, of the certificate or certificates for such Series&nbsp;AF
Preferred Shares so called for redemption; such payment shall be made by cheque payable at par
at any branch in Canada of the Corporation&#146;s bankers; from and after the date specified in any
such notice, the Series&nbsp;AF Preferred Shares called for redemption shall cease to be entitled to
dividends and the holders thereof shall not be entitled to exercise any of the rights of
shareholders in respect thereof unless payment of the redemption price shall not be duly made by
the Corporation; at any time after notice of redemption is given as aforesaid, the Corporation
shall have the right to deposit the redemption price of any or all Series&nbsp;AF Preferred Shares
called for redemption with any chartered bank or banks or with any trust company or trust
companies in Canada named in the notice of redemption to the credit of a special account or
accounts in trust for the respective holders of such shares, to be paid to them respectively
upon surrender to such bank or banks or trust company or trust companies of the certificate or
certificates representing the same, and upon such deposit or deposits being made, such shares
shall be redeemed on the redemption date specified in the notice of redemption; after the
Corporation has made a deposit as aforesaid with respect to any shares, the holders thereof
shall not, from and after the redemption date, be entitled to exercise any of the rights of
shareholders in respect thereof and the rights of the holders thereof shall be limited to
receiving the proportion of the amounts so deposited applicable to such shares, without
interest; any interest allowed on such deposit shall belong to the Corporation.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 14 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion of Series&nbsp;AF Preferred Shares</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion at the Option of the Holder</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AF Preferred Shares shall have the right, at their option, on February&nbsp;1, 2010
and on February 1 in every fifth year thereafter (a &#147;Conversion Date&#148;), to convert, subject to
the terms and conditions hereof, all or any Series&nbsp;AF Preferred Shares registered in their name
into Series&nbsp;AE Preferred Shares of the Corporation on the basis of one (1)&nbsp;Series&nbsp;AE Preferred
Share for each Series&nbsp;AF Preferred Share. The Corporation shall give notice in writing to the
then holders of the Series&nbsp;AF Preferred Shares of the Selected Percentage Rate determined by the
Board of Directors to be applicable for the next succeeding Fixed Dividend Rate Period and of
the conversion right provided for herein; such notice shall be given by posting the same in a
postage paid envelope addressed to each holder of the Series&nbsp;AF Preferred Shares at the last
address of such holder as it appears on the securities register of the Corporation or, in the
event of the address of any holder not so appearing, then to the address of such holder last
known to the Corporation. Such notice shall set out the Conversion Date and shall be given not
less than 45&nbsp;days nor more than 60&nbsp;days prior to the applicable Conversion Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the
Corporation gives notice as provided in section 3.24.3 to the holders of the Series&nbsp;AF
Preferred Shares of the redemption of all the Series&nbsp;AF Preferred Shares, the Corporation shall
not be required to give notice as provided in this section 3.24.4.1 to the holders of the Series&nbsp;AF
Preferred Shares of a Selected Percentage Rate or of the conversion right and the right of any
holder of Series&nbsp;AF Preferred Shares to convert such Series&nbsp;AF Preferred Shares as herein
provided shall cease and terminate in that event.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AF Preferred Shares shall not be entitled to convert their shares into Series
AE Preferred Shares if, following the close of business on the 14th day preceding a Conversion
Date, the Corporation determines that there would remain outstanding on the Conversion Date less
than 1,000,000 Series&nbsp;AE Preferred Shares, after taking into account all Series&nbsp;AF Preferred
Shares tendered for conversion into Series&nbsp;AE Preferred Shares and all Series&nbsp;AE Preferred
Shares tendered for conversion into Series&nbsp;AF Preferred Shares. The Corporation shall give
notice in writing thereof, in accordance with the provisions of the first paragraph of this
section 3.24.4.1, to all affected holders of Series&nbsp;AF Preferred Shares at least seven (7)&nbsp;days prior
to the applicable Conversion Date and will issue and deliver, or cause to be delivered, prior to
such Conversion Date, at the expense of the Corporation, to such holders of Series&nbsp;AF Preferred
Shares, who have surrendered for conversion any certificate or certificates representing Series
AF Preferred Shares, new certificates representing the Series&nbsp;AF Preferred Shares represented by
any certificate or certificates surrendered as aforesaid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Automatic Conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If following the close of business on the 14th day preceding a Conversion Date the Corporation
determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series
AF Preferred Shares after taking into account all Series&nbsp;AF Preferred Shares tendered for
conversion into Series&nbsp;AE Preferred Shares and all Series&nbsp;AE Preferred Shares tendered for
conversion into Series&nbsp;AF Preferred Shares, then, all, but not part, of the remaining
outstanding Series&nbsp;AF Preferred Shares shall automatically be converted into Series&nbsp;AE Preferred
Shares on the basis of one (1)&nbsp;Series&nbsp;AE Preferred Share for each Series&nbsp;AF Preferred Share on
the applicable Conversion Date and the Corporation shall give notice in writing thereof, in
accordance with the provisions of section 3.24.4.1, to the holders of such remaining Series&nbsp;AF
Preferred Shares at least seven (7)&nbsp;days prior to the Conversion Date.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 15 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Manner of Exercise of Conversion Privilege</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The conversion of Series&nbsp;AF Preferred Shares may be effected by surrender of the certificate or
certificates representing the same not earlier than 45&nbsp;days prior to a Conversion Date but not
later than the close of business on the 14th day preceding a Conversion Date during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AF
Preferred Shares are transferable accompanied by: (i)&nbsp;payment or evidence of payment of the tax
(if any) payable as provided in this section 3.24.4.3; and (ii)&nbsp;a written instrument of surrender in
form satisfactory to the Corporation duly executed by the holder, or his attorney duly
authorized in writing, in which instrument such holder may also elect to convert part only of
the Series&nbsp;AF Preferred Shares represented by such certificate or certificates not theretofore
called for redemption in which event the Corporation shall issue and deliver or cause to be
delivered to such holder, at the expense of the Corporation, a new certificate representing the
Series&nbsp;AF Preferred Shares represented by such certificate or certificates which have not been
converted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event the Corporation is required to convert all remaining outstanding Series&nbsp;AF
Preferred Shares into Series&nbsp;AE Preferred Shares on the applicable Conversion Date as provided
for in section 3.24.4.2, the Series&nbsp;AF Preferred Shares in respect of which the holders have not
previously elected to convert shall be converted on the Conversion Date into Series&nbsp;AE Preferred
Shares and the holders thereof shall be deemed to be holders of Series&nbsp;AE Preferred Shares at
the close of business on the Conversion Date and shall be entitled, upon surrender during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AF
Preferred Shares were transferable of the certificate or certificates representing Series&nbsp;AF
Preferred Shares not previously surrendered for conversion, to receive a certificate or
certificates representing the same number of Series&nbsp;AE Preferred Shares in the manner and
subject to the terms and provisions as provided in this section 3.24.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">As promptly as practicable after the Conversion Date, the Corporation shall issue and deliver,
or cause to be delivered to or upon the written order of the holder of the Series&nbsp;AF Preferred
Shares so surrendered, a certificate or certificates, issued in the name of, or in such name or
names as may be directed by, such holder representing the number of fully-paid and
non-assessable Series&nbsp;AE Preferred Shares and the number of remaining Series&nbsp;AF Preferred
Shares, if any, to which such holder is entitled. Such conversion shall be deemed to have been
made at the close of business on the Conversion Date, so that the rights of the holder of such
Series&nbsp;AF Preferred Shares as the holder thereof shall cease at such time and the person or
persons entitled to receive Series&nbsp;AE Preferred Shares upon such conversion shall be treated for
all purposes as having become the holder or holders of record of such Series&nbsp;AE Preferred Shares
at such time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holder of any Series&nbsp;AF Preferred Share on the record date for any dividend declared payable
on such share shall be entitled to such dividend notwithstanding that such share is converted
into a Series&nbsp;AE Preferred Share after such record date and on or before the date of the payment
of such dividend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The issuance of certificates for the Series&nbsp;AE Preferred Shares upon the conversion of Series&nbsp;AF
Preferred Shares shall be made without charge to the converting holders of Series&nbsp;AF Preferred
Shares for any fee or tax in respect of the issuance of such certificates or the Series&nbsp;AE
Preferred Shares represented thereby; provided, however, that the Corporation shall not be
required to pay any tax which may be imposed upon the person or persons to whom such Series&nbsp;AE
Preferred Shares are issued in respect of the issuance of such Series&nbsp;AE Preferred Shares or the
certificate therefor or which may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate in a name or names other than that of the holder of the
Series&nbsp;AF Preferred Shares converted, and the Corporation shall not be required to issue or
deliver such certificate unless the person or persons requesting the issuance thereof shall have
paid to the Corporation the amount of such tax or shall have established to the satisfaction of
the Corporation that such tax has been paid.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 16 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Status of Converted Series&nbsp;AF Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All Series&nbsp;AF Preferred Shares converted into Series&nbsp;AE Preferred Shares on a Conversion Date
shall not be cancelled but shall be restored to the status of authorized but unissued shares of
the Corporation as at the close of business on the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions on Dividends and Retirement of Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Without the approval of the holders of outstanding Series&nbsp;AF Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not declare, pay or set apart for payment any dividends
(other than stock dividends payable in shares of the Corporation ranking junior to the
Series&nbsp;AF Preferred Shares) on the Common Shares of the Corporation or any other shares
of the Corporation ranking junior to the Series&nbsp;AF Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire or make any
capital distribution on or in respect of the Common Shares of the Corporation or any
other shares of the Corporation ranking junior to the Series&nbsp;AF Preferred Shares
(except out of the net cash proceeds of a substantially concurrent issue of shares of
the Corporation ranking junior to the Series&nbsp;AF Preferred Shares);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not purchase or otherwise retire less than all of the
Series&nbsp;AF Preferred Shares then outstanding; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire (except in
connection with the exercise of any retraction privilege or any mandatory redemption
obligation attaching thereto) any shares of any class or series ranking on a parity
with the Series&nbsp;AF Preferred Shares provided that, for greater certainty, the covenant
in this clause (d)&nbsp;shall not limit or affect any such action in
respect of any class of shares ranking in priority to the Series&nbsp;AF Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">unless, in each such case, all cumulative dividends on outstanding Series&nbsp;AF Preferred Shares
accrued up to and including the dividend payable for the last completed period for which
dividends were payable shall have been declared and paid.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval of the holders of Series&nbsp;AF Preferred Shares required to be given pursuant to this
section 3.24.5  may be given in accordance with the second paragraph
of section 3.24.7 and section 3.24.10.
Notwithstanding the provisions of section 3.24.10 hereof, any approval required to be given pursuant
to this section 3.24.5 shall be required to be given only by the affirmative vote of the holders of
the majority of the Series&nbsp;AF Preferred Shares present or represented at a meeting, or adjourned
meeting, of the holders of Series&nbsp;AF Preferred Shares duly called for the purpose and at which a
quorum is present.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Purchase for Cancellation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may at any time purchase for cancellation the whole or any part of the Series&nbsp;AF
Preferred Shares outstanding from time to time, in the open market through or from an investment
dealer or any firm holding membership on a recognized stock exchange, or by private agreement or
otherwise, at the lowest price or prices at which in the opinion of
the Board of Directors such shares are obtainable.
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 17 - <!-- /Folio -->



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.24.7 </I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting Rights</I></B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation fails to pay eight (8)&nbsp;dividends on the Series&nbsp;AF Preferred Shares, whether
or not consecutive, the holders of the Series&nbsp;AF Preferred Shares shall have the right to
receive notice of, and to attend, each meeting of shareholders of the Corporation which takes
place more than 60&nbsp;days after the date on which the failure first occurs (other than a separate
meeting of the holders of another series or class of shares) and such holders shall also have
the right, at any such meeting, to one (1)&nbsp;vote for each Series&nbsp;AF Preferred Share held, until
all such arrears of dividends on the Series&nbsp;AF Preferred Shares shall have been paid whereupon
such rights shall cease unless and until the same default shall again arise under the provisions
of this section 3.24.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In connection with any actions to be taken by the Corporation which require the approval of the
holders of the Series&nbsp;AF Preferred Shares voting as a series or as part of a class, each Series
AF Preferred Share shall entitle the holder thereof to one (1)&nbsp;vote for such purpose.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Issue of Additional Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may issue additional series of First Preferred Shares ranking on a parity with
the Series&nbsp;AF Preferred Shares without the authorization of the holders of the Series&nbsp;AF
Preferred Shares.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The provisions attaching to the Series&nbsp;AF Preferred Shares as a series may be repealed, altered,
modified or amended from time to time with such approval as may then be required by the CBCA,
any such approval to be given in accordance with section 3.24.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">None of the series provisions of the articles of the Corporation relating to the Series&nbsp;AF
Preferred Shares shall be amended or otherwise changed unless, contemporaneously therewith, the
series provisions, if any, relating to the Series&nbsp;AE Preferred Shares are, to the extent deemed
required by the Corporation, amended or otherwise changed in the same proportion and in the same
manner.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approval of Holders of Series&nbsp;AF Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval given by the holders of the Series&nbsp;AF Preferred Shares shall be deemed to have been
sufficiently given if it shall have been given by the holders of Series&nbsp;AF Preferred Shares as
provided in the provisions attaching to the First Preferred Shares as a class, which provisions
shall apply mutatis mutandis.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Tax Election</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall elect, in the manner and within the time provided under the ITA, under
subsection 191.2(1) of the said Act, or any successor or replacement provision of similar
effect, and take all other necessary action under such Act, to pay tax at a rate such that no
holder of the Series&nbsp;AF Preferred Shares will be required to pay tax on dividends received on
the Series&nbsp;AF Preferred Shares under section 187.2 of Part&nbsp;IV.I of such Act or any successor or
replacement provision of similar effect.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Mail Service Interruption</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation determines that mail service is, or is threatened to be, interrupted at the
time when the Corporation is required or elects to give any notice hereunder by mail, or is
required to send any cheque or any share certificate to the holder of any Series&nbsp;AF Preferred
Shares, whether in connection
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 18 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> with the redemption or conversion of such share or otherwise, the Corporation may,
notwithstanding the provisions hereof:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">give such notice by telex, telecopier or telegraph communication or by means of
publication once in each of two successive weeks in a newspaper of general circulation
published or distributed in Montr&#233;al and Toronto and such notice shall be deemed to
have been given on the date on which such telex, telecopier or telegraph communication
was given or on the date on which the first publication has taken place; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">fulfill the requirement to send such cheque or such share certificate by
arranging for delivery thereof to the principal office of the Corporation in Montr&#233;al,
and such cheque and/or certificate shall be deemed to have been sent on the date on
which notice of such arrangement shall have been given as provided in (a)&nbsp;above,
provided that as soon as the Corporation determines that mail service is no longer
interrupted or threatened to be interrupted such cheque or share certificate, if not
theretofore delivered to such holder, shall be sent by ordinary unregistered first
class prepaid mail to the registered address of each person who at the date of mailing
is a registered holder and who is entitled to receive such cheque or share certificate,
or in the event of the address of any such holder not appearing on the securities
register of the Corporation, then at the last address of such holder known to the
Corporation.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the provisions herein contained attaching to the Series&nbsp;AF Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;accrued and unpaid dividends&#148; means the aggregate of: (i)&nbsp;all unpaid dividends
on the Series&nbsp;AF Preferred Shares for any quarterly period; and (ii)&nbsp;the amount
calculated as though dividends on each Series&nbsp;AF Preferred Share had been accruing on a
day-to-day basis from and including the date on which the last quarterly dividend was
payable to but excluding the date to which the computation of accrued dividends is to
be made; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;in priority to&#148;, &#147;on a parity with&#148; and &#147;junior to&#148; have reference to the
order of priority in payment of dividends and in the distribution of assets in the
event of any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, or other distribution of the assets of the Corporation among
its shareholders for the purpose of winding up its affairs.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpretation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event that any date on which any dividend on the Series&nbsp;AF Preferred Shares is payable by
the Corporation, or any date on or by which any other action is required to be taken by the
Corporation or the holders of Series&nbsp;AF Preferred Shares hereunder, is not a business day (as
hereinafter defined), then such dividend shall be payable, or such other action shall be
required to be taken, on or by the next succeeding day that is a business day. A &#147;business day&#148;
shall be a day other than a Saturday, a Sunday or any other day that is treated as a holiday at
the Corporation&#146;s principal office in Canada.
</DIV>


</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 19 - <!-- /Folio -->



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.25 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERIES AG PREFERRED SHARES</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Series&nbsp;AG Preferred Shares shall, in addition to the rights, privileges, restrictions and
conditions attaching to the First Preferred Shares as a class, carry and be subject to the
following rights, privileges, restrictions and conditions:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividend</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">For the purposes hereof, the following capitalized terms shall have the following meanings,
unless the context otherwise requires:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Annual Dividend Rate&#148; means the Initial Fixed Dividend Rate or the Subsequent
Fixed Dividend Rate, whichever is provided by this section 3.25.1 to be applicable at the
relevant time;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Dividend Payment Date&#148; means the first day of each of February, May, August
and November in each year and the first Dividend Payment Date shall be February&nbsp;1,
2007;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Government of Canada Yield&#148; on any date shall mean the average of the yields
determined by two registered Canadian investment dealers, selected by the Corporation,
as being the yield to maturity on such date compounded semi-annually and calculated in
accordance with generally accepted financial practice, which a non-callable Government
of Canada Bond would carry if issued in Canadian dollars in Canada at 100% of its
principal amount on such date with a term to maturity of five years;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Electronic Delivery&#148; means the delivery by telecopier, electronic mail, the
internet or other electronic means;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Initial Fixed Dividend Rate&#148; means 4.35<B>% </B>per annum;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Initial Fixed Rate Period&#148; means the period commencing on the date Series&nbsp;AG
Preferred Shares are first issued and ending on and including April&nbsp;30, 2011;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Subsequent Fixed Dividend Rate&#148; means for any Subsequent Fixed Rate Period the
rate of interest expressed as a percentage per annum determined in accordance with
section 3.25.1.5 hereof;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Subsequent Fixed Rate Period&#148; means, for the initial Subsequent Fixed Rate
Period, the period commencing on May&nbsp;1, 2011, and ending on and including April&nbsp;30,
2016 and for each succeeding Subsequent Fixed Rate Period, the period commencing on the
day immediately following the end of the immediately preceding Subsequent Fixed Rate
Period and ending on and including April&nbsp;30 in the fifth year thereafter.</DIV></TD>
</TR>


</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 20 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>General</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holders of the Series&nbsp;AG Preferred Shares shall be entitled to receive fixed, cumulative,
preferred cash dividends, as and when declared by the Board of Directors, out of moneys of the
Corporation properly applicable to the payment of dividends, at the rates herein provided.
Dividends on the Series&nbsp;AG Preferred Shares shall accrue on a daily basis from and including the
date of issue thereof, and shall be payable quarterly during the Initial Fixed Rate Period and
during any Subsequent Fixed Rate Period. Payment of the dividend on the Series&nbsp;AG Preferred
Shares payable on any Dividend Payment Date (less any tax required to be deducted) shall be made
by cheque at par in lawful money of Canada payable at any branch in Canada of the Corporation&#146;s
bankers. Notwithstanding the foregoing or anything to the contrary in these Articles, such
dividends are deemed to have commenced to accrue on November&nbsp;1, 2006 at the Initial Fixed
Dividend Rate, regardless of whether any Series&nbsp;AG Preferred Shares were outstanding on such
date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dividends declared on the Series&nbsp;AG Preferred Shares shall (except in case of redemption in
which case payment of dividends shall be made on surrender of the certificate representing the
Series&nbsp;AG Preferred Shares to be redeemed) be paid by posting in a postage paid envelope
addressed to each holder of the Series&nbsp;AG Preferred Shares at the last address of such holder as
it appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation, or,
in the case of joint holders, to the address of that one whose name appears first in the
securities register of the Corporation as one of such joint holders, a cheque for such dividends
(less any tax required to be deducted) payable to the order of such holder or, in the case of
joint holders, to the order of all such holders failing written instructions from them to the
contrary. Notwithstanding the foregoing, any dividend cheque may be delivered by the
Corporation to a holder of Series&nbsp;AG Preferred Shares at his address as aforesaid. The posting
or delivery of such cheque shall be deemed to be payment and shall satisfy and discharge all
liabilities for the payment of such dividends to the extent of the sum represented thereby (plus
the amount of any tax required to be deducted as aforesaid) unless such cheque is not paid on
due presentation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Initial Fixed Rate Period</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">During the Initial Fixed Rate Period, the dividends in respect of the Series&nbsp;AG Preferred Shares
shall be payable quarterly at the Initial Fixed Dividend Rate. Accordingly, on each Dividend
Payment Date during the Initial Fixed Rate Period, including May&nbsp;1, 2011, the dividend payable
shall be $0.271875 per Series&nbsp;AG Preferred Share.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Subsequent Fixed Rate Period</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">During any Subsequent Fixed Rate Period, the dividends in respect of the Series&nbsp;AG Preferred
Shares shall be payable quarterly at the Subsequent Fixed Dividend Rate. Accordingly, on each
Dividend Payment Date during any Subsequent Fixed Rate Period, the dividend payable shall be in
the amount per share per annum (rounded to the nearest one-thousandth (1/1000) of one cent)
determined by multiplying the Annual Dividend Rate by $25.00.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Determination of Subsequent Fixed Dividend Rate</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall determine on the 25th day prior to the first day of each Subsequent Fixed
Rate Period the Annual Dividend Rate for each Subsequent Fixed Rate Period, which Annual
Dividend Rate shall not be less than 80% of the Government of Canada Yield in effect at 10:00
A.M. (Montr&#233;al time) on the said 25th day prior to the first day of each Subsequent Fixed Rate
Period, and give notice thereof: (i)&nbsp;within one (1)&nbsp;business day to all stock exchanges in
Canada on which the Series&nbsp;AG Preferred Shares are listed for trading or if the Series&nbsp;AG
Preferred Shares are not listed on a stock
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> exchange in Canada, to the Investment Dealers Association of Canada; and (ii)&nbsp;within three (3)
business days to the holders of the Series&nbsp;AG Preferred Shares by publication once in the
national edition of The Globe and Mail in the English language and once in the City of Montr&#233;al
in both the French and English languages in a daily newspaper of general circulation in
Montr&#233;al; provided that if any such newspaper is not being generally circulated at that time,
such notice shall be published in another equivalent publication.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rights on Liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event of the liquidation, dissolution or winding up of the Corporation or any other
distribution of assets of the Corporation for the purpose of winding up its affairs, the holders
of the Series&nbsp;AG Preferred Shares shall be entitled to receive $25.00 per Series&nbsp;AG Preferred
Share together with all dividends accrued and unpaid up to but excluding the date of payment or
distribution, before any amounts shall be paid or any assets of the Corporation distributed to
the holders of the Common Shares of the Corporation or any other shares ranking junior to the
Series&nbsp;AG Preferred Shares. Upon payment of such amounts, the holders of the Series&nbsp;AG
Preferred Shares shall not be entitled to share in any further distribution of the property or
assets of the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Redemption at the Option of the Corporation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may not redeem any of the Series&nbsp;AG Preferred Shares prior to May&nbsp;1, 2011.
Subject to applicable law and section 3.25.5 hereof, upon giving notice as hereinafter provided, the
Corporation may, on May&nbsp;1, 2011 or on May 1 in every fifth year thereafter, redeem all, but not
less than all, of the outstanding Series&nbsp;AG Preferred Shares on payment of $25.00 for each such
share to be redeemed together with accrued and unpaid dividends up to but excluding the date
fixed for redemption, the whole constituting the redemption price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall give notice in writing not less than 45&nbsp;days nor more than 60&nbsp;days prior
to the date on which the redemption is to take place to each person who at the date of giving
such notice is the holder of Series&nbsp;AG Preferred Shares to be redeemed of the intention of the
Corporation to redeem such shares; such notice shall be given, at the option of the Corporation,
by courier or by posting the same in a postage paid envelope, in either case, addressed to each
holder of Series&nbsp;AG Preferred Shares to be redeemed at the last address of such holder as it
appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation or by
Electronic Delivery addressed to each holder of Series&nbsp;AG Preferred Shares requesting Electronic
Delivery at the last electronic address as provided by the holder to the Corporation, provided
that the accidental failure or omission to give any such notices as aforesaid to one or more of
such holders shall not affect the validity of the redemption as to the other holders of the
Series&nbsp;AG Preferred Shares to be redeemed. Such notice shall set out the number of such Series
AG Preferred Shares held by the person to whom it is addressed which are to be redeemed and the
redemption price and shall also set out the date on which the redemption is to take place, and
on and after the date so specified for redemption the Corporation shall pay or cause to be paid
to the holders of such Series&nbsp;AG Preferred Shares to be redeemed the redemption price on
presentation and surrender at any place or places within Canada designated by such notice, of
the certificate or certificates for such Series&nbsp;AG Preferred Shares so called for redemption;
such payment shall be made by cheque payable at par at any branch in Canada of the Corporation&#146;s
bankers; from and after the date specified in any such notice, the Series&nbsp;AG Preferred Shares
called for redemption shall cease to be entitled to dividends and the holders thereof shall not
be entitled to exercise any of the rights of shareholders in respect thereof unless payment of
the redemption price shall not be duly made by the Corporation; at any time after notice of
redemption is given as aforesaid, the Corporation shall have the right to deposit the redemption
price of any or all Series&nbsp;AG Preferred Shares called for redemption with any chartered bank or
banks or with any trust company or trust companies in Canada named in the notice of redemption
to the
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 22 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> credit of a special account or accounts in trust for the respective holders of such shares, to
be paid to them respectively upon surrender to such bank or banks or trust company or trust
companies of the certificate or certificates representing the same, and upon such deposit or
deposits being made, such shares shall be redeemed on the redemption date specified in the
notice of redemption; after the Corporation has made a deposit as
aforesaid with respect to any shares, the holders thereof shall not, from and after the redemption date, be entitled to
exercise any of the rights of shareholders in respect thereof and the rights of the holders
thereof shall be limited to receiving the proportion of the amounts so deposited applicable to
such shares, without interest; any interest allowed on such deposit shall belong to the
Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion of Series&nbsp;AG Preferred Shares</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion at the Option of the Holder</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AG Preferred Shares shall have the right, at their option, on May&nbsp;1, 2011 and
on May 1 in every fifth year thereafter (a &#147;Conversion Date&#148;), to convert, subject to the terms
and conditions hereof, all or any Series&nbsp;AG Preferred Shares registered in their name into
Series&nbsp;AH Preferred Shares of the Corporation on the basis of one (1)&nbsp;Series&nbsp;AH Preferred Share
for each Series&nbsp;AG Preferred Share. The Corporation shall give notice in writing to the then
holders of the Series&nbsp;AG Preferred Shares of the conversion right provided for herein; such
notice shall be given, at the option of the Corporation, by courier or by posting the same in a
postage paid envelope, in either case, addressed to each holder of the Series&nbsp;AG Preferred
Shares at the last address of such holder as it appears on the securities register of the
Corporation or, in the event of the address of any holder not so appearing, then to the address
of such holder last known to the Corporation or by Electronic Delivery addressed to each holder
of the Series&nbsp;AG Preferred Shares requesting Electronic Delivery at the last electronic address
as provided by the holder to the Corporation. Such notice shall set out the Conversion Date and
shall be given not less than 45&nbsp;days nor more than 60&nbsp;days prior to the applicable Conversion
Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the
Corporation gives notice as provided in section 3.25.3 to the holders of the Series&nbsp;AG
Preferred Shares of the redemption of all the Series&nbsp;AG Preferred Shares, the Corporation shall
not be required to give notice as provided in this section 3.25.4.1 to the holders of the Series&nbsp;AG
Preferred Shares of the conversion right and the right of any holder of Series&nbsp;AG Preferred
Shares to convert such Series&nbsp;AG Preferred Shares as herein provided shall cease and terminate
in that event.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AG Preferred Shares shall not be entitled to convert their shares into Series
AH Preferred Shares if, following the close of business on the 10th day preceding a Conversion
Date, the Corporation determines that there would remain outstanding on the Conversion Date less
than 2,000,000 Series&nbsp;AH Preferred Shares, after taking into account all Series&nbsp;AG Preferred
Shares tendered for conversion into Series&nbsp;AH Preferred Shares and all Series&nbsp;AH Preferred
Shares tendered for conversion into Series&nbsp;AG Preferred Shares. The Corporation shall give
notice in writing thereof, in accordance with the provisions of the first paragraph of this
section 3.25.4.1, to all affected holders of Series&nbsp;AG Preferred Shares prior to the applicable
Conversion Date and will issue and deliver, or cause to be delivered, prior to such Conversion
Date, at the expense of the Corporation, to such holders of Series&nbsp;AG Preferred Shares, who have
surrendered for conversion any certificate or certificates representing Series&nbsp;AG Preferred
Shares, new certificates representing the Series&nbsp;AG Preferred Shares represented by any
certificate or certificates surrendered as aforesaid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Automatic Conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If following the close of business on the 10th day preceding a Conversion Date the Corporation
determines that there would remain outstanding on the Conversion Date less than 2,000,000 Series
AG Preferred Shares after taking into account all Series&nbsp;AG Preferred Shares tendered for
conversion
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 23 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> into Series&nbsp;AH Preferred Shares and all Series&nbsp;AH Preferred Shares tendered for conversion into
Series&nbsp;AG Preferred Shares, then, all, but not part, of the remaining outstanding Series&nbsp;AG
Preferred Shares shall automatically be converted into Series&nbsp;AH Preferred Shares on the basis
of one (1)&nbsp;Series&nbsp;AH Preferred Share for each Series&nbsp;AG Preferred Share on the applicable
Conversion Date and the Corporation shall give notice in writing thereof, in accordance with the
provisions of section 3.25.4.1, to the holders of such remaining Series&nbsp;AG Preferred Shares prior to
the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Manner of Exercise of Conversion Privilege</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The conversion of Series&nbsp;AG Preferred Shares may be effected by surrender of the certificate or
certificates representing the same not earlier than 45&nbsp;days prior to a Conversion Date but not
later than the close of business on the 10th day preceding a Conversion Date during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AG
Preferred Shares are transferable accompanied by: (i)&nbsp;payment or evidence of payment of the tax
(if any) payable as provided in this section 3.25.4.3; and (ii)&nbsp;a written instrument of surrender in
form satisfactory to the Corporation duly executed by the holder, or his attorney duly
authorized in writing, in which instrument such holder may also elect to convert part only of
the Series&nbsp;AG Preferred Shares represented by such certificate or certificates not theretofore
called for redemption in which event the Corporation shall issue and deliver or cause to be
delivered to such holder, at the expense of the Corporation, a new certificate representing the
Series&nbsp;AG Preferred Shares represented by such certificate or certificates which have not been
converted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event the Corporation is required to convert all remaining outstanding Series&nbsp;AG
Preferred Shares into Series&nbsp;AH Preferred Shares on the applicable Conversion Date as provided
for in section 3.25.4.2, the Series&nbsp;AG Preferred Shares in respect of which the holders have not
previously elected to convert shall be converted on the Conversion Date into Series&nbsp;AH Preferred
Shares and the holders thereof shall be deemed to be holders of Series&nbsp;AH Preferred Shares at
the close of business on the Conversion Date and shall be entitled, upon surrender during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AG
Preferred Shares were transferable of the certificate or certificates representing Series&nbsp;AG
Preferred Shares not previously surrendered for conversion, to receive a certificate or
certificates representing the same number of Series&nbsp;AH Preferred Shares in the manner and
subject to the terms and provisions as provided in this section 3.25.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">As promptly as practicable after the Conversion Date, the Corporation shall issue and deliver,
or cause to be delivered to or upon the written order of the holder of the Series&nbsp;AG Preferred
Shares so surrendered, a certificate or certificates, issued in the name of, or in such name or
names as may be directed by, such holder representing the number of fully-paid and
non-assessable Series&nbsp;AH Preferred Shares and the number of remaining Series&nbsp;AG Preferred
Shares, if any, to which such holder is entitled. Such conversion shall be deemed to have been
made at the close of business on the Conversion Date, so that the rights of the holder of such
Series&nbsp;AG Preferred Shares as the holder thereof shall cease at such time and the person or
persons entitled to receive Series&nbsp;AH Preferred Shares upon such conversion shall be treated for
all purposes as having become the holder or holders of record of such Series&nbsp;AH Preferred Shares
at such time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holder of any Series&nbsp;AG Preferred Share on the record date for any dividend declared payable
on such share shall be entitled to such dividend notwithstanding that such share is converted
into a Series&nbsp;AH Preferred Share after such record date and on or before the date of the payment
of such dividend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The issuance of certificates for the Series&nbsp;AH Preferred Shares upon the conversion of Series&nbsp;AG
Preferred Shares shall be made without charge to the converting holders of Series&nbsp;AG Preferred
Shares for any fee or tax in respect of the issuance of such certificates or the Series&nbsp;AH
Preferred
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 24 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> Shares represented thereby; provided, however, that the Corporation shall not be required to pay
any tax which may be imposed upon the person or persons to whom such Series&nbsp;AH Preferred Shares
are issued in respect of the issuance of such Series&nbsp;AH Preferred Shares or the certificate
therefor or which may be payable in respect of any transfer involved in the issuance and
delivery of any such certificate in a name or names other than that of the holder of the Series
AG Preferred Shares converted, and the Corporation shall not be required to issue or deliver
such certificate unless the person or persons requesting the issuance thereof shall have paid to
the Corporation the amount of such tax or shall have established to the satisfaction of the
Corporation that such tax has been paid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Status of Converted Series&nbsp;AG Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All Series&nbsp;AG Preferred Shares converted into Series&nbsp;AH Preferred Shares on a Conversion Date
shall not be cancelled but shall be restored to the status of authorized but unissued shares of
the Corporation as at the close of business on the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions on Dividends and Retirement of Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Without the approval of the holders of outstanding Series&nbsp;AG Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not declare, pay or set apart for payment any dividends
(other than stock dividends payable in shares of the Corporation ranking junior to the
Series&nbsp;AG Preferred Shares) on the Common Shares of the Corporation or any other shares
of the Corporation ranking junior to the Series&nbsp;AG Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire or make any
capital distribution on or in respect of the Common Shares of the Corporation or any
other shares of the Corporation ranking junior to the Series&nbsp;AG Preferred Shares
(except out of the net cash proceeds of a substantially concurrent issue of shares of
the Corporation ranking junior to the Series&nbsp;AG Preferred Shares);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not purchase or otherwise retire less than all of the
Series&nbsp;AG Preferred Shares then outstanding; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire (except in
connection with the exercise of any retraction privilege or any mandatory redemption
obligation attaching thereto) any shares of any class or series ranking on a parity
with the Series&nbsp;AG Preferred Shares provided that, for greater certainty, the covenant
in this clause (d)&nbsp;shall not limit or affect any such action in
respect of any class of shares ranking in priority to the Series&nbsp;AG Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">unless, in each such case, all cumulative dividends on outstanding Series&nbsp;AG Preferred Shares
accrued up to and including the dividend payable for the last completed period for which
dividends were payable shall have been declared and paid.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval of the holders of Series&nbsp;AG Preferred Shares required to be given pursuant to this
section 3.25.5 may be given in accordance with the second paragraph
of section 3.25.7 and section 3.25.10.
Notwithstanding the provisions of section 3.25.10 hereof, any approval required to be given pursuant
to this section 3.25.5 shall be required to be given only by the affirmative vote of the holders of
the majority of the Series&nbsp;AG Preferred Shares present or represented at a meeting, or adjourned
meeting, of the holders of Series&nbsp;AG Preferred Shares duly called for the purpose and at which a
quorum is present.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 25 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Purchase for Cancellation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may at any time purchase for cancellation the whole or any part of the Series&nbsp;AG
Preferred Shares outstanding from time to time, in the open market through or from an investment
dealer or any firm holding membership on a recognized stock exchange, or by private agreement or
otherwise, at the lowest price or prices at which in the opinion of
the Board of Directors such shares are obtainable.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Voting Rights</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation fails to pay eight (8)&nbsp;dividends on the Series&nbsp;AG Preferred Shares, whether
or not consecutive, the holders of the Series&nbsp;AG Preferred Shares shall have the right to
receive notice of, and to attend, each meeting of shareholders of the Corporation which takes
place more than 60&nbsp;days after the date on which the failure first occurs (other than a separate
meeting of the holders of another series or class of shares) and such holders shall also have
the right, at any such meeting, to one (1)&nbsp;vote for each Series&nbsp;AG Preferred Share held, until
all such arrears of dividends on the Series&nbsp;AG Preferred Shares shall have been paid whereupon
such rights shall cease unless and until the same default shall again arise under the provisions
of this section 3.25.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In connection with any actions to be taken by the Corporation which require the approval of the
holders of the Series&nbsp;AG Preferred Shares voting as a series or as part of a class, each Series
AG Preferred Share shall entitle the holder thereof to one (1)&nbsp;vote for such purpose.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Issue of Additional Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may issue additional series of First Preferred Shares ranking on a parity with
the Series&nbsp;AG Preferred Shares without the authorization of the holders of the Series&nbsp;AG
Preferred Shares.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The provisions attaching to the Series&nbsp;AG Preferred Shares as a series may be repealed, altered,
modified or amended from time to time with such approval as may then be required by the CBCA,
any such approval to be given in accordance with section 3.25.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">None of the series provisions of the articles of the Corporation relating to the Series&nbsp;AG
Preferred Shares shall be amended or otherwise changed unless, contemporaneously therewith, the
series provisions, if any, relating to the Series&nbsp;AH Preferred Shares are, to the extent deemed
required by the Corporation, amended or otherwise changed in the same proportion and in the same
manner.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approval of Holders of Series&nbsp;AG Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval given by the holders of the Series&nbsp;AG Preferred Shares shall be deemed to have been
sufficiently given if it shall have been given by the holders of Series&nbsp;AG Preferred Shares as
provided in the provisions attaching to the First Preferred Shares as a class, which provisions
shall apply mutatis mutandis.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Tax Election</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall elect, in the manner and within the time provided under the ITA, under
subsection 191.2(1) of the said Act, or any successor or replacement provision of similar
effect, and take all other necessary action under such Act, to pay tax at a rate such that no
holder of the Series&nbsp;AG Preferred Shares will be required to pay tax on dividends received on
the Series&nbsp;AG Preferred
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 26 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> Shares under section 187.2 of Part&nbsp;IV.I of such Act or any successor or replacement provision of
similar effect.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Mail Service Interruption</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation determines that mail service is, or is threatened to be, interrupted at the
time when the Corporation is required or elects to give any notice hereunder by mail, or is
required to send any cheque or any share certificate to the holder of any Series&nbsp;AG Preferred
Shares, whether in connection with the redemption or conversion of such share or otherwise, the
Corporation may, notwithstanding the provisions hereof:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">give such notice by Electronic Delivery, telex or telegraph communication or by
means of publication once in each of two successive weeks in a newspaper of general
circulation published or distributed in Montr&#233;al and Toronto and such notice shall be
deemed to have been given on the date on which such Electronic Delivery, telex or
telegraph communication was given or on the date on which the first publication has
taken place; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">fulfill the requirement to send such cheque or such share certificate by
arranging for delivery thereof to the principal office of the Corporation in Montr&#233;al,
and such cheque and/or certificate shall be deemed to have been sent on the date on
which notice of such arrangement shall have been given as provided in (a)&nbsp;above,
provided that as soon as the Corporation determines that mail service is no longer
interrupted or threatened to be interrupted such cheque or share certificate, if not
theretofore delivered to such holder, shall be sent by ordinary unregistered first
class prepaid mail to the registered address of each person who at the date of mailing
is a registered holder and who is entitled to receive such cheque or share certificate,
or in the event of the address of any such holder not appearing on the securities
register of the Corporation, then at the last address of such holder known to the
Corporation.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the provisions herein contained attaching to the Series&nbsp;AG Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;accrued and unpaid dividend&#148; means the aggregate of (i)&nbsp;all unpaid dividends
on the Series&nbsp;AG Preferred Shares for any quarterly period and (ii)&nbsp;the amount
calculated as though dividends on each Series&nbsp;AG Preferred Share had been accruing on a
day-to-day basis from and including the date on which the last quarterly dividend was
payable to but excluding the date to which the computation of accrued dividends is to
be made; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;in priority to&#148;, &#147;on a parity with&#148; and &#147;junior to&#148; have reference to the
order of priority in payment of dividends and in the distribution of assets in the
event of any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, or other distribution of the assets of the Corporation among
its shareholders for the purpose of winding up its affairs.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpretation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event that any date on which any dividend on the Series&nbsp;AG Preferred Shares is payable by
the Corporation, or any date on or by which any other action is required to be taken by the
Corporation or the holders of Series&nbsp;AG Preferred Shares hereunder, is not a business day (as
hereinafter defined), then such dividend shall be payable, or such other action shall be
required to be taken, on or by the
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 27 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">next succeeding day that is a business day. A &#147;business day&#148; shall be a day other than a
Saturday, a Sunday or any other day that is treated as a holiday at the Corporation&#146;s principal
office in Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B>3.26</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>SERIES AH PREFERRED SHARES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Series&nbsp;AH Preferred Shares shall, in addition to the rights, privileges, restrictions and
conditions attaching to the First Preferred Shares as a class, carry and be subject to the
following rights, privileges, restrictions and conditions:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividend</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">For the purposes hereof, the following capitalized terms shall have the following meanings,
unless the context otherwise requires:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Adjustment Factor&#148; for any Month means the percentage per annum, positive or
negative, based on the Calculated Trading Price of the Series&nbsp;AH Preferred Shares for
the preceding Month, determined in accordance with the following table:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">The Adjustment Factor as a</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">If Calculated Trading Price Is</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Percentage of Prime Shall Be</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.50 or more</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.375 and less than $25.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.25 and less than $25.375</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.125 and less than $25.25</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.875 and less than $25.125</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="CENTER">nil</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.75 to $24.875</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.625 to $24.75</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.50 to $24.625</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$24.50 or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The maximum Adjustment Factor for any Month will be &#177; 4.00%.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If in any Month (other than, for greater certainty, the Month of January, 2007)
there is no trade on the Exchange of Series&nbsp;AH Preferred Shares of a board lot or
more, the Adjustment Factor for the following Month shall be nil;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Annual Floating Dividend Rate&#148; means for any Month the rate of interest
expressed as a percentage per annum (rounded to the nearest one-thousandth (1/1000) of
one percent (0.001%)) which is equal to Prime multiplied by the Designated Percentage
for such Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Banks&#148; means any two of Royal Bank of Canada, Bank of Montreal, The Bank of
Nova Scotia, The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce and any
successor of any of them as may be designated from time to time by the Corporation by
notice given to the transfer agent for the Series&nbsp;AH Preferred Shares, such notice to
take effect on, and to be given at least two (2)&nbsp;business days prior to, the
commencement of a particular Dividend Period and, until such notice is first given,
means Royal Bank of Canada and The Toronto-Dominion Bank;</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 28 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Calculated Trading Price&#148; for any Month means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the aggregate of the Daily Adjusted Trading Value for all
Trading Days in such Month;</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">divided by
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the aggregate of the Daily Trading Volume for all Trading Days
in such Month.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Notwithstanding the foregoing, the Calculated Trading Price for the Month of
January, 2007 shall be calculated using the trading data on the Toronto Stock
Exchange for the Cumulative Redeemable Class&nbsp;A Preferred Shares, Series&nbsp;18 of Bell
Canada, and accordingly the Daily Accrued Dividend Deduction, Daily Adjusted Trading
Value and Daily Trading Volume and related determinations for the Month of January,
2007 shall be calculated or made by reference to the Cumulative Redeemable Class&nbsp;A
Preferred Shares, Series&nbsp;18 of Bell Canada, and not the Series&nbsp;AH Preferred Shares;
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Daily Accrued Dividend Deduction&#148; for any Trading Day means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the product obtained by multiplying the dividend accrued on a
Series&nbsp;AH Preferred Share in respect of the Month in which the Trading Day
falls by the number of days elapsed from but excluding the day prior to the
Ex-Dividend Date immediately preceding such Trading Day to and including such
Trading Day (or if such Trading Day is an Ex-Dividend Date, by one (1)&nbsp;day);</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">divided by
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the number of days from and including such Ex-Dividend Date to
but excluding the following Ex-Dividend Date;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Daily Adjusted Trading Value&#148; for any Trading Day means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the aggregate dollar value of all transactions of Series&nbsp;AH
Preferred Shares on the Exchange (made on the basis of the normal settlement
period in effect on the Exchange) occurring during such Trading Day;</DIV></TD>
</TR>

</TABLE>
</DIV>


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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Daily Trading Volume for such Trading Day multiplied by the
Daily Accrued Dividend Deduction for such Trading Day;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Daily Trading Volume&#148; for any Trading Day means the aggregate number of Series
AH Preferred Shares traded in all transactions (made on the basis of the normal
settlement period in effect on the Exchange) occurring during such Trading Day on the
Exchange;</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 29 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Deemed Record Date&#148; means the last Trading Day of a Month with respect to
which no dividend is declared by the Board of Directors;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Designated Percentage&#148; for the Month of January&nbsp;2007 means 76&nbsp;percent (76%)
and for each Month thereafter means the Adjustment Factor for such Month plus the
Designated Percentage for the preceding Month, provided that the Annual Floating
Dividend Rate for any Month shall in no event be less than 50% of Prime for such Month
or more than 100% of Prime for such Month;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Dividend Payment Date&#148; means the twelfth day of each of month commencing with
the Month immediately following the date of issue of the Series&nbsp;AH Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt">(k) &#147;Dividend Period&#148; means a Month;
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Electronic Delivery&#148; means the delivery by telecopier, electronic mail, the
internet or other electronic means;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">(m)&nbsp;&#147;Ex-Dividend Date&#148; means:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Trading Day which, under the rules or normal practices of
the Exchange, is designated or recognized as the ex-dividend date relative to
any dividend record date for the Series&nbsp;AH Preferred Shares; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if the Board of Directors fails to declare a dividend in
respect of a Month, the Trading Day which, under the rules or normal practices
of the Exchange, would be recognized as the Ex-Dividend Date relative to any
Deemed Record Date for the Series&nbsp;AH Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Exchange&#148; means the Toronto Stock Exchange or such other exchange or trading
market in Canada as may be determined from time to time by the Corporation as being the
principal trading market for the Series&nbsp;AH Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt">(o) &#147;Month&#148; means a calendar month;
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Prime&#148; for a Month means the average (rounded to the nearest one-thousandth
(1/1000) of one percent (0.001%)) of the Prime Rate in effect on each day of such
Month;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Prime Rate&#148; for any day means the average (rounded to the nearest
one-thousandth (1/1000) of one percent (0.001%)) of the annual rates of interest
announced from time to time by the Banks as the reference rates then in effect for such
day for determining interest rates on Canadian dollar commercial loans made to prime
commercial borrowers in Canada. If one of the Banks does not have such an interest
rate in effect on a day, the Prime Rate for such day shall be such interest rate in
effect for that day of the other Bank; if both Banks do not have such an interest rate
in effect on a day, the Prime Rate for that day shall be equal to one and a half
percent (1.5%) per annum plus the average yield expressed as a percentage per annum on
91-day Government of Canada Treasury Bills, as reported by the Bank of Canada, for the
weekly tender for the week immediately preceding that day; and if both of such Banks do
not have such an interest rate in effect on a day and the Bank of Canada does not
report such average yield per annum, the Prime Rate for that day shall be equal to the
Prime Rate for the next preceding day. The Prime Rate and Prime shall be determined
from time to time by an officer of the</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 30 - <!-- /Folio -->

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



</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Corporation from quotations supplied by the Banks or otherwise publicly available.
Such determination shall, in the absence of manifest error, be final and binding
upon the Corporation and upon all holders of Series&nbsp;AH Preferred Shares;
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Trading Day&#148; means, if the Exchange is a stock exchange in Canada, a day on
which the Exchange is open for trading or, in any other case, a business day.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>General</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holders of the Series&nbsp;AH Preferred Shares shall be entitled to receive cumulative, preferred
cash dividends, as and when declared by the Board of Directors, out of moneys of the Corporation
properly applicable to the payment of dividends at the rates and times herein provided.
Dividends on the Series&nbsp;AH Preferred Shares shall accrue on a daily basis from and including the
date of issue thereof and shall be payable monthly. Payment of the dividend on the Series&nbsp;AH
Preferred Shares payable on any Dividend Payment Date (less any tax required to be deducted)
shall be made by cheque at par in lawful money of Canada at any branch in Canada of the
Corporation&#146;s bankers. Notwithstanding the foregoing or anything to the contrary in these
Articles, such dividends are deemed to have commenced to accrue on January&nbsp;1, 2007 at the Annual
Floating Dividend Rate for January&nbsp;2007, regardless of whether any Series&nbsp;AH Preferred Shares
were outstanding on such date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The dividends in respect of the Series&nbsp;AH Preferred Shares shall be payable monthly at the
Annual Floating Dividend Rate as calculated from time to time. Accordingly, on each Dividend
Payment Date, the dividend payable on the Series&nbsp;AH Preferred Shares shall be that amount
(rounded to the nearest one-thousandth (1/1000) of one cent) obtained by multiplying $25.00 by
the Annual Floating Dividend Rate applicable to the Month preceding such Dividend Payment Date
and by dividing the product by twelve. The record date for the purpose of determining holders
of Series&nbsp;AH Preferred Shares entitled to receive dividends on each Dividend Payment Date shall
be the last Trading Day of the next preceding Month. In the event of the redemption or purchase
of the Series&nbsp;AH Preferred Shares or the distribution of the assets of the Corporation as
contemplated by section 3.26.2 hereof, the amount of the dividend which has accrued during the Month
in which such redemption, purchase or distribution occurs shall be the amount (rounded to the
nearest one-thousandth (1/1000) of one cent) calculated by multiplying:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the amount obtained by multiplying $25.00 by one-twelfth (1/12) of the Annual
Floating Dividend Rate applicable to the preceding Month; by</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a fraction of which the numerator is the number of days elapsed in the Month in
which such redemption, purchase or distribution occurs up to but not including the day
of such event and the denominator of which is the number of days in that Month.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dividends declared on the Series&nbsp;AH Preferred Shares shall (except in case of redemption in
which case payment of dividends shall be made on surrender of the certificate representing the
Series&nbsp;AH Preferred Shares to be redeemed) be paid by posting in a postage paid envelope
addressed to each holder of the Series&nbsp;AH Preferred Shares at the last address of such holder as
it appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation, or,
in the case of joint holders, to the address of that one whose name appears first in the
securities register of the Corporation as one of such joint holders, a cheque for such dividends
(less any tax required to be deducted) payable to the order of such holder or, in the case of
joint holders, to the order of all such holders failing written instructions from them to the
contrary. Notwithstanding the foregoing, any dividend cheque may be delivered by the
Corporation to a holder of Series&nbsp;AH Preferred Shares at his address as aforesaid. The posting
or delivery of such cheque shall be deemed to be payment and shall satisfy and discharge all
liabilities for the payment of such dividends to the extent of the sum represented
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 31 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> thereby (plus the amount of any tax required to be deducted as aforesaid) unless such cheque is
not paid on due presentation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.26.1.3 </I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Calculation of Designated Percentage</I></B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall as promptly as practicable calculate the Designated Percentage for each
Month and give notice thereof to all stock exchanges in Canada on which the Series&nbsp;AH Preferred
Shares are listed for trading or if the Series&nbsp;AH Preferred Shares are not listed on a stock
exchange in Canada to the Investment Dealers Association of Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rights on Liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event of the liquidation, dissolution or winding up of the Corporation or any other
distribution of assets of the Corporation for the purpose of winding up its affairs, the holders
of the Series&nbsp;AH Preferred Shares shall be entitled to receive $25.00 per Series&nbsp;AH Preferred
Share together with all dividends accrued and unpaid up to but excluding the date of payment or
distribution, before any amounts shall be paid or any assets of the Corporation distributed to
the holders of the Common Shares of the Corporation or any other shares ranking junior to the
Series&nbsp;AH Preferred Shares. Upon payment of such amounts, the holders of the Series&nbsp;AH
Preferred Shares shall not be entitled to share in any further distribution of the property or
assets of the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Redemption at the Option of the Corporation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Subject
to applicable law and section 3.26.5 hereof, upon giving notice as hereinafter provided, the
Corporation may redeem at any time all, but not less than all, the outstanding Series&nbsp;AH
Preferred Shares on payment of $25.50 for each such share to be redeemed together with accrued
and unpaid dividends up to but excluding the date fixed for redemption, the whole constituting
the redemption price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall give notice in writing not less than 45&nbsp;days nor more than 60&nbsp;days prior
to the date on which the redemption is to take place to each person who at the date of giving
such notice is the holder of Series&nbsp;AH Preferred Shares to be redeemed of the intention of the
Corporation to redeem such shares; such notice shall be given, at the option of the Corporation,
by courier or by posting the same in a postage paid envelope, in either case, addressed to each
holder of Series&nbsp;AH Preferred Shares to be redeemed at the last address of such holder as it
appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation or by
Electronic Delivery addressed to each holder of Series&nbsp;AH Preferred Shares requesting Electronic
Delivery at the last electronic address as provided by the holder to the Corporation, provided
that the accidental failure or omission to give any such notices as aforesaid to one or more of
such holders shall not affect the validity of the redemption as to the other holders of the
Series&nbsp;AH Preferred Shares to be redeemed. Such notice shall set out the number of such Series
AH Preferred Shares held by the person to whom it is addressed which are to be redeemed and the
redemption price and shall also set out the date on which the redemption is to take place, and
on and after the date so specified for redemption the Corporation shall pay or cause to be paid
to the holders of such Series&nbsp;AH Preferred Shares to be redeemed the redemption price on
presentation and surrender at any place within Canada designated by such notice, of the
certificate or certificates for such Series&nbsp;AH Preferred Shares so called for redemption; such
payment shall be made by cheque payable at par at any branch in Canada of the Corporation&#146;s
bankers; from and after the date specified in any such notice, the Series&nbsp;AH Preferred Shares
called for redemption shall cease to be entitled to dividends and the holders thereof shall not
be entitled to exercise any of the rights of shareholders in respect thereof unless payment of
the redemption price shall not be duly made by the Corporation; at any time after notice of
redemption is given as aforesaid, the Corporation shall have the right to deposit the redemption
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 32 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> price of any or all Series&nbsp;AH Preferred Shares called for redemption with any chartered bank or
banks or with any trust company or trust companies in Canada named in the notice of redemption
to the credit of a special account or accounts in trust for the
respective holders of such shares, to be paid to them respectively upon surrender to such bank or banks or trust company or
trust companies of the certificate or certificates representing the same, and upon such deposit
or deposits being made, such shares shall be redeemed on the redemption date specified in the
notice of redemption; after the Corporation has made a deposit as
aforesaid with respect to any shares, the holders thereof shall not, from and after the redemption date, be entitled to
exercise any of the rights of shareholders in respect thereof and the rights of the holders
thereof shall be limited to receiving the proportion of the amounts so deposited applicable to
such shares, without interest; any interest allowed on such deposit shall belong to the
Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion of Series&nbsp;AH Preferred Shares</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion at the Option of the Holder</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AH Preferred Shares shall have the right, at their option, on May&nbsp;1, 2011 and
on May 1 in every fifth year thereafter (a &#147;Conversion Date&#148;), to convert, subject to the terms
and conditions hereof, all or any Series&nbsp;AH Preferred Shares registered in their name into
Series&nbsp;AG Preferred Shares of the Corporation on the basis of one (1)&nbsp;Series&nbsp;AG Preferred Share
for each Series&nbsp;AH Preferred Share. The Corporation shall give notice in writing to the then
holders of the Series&nbsp;AH Preferred Shares of the conversion right provided for herein; such
notice shall be given, at the option of the Corporation, by courier or by posting the same in a
postage paid envelope, in either case, addressed to each holder of the Series&nbsp;AH Preferred
Shares at the last address of such holder as it appears on the securities register of the
Corporation or, in the event of the address of any holder not so appearing, then to the address
of such holder last known to the Corporation or by Electronic Delivery addressed to each holder
of Series&nbsp;AH Preferred Shares requesting Electronic Delivery at the last electronic address as
provided by the holder to the Corporation. Such notice shall set out the Conversion Date and
shall be given not less than 45&nbsp;days nor more than 60&nbsp;days prior to the applicable Conversion
Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the
Corporation gives notice as provided in section 3.26.3 to the holders of the Series&nbsp;AH
Preferred Shares of the redemption of all the Series&nbsp;AH Preferred Shares, the Corporation shall
not be required to give notice as provided in this section 3.26.4.1 to the holders of the Series&nbsp;AH
Preferred Shares of the conversion right and the right of any holder of Series&nbsp;AH Preferred
Shares to convert such Series&nbsp;AH Preferred Shares as herein provided shall cease and terminate
in that event.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AH Preferred Shares shall not be entitled to convert their shares into Series
AG Preferred Shares if, following the close of business on the 10th day preceding a Conversion
Date, the Corporation determines that there would remain outstanding on the Conversion Date less
than 2,000,000 Series&nbsp;AG Preferred Shares, after taking into account all Series&nbsp;AH Preferred
Shares tendered for conversion into Series&nbsp;AG Preferred Shares and all Series&nbsp;AG Preferred
Shares tendered for conversion into Series&nbsp;AH Preferred Shares. The Corporation shall give
notice in writing thereof, in accordance with the provisions of the first paragraph of this
section 3.26.4.1, to all affected holders of Series&nbsp;AH Preferred Shares prior to the applicable
Conversion Date and will issue and deliver, or cause to be delivered, prior to such Conversion
Date, at the expense of the Corporation, to such holders of Series&nbsp;AH Preferred Shares, who have
surrendered for conversion any certificate or certificates representing Series&nbsp;AH Preferred
Shares, new certificates representing the Series&nbsp;AH Preferred Shares represented by any
certificate or certificates surrendered as aforesaid.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 33 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Automatic Conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If following the close of business on the 10th day preceding a Conversion Date the Corporation
determines that there would remain outstanding on the Conversion Date less than 2,000,000 Series
AH Preferred Shares after taking into account all Series&nbsp;AH Preferred Shares tendered for
conversion into Series&nbsp;AG Preferred Shares and all Series&nbsp;AG Preferred Shares tendered for
conversion into Series&nbsp;AH Preferred Shares, then, all, but not part, of the remaining
outstanding Series&nbsp;AH Preferred Shares shall automatically be converted into Series&nbsp;AG Preferred
Shares on the basis of one (1)&nbsp;Series&nbsp;AG Preferred Share for each Series&nbsp;AH Preferred Share on
the applicable Conversion Date and the Corporation shall give notice in writing thereof, in
accordance with the provisions of section 3.26.4.1, to the holders of such remaining Series&nbsp;AH
Preferred Shares prior to the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Manner of Exercise of Conversion Privilege</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The conversion of Series&nbsp;AH Preferred Shares may be effected by surrender of the certificate or
certificates representing the same not earlier than 45&nbsp;days prior to a Conversion Date but not
later than the close of business on the 10th day preceding a Conversion Date during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AH
Preferred Shares are transferable accompanied by: (i)&nbsp;payment or evidence of payment of the tax
(if any) payable as provided in this section 3.26.4.3; and (ii)&nbsp;a written instrument of surrender in
form satisfactory to the Corporation duly executed by the holder, or his attorney duly
authorized in writing, in which instrument such holder may also elect to convert part only of
the Series&nbsp;AH Preferred Shares represented by such certificate or certificates not theretofore
called for redemption in which event the Corporation shall issue and deliver or cause to be
delivered to such holder, at the expense of the Corporation, a new certificate representing the
Series&nbsp;AH Preferred Shares represented by such certificate or certificates which have not been
converted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event the Corporation is required to convert all remaining outstanding Series&nbsp;AH
Preferred Shares into Series&nbsp;AG Preferred Shares on the applicable Conversion Date as provided
for in section 3.26.4.2, the Series&nbsp;AH Preferred Shares in respect of which the holders have not
previously elected to convert shall be converted on the Conversion Date into Series&nbsp;AG Preferred
Shares and the holders thereof shall be deemed to be holders of Series&nbsp;AG Preferred Shares at
the close of business on the Conversion Date and shall be entitled, upon surrender during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AH
Preferred Shares were transferable of the certificate or certificates representing Series&nbsp;AH
Preferred Shares not previously surrendered for conversion, to receive a certificate or
certificates representing the same number of Series&nbsp;AG Preferred Shares in the manner and
subject to the terms and provisions as provided in this section
3.26.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">As promptly as practicable after the Conversion Date, the Corporation shall issue and deliver,
or cause to be delivered to or upon the written order of the holder of the Series&nbsp;AH Preferred
Shares so surrendered, a certificate or certificates, issued in the name of, or in such name or
names as may be directed by, such holder representing the number of fully-paid and
non-assessable Series&nbsp;AG Preferred Shares and the number of remaining Series&nbsp;AH Preferred
Shares, if any, to which such holder is entitled. Such conversion shall be deemed to have been
made at the close of business on the Conversion Date, so that the rights of the holder of such
Series&nbsp;AH Preferred Shares as the holder thereof shall cease at such time and the person or
persons entitled to receive Series&nbsp;AG Preferred Shares upon such conversion shall be treated for
all purposes as having become the holder or holders of record of such Series&nbsp;AG Preferred Shares
at such time.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 34 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holder of any Series&nbsp;AH Preferred Share on the record date for any dividend declared payable
on such share shall be entitled to such dividend notwithstanding that such share is converted
into a Series&nbsp;AG Preferred Share after such record date and on or before the date of the payment
of such dividend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The issuance of certificates for the Series&nbsp;AG Preferred Shares upon the conversion of Series&nbsp;AH
Preferred Shares shall be made without charge to the converting holders of Series&nbsp;AH Preferred
Shares for any fee or tax in respect of the issuance of such certificates or the Series&nbsp;AG
Preferred Shares represented thereby; provided, however, that the Corporation shall not be
required to pay any tax which may be imposed upon the person or persons to whom such Series&nbsp;AG
Preferred Shares are issued in respect of the issuance of such Series&nbsp;AG Preferred Shares or the
certificate therefor or which may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate in a name or names other than that of the holder of the
Series&nbsp;AH Preferred Shares converted, and the Corporation shall not be required to issue or
deliver such certificate unless the person or persons requesting the issuance thereof shall have
paid to the Corporation the amount of such tax or shall have established to the satisfaction of
the Corporation that such tax has been paid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Status of Converted Series&nbsp;AH Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All Series&nbsp;AH Preferred Shares converted into Series&nbsp;AG Preferred Shares on a Conversion Date
shall not be cancelled but shall be restored to the status of authorized but unissued shares of
the Corporation as at the close of business on the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions on Dividends and Retirement of Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Without the approval of the holders of outstanding Series&nbsp;AH Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not declare, pay or set apart for payment any dividends
(other than stock dividends payable in shares of the Corporation ranking junior to the
Series&nbsp;AH Preferred Shares) on the Common Shares of the Corporation or any other shares
of the Corporation ranking junior to the Series&nbsp;AH Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire or make any
capital distribution on or in respect of the Common Shares of the Corporation or any
other shares of the Corporation ranking junior to the Series&nbsp;AH Preferred Shares
(except out of the net cash proceeds of a substantially concurrent issue of shares of
the Corporation ranking junior to the Series&nbsp;AH Preferred Shares);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not purchase or otherwise retire less than all of the
Series&nbsp;AH Preferred Shares then outstanding; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Corporation shall not redeem, purchase or otherwise retire (except in
connection with the exercise of any retraction privilege or any mandatory redemption
obligation attaching thereto) any shares of any class or series ranking on a parity
with the Series&nbsp;AH Preferred Shares provided that, for greater certainty, the covenant
in this clause (d)&nbsp;shall not limit or affect any such action in
respect of any class of shares ranking in priority to the Series&nbsp;AH Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">unless, in each such case, all cumulative dividends on outstanding Series&nbsp;AH Preferred Shares
accrued up to and including the dividend payable for the last completed period for which
dividends were payable shall have been declared and paid.
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 35 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval of the holders of Series&nbsp;AH Preferred Shares required to be given pursuant to this
section 3.26.5 may be given in accordance with the second paragraph
of section 3.26.7 and section 3.26.10.
Notwithstanding the provisions of section 3.26.10 hereof, any approval required to be given pursuant
to this section 3.26.5 shall be required to be given only by the affirmative vote of the holders of
the majority of the Series&nbsp;AH Preferred Shares present or represented at a meeting, or adjourned
meeting, of the holders of Series&nbsp;AH Preferred Shares duly called for the purpose and at which a
quorum is present.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Purchase for Cancellation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may at any time purchase for cancellation the whole or any part of the Series&nbsp;AH
Preferred Shares outstanding from time to time, in the open market through or from an investment
dealer or any firm holding membership on a recognized stock exchange, or by private agreement or
otherwise, at the lowest price or prices at which in the opinion of
the Board of Directors such shares are obtainable.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Voting Rights</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation fails to pay eight (8)&nbsp;dividends on the Series&nbsp;AH Preferred Shares, whether
or not consecutive, the holders of the Series&nbsp;AH Preferred Shares shall have the right to
receive notice of, and to attend, each meeting of shareholders of the Corporation which takes
place more than 60&nbsp;days after the date on which the failure first occurs (other than a separate
meeting of the holders of another series or class of shares) and such holders shall also have
the right, at any such meeting, to one (1)&nbsp;vote for each Series&nbsp;AH Preferred Share held, until
all such arrears of dividends on the Series&nbsp;AH Preferred Shares shall have been paid whereupon
such rights shall cease unless and until the same default shall again arise under the provisions
of this section 3.26.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In connection with any actions to be taken by the Corporation which require the approval of the
holders of the Series&nbsp;AH Preferred Shares voting as a series or as part of a class, each Series
AH Preferred Share shall entitle the holder thereof to one (1)&nbsp;vote for such purpose.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Issue of Additional Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may issue additional series of First Preferred Shares ranking on a parity with
the Series&nbsp;AH Preferred Shares without the authorization of the holders of the Series&nbsp;AH
Preferred Shares.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The provisions attaching to the Series&nbsp;AH Preferred Shares as a series may be repealed, altered,
modified or amended from time to time with such approval as may then be required by the CBCA,
any such approval to be given in accordance with section 3.26.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">None of the series provisions of the articles of the Corporation relating to the Series&nbsp;AH
Preferred Shares shall be amended or otherwise changed unless, contemporaneously therewith, the
series provisions, if any, relating to the Series&nbsp;AG Preferred Shares are, to the extent deemed
required by the Corporation, amended or otherwise changed in the same proportion and in the same
manner.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approval of Holders of Series&nbsp;AH Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval given by the holders of the Series&nbsp;AH Preferred Shares shall be deemed to have been
sufficiently given if it shall have been given by the holders of Series&nbsp;AH Preferred Shares as
provided
</DIV>


</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 36 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">in the provisions attaching to the First Preferred Shares as a class, which provisions shall
apply mutatis mutandis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.26.11 </I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax Election</I></B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall elect, in the manner and within the time provided under the ITA, under
subsection 191.2(1) of the said Act, or any successor or replacement provision of similar
effect, and take all other necessary action under such Act, to pay tax at a rate such that no
holder of the Series&nbsp;AH Preferred Shares will be required to pay tax on dividends received on
the Series&nbsp;AH Preferred Shares under section 187.2 of Part&nbsp;IV.I of such Act or any successor or
replacement provision of similar effect.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Mail Service Interruption</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation determines that mail service is, or is threatened to be, interrupted at the
time when the Corporation is required or elects to give any notice hereunder by mail, or is
required to send any cheque or any share certificate to the holder of any Series&nbsp;AH Preferred
Shares, whether in connection with the redemption or conversion of such share or otherwise, the
Corporation may, notwithstanding the provisions hereof:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">give such notice by Electronic Delivery, telex, or telegraph communication or
by means of publication once in each of two successive weeks in a newspaper of general
circulation published or distributed in Montr&#233;al and Toronto and such notice shall be
deemed to have been given on the date on which such Electronic Delivery, telex, or
telegraph communication was given or on the date on which the first publication has
taken place; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">fulfill the requirement to send such cheque or such share certificate by
arranging for delivery thereof to the principal office of the Corporation in Montr&#233;al,
and such cheque and/or certificate shall be deemed to have been sent on the date on
which notice of such arrangement shall have been given as provided in (a)&nbsp;above,
provided that as soon as the Corporation determines that mail service is no longer
interrupted or threatened to be interrupted such cheque or share certificate, if not
theretofore delivered to such holder, shall be sent by ordinary unregistered first
class prepaid mail to the registered address of each person who at the date of mailing
is a registered holder and who is entitled to receive such cheque or share certificate,
or in the event of the address of any such holder not appearing on the securities
register of the Corporation, then at the last address of such holder known to the
Corporation.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Notice of Subsequent Fixed Dividend Rate Applicable to the Series&nbsp;AG Preferred
Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Within three (3)&nbsp;business days of the determination of the Subsequent Fixed Dividend Rate (as
defined in section 3.25.1.1 of the articles of the Corporation relating to the Series&nbsp;AG Preferred
Shares) the Corporation shall give notice thereof, except in relation to the initial Subsequent
Fixed Rate Period, to the holders of the Series&nbsp;AH Preferred Shares by publication once in the
national edition of The Globe and Mail in the English language and once in the City of Montr&#233;al
in both the French and English languages in a daily newspaper of general circulation in
Montr&#233;al; provided that if any such newspaper is not being generally circulated at that time,
such notice shall be published in another equivalent publication.
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 37 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the provisions herein contained attaching to the Series&nbsp;AH Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;accrued and unpaid dividends&#148; means the aggregate of: (i)&nbsp;all unpaid dividends
on the Series&nbsp;AH Preferred Shares for any Dividend Period; and (ii)&nbsp;the amount
calculated as though dividends on each Series&nbsp;AH Preferred Share had been accruing on a
day-to-day basis from and including the first day of the Month immediately following
the Dividend Period with respect to which the last monthly dividend will be or was, as
the case may be, payable to but excluding the date to which the computation of accrued
dividends is to be made; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;in priority to&#148;, &#147;on a parity with&#148; and &#147;junior to&#148; have reference to the
order of priority in payment of dividends and in the distribution of assets in the
event of any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, or other distribution of the assets of the Corporation among
its shareholders for the purpose of winding up its affairs.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.15</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpretation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event that any date on which any dividend on the Series&nbsp;AH Preferred Shares is payable by
the Corporation, or any date on or by which any other action is required to be taken by the
Corporation or the holders of Series&nbsp;AH Preferred Shares hereunder, is not a business day (as
hereinafter defined), then such dividend shall be payable, or such other action shall be
required to be taken, on or by the next succeeding day that is a business day. A &#147;business day&#148;
shall be a day other than a Saturday, a Sunday or any other day that is treated as a holiday at
the Corporation&#146;s principal office in Canada.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.27 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERIES AI PREFERRED SHARES</B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Series&nbsp;AI Preferred Shares shall, in addition to the rights, privileges, restrictions and
conditions attaching to the First Preferred Shares as a class, carry and be subject to the
following rights, privileges, restrictions and conditions:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.27.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividend</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.27.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">For the purposes hereof, the following capitalized terms shall have the following meanings,
unless the context otherwise requires:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Annual Dividend Rate&#148; means the Initial Fixed Dividend Rate or the Subsequent
Fixed Dividend Rate, whichever is provided by this section 3.27.1 to be applicable at the
relevant time;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Dividend Payment Date&#148; means the first day of each of February, May, August
and November in each year and the first Dividend Payment Date shall be February&nbsp;1,
2007;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Government of Canada Yield&#148; on any date shall mean the average of the yields
determined by two registered Canadian investment dealers, selected by the Corporation,
as being the yield to maturity on such date compounded semi-annually and calculated in
accordance with generally accepted financial practice, which a non-callable Government
of Canada Bond would carry if issued in Canadian dollars in Canada at 100% of its
principal amount on such date with a term to maturity of five years;</DIV></TD>
</TR>

</TABLE>
</DIV>


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

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 38 -</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Electronic Delivery&#148; means the delivery by telecopier, electronic mail, the
internet or other electronic means;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Initial Fixed Dividend Rate&#148; means 4.65% per annum;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Initial Fixed Rate Period&#148; means the period commencing on the date the Series
AI Preferred Shares are first issued and ending on and including July&nbsp;31, 2011;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Subsequent Fixed Dividend Rate&#148; means for any Subsequent Fixed Rate Period the
rate of interest expressed as a percentage per annum determined in accordance with
section 3.27.1.5 hereof;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Subsequent Fixed Rate Period&#148; means, for the initial Subsequent Fixed Rate
Period, the period commencing on August&nbsp;1, 2011 and ending on and including July&nbsp;31,
2016 and for each succeeding Subsequent Fixed Rate Period, the period commencing on the day
immediately following the end of the immediately preceding Subsequent Fixed Rate
Period and ending on and including July&nbsp;31 in the fifth year thereafter.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>General</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holders of the Series&nbsp;AI Preferred Shares shall be entitled to receive fixed, cumulative,
preferred cash dividends, as and when declared by the Board of Directors, out of moneys of the
Corporation properly applicable to the payment of dividends, at the rates herein provided.
Dividends on the Series&nbsp;AI Preferred Shares shall accrue on a daily basis from and including the
date of issue thereof, and shall be payable quarterly during the Initial Fixed Rate Period and
during any Subsequent Fixed Rate Period. Payment of the dividend on the Series&nbsp;AI Preferred
Shares payable on any Dividend Payment Date (less any tax required to be deducted) shall be made
by cheque at par in lawful money of Canada payable at any branch in Canada of the Corporation&#146;s
bankers. Notwithstanding the foregoing or anything to the contrary in these Articles, such
dividends are deemed to have commenced to accrue on November&nbsp;1, 2006 at the Initial Fixed
Dividend Rate, regardless of whether any Series&nbsp;AI Preferred Shares were outstanding on such
date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dividends declared on the Series&nbsp;AI Preferred Shares shall (except in case of redemption in
which case payment of dividends shall be made on surrender of the certificate representing the
Series&nbsp;AI Preferred Shares to be redeemed) be paid by posting in a postage paid envelope
addressed to each holder of the Series&nbsp;AI Preferred Shares at the last address of such holder as
it appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation, or,
in the case of joint holders, to the address of that one whose name appears first in the
securities register of the Corporation as one of such joint holders, a cheque for such dividends
(less any tax required to be deducted) payable to the order of such holder or, in the case of
joint holders, to the order of all such holders failing written instructions from them to the
contrary. Notwithstanding the foregoing, any dividend cheque may be delivered by the
Corporation to a holder of Series&nbsp;AI Preferred Shares at his address as aforesaid. The posting
or delivery of such cheque shall be deemed to be payment and shall satisfy and discharge all
liabilities for the payment of such dividends to the extent of the sum represented thereby (plus
the amount of any tax required to be deducted as aforesaid) unless such cheque is not paid on
due presentation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Initial Fixed Rate Period</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">During the Initial Fixed Rate Period, the dividends in respect of the Series&nbsp;AI Preferred Shares
shall be payable quarterly at the Initial Fixed Dividend Rate. Accordingly, on each Dividend
Payment
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 39 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Date during the Initial Fixed Rate Period, including August&nbsp;1, 2011, the dividend
payable shall be $0.290625 per Series&nbsp;AI Preferred Share.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Subsequent Fixed Rate Period</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">During any Subsequent Fixed Rate Period, the dividends in respect of the Series&nbsp;AI Preferred
Shares shall be payable quarterly at the Subsequent Fixed Dividend Rate. Accordingly, on each
Dividend Payment Date during any Subsequent Fixed Rate Period, the dividend payable shall be in
the amount per share per annum (rounded to the nearest one-thousandth (1/1000) of one cent)
determined by multiplying the Annual Dividend Rate by $25.00.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Determination of Subsequent Fixed Dividend Rate</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall determine on the 25th day prior to the first day of each Subsequent Fixed
Rate Period the Annual Dividend Rate for each Subsequent Fixed Rate Period, which Annual
Dividend
Rate shall not be less than 80% of the Government of Canada Yield in effect at 10:00&nbsp;A.M.
(Montr&#233;al time) on the said 25th day prior to the first day of each Subsequent Fixed Rate
Period, and give notice thereof: (i)&nbsp;within one (1)&nbsp;business day to all stock exchanges in
Canada on which the Series&nbsp;AI Preferred Shares are listed for trading or if the Series&nbsp;AI
Preferred Shares are not listed on a stock exchange in Canada, to the Investment Dealers
Association of Canada; and (ii)&nbsp;within three (3)&nbsp;business days to the holders of the Series&nbsp;AI
Preferred Shares by publication once in the national edition of The Globe and Mail in the
English language and once in the City of Montr&#233;al in both the French and English languages in a
daily newspaper of general circulation in Montr&#233;al; provided that if any such newspaper is not
being generally circulated at that time, such notice shall be published in another equivalent
publication.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Rights on Liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event of the liquidation, dissolution or winding up of the Corporation or any other
distribution of assets of the Corporation for the purpose of winding up its affairs, the holders
of the Series&nbsp;AI Preferred Shares shall be entitled to receive $25.00 per Series&nbsp;AI Preferred
Share together with all dividends accrued and unpaid up to but excluding the date of payment or
distribution, before any amounts shall be paid or any assets of the Corporation distributed to
the holders of the Common Shares of the Corporation or any other shares ranking junior to the
Series&nbsp;AI Preferred Shares. Upon payment of such amounts, the holders of the Series&nbsp;AI
Preferred Shares shall not be entitled to share in any further distribution of the property or
assets of the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Redemption at the Option of the Corporation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may not redeem any of the Series&nbsp;AI Preferred Shares prior to August&nbsp;1, 2011.
Subject to applicable law and section 3.27.5 hereof, upon giving notice as hereinafter provided, the
Corporation may, on August&nbsp;1, 2011 or on August 1 in every fifth year thereafter, redeem all,
but not less than all, of the outstanding Series&nbsp;AI Preferred Shares on payment of $25.00 for
each such share to be redeemed together with accrued and unpaid dividends up to but excluding
the date fixed for redemption, the whole constituting the redemption price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall give notice in writing not less than 45&nbsp;days nor more than 60&nbsp;days prior
to the date on which the redemption is to take place to each person who at the date of giving
such notice is the holder of Series&nbsp;AI Preferred Shares to be redeemed of the intention of the
Corporation to redeem such shares; such notice shall be given, at the option of the Corporation,
by courier or by posting the same in a postage paid envelope, in either case, addressed to each
holder of Series&nbsp;AI Preferred Shares to be redeemed at the last address of such holder as it
appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 40 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">holder last known to the Corporation, or by
Electronic Delivery addressed to each holder of Series&nbsp;AI Preferred Shares requesting Electronic
Delivery at the last electronic address as provided by the holder to the Corporation, provided
that the accidental failure or omission to give any such notices as aforesaid to one or more of
such holders shall not affect the validity of the redemption as to the other holders of the
Series&nbsp;AI Preferred Shares to be redeemed. Such notice shall set out the number of such Series
AI Preferred Shares held by the person to whom it is addressed which are to be redeemed and the
redemption price and shall also set out the date on which the redemption is to take place, and
on and after the date so specified for redemption the Corporation shall pay or cause to be paid
to the holders of such Series&nbsp;AI Preferred Shares to be redeemed the redemption price on
presentation and surrender at any place or places within Canada designated by such notice, of
the certificate or certificates for such Series&nbsp;AI Preferred Shares so called for redemption;
such payment shall be made by cheque payable at par at any branch in Canada of the Corporation&#146;s
bankers; from and after the date specified in any such notice, the Series&nbsp;AI Preferred Shares
called for redemption shall cease to be entitled to dividends and the holders thereof shall not
be entitled to exercise any of the rights of shareholders in respect thereof unless payment of
the redemption price shall not be duly made by the
Corporation; at any time after notice of redemption is given as aforesaid, the Corporation shall
have the right to deposit the redemption price of any or all Series&nbsp;AI Preferred Shares called
for redemption with any chartered bank or banks or with any trust company or trust companies in
Canada named in the notice of redemption to the credit of a special account or accounts in trust
for the respective holders of such shares, to be paid to them respectively upon surrender to
such bank or banks or trust company or trust companies of the certificate or certificates
representing the same, and upon such deposit or deposits being made, such shares shall be
redeemed on the redemption date specified in the notice of redemption; after the Corporation has
made a deposit as aforesaid with respect to any shares, the holders thereof shall not, from and
after the redemption date, be entitled to exercise any of the rights of shareholders in respect
thereof and the rights of the holders thereof shall be limited to receiving the proportion of
the amounts so deposited applicable to such shares, without interest; any interest allowed on
such deposit shall belong to the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Conversion of Series&nbsp;AI Preferred Shares</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Conversion at the Option of the Holder</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AI Preferred Shares shall have the right, at their option, on August&nbsp;1, 2011
and on August 1 in every fifth year thereafter (a &#147;Conversion Date&#148;), to convert, subject to the
terms and conditions hereof, all or any Series&nbsp;AI Preferred Shares registered in their name into
Series&nbsp;AJ Preferred Shares of the Corporation on the basis of one (1)&nbsp;Series&nbsp;AJ Preferred Share
for each Series&nbsp;AI Preferred Share. The Corporation shall give notice in writing to the then
holders of the Series&nbsp;AI Preferred Shares of the conversion right provided for herein; such
notice shall be given, at the option of the Corporation, by courier or by posting the same in a
postage paid envelope, in either case, addressed to each holder of the Series&nbsp;AI Preferred
Shares at the last address of such holder as it appears on the securities register of the
Corporation or, in the event of the address of any holder not so appearing, then to the address
of such holder last known to the Corporation or by Electronic Delivery addressed to each holder
of Series&nbsp;AI Preferred Shares requesting Electronic Delivery at the last electronic address as
provided by the holder to the Corporation. Such notice shall set out the Conversion Date and
shall be given not less than 45&nbsp;days nor more than 60&nbsp;days prior to the applicable Conversion
Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the
Corporation gives notice as provided in section 3.27.3 to the holders of the Series&nbsp;AI
Preferred Shares of the redemption of all the Series&nbsp;AI Preferred Shares, the Corporation shall
not be required to give notice as provided in this section 3.27.4.1 to the holders of the Series&nbsp;AI
Preferred Shares of the conversion right and the right of any holder of Series&nbsp;AI Preferred
Shares to convert such Series&nbsp;AI Preferred Shares as herein provided shall cease and terminate
in that event.
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 41 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AI Preferred Shares shall not be entitled to convert their shares into Series
AJ Preferred Shares if, following the close of business on the 10th day preceding a Conversion
Date, the Corporation determines that there would remain outstanding on the Conversion Date less
than 2,000,000 Series&nbsp;AJ Preferred Shares, after taking into account all Series&nbsp;AI Preferred
Shares tendered for conversion into Series&nbsp;AJ Preferred Shares and all Series&nbsp;AJ Preferred
Shares tendered for conversion into Series&nbsp;AI Preferred Shares. The Corporation shall give
notice in writing thereof, in accordance with the provisions of the first paragraph of this
section 3.27.4.1, to all affected holders of Series&nbsp;AI Preferred Shares prior to the applicable
Conversion Date and will issue and deliver, or cause to be delivered, prior to such Conversion
Date, at the expense of the Corporation, to such holders of Series&nbsp;AI Preferred Shares, who have
surrendered for conversion any certificate or certificates representing Series&nbsp;AI Preferred
Shares, new certificates representing the Series&nbsp;AI Preferred Shares represented by any
certificate or certificates surrendered as aforesaid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Automatic Conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If following the close of business on the 10th day preceding a Conversion Date the Corporation
determines that there would remain outstanding on the Conversion Date less than 2,000,000 Series
AI Preferred Shares after taking into account all Series&nbsp;AI Preferred Shares tendered for
conversion into Series&nbsp;AJ Preferred Shares and all Series&nbsp;AJ Preferred Shares tendered for
conversion into Series&nbsp;AI Preferred Shares, then, all, but not part, of the remaining
outstanding Series&nbsp;AI Preferred Shares shall automatically be converted into Series&nbsp;AJ Preferred
Shares on the basis of one (1)&nbsp;Series&nbsp;AJ Preferred Share for each Series&nbsp;AI Preferred Share on
the applicable Conversion Date and the Corporation shall give notice in writing thereof, in
accordance with the provisions of section 3.27.4.1, to the holders of such remaining Series&nbsp;AI
Preferred Shares prior to the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Manner of Exercise of Conversion Privilege</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The conversion of Series&nbsp;AI Preferred Shares may be effected by surrender of the certificate or
certificates representing the same not earlier than 45&nbsp;days prior to a Conversion Date but not
later than the close of business on the 10th day preceding a Conversion Date during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AI
Preferred Shares are transferable accompanied by: (i)&nbsp;payment or evidence of payment of the tax
(if any) payable as provided in this section 3.27.4.3; and (ii)&nbsp;a written instrument of surrender in
form satisfactory to the Corporation duly executed by the holder, or his attorney duly
authorized in writing, in which instrument such holder may also elect to convert part only of
the Series&nbsp;AI Preferred Shares represented by such certificate or certificates not theretofore
called for redemption in which event the Corporation shall issue and deliver or cause to be
delivered to such holder, at the expense of the Corporation, a new certificate representing the
Series&nbsp;AI Preferred Shares represented by such certificate or certificates which have not been
converted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event the Corporation is required to convert all remaining outstanding Series&nbsp;AI
Preferred Shares into Series&nbsp;AJ Preferred Shares on the applicable Conversion Date as provided
for in section 3.27.4.2, the Series&nbsp;AI Preferred Shares in respect of which the holders have not
previously elected to convert shall be converted on the Conversion Date into Series&nbsp;AJ Preferred
Shares and the holders thereof shall be deemed to be holders of Series&nbsp;AJ Preferred Shares at
the close of business on the Conversion Date and shall be entitled, upon surrender during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AI
Preferred Shares were transferable of the certificate or certificates representing Series&nbsp;AI
Preferred Shares not previously surrendered for conversion, to receive a certificate or
certificates representing the same number of Series&nbsp;AJ Preferred Shares in the manner and
subject to the terms and provisions as provided in this section
3.27.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">As promptly as practicable after the Conversion Date, the Corporation shall issue and deliver,
or cause to be delivered to or upon the written order of the holder of the Series&nbsp;AI Preferred
Shares so
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 42 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> surrendered, a certificate or certificates, issued in the name of, or in such name or
names as may be directed by, such holder representing the number of fully-paid and
non-assessable Series&nbsp;AJ Preferred Shares and the number of remaining Series&nbsp;AI Preferred
Shares, if any, to which such holder is entitled. Such conversion shall be deemed to have been
made at the close of business on the Conversion Date, so that the rights of the holder of such
Series&nbsp;AI Preferred Shares as the holder thereof shall cease at such time and the person or
persons entitled to receive Series&nbsp;AJ Preferred Shares upon such conversion shall be treated for
all purposes as having become the holder or holders of record of such Series&nbsp;AJ Preferred Shares
at such time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holder of any Series&nbsp;AI Preferred Share on the record date for any dividend declared payable
on such share shall be entitled to such dividend notwithstanding that such share is converted
into a Series&nbsp;AJ Preferred Share after such record date and on or before the date of the payment
of such dividend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The issuance of certificates for the Series&nbsp;AJ Preferred Shares upon the conversion of Series&nbsp;AI
Preferred Shares shall be made without charge to the converting holders of Series&nbsp;AI Preferred
Shares for any fee or tax in respect of the issuance of such certificates or the Series&nbsp;AJ
Preferred Shares represented thereby; provided, however, that the Corporation shall not be
required to pay any tax which may be imposed upon the person or persons to whom such Series&nbsp;AJ
Preferred Shares are issued in respect of the issuance of such Series&nbsp;AJ Preferred Shares or the
certificate therefor or which may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate in a name or names other than that of the holder of the
Series&nbsp;AI Preferred Shares converted, and the Corporation shall not be required to issue or
deliver such certificate unless the person or persons requesting the issuance thereof shall have
paid to the Corporation the amount of such tax or shall have established to the satisfaction of
the Corporation that such tax has been paid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Status of Converted Series&nbsp;AI Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All Series&nbsp;AI Preferred Shares converted into Series&nbsp;AJ Preferred Shares on a Conversion Date
shall not be cancelled but shall be restored to the status of authorized but unissued shares of
the Corporation as at the close of business on the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Restrictions on Dividends and Retirement of Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Without the approval of the holders of outstanding Series&nbsp;AI Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not declare, pay or set apart for payment any dividends
(other than stock dividends payable in shares of the Corporation ranking junior to the
Series&nbsp;AI Preferred Shares) on the Common Shares of the Corporation or any other shares
of the Corporation ranking junior to the Series&nbsp;AI Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not redeem, purchase or otherwise retire or make any
capital distribution on or in respect of the Common Shares of the Corporation or any
other shares of the Corporation ranking junior to the Series&nbsp;AI Preferred Shares
(except out of the net cash proceeds of a substantially concurrent issue of shares of
the Corporation ranking junior to the Series&nbsp;AI Preferred Shares);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not purchase or otherwise retire less than all of the
Series&nbsp;AI Preferred Shares then outstanding; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not redeem, purchase or otherwise retire (except in
connection with the exercise of any retraction privilege or any mandatory redemption
obligation attaching thereto) any shares of any class or series ranking on a parity
with the Series&nbsp;AI </DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 43 - <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">Preferred Shares provided that, for greater certainty, the covenant
in this clause (d)&nbsp;shall not limit or affect any such action in respect of any class of
shares ranking in priority to the Series&nbsp;AI Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">unless, in each such case, all cumulative dividends on outstanding Series&nbsp;AI Preferred Shares
accrued up to and including the dividend payable for the last completed period for which
dividends were payable shall have been declared and paid.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval of the holders of Series&nbsp;AI Preferred Shares required to be given pursuant to this
section 3.27.5 may be given in accordance with the second paragraph
of section 3.27.7 and section 3.27.10.
Notwithstanding the provisions of section 3.27.10 hereof, any approval required to be given pursuant
to this section 3.27.5 shall be required to be given only by the affirmative vote of the holders of
the majority of the Series&nbsp;AI Preferred Shares present or represented at a meeting, or adjourned
meeting, of the holders of Series&nbsp;AI Preferred Shares duly called for the purpose and at which a
quorum is present.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Purchase for Cancellation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may at any time purchase for cancellation the whole or any part of the Series&nbsp;AI
Preferred Shares outstanding from time to time, in the open market through or from an investment
dealer or any firm holding membership on a recognized stock exchange, or by private agreement or
otherwise, at the lowest price or prices at which in the opinion of the Board of Directors such
shares are obtainable.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Voting Rights</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation fails to pay eight (8)&nbsp;dividends on the Series&nbsp;AI Preferred Shares, whether
or not consecutive, the holders of the Series&nbsp;AI Preferred Shares shall have the right to
receive notice of, and to attend, each meeting of shareholders of the Corporation which takes
place more than 60&nbsp;days after the date on which the failure first occurs (other than a separate
meeting of the holders of another series or class of shares) and such holders shall also have
the right, at any such meeting, to one (1)&nbsp;vote for each Series&nbsp;AI Preferred Share held, until
all such arrears of dividends on the Series&nbsp;AI Preferred Shares shall have been paid whereupon
such rights shall cease unless and until the same default shall again arise under the provisions
of this section 3.27.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In connection with any actions to be taken by the Corporation which require the approval of the
holders of the Series&nbsp;AI Preferred Shares voting as a series or as part of a class, each Series
AI Preferred Share shall entitle the holder thereof to one (1)&nbsp;vote for such purpose.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Issue of Additional Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may issue additional series of First Preferred Shares ranking on a parity with
the Series&nbsp;AI Preferred Shares without the authorization of the holders of the Series&nbsp;AI
Preferred Shares.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The provisions attaching to the Series&nbsp;AI Preferred Shares as a series may be repealed, altered,
modified or amended from time to time with such approval as may then be required by the CBCA,
any such approval to be given in accordance with section 3.27.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">None of the series provisions of the articles of the Corporation relating to the Series&nbsp;AI
Preferred Shares shall be amended or otherwise changed unless, contemporaneously therewith, the
series
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 44 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> provisions, if any, relating to the Series&nbsp;AJ Preferred Shares are, to the extent deemed
required by the Corporation, amended or otherwise changed in the same proportion and in the same
manner.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Approval of Holders of Series&nbsp;AI Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval given by the holders of the Series&nbsp;AI Preferred Shares shall be deemed to have been
sufficiently given if it shall have been given by the holders of Series&nbsp;AI Preferred Shares as
provided in the provisions attaching to the First Preferred Shares as a class, which provisions
shall apply mutatis mutandis.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Tax Election</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall elect, in the manner and within the time provided under the ITA, under
subsection 191.2(1) of the said Act, or any successor or replacement provision of similar
effect, and take all other necessary action under such Act, to pay tax at a rate such that no
holder of the Series&nbsp;AI Preferred Shares will be required to pay tax on dividends received on
the Series&nbsp;AI Preferred Shares
under section 187.2 of Part&nbsp;IV.I of such Act or any successor or replacement provision of similar effect.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Mail Service Interruption</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation determines that mail service is, or is threatened to be, interrupted at the
time when the Corporation is required or elects to give any notice hereunder by mail, or is
required to send any cheque or any share certificate to the holder of any Series&nbsp;AI Preferred
Shares, whether in connection with the redemption or conversion of such share or otherwise, the
Corporation may, notwithstanding the provisions hereof:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">give such notice by Electronic Delivery, telex or telegraph communication or by
means of publication once in each of two successive weeks in a newspaper of general
circulation published or distributed in Montr&#233;al and Toronto and such notice shall be
deemed to have been given on the date on which such Electronic Delivery, telex or
telegraph communication was given or on the date on which the first publication has
taken place; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">fulfill the requirement to send such cheque or such share certificate by
arranging for delivery thereof to the principal office of the Corporation in Montr&#233;al,
and such cheque and/or certificate shall be deemed to have been sent on the date on
which notice of such arrangement shall have been given as provided in (a)&nbsp;above,
provided that as soon as the Corporation determines that mail service is no longer
interrupted or threatened to be interrupted such cheque or share certificate, if not
theretofore delivered to such holder, shall be sent by ordinary unregistered first
class prepaid mail to the registered address of each person who at the date of mailing
is a registered holder and who is entitled to receive such cheque or share certificate,
or in the event of the address of any such holder not appearing on the securities
register of the Corporation, then at the last address of such holder known to the
Corporation.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the provisions herein contained attaching to the Series&nbsp;AI Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;accrued and unpaid dividend&#148; means the aggregate of (A)&nbsp;all unpaid dividends
on the Series&nbsp;AI Preferred Shares for any quarterly period and (B)&nbsp;the amount
calculated as though dividends on each Series&nbsp;AI Preferred Share had been accruing on a
day-to-day </DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 45 - <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">basis from and including the date on which the last quarterly dividend was
payable to but excluding the date to which the computation of accrued dividends is to
be made; and</DIV></TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;in priority to&#148;, &#147;on a parity with&#148; and &#147;junior to&#148; have reference to the
order of priority in payment of dividends and in the distribution of assets in the
event of any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, or other distribution of the assets of the Corporation among
its shareholders for the purpose of winding up its affairs.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Interpretation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event that any date on which any dividend on the Series&nbsp;AI Preferred Shares is payable by
the Corporation, or any date on or by which any other action is required to be taken by the
Corporation or the holders of Series&nbsp;AI Preferred Shares hereunder, is not a business day (as
hereinafter defined), then such dividend shall be payable, or such other action shall be
required to be taken, on or by the
next succeeding day that is a business day. A &#147;business day&#148; shall be a day other than a
Saturday, a Sunday or any other day that is treated as a holiday at the Corporation&#146;s principal
office in Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B>3.28</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B>SERIES AJ PREFERRED SHARES</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Series&nbsp;AJ Preferred Shares shall, in addition to the rights, privileges, restrictions and
conditions attaching to the First Preferred Shares as a class, carry and be subject to the
following rights, privileges, restrictions and conditions:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Dividend</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">For the purposes hereof, the following capitalized terms shall have the following meanings,
unless the context otherwise requires:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Adjustment Factor&#148; for any Month means the percentage per annum, positive or
negative, based on the Calculated Trading Price of the Series&nbsp;AJ Preferred Shares for
the preceding Month, determined in accordance with the following table:</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="89%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">The Adjustment Factor as a</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">If Calculated Trading Price Is</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Percentage of Prime Shall Be</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.50 or more</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.375 and less than $25.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.25 and less than $25.375</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.125 and less than $25.25</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.875 and less than $25.125</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">nil</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.75 to $24.875</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.625 to $24.75</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Greater than $24.50 to $24.625</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$24.50 or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">The maximum Adjustment Factor for any Month will be &#177; 4.00%.</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 46 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">If in any Month there is no trade on the Exchange of Series&nbsp;AJ Preferred Shares of a
board lot or more, the Adjustment Factor for the following Month shall be nil;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Annual Floating Dividend Rate&#148; means for any Month the rate of interest
expressed as a percentage per annum (rounded to the nearest one-thousandth (1/1000) of
one percent (0.001%)) which is equal to Prime multiplied by the Designated Percentage
for such Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Banks&#148; means any two of Royal Bank of Canada, Bank of Montreal, The Bank of
Nova Scotia, The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce and any
successor of any of them as may be designated from time to time by the Corporation by
notice given to the transfer agent for the Series&nbsp;AJ Preferred Shares, such notice to
take effect on, and to be given at least two (2)&nbsp;business days prior to, the
commencement of a particular Dividend Period and, until such notice is first given,
means Royal Bank of Canada and The Toronto-Dominion Bank;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Calculated Trading Price&#148; for any Month means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the aggregate of the Daily Adjusted Trading Value for all
Trading Days in such Month;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">divided by</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the aggregate of the Daily Trading Volume for all Trading Days
in such Month;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Daily Accrued Dividend Deduction&#148; for any Trading Day means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the product obtained by multiplying the dividend accrued on a
Series&nbsp;AJ Preferred Share in respect of the Month in which the Trading Day
falls by the number of days elapsed from but excluding the day prior to the
Ex-Dividend Date immediately preceding such Trading Day to and including such
Trading Day (or if such Trading Day is an Ex-Dividend Date, by one (1)&nbsp;day);</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">divided by</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the number of days from and including such Ex-Dividend Date to
but excluding the following Ex-Dividend Date;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Daily Adjusted Trading Value&#148; for any Trading Day means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the aggregate dollar value of all transactions of Series&nbsp;AJ
Preferred Shares on the Exchange (made on the basis of the normal settlement
period in effect on the Exchange) occurring during such Trading Day;</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 47 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">less</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Daily Trading Volume for such Trading Day multiplied by the
Daily Accrued Dividend Deduction for such Trading Day;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Daily Trading Volume&#148; for any Trading Day means the aggregate number of Series
AJ Preferred Shares traded in all transactions (made on the basis of the normal
settlement period in effect on the Exchange) occurring during such Trading Day on the
Exchange;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Deemed Record Date&#148; means the last Trading Day of a Month with respect to
which no dividend is declared by the Board of Directors;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Designated Percentage&#148; for the Month of August&nbsp;2011 means 80&nbsp;percent (80%) and
for each Month thereafter means the Adjustment Factor for such Month plus the
Designated Percentage for the preceding Month, provided that the Annual Floating
Dividend Rate for any Month shall in no event be less than 50% of Prime for such Month
or more than 100% of Prime for such Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Dividend Payment Date&#148; means the twelfth day of each of month commencing with
the Month immediately following the date of issue of the Series&nbsp;AJ Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Dividend Period&#148; means a Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Electronic Delivery&#148; means the delivery by telecopier, electronic mail, the
internet or other electronic means;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Ex-Dividend Date&#148; means:</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Trading Day which, under the rules or normal practices of
the Exchange, is designated or recognized as the ex-dividend date relative to
any dividend record date for the Series&nbsp;AJ Preferred Shares; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">if the Board of Directors fails to declare a dividend in
respect of a Month, the Trading Day which, under the rules or normal practices
of the Exchange, would be recognized as the Ex-Dividend Date relative to any
Deemed Record Date for the Series&nbsp;AJ Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Exchange&#148; means the Toronto Stock Exchange or such other exchange or trading
market in Canada as may be determined from time to time by the Corporation as being the
principal trading market for the Series&nbsp;AJ Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Month&#148; means a calendar month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Prime&#148; for a Month means the average (rounded to the nearest one-thousandth
(1/1000) of one percent (0.001%)) of the Prime Rate in effect on each day of such
Month;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Prime Rate&#148; for any day means the average (rounded to the nearest
one-thousandth (1/1000) of one percent (0.001%)) of the annual rates of interest
announced from time to time by the Banks as the reference rates then in effect for such
day for determining interest rates on Canadian dollar commercial loans made to prime
commercial borrowers </DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 48 - <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">in Canada. If one of the Banks does not have such an interest
rate in effect on a day, the Prime Rate for such day shall be such interest rate in
effect for that day of the other Bank; if both Banks do not have such an interest rate
in effect on a day, the Prime Rate for that day shall be equal to one and a half
percent (1.5%) per annum plus the average yield expressed as a percentage per annum on
91-day Government of Canada Treasury Bills, as reported by the Bank of Canada, for the
weekly tender for the week immediately preceding that day; and if both of such Banks do
not have such an interest rate in effect on a day and the Bank of Canada does not
report such average yield per annum, the Prime Rate for that day shall be equal to the
Prime Rate for the next preceding day. The Prime Rate and Prime shall be determined
from time to time by an officer of the Corporation from quotations supplied by the
Banks or otherwise publicly available. Such determination shall, in the absence of
manifest error, be final and binding upon the Corporation and upon all holders of
Series&nbsp;AJ Preferred Shares;</DIV></TD>
</TR>



<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;Trading Day&#148; means, if the Exchange is a stock exchange in Canada, a day on
which the Exchange is open for trading or, in any other case, a business day.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>General</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holders of the Series&nbsp;AJ Preferred Shares shall be entitled to receive cumulative, preferred
cash dividends, as and when declared by the Board of Directors, out of moneys of the Corporation
properly applicable to the payment of dividends at the rates and times herein provided.
Dividends on the Series&nbsp;AJ Preferred Shares shall accrue on a daily basis from and including the
date of issue thereof and shall be payable monthly. Payment of the dividend on the Series&nbsp;AJ
Preferred Shares payable on any Dividend Payment Date (less any tax required to be deducted)
shall be made by cheque at par in lawful money of Canada at any branch in Canada of the
Corporation&#146;s bankers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The dividends in respect of the Series&nbsp;AJ Preferred Shares shall be payable monthly at the
Annual Floating Dividend Rate as calculated from time to time. Accordingly, on each Dividend
Payment Date, the dividend payable on the Series&nbsp;AJ Preferred Shares shall be that amount
(rounded to the nearest one-thousandth (1/1000) of one cent) obtained by multiplying $25.00 by
the Annual Floating Dividend Rate applicable to the Month preceding such Dividend Payment Date
and by dividing the product by twelve. The record date for the purpose of determining holders
of Series&nbsp;AJ Preferred Shares entitled to receive dividends on each Dividend Payment Date shall
be the last Trading Day of the next preceding Month. In the event of the redemption or purchase
of the Series&nbsp;AJ Preferred Shares or the distribution of the assets of the Corporation as
contemplated by section 3.28.2 hereof, the amount of the dividend which has accrued during the Month
in which such redemption, purchase or distribution occurs shall be the amount (rounded to the
nearest one-thousandth (1/1000) of one cent) calculated by multiplying:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the amount obtained by multiplying $25.00 by one-twelfth (1/12) of the Annual
Floating Dividend Rate applicable to the preceding Month; by</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">a fraction of which the numerator is the number of days elapsed in the Month in
which such redemption, purchase or distribution occurs up to but not including the day
of such event and the denominator of which is the number of days in that Month.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dividends declared on the Series&nbsp;AJ Preferred Shares shall (except in case of redemption in
which case payment of dividends shall be made on surrender of the certificate representing the
Series&nbsp;AJ Preferred Shares to be redeemed) be paid by posting in a postage paid envelope
addressed to each holder of the Series&nbsp;AJ Preferred Shares at the last address of such holder as
it appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation, or,
in the case of joint holders, to
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 49 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">the address to that one whose name appears first in the
securities register of the Corporation as one of such joint holders, a cheque for such dividends
(less any tax required to be deducted) payable to the order of such holder or, in the case of
joint holders, to the order of all such holders failing written instructions from them to the
contrary. Notwithstanding the foregoing, any dividend cheque may be delivered by the
Corporation to a holder of Series&nbsp;AJ Preferred Shares at his address as aforesaid. The posting
or delivery of such cheque shall be deemed to be payment and shall satisfy and discharge all
liabilities for the payment of such dividends to the extent of the sum represented thereby (plus
the amount of any tax required to be deducted as aforesaid) unless such cheque is not paid on
due presentation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Calculation of Designated Percentage</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall as promptly as practicable calculate the Designated Percentage for each
Month and give notice thereof to all stock exchanges in Canada on which the Series&nbsp;AJ Preferred
Shares are listed for trading or if the Series&nbsp;AJ Preferred Shares are not listed on a stock
exchange in Canada to the Investment Dealers Association of Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Rights on Liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event of the liquidation, dissolution or winding up of the Corporation or any other
distribution of assets of the Corporation for the purpose of winding up its affairs, the holders
of the Series&nbsp;AJ Preferred Shares shall be entitled to receive $25.00 per Series&nbsp;AJ Preferred
Share together with all dividends accrued and unpaid up to but excluding the date of payment or
distribution, before any amounts shall be paid or any assets of the Corporation distributed to
the holders of the Common Shares of the Corporation or any other shares ranking junior to the
Series&nbsp;AJ Preferred Shares. Upon payment of such amounts, the holders of the Series&nbsp;AJ
Preferred Shares shall not be entitled to share in any further distribution of the property or
assets of the Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Redemption at the Option of the Corporation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Subject
to applicable law and section 3.28.5 hereof, upon giving notice as hereinafter provided, the
Corporation may redeem at anytime all, but not less than all, the outstanding Series&nbsp;AJ
Preferred Shares on payment of $25.50 for each such share to be redeemed together with accrued
and unpaid dividends up to but excluding the date fixed for redemption, the whole constituting
the redemption price.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall give notice in writing not less than 45&nbsp;days nor more than 60&nbsp;days prior
to the date on which the redemption is to take place to each person who at the date of giving
such notice is the holder of Series&nbsp;AJ Preferred Shares to be redeemed of the intention of the
Corporation to redeem such shares; such notice shall be given, at the option of the Corporation,
by courier or by posting the same in a postage paid envelope, in either case, addressed to each
holder of Series&nbsp;AJ Preferred Shares to be redeemed at the last address of such holder as it
appears on the securities register of the Corporation or, in the event of the address of any
holder not so appearing, then to the address of such holder last known to the Corporation, or by
Electronic Delivery addressed to each holder of Series&nbsp;AJ Preferred Shares requesting Electronic
Delivery at the last electronic address as provided by the holder to the Corporation, provided
that the accidental failure or omission to give any such notices as aforesaid to one or more of
such holders shall not affect the validity of the redemption as to the other holders of the
Series&nbsp;AJ Preferred Shares to be redeemed. Such notice shall set out the number of such Series
AJ Preferred Shares held by the person to whom it is addressed which are to be redeemed and the
redemption price and shall also set out the date on which the redemption is to take place, and
on and after the date so specified for redemption the Corporation shall pay or cause to be paid
to the holders of such Series&nbsp;AJ Preferred Shares to be redeemed the redemption price on
presentation and surrender at any place within Canada designated by such notice, of the
certificate or certificates for
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 50 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> such Series&nbsp;AJ Preferred Shares so called for redemption; such
payment shall be made by cheque payable at par at any branch in Canada of the Corporation&#146;s
bankers; from and after the date specified in any such notice, the Series&nbsp;AJ Preferred Shares
called for redemption shall cease to be entitled to dividends and the holders thereof shall not
be entitled to exercise any of the rights of shareholders in respect thereof unless payment of
the redemption price shall not be duly made by the Corporation; at any time after notice of
redemption is given as aforesaid, the Corporation shall have the right to deposit the redemption
price of any or all Series&nbsp;AJ Preferred Shares called for redemption with any chartered bank or
banks or with any trust company or trust companies in Canada named in the notice of redemption
to the credit of a special account or accounts in trust for the respective holders of such
shares, to be paid to them respectively upon surrender to such bank or banks or trust company or
trust companies of the certificate or certificates representing the same, and upon such deposit
or deposits being made, such shares shall be redeemed on the redemption date specified in the
notice of redemption; after the Corporation has made a deposit as aforesaid with respect to any
shares, the holders thereof shall not, from and after the redemption date, be entitled to
exercise any of the rights of shareholders in respect thereof and the rights of the holders
thereof shall be limited to receiving the proportion of the amounts so deposited applicable to
such shares, without interest; any interest allowed on such deposit shall belong to the
Corporation.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Conversion of Series&nbsp;AJ Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Conversion at the Option of the Holder</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AJ Preferred Shares shall have the right, at their option, on August&nbsp;1, 2011
and on August 1 in every fifth year thereafter (a &#147;Conversion Date&#148;), to convert, subject to the
terms and conditions hereof, all or any Series&nbsp;AJ Preferred Shares registered in their name into
Series&nbsp;AI Preferred Shares of the Corporation on the basis of one (1)&nbsp;Series&nbsp;AI Preferred Share
for each Series&nbsp;AJ Preferred Share. The Corporation shall give notice in writing to the then
holders of the Series&nbsp;AJ Preferred Shares of the conversion right provided for herein; such
notice shall be given, at the option of the Corporation, by courier or by posting the same in a
postage paid envelope, in either case, addressed to each holder of the Series&nbsp;AJ Preferred
Shares at the last address of such holder as it appears on the securities register of the
Corporation or, in the event of the address of any holder not so appearing, then to the address
of such holder last known to the Corporation or by Electronic Delivery addressed to each holder
of Series&nbsp;AJ Preferred Shares requesting Electronic Delivery at the last electronic address as
provided by the holder to the Corporation. Such notice shall set out the Conversion Date and
shall be given not less than 45&nbsp;days nor more than 60&nbsp;days prior to the applicable Conversion
Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the
Corporation gives notice as provided in section 3.28.3 to the holders of the Series&nbsp;AJ
Preferred Shares of the redemption of all the Series&nbsp;AJ Preferred Shares, the Corporation shall
not be required to give notice as provided in this section 3.28.4.1 to the holders of the Series&nbsp;AJ
Preferred Shares of the conversion right and the right of any holder of Series&nbsp;AJ Preferred
Shares to convert such Series&nbsp;AJ Preferred Shares as herein provided shall cease and terminate
in that event.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Holders of Series&nbsp;AJ Preferred Shares shall not be entitled to convert their shares into Series
AI Preferred Shares if, following the close of business on the 10th day preceding a Conversion
Date, the Corporation determines that there would remain outstanding on the Conversion Date less
than 2,000,000 Series&nbsp;AI Preferred Shares after taking into account all Series&nbsp;AJ Preferred
Shares tendered for conversion into Series&nbsp;AI Preferred Shares and all Series&nbsp;AI Preferred
Shares tendered for conversion into Series&nbsp;AJ Preferred Shares. The Corporation shall give
notice in writing thereof, in accordance with the provisions of the first paragraph of this
section 3.28.4.1, to all affected holders of Series&nbsp;AJ Preferred Shares prior to the applicable
Conversion Date and will issue and deliver, or cause to be delivered, prior to such Conversion
Date, at the expense of the Corporation, to such holders of Series&nbsp;AJ Preferred Shares, who have
surrendered for conversion any certificate or
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 51 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">certificates representing Series&nbsp;AJ Preferred
Shares, new certificates representing the Series&nbsp;AJ Preferred Shares represented by any
certificate or certificates surrendered as aforesaid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Automatic Conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If following the close of business on the 10th day preceding a Conversion Date the Corporation
determines that there would remain outstanding on the Conversion Date less than 2,000,000 Series
AJ Preferred Shares after taking into account all Series&nbsp;AJ Preferred Shares tendered for
conversion into Series&nbsp;AI Preferred Shares and all Series&nbsp;AI Preferred Shares tendered for
conversion into Series&nbsp;AJ Preferred Shares, then, all, but not part, of the remaining
outstanding Series&nbsp;AJ Preferred Shares shall automatically be converted into Series&nbsp;AI Preferred
Shares on the basis of one (1)&nbsp;Series&nbsp;AI Preferred Share for each Series&nbsp;AJ Preferred Share on
the applicable Conversion Date and the Corporation shall give notice in writing thereof, in
accordance with the provisions of section 3.28.4.1, to the holders of such remaining Series&nbsp;AJ
Preferred Shares prior to the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Manner of Exercise of Conversion Privilege</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The conversion of Series&nbsp;AJ Preferred Shares may be effected by surrender of the certificate or
certificates representing the same not earlier than 45&nbsp;days prior to a Conversion Date but not
later than the close of business on the 10th day preceding a Conversion Date during usual
business hours
at any office of any transfer agent of the Corporation at which the Series&nbsp;AJ Preferred Shares
are transferable accompanied by: (i)&nbsp;payment or evidence of payment of the tax (if any) payable
as provided in this section 3.28.4.3; and (ii)&nbsp;a written instrument of surrender in form satisfactory
to the Corporation duly executed by the holder, or his attorney duly authorized in writing, in
which instrument such holder may also elect to convert part only of the Series&nbsp;AJ Preferred
Shares represented by such certificate or certificates not theretofore called for redemption in
which event the Corporation shall issue and deliver or cause to be delivered to such holder, at
the expense of the Corporation, a new certificate representing the Series&nbsp;AJ Preferred Shares
represented by such certificate or certificates which have not been converted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event the Corporation is required to convert all remaining outstanding Series&nbsp;AJ
Preferred Shares into Series&nbsp;AI Preferred Shares on the applicable Conversion Date as provided
for in section 3.28.4.2, the Series&nbsp;AJ Preferred Shares in respect of which the holders have not
previously elected to convert shall be converted on the Conversion Date into Series&nbsp;AI Preferred
Shares and the holders thereof shall be deemed to be holders of Series&nbsp;AI Preferred Shares at
the close of business on the Conversion Date and shall be entitled, upon surrender during usual
business hours at any office of any transfer agent of the Corporation at which the Series&nbsp;AJ
Preferred Shares were transferable of the certificate or certificates representing Series&nbsp;AJ
Preferred Shares not previously surrendered for conversion, to receive a certificate or
certificates representing the same number of Series&nbsp;AI Preferred Shares in the manner and
subject to the terms and provisions as provided in this section
3.28.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">As promptly as practicable after the Conversion Date, the Corporation shall issue and deliver,
or cause to be delivered to or upon the written order of the holder of the Series&nbsp;AJ Preferred
Shares so surrendered, a certificate or certificates, issued in the name of, or in such name or
names as may be directed by, such holder representing the number of fully-paid and
non-assessable Series&nbsp;AI Preferred Shares and the number of remaining Series&nbsp;AJ Preferred
Shares, if any, to which such holder is entitled. Such conversion shall be deemed to have been
made at the close of business on the Conversion Date, so that the rights of the holder of such
Series&nbsp;AJ Preferred Shares as the holder thereof shall cease at such time and the person or
persons entitled to receive Series&nbsp;AI Preferred Shares upon such conversion shall be treated for
all purposes as having become the holder or holders of record of such Series&nbsp;AI Preferred Shares
at such time.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 52 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The holder of any Series&nbsp;AJ Preferred Share on the record date for any dividend declared payable
on such share shall be entitled to such dividend notwithstanding that such share is converted
into a Series&nbsp;AI Preferred Share after such record date and on or before the date of the payment
of such dividend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The issuance of certificates for the Series&nbsp;AI Preferred Shares upon the conversion of Series&nbsp;AJ
Preferred Shares shall be made without charge to the converting holders of Series&nbsp;AJ Preferred
Shares for any fee or tax in respect of the issuance of such certificates or the Series&nbsp;AI
Preferred Shares represented thereby; provided, however, that the Corporation shall not be
required to pay any tax which may be imposed upon the person or persons to whom such Series&nbsp;AI
Preferred Shares are issued in respect of the issuance of such Series&nbsp;AI Preferred Shares or the
certificate therefor or which may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate in a name or names other than that of the holder of the
Series&nbsp;AJ Preferred Shares converted, and the Corporation shall not be required to issue or
deliver such certificate unless the person or persons requesting the issuance thereof shall have
paid to the Corporation the amount of such tax or shall have established to the satisfaction of
the Corporation that such tax has been paid.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Status of Converted Series&nbsp;AJ Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">All Series&nbsp;AJ Preferred Shares converted into Series&nbsp;AI Preferred Shares on a Conversion Date
shall not be cancelled but shall be restored to the status of authorized but unissued shares of
the Corporation as at the close of business on the Conversion Date.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Restrictions on Dividends and Retirement of Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Without the approval of the holders of outstanding Series&nbsp;AJ Preferred Shares:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not declare, pay or set apart for payment any dividends
(other than stock dividends payable in shares of the Corporation ranking junior to the
Series&nbsp;AJ Preferred Shares) on the Common Shares of the Corporation or any other shares
of the Corporation ranking junior to the Series&nbsp;AJ Preferred Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not redeem, purchase or otherwise retire or make any
capital distribution on or in respect of the Common Shares of the Corporation or any
other shares of the Corporation ranking junior to the Series&nbsp;AJ Preferred Shares
(except out of the net cash proceeds of a substantially concurrent issue of shares of
the Corporation ranking junior to the Series&nbsp;AJ Preferred Shares);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not purchase or otherwise retire less than all of the
Series&nbsp;AJ Preferred Shares then outstanding; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">the Corporation shall not redeem, purchase or otherwise retire (except in
connection with the exercise of any retraction privilege or any mandatory redemption
obligation attaching thereto) any shares of any class or series ranking on a parity
with the Series&nbsp;AJ Preferred Shares provided that, for greater certainty, the covenant
in this clause (d)&nbsp;shall not limit or affect any such action in respect of any class of
shares ranking in priority to the Series&nbsp;AJ Preferred Shares;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">unless, in each such case, all cumulative dividends on outstanding Series&nbsp;AJ Preferred Shares
accrued up to and including the dividend payable for the last completed period for which
dividends were payable shall have been declared and paid.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 53 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval of the holders of Series&nbsp;AJ Preferred Shares required to be given pursuant to this
section 3.28.5 may be given in accordance with the second paragraph
of section 3.28.7 and section 3.28.10.
Notwithstanding the provisions of section 3.28.10 hereof, any approval required to be given pursuant
to this section 3.28.5 shall be required to be given only by the affirmative vote of the holders of
the majority of the Series&nbsp;AJ Preferred Shares present or represented at a meeting, or adjourned
meeting, of the holders of Series&nbsp;AJ Preferred Shares duly called for the purpose and at which a
quorum is present.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Purchase for Cancellation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may at any time purchase for cancellation the whole or any part of the Series&nbsp;AJ
Preferred Shares outstanding from time to time, in the open market through or from an investment
dealer or any firm holding membership on a recognized stock exchange, or by private agreement or
otherwise, at the lowest price or prices at which in the opinion of the Board of Directors such
shares are obtainable.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Voting Rights</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation fails to pay eight (8)&nbsp;dividends on the Series&nbsp;AJ Preferred Shares, whether
or not consecutive, the holders of the Series&nbsp;AJ Preferred Shares shall have the right to
receive notice of, and to attend, each meeting of shareholders of the Corporation which takes
place more than 60&nbsp;days after
the date on which the failure first occurs (other than a separate meeting of the holders of
another series or class of shares) and such holders shall also have the right, at any such
meeting, to one (1)&nbsp;vote for each Series&nbsp;AJ Preferred Share held, until all such arrears of
dividends on the Series&nbsp;AJ Preferred Shares shall have been paid whereupon such rights shall
cease unless and until the same default shall again arise under the
provisions of this section 3.28.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In connection with any actions to be taken by the Corporation which require the approval of the
holders of the Series&nbsp;AJ Preferred Shares voting as a series or as part of a class, each Series
AJ Preferred Share shall entitle the holder thereof to one (1)&nbsp;vote for such purpose.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Issue of Additional Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation may issue additional series of First Preferred Shares ranking on a parity with
the Series&nbsp;AJ Preferred Shares without the authorization of the holders of the Series&nbsp;AJ
Preferred Shares.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The provisions attaching to the Series&nbsp;AJ Preferred Shares as a series may be repealed, altered,
modified or amended from time to time with such approval as may then be required by the CBCA,
any such approval to be given in accordance with section 3.28.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">None of the series provisions of the articles of the Corporation relating to the Series&nbsp;AJ
Preferred Shares shall be amended or otherwise changed unless, contemporaneously therewith, the
series provisions, if any, relating to the Series&nbsp;AI Preferred Shares are, to the extent deemed
required by the Corporation, amended or otherwise changed in the same proportion and in the same
manner.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Approval of Holders of Series&nbsp;AJ Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Any approval given by the holders of the Series&nbsp;AJ Preferred Shares shall be deemed to have been
sufficiently given if it shall have been given by the holders of Series&nbsp;AJ Preferred Shares as
provided in the provisions attaching to the First Preferred Shares as a class, which provisions
shall apply mutatis mutandis.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 54 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Tax Election</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">The Corporation shall elect, in the manner and within the time provided under the ITA, under
subsection 191.2(1) of the said Act, or any successor or replacement provision of similar
effect, and take all other necessary action under such Act, to pay tax at a rate such that no
holder of the Series&nbsp;AJ Preferred Shares will be required to pay tax on dividends received on
the Series&nbsp;AJ Preferred Shares under section 187.2 of Part&nbsp;IV.I of such Act or any successor or
replacement provision of similar effect.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Mail Service Interruption</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">If the Corporation determines that mail service is, or is threatened to be, interrupted at the
time when the Corporation is required or elects to give any notice hereunder by mail, or is
required to send any cheque or any share certificate to the holder of any Series&nbsp;AJ Preferred
Shares, whether in connection with the redemption or conversion of such share or otherwise, the
Corporation may, notwithstanding the provisions hereof:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">give such notice by Electronic Delivery, telex, or telegraph communication or
by means of publication once in each of two successive weeks in a newspaper of general
circulation published or distributed in Montr&#233;al and Toronto and such notice shall be
deemed to
have been given on the date on which such Electronic Delivery, telex, or telegraph
communication was given or on the date on which the first publication has taken
place; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">fulfill the requirement to send such cheque or such share certificate by
arranging for delivery thereof to the principal office of the Corporation in Montr&#233;al,
and such cheque and/or certificate shall be deemed to have been sent on the date on
which notice of such arrangement shall have been given as provided in (a)&nbsp;above,
provided that as soon as the Corporation determines that mail service is no longer
interrupted or threatened to be interrupted such cheque or share certificate, if not
theretofore delivered to such holder, shall be sent by ordinary unregistered first
class prepaid mail to the registered address of each person who at the date of mailing
is a registered holder and who is entitled to receive such cheque or share certificate,
or in the event of the address of any such holder not appearing on the securities
register of the Corporation, then at the last address of such holder known to the
Corporation.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Notice of Subsequent Fixed Dividend Rate Applicable to the Series&nbsp;AI Preferred Shares</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Within three (3)&nbsp;business days of the determination of the Subsequent Fixed Dividend Rate (as
defined in section 3.27.1.1 of the articles of the Corporation relating to the Series&nbsp;AI Preferred
Shares) the Corporation shall give notice thereof, except in relation to the initial Subsequent
Fixed Rate Period, to the holders of the Series&nbsp;AJ Preferred Shares by publication once in the
national edition of The Globe and Mail in the English language and once in the City of Montr&#233;al
in both the French and English languages in a daily newspaper of general circulation in
Montr&#233;al; provided that if any such newspaper is not being generally circulated at that time,
such notice shall be published in another equivalent publication.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Definitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the provisions herein contained attaching to the Series&nbsp;AJ Preferred Shares:
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 55 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;accrued and unpaid dividends&#148; means the aggregate of: (i)&nbsp;all unpaid dividends
on the Series&nbsp;AJ Preferred Shares for any Dividend Period; and (ii)&nbsp;the amount
calculated as though dividends on each Series&nbsp;AJ Preferred Share had been accruing on a
day-to-day basis from and including the first day of the Month immediately following
the Dividend Period with respect to which the last monthly dividend will be or was, as
the case may be, payable to but excluding the date to which the computation of accrued
dividends is to be made; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify">&#147;in priority to&#148;, &#147;on a parity with&#148; and &#147;junior to&#148; have reference to the
order of priority in payment of dividends and in the distribution of assets in the
event of any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, or other distribution of the assets of the Corporation among
its shareholders for the purpose of winding up its affairs.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.15</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="justify"><B><I>Interpretation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">In the event that any date on which any dividend on the Series&nbsp;AJ Preferred Shares is payable by
the Corporation, or any date on or by which any other action is required to be taken by the
Corporation or the holders of Series&nbsp;AJ Preferred Shares hereunder, is not a business day (as
hereinafter defined), then such dividend shall be payable, or such other action shall be
required to be taken, on or by the
next succeeding day that is a business day. A &#147;business day&#148; shall be a day other than a
Saturday, a Sunday or any other day that is treated as a holiday at the Corporation&#146;s principal
office in Canada.
</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"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B>3.23</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACTIONS PRIVIL&#201;GI&#201;ES DE S&#201;RIE AE</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Les actions privil&#233;gi&#233;es de s&#233;rie AE comportent, outre les droits, privil&#232;ges, conditions et
restrictions aff&#233;rents &#224; la cat&#233;gorie des actions privil&#233;gi&#233;es de premier rang, les droits,
privil&#232;ges, conditions et restrictions qui suivent.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividendes</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sauf si le contexte ne s&#146;y pr&#234;te pas, les d&#233;finitions suivantes s&#146;appliquent aux pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; banques &#187; Deux banques parmi la Banque Royale du Canada, la Banque de
Montr&#233;al, la Banque de Nouvelle-&#201;cosse, la Banque Toronto-Dominion et la Banque
canadienne imp&#233;riale de commerce et tout successeur de celles-ci que le conseil
d&#146;administration d&#233;signe en avisant l&#146;agent des transferts des actions privil&#233;gi&#233;es de
s&#233;ries AE. Un tel avis doit &#234;tre donn&#233; au moins deux (2)&nbsp;jours ouvrables avant le
d&#233;but d&#146;une p&#233;riode de dividende donn&#233;e et prendra effet &#224; ce moment. Tant qu&#146;un tel
avis n&#146;aura pas &#233;t&#233; donn&#233;, &#171; banques &#187; s&#146;entend de la Banque Royale du Canada et de la
Banque Toronto-Dominion;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; bourse &#187; La bourse de Toronto, toute autre place boursi&#232;re ou tout autre
march&#233; organis&#233; au Canada que la Soci&#233;t&#233; consid&#232;re comme le principal march&#233; de
n&#233;gociation des actions privil&#233;gi&#233;es de s&#233;rie AE.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; cours de r&#233;f&#233;rence &#187; Pour un mois donn&#233;, quotient obtenu en divisant :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le total de la valeur quotidienne ajust&#233;e des actions n&#233;goci&#233;es
de toutes les s&#233;ances de bourse de ce mois,</DIV></TD>
</TR>

</TABLE>
</DIV>

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

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le total du volume quotidien des actions n&#233;goci&#233;es de toutes
les s&#233;ances de bourse de ce mois.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Malgr&#233; ce qui pr&#233;c&#232;de, le cours de r&#233;f&#233;rence du mois de janvier 2007 sera calcul&#233;
d&#146;apr&#232;s les renseignements sur les op&#233;rations de la Bourse de Toronto concernant les
actions privil&#233;gi&#233;es de cat&#233;gorie A &#224; dividende cumulatif et remboursables de s&#233;rie
15 de Bell Canada. Par cons&#233;quent, le montant de la d&#233;duction quotidienne relative
au dividende accumul&#233;, la valeur quotidienne ajust&#233;e, le total du volume quotidien
des actions n&#233;goci&#233;es et les d&#233;cisions connexes du mois de janvier 2007 doivent &#234;tre
calcul&#233;s ou prises par rapport aux actions privil&#233;gi&#233;es &#224; dividende cumulatif et
remboursables de s&#233;rie 15 de Bell Canada et non pas aux actions privil&#233;gi&#233;es de
s&#233;rie AE.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de cl&#244;ture des registres r&#233;put&#233;e &#187; Dernier jour de bourse d&#146;un mois &#224;
l&#146;&#233;gard duquel aucun dividende n&#146;est d&#233;clar&#233; par le conseil d&#146;administration.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de paiement de dividende &#187; Douzi&#232;me jour de chaque mois. La premi&#232;re
date de paiement de dividende sera le 12 f&#233;vrier 2007.</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date ex-dividende &#187; :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">la s&#233;ance de bourse d&#233;sign&#233;e ou reconnue, conform&#233;ment aux
r&#232;gles ou aux pratiques habituelles de la bourse, &#224; titre de date ex-dividende
aux fins de toute date de cl&#244;ture des registres pour les dividendes d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AE; ou</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">si le conseil d&#146;administration ne d&#233;clare pas de dividende pour
un mois donn&#233;, la s&#233;ance de bourse qui serait consid&#233;r&#233;e, conform&#233;ment aux
r&#232;gles ou aux pratiques habituelles de la bourse, comme la date ex-dividende
aux fins de toute date de cl&#244;ture des registres r&#233;put&#233;e pour les actions
privil&#233;gi&#233;es de s&#233;rie AE.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; d&#233;duction quotidienne relative au dividende accumul&#233; &#187; Pour une s&#233;ance de
bourse donn&#233;e :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">produit obtenu en multipliant le dividende accumul&#233; sur une
action privil&#233;gi&#233;e de s&#233;rie AE pour le mois au cours duquel tombe la s&#233;ance de
bourse, par le nombre de jours entre le jour pr&#233;c&#233;dant la date ex-dividende qui
pr&#233;c&#232;de imm&#233;diatement cette s&#233;ance de bourse, exclusivement, et le jour de
cette s&#233;ance de bourse, inclusivement (ou par un (1)&nbsp;jour, si cette s&#233;ance de
bourse est une date ex-dividende),</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">divis&#233; par</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le nombre de jours entre cette date ex-dividende,
inclusivement, et la prochaine date ex-dividende, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; facteur d&#146;ajustement &#187; Pour un mois donn&#233;, le pourcentage annuel, positif ou
n&#233;gatif, &#233;tabli en fonction du cours de r&#233;f&#233;rence des actions privil&#233;gi&#233;es de s&#233;rie AE
pour le mois pr&#233;c&#233;dent, calcul&#233; conform&#233;ment au tableau suivant :</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Facteur d&#146;ajustement</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">exprim&#233; en % du taux</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Cours de r&#233;f&#233;rence</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">pr&#233;f&#233;rentiel mensuel</TD>
</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 style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&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">25,50 $ ou plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,375 $ et moins de 25,50 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,25 $ et moins de 25,375 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,125 $ et moins de 25,25 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,875 $ et moins de 25,125 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">N&#233;ant</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,75 $ &#224; 24,875 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,625 $ &#224; 24,75 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,50 $ &#224; 24,625 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24,50 $ ou moins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le facteur d&#146;ajustement maximal pour un mois donn&#233; sera &#177; 4,00 %.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%">Si, pendant un mois donn&#233; (exclusion faite du mois de janvier 2007), au
moins un lot r&#233;gulier d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE n&#146;est pas n&#233;goci&#233; &#224;
la bourse, le facteur d&#146;ajustement du mois suivant sera de &#171; n&#233;ant &#187;.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; mois &#187; Un mois civil.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de dividende &#187; Un mois civil.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; pourcentage prescrit &#187; Pour le mois de janvier 2007, 71 pour cent (71 %) et,
pour chaque mois suivant, le facteur d&#146;ajustement de ce mois plus le pourcentage
prescrit du mois pr&#233;c&#233;dent, pourvu que le taux de dividende variable annuel d&#146;un mois
donn&#233; ne soit jamais inf&#233;rieur &#224; 50 pour cent du taux pr&#233;f&#233;rentiel mensuel pour ce
mois, ni sup&#233;rieur &#224; 100 % du taux pr&#233;f&#233;rentiel mensuel pour ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende variable annuel &#187; Pour un mois donn&#233;, le taux d&#146;int&#233;r&#234;t
exprim&#233; en tant que pourcentage annuel (arrondi au milli&#232;me (1/1000) de un pour cent
(0,001 %) pr&#232;s) &#233;gal au taux pr&#233;f&#233;rentiel mensuel multipli&#233; par le pourcentage prescrit
pour ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux pr&#233;f&#233;rentiel &#187; Pour un jour donn&#233;, la moyenne (arrondie au milli&#232;me
(1/1000) de un pour cent (0,001 %) pr&#232;s) des taux d&#146;int&#233;r&#234;t annuels publi&#233;s par les
banques &#224; titre de taux de r&#233;f&#233;rence en vigueur pour ce jour aux fins de fixer les taux
d&#146;int&#233;r&#234;t sur les pr&#234;ts commerciaux en dollars canadiens consentis au Canada aux
emprunteurs commerciaux jouissant du meilleur cr&#233;dit. Si l&#146;une des banques n&#146;affiche
pas un tel taux d&#146;int&#233;r&#234;t un jour donn&#233;, le taux pr&#233;f&#233;rentiel pour ce jour sera le taux
d&#146;int&#233;r&#234;t en vigueur de l&#146;autre banque; si aucune des deux banques n&#146;affiche un tel
taux d&#146;int&#233;r&#234;t un jour donn&#233;, le taux pr&#233;f&#233;rentiel pour ce jour sera &#233;gal &#224; un et demi
pour cent (1,5 %) l&#146;an, plus le rendement moyen exprim&#233; en tant que pourcentage annuel
des bons du Tr&#233;sor du gouvernement du Canada de 91 jours, publi&#233; par la Banque du
Canada, pour l&#146;offre hebdomadaire portant sur la semaine pr&#233;c&#233;dant ce jour; et si
aucune des deux banques n&#146;affiche un tel taux d&#146;int&#233;r&#234;t un jour donn&#233; et que la Banque
du Canada ne publie pas un tel rendement annuel moyen, le taux pr&#233;f&#233;rentiel pour ce
jour sera &#233;gal au taux pr&#233;f&#233;rentiel du jour pr&#233;c&#233;dent. Un dirigeant de la Soci&#233;t&#233;
&#233;tablit le taux pr&#233;f&#233;rentiel et le taux pr&#233;f&#233;rentiel mensuel &#224; partir de donn&#233;es
communiqu&#233;es par les banques ou qui sont par ailleurs publiques. En l&#146;absence d&#146;erreur
flagrante, la d&#233;cision de ce dirigeant lie d&#233;finitivement la Soci&#233;t&#233; et tous les
porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux pr&#233;f&#233;rentiel mensuel &#187; Pour un mois donn&#233;, la moyenne (arrondie au
milli&#232;me (1/1000) de un pour cent (0,001 %) pr&#232;s) des taux pr&#233;f&#233;rentiels en vigueur
chaque jour de ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; s&#233;ance de bourse &#187; Chaque jour au cours duquel la bourse est ouverte &#224; des
fins de n&#233;gociations, si cette bourse est une bourse de valeurs mobili&#232;res situ&#233;e au
Canada; sinon, le terme &#171; s&#233;ance de bourse &#187; s&#146;entend d&#146;un jour ouvrable.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; valeur quotidienne ajust&#233;e des actions n&#233;goci&#233;es &#187; Pour une s&#233;ance de bourse
donn&#233;e :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">la valeur totale en dollars de toutes les op&#233;rations sur les
actions privil&#233;gi&#233;es de s&#233;rie AE enregistr&#233;es &#224; la bourse (assorties du d&#233;lai
de r&#232;glement normal en vigueur &#224; la bourse) pendant cette s&#233;ance de bourse,</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;moins
</DIV>
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /Folio -->

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le produit obtenu en multipliant le volume quotidien des
actions n&#233;goci&#233;es durant cette s&#233;ance de bourse par le montant de la d&#233;duction
quotidienne relative au dividende accumul&#233; pour cette s&#233;ance de bourse.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; volume quotidien des actions n&#233;goci&#233;es &#187; Pour une s&#233;ance de bourse donn&#233;e, le
nombre total d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE ayant fait l&#146;objet de n&#233;gociations &#224; la
bourse (assorties du d&#233;lai de r&#232;glement normal en vigueur &#224; la bourse) pendant cette
s&#233;ance de bourse.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>G&#233;n&#233;ralit&#233;s</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE auront le droit de recevoir, pour autant qu&#146;ils
soient d&#233;clar&#233;s par le conseil d&#146;administration, des dividendes en esp&#232;ces privil&#233;gi&#233;s
cumulatifs, puis&#233;s &#224; m&#234;me les fonds de la Soci&#233;t&#233; pouvant &#234;tre d&#251;ment affect&#233;s au paiement de
dividendes, aux taux et aux dates pr&#233;vus par les pr&#233;sentes. Les dividendes sur les actions
privil&#233;gi&#233;es de s&#233;rie AE s&#146;accumuleront quotidiennement &#224; compter de leur date d&#146;&#233;mission
inclusivement et seront payables mensuellement. Les dividendes sur les actions privil&#233;gi&#233;es de
s&#233;rie AE qui sont payables &#224; une date de paiement de dividende donn&#233;e (diminu&#233;s de tout imp&#244;t
devant &#234;tre d&#233;duit) seront pay&#233;s par ch&#232;que, au pair, en monnaie ayant cours l&#233;gal au Canada, &#224;
toute succursale au Canada des banquiers de la Soci&#233;t&#233;. Malgr&#233; ce qui pr&#233;c&#232;de ou toute autre
indication contraire dans les pr&#233;sents statuts, ces dividendes sont r&#233;put&#233;s avoir commenc&#233; &#224;
courir le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> janvier 2007 au taux de dividende variable annuel pour ce mois, peu
importe si des actions privil&#233;gi&#233;es de s&#233;rie AE &#233;taient en circulation &#224; cette date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le paiement des dividendes d&#233;clar&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AE sera effectu&#233;
(sauf en cas de rachat, le paiement des dividendes &#233;tant alors effectu&#233; au moment de la remise
du certificat repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AE devant &#234;tre rachet&#233;es) par la
mise &#224; la poste, dans une enveloppe affranchie adress&#233;e &#224; chaque porteur d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AE &#224; sa derni&#232;re adresse figurant au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou,
si son adresse ne figure pas au registre, &#224; sa derni&#232;re adresse connue de la Soci&#233;t&#233; ou, dans le
cas de coporteurs, &#224; l&#146;adresse de celui dont le nom figure en premier au registre des valeurs
mobili&#232;res de la Soci&#233;t&#233; en tant que l&#146;un de ces coporteurs, d&#146;un ch&#232;que pour le montant de ces
dividendes (diminu&#233; de tout imp&#244;t devant &#234;tre d&#233;duit) payable &#224; l&#146;ordre de ce porteur ou, dans
le cas de coporteurs, &#224; l&#146;ordre de tous les coporteurs, sauf indication contraire de leur part
par &#233;crit. Nonobstant ce qui pr&#233;c&#232;de, tout ch&#232;que de paiement de dividendes peut &#234;tre livr&#233; par
la Soci&#233;t&#233; &#224; un porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE &#224; son adresse ainsi qu&#146;elle est
indiqu&#233;e ci-dessus. La mise &#224; la poste ou la livraison d&#146;un tel ch&#232;que sera r&#233;put&#233;e constituer
le paiement et satisfera &#224; toutes obligations de paiement de ces dividendes pour ce qui est du
montant repr&#233;sent&#233; par un tel ch&#232;que (compte tenu du montant de tout imp&#244;t devant &#234;tre d&#233;duit
mentionn&#233; ci-dessus), &#224; moins que ce ch&#232;que ne soit pas pay&#233; au moment o&#249; il est d&#251;ment
pr&#233;sent&#233;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AE seront payables mensuellement au taux de
dividende variable annuel. Par cons&#233;quent, &#224; chaque date de paiement de dividende, le dividende
payable sur les actions privil&#233;gi&#233;es de s&#233;rie AE sera le montant (arrondi au milli&#232;me (1/1000)
de cent pr&#232;s) obtenu en multipliant 25,00 $ par le taux de dividende variable annuel applicable
au mois pr&#233;c&#233;dant cette date de paiement de dividende et en divisant la somme par douze. La date
de cl&#244;ture des registres servant &#224; d&#233;terminer les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE
admissibles aux dividendes &#224; chaque date de paiement de dividende sera la derni&#232;re s&#233;ance de
bourse du mois pr&#233;c&#233;dent. En cas de rachat ou d&#146;achat des actions privil&#233;gi&#233;es de s&#233;rie AE ou de
la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;, ainsi que le pr&#233;voit l&#146;article 3.23.2 des
pr&#233;sentes, le montant du dividende accumul&#233; au cours de mois o&#249; a lieu ce rachat, cet achat ou
cette r&#233;partition (arrondi au milli&#232;me (1/1000) de cent pr&#232;s) sera calcul&#233; en multipliant :
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 5 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le produit de la multiplication de 25,00 $ par un douzi&#232;me (1/12) du taux de
dividende variable annuel applicable au mois pr&#233;c&#233;dent; par</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">une fraction dont le num&#233;rateur est le nombre de jours &#233;coul&#233;s dans le mois o&#249;
a lieu ce rachat, cet achat ou cette r&#233;partition, jusqu&#146;&#224; la date de cet &#233;v&#233;nement,
exclusivement, et le d&#233;nominateur est le nombre de jours dans ce mois.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Calcul du pourcentage prescrit</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; calculera d&#232;s que possible le pourcentage prescrit pour chaque mois et en avisera
toutes les bourses de valeurs mobili&#232;res au Canada &#224; la cote desquelles les actions privil&#233;gi&#233;es
de s&#233;rie AE sont inscrites ou, si les actions privil&#233;gi&#233;es de s&#233;rie AE ne sont pas inscrites &#224;
la cote d&#146;une bourse de valeurs mobili&#232;res au Canada, la Soci&#233;t&#233; en avisera l&#146;Association
canadienne des courtiers en valeurs mobili&#232;res.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits en cas de liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">En cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233; ou de toute autre
r&#233;partition des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; aux fins de liquider ses affaires, les porteurs
des actions privil&#233;gi&#233;es de s&#233;rie AE auront le droit de recevoir 25,00 $ par action privil&#233;gi&#233;e
de s&#233;rie AE augment&#233;s de tous les dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date de paiement ou
de r&#233;partition, exclusivement, avant qu&#146;aucun montant ne soit pay&#233; ou qu&#146;aucun &#233;l&#233;ment d&#146;actif
de la Soci&#233;t&#233; ne soit r&#233;parti parmi les porteurs de nouvelles actions ordinaires de la Soci&#233;t&#233;
ou de toutes autres actions de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AE. Une fois ces
montants pay&#233;s, les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AE ne seront admissibles &#224; aucune
r&#233;partition subs&#233;quente des biens ou des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rachat d&#146;actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sous r&#233;serve des lois applicables et de l&#146;article 3.23.5 ci-apr&#232;s, apr&#232;s avis comme pr&#233;vu
ci-apr&#232;s, la Soci&#233;t&#233; pourra racheter en tout temps la totalit&#233; mais non moins de la totalit&#233; des
actions privil&#233;gi&#233;es de s&#233;rie AE en circulation contre paiement de 25,50 $ pour chacune de ces
actions &#224; racheter augment&#233;s, dans chaque cas, des dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la
date fix&#233;e pour le rachat, exclusivement, le tout constituant le prix de rachat.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; donnera un pr&#233;avis &#233;crit d&#146;au moins 45 jours et d&#146;au plus 60 jours de son intention
de racheter des actions privil&#233;gi&#233;es de s&#233;rie AE &#224; toute personne qui, &#224; la date de l&#146;envoi de
ce pr&#233;avis, est d&#233;tentrice de ces actions &#224; racheter. L&#146;avis devra &#234;tre envoy&#233; par la poste,
dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre cas, &#224; tous les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AE &#224; racheter, &#224; leur derni&#232;re adresse inscrite au registre des valeurs
mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224; la derni&#232;re adresse du porteur
connue de la Soci&#233;t&#233;; cependant, toute omission ou tout d&#233;faut involontaires d&#146;envoyer un tel
avis &#224; un ou &#224; plusieurs de ces porteurs ne sera d&#146;aucun effet sur la validit&#233; du rachat des
actions privil&#233;gi&#233;es de s&#233;rie AE des autres porteurs. L&#146;avis devra indiquer le nombre d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AE &#224; racheter d&#233;tenues par la personne &#224; qui il est adress&#233;, ainsi que le
prix de rachat, et devra aussi indiquer la date fix&#233;e pour le rachat; &#224; la date pr&#233;vue pour ce
rachat ou &#224; toute date ult&#233;rieure, la Soci&#233;t&#233;, sur pr&#233;sentation et remise du ou des certificats
repr&#233;sentant ces actions &#224; tout endroit au Canada mentionn&#233; dans l&#146;avis, paiera ou fera en sorte
que soit pay&#233; le prix de rachat aux porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE &#224; racheter. Le
paiement se fera par ch&#232;que payable au pair &#224; toute succursale au Canada des banquiers de la
Soci&#233;t&#233;. &#192; compter de la date mentionn&#233;e dans l&#146;avis, les porteurs d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AE &#224; racheter n&#146;auront plus aucun droit aux dividendes sur ces actions ni aucun autre
droit en qualit&#233; de porteurs de ces actions, &#224; moins que la Soci&#233;t&#233; n&#146;omette de payer le prix de
rachat. En tout temps apr&#232;s que l&#146;avis de rachat susmentionn&#233; aura &#233;t&#233; donn&#233;, la Soci&#233;t&#233; pourra
d&#233;poser le montant du prix
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 6 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> de rachat de la totalit&#233; ou d&#146;une partie des actions privil&#233;gi&#233;es de s&#233;rie AE &#224; racheter dans
une ou plusieurs banques &#224; charte ou soci&#233;t&#233;s de fiducie au Canada dont les noms auront &#233;t&#233;
donn&#233;s dans l&#146;avis. Ces d&#233;p&#244;ts seront effectu&#233;s dans un ou plusieurs comptes en fiducie pour le
b&#233;n&#233;fice des porteurs des actions &#224; racheter et les montants leur seront vers&#233;s par ces banques
ou soci&#233;t&#233;s de fiducie sur remise du ou des certificats; d&#232;s l&#146;ex&#233;cution de ces d&#233;p&#244;ts, les
actions seront rachet&#233;es &#224; la date de rachat indiqu&#233;e dans l&#146;avis de rachat. D&#232;s que la Soci&#233;t&#233;
aura effectu&#233; le d&#233;p&#244;t susmentionn&#233; &#224; l&#146;&#233;gard de toutes actions, les porteurs de celles-ci
n&#146;auront plus, &#224; compter de la date de rachat, aucun autre droit en qualit&#233; de porteurs de ces
actions, et leurs droits seront limit&#233;s &#224; la perception de la portion des montants d&#233;pos&#233;s qui
s&#146;applique &#224; ces actions, sans int&#233;r&#234;t; tout int&#233;r&#234;t pay&#233; sur ces d&#233;p&#244;ts appartiendra &#224; la
Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion des actions privil&#233;gi&#233;es de s&#233;rie AE</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion au gr&#233; du porteur</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE pourront, &#224; leur gr&#233;, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier
2010 et le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier tous les cinq ans pour la suite (une &#171; date de conversion &#187;),
convertir, en totalit&#233; ou en partie, sous r&#233;serve des dispositions et conditions des pr&#233;sentes,
les actions privil&#233;gi&#233;es de s&#233;rie AE inscrites en leur nom en actions privil&#233;gi&#233;es de s&#233;rie AF
de la Soci&#233;t&#233; &#224; raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AF pour chaque action privil&#233;gi&#233;e
de s&#233;rie AE. La Soci&#233;t&#233; devra aviser par &#233;crit les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE
alors en circulation du taux d&#233;sign&#233; (tel qu&#146;il est d&#233;fini &#224; l&#146;article 3.24.1.1 des statuts de
la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AF) d&#233;termin&#233; par le conseil
d&#146;administration et applicable pour la p&#233;riode de taux fixe suivant (telle qu&#146;elle est d&#233;finie &#224;
l&#146;article 3.24.1.1 des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AF), de
m&#234;me que du droit de conversion pr&#233;vu par les pr&#233;sentes; un tel avis sera envoy&#233; par la poste,
dans une enveloppe affranchie, &#224; tous les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE, &#224; leur
derni&#232;re adresse inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une
telle inscription, &#224; la derni&#232;re adresse du porteur connue de la Soci&#233;t&#233;. Cet avis devra
indiquer la date de conversion et &#234;tre donn&#233; au moins 45 jours et au plus 60 jours avant la date
de conversion applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, comme le pr&#233;voit l&#146;article 3.23.3, la Soci&#233;t&#233; avise les porteurs d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AE du rachat de la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AE, elle ne sera pas tenue
de les aviser, ainsi qu&#146;il est stipul&#233; au pr&#233;sent article 3.23.4.1, du taux d&#233;sign&#233; (tel qu&#146;il
est d&#233;fini &#224; l&#146;article 3.24.1.1 des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de
s&#233;rie AF) des actions privil&#233;gi&#233;es de s&#233;rie AF, ni de leur droit de conversion; en outre, le
droit de tout porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE de convertir de telles actions
privil&#233;gi&#233;es de s&#233;rie AE pr&#233;vu aux pr&#233;sentes prendra fin dans un tel cas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 14<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 1 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AF en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AE d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AF et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AF d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AE, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE n&#146;auront pas le droit
de convertir leurs actions en actions privil&#233;gi&#233;es de s&#233;rie AF. La Soci&#233;t&#233; en avisera par &#233;crit,
conform&#233;ment aux dispositions du premier paragraphe du pr&#233;sent article 3.23.4.1, tous les
porteurs vis&#233;s d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE au moins sept (7)&nbsp;jours avant la date de
conversion applicable et &#233;mettra et livrera, ou fera en sorte que soient livr&#233;s, avant cette
date de conversion, aux frais de la Soci&#233;t&#233;, &#224; ces porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE
ayant d&#233;pos&#233; aux fins de conversion un ou plusieurs certificats repr&#233;sentant des actions
privil&#233;gi&#233;es de s&#233;rie AE, de nouveaux certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie
AE repr&#233;sent&#233;es par un ou plusieurs certificats d&#233;pos&#233;s comme indiqu&#233; ci-dessus.
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 7 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion automatique</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 14<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 1 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AE en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AE d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AF et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AF d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AE, la totalit&#233; mais non une partie des actions privil&#233;gi&#233;es de s&#233;rie AE
en circulation restantes sera automatiquement convertie en actions privil&#233;gi&#233;es de s&#233;rie AF &#224;
raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AF pour chaque action privil&#233;gi&#233;e de s&#233;rie AE, et
ce, &#224; la date de conversion applicable, et la Soci&#233;t&#233; donnera un avis &#233;crit &#224; cet effet,
conform&#233;ment aux dispositions de l&#146;article 3.23.4.1, aux porteurs de ces actions privil&#233;gi&#233;es de
s&#233;rie AE restantes au moins sept (7)&nbsp;jours avant la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Exercice du privil&#232;ge de conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La conversion des actions privil&#233;gi&#233;es de s&#233;rie AE peut &#234;tre effectu&#233;e par la remise, au plus
t&#244;t 45 jours avant une date de conversion et au plus tard &#224; la fermeture des bureaux le
14<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, durant les heures d&#146;ouverture normales, du
ou des certificats les repr&#233;sentant, &#224; tout bureau d&#146;un agent des transferts de la Soci&#233;t&#233; o&#249;
les actions privil&#233;gi&#233;es de s&#233;rie AE peuvent &#234;tre transf&#233;r&#233;es, ce ou ces certificats &#233;tant
accompagn&#233;s : (i)&nbsp;du paiement ou d&#146;un re&#231;u attestant le paiement de l&#146;imp&#244;t payable (s&#146;il y a
lieu), pr&#233;vu au pr&#233;sent article 3.23.4.3; et (ii)&nbsp;d&#146;un instrument de remise acceptable pour la
Soci&#233;t&#233; et d&#251;ment sign&#233; par le porteur ou son fond&#233; de pouvoir d&#251;ment autoris&#233; par &#233;crit,
instrument dans lequel ce porteur peut indiquer qu&#146;il ne veut convertir qu&#146;une partie seulement
des actions privil&#233;gi&#233;es de s&#233;rie AE repr&#233;sent&#233;es par ce ou ces certificats, qui n&#146;ont pas
jusqu&#146;alors &#233;t&#233; d&#233;sign&#233;es en vue du rachat, auquel cas la Soci&#233;t&#233; &#233;mettra et livrera ou fera
livrer &#224; ses frais, un nouveau certificat, au nom du porteur, repr&#233;sentant les actions
privil&#233;gi&#233;es de s&#233;rie AE qui sont repr&#233;sent&#233;s par ce ou ces certificats et qui n&#146;auront pas &#233;t&#233;
converties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; la Soci&#233;t&#233; est tenue de convertir la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie
AE en circulation restantes en actions privil&#233;gi&#233;es de s&#233;rie AF &#224; la date de conversion
applicable, comme le pr&#233;voit l&#146;article 3.23.4.2, les actions privil&#233;gi&#233;es de s&#233;rie AE que les
porteurs n&#146;avaient pas choisi de convertir devront &#234;tre converties &#224; la date de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AF, et les porteurs de ces actions seront r&#233;put&#233;s &#234;tre porteurs
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF &#224; la fermeture des bureaux &#224; la date de conversion et auront
le droit, apr&#232;s avoir remis, pendant les heures d&#146;ouverture normales, &#224; tout bureau d&#146;un agent
des transferts de la Soci&#233;t&#233; o&#249; les actions privil&#233;gi&#233;es de s&#233;rie AE peuvent &#234;tre transf&#233;r&#233;es,
le ou les certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AE non remis pr&#233;c&#233;demment
aux fins de conversion, de recevoir un ou plusieurs certificats repr&#233;sentant le m&#234;me nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF de la mani&#232;re et selon les dispositions pr&#233;vues dans le
pr&#233;sent article 3.23.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aussit&#244;t que possible apr&#232;s la date de conversion, la Soci&#233;t&#233; &#233;mettra et livrera ou fera livrer
au porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE ainsi remises, ou selon son ordre &#233;crit, un ou
plusieurs certificats &#224; son nom ou au nom de la ou des personnes qu&#146;il aura d&#233;sign&#233;es, pour le
nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF enti&#232;rement lib&#233;r&#233;es et non cotisables et le nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE restantes, le cas &#233;ch&#233;ant, auquel ce porteur aura droit.
Cette conversion sera pr&#233;sum&#233;e effectu&#233;e &#224; la fermeture des bureaux &#224; la date de conversion de
sorte que les droits du porteur de ces actions privil&#233;gi&#233;es de s&#233;rie AE &#224; ce titre cesseront &#224;
ce moment, et la ou les personnes ayant le droit de recevoir des actions privil&#233;gi&#233;es de s&#233;rie
AF &#224; la suite de cette conversion seront &#224; toutes fins consid&#233;r&#233;es comme porteurs inscrits de
ces actions privil&#233;gi&#233;es de s&#233;rie AF d&#232;s ce moment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le porteur de toute action privil&#233;gi&#233;e de s&#233;rie AE inscrit &#224; la date de cl&#244;ture des registres
aux fins de tout dividende d&#233;clar&#233; payable sur cette action aura droit &#224; ce dividende m&#234;me si
l&#146;action a &#233;t&#233;
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 8 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> convertie en action privil&#233;gi&#233;e de s&#233;rie AF apr&#232;s cette date de cl&#244;ture des registres et avant
la date de paiement de ce dividende ou &#224; cette date m&#234;me.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">L&#146;&#233;mission de certificats d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF au moment de la conversion
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE s&#146;effectuera sans frais pour les porteurs convertissant leurs
actions privil&#233;gi&#233;es de s&#233;rie AE, quant aux droits ou imp&#244;ts applicables &#224; l&#146;&#233;mission de ces
certificats ou des actions privil&#233;gi&#233;es de s&#233;rie AF qu&#146;ils repr&#233;sentent; cependant, la Soci&#233;t&#233;
ne sera pas tenue de payer l&#146;imp&#244;t qui pourrait &#234;tre exig&#233; d&#146;une ou de plusieurs personnes par
suite de l&#146;&#233;mission &#224; cette personne ou &#224; ces personnes de ces actions privil&#233;gi&#233;es de s&#233;rie AF
ou des certificats s&#146;y rapportant, ou par suite de tout transfert r&#233;sultant de l&#146;&#233;mission et de
la livraison de ces certificats au nom d&#146;une ou de plusieurs personnes autres que le porteur des
actions privil&#233;gi&#233;es de s&#233;rie AE converties; et la Soci&#233;t&#233; ne sera tenue d&#146;&#233;mettre ou de livrer
ces certificats que si les personnes en demandant l&#146;&#233;mission lui versent le montant de cet imp&#244;t
ou lui d&#233;montrent d&#146;une fa&#231;on qui lui est satisfaisante qu&#146;elles l&#146;ont acquitt&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Statut des actions privil&#233;gi&#233;es de s&#233;rie AE converties</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toutes les actions privil&#233;gi&#233;es de s&#233;rie AE converties en actions privil&#233;gi&#233;es de s&#233;rie AF &#224; une
date de conversion donn&#233;e ne seront pas annul&#233;es, mais reprendront le statut d&#146;actions
autoris&#233;es mais non &#233;mises de la Soci&#233;t&#233; &#224; la fermeture des bureaux &#224; la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions concernant les dividendes et le remboursement des actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra, sans l&#146;approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE en
circulation :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">d&#233;clarer, payer ni mettre de c&#244;t&#233; &#224; des fins de paiement aucun dividende sur
les actions ordinaires ou toute autre action de la Soci&#233;t&#233; de rang inf&#233;rieur aux
actions privil&#233;gi&#233;es de s&#233;rie AE (sauf des dividendes en actions payables en actions de
la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AE);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser, ni proc&#233;der &#224; aucune r&#233;partition de
capital au titre des actions ordinaires de la Soci&#233;t&#233; ou de toute autre action de la
Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AE (sauf si la contrepartie
est pay&#233;e &#224; m&#234;me le produit net en esp&#232;ces d&#146;un placement, fait &#224; la m&#234;me &#233;poque,
d&#146;actions de la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AE);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser moins de la totalit&#233; des actions
privil&#233;gi&#233;es de s&#233;rie AE alors en circulation; ni</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser (sauf dans le cadre de l&#146;exercice
d&#146;un privil&#232;ge de rachat au gr&#233; du porteur ou d&#146;une obligation de rachat par la Soci&#233;t&#233;
s&#146;y rapportant) aucune action de la Soci&#233;t&#233; de toute cat&#233;gorie ou s&#233;rie de m&#234;me rang
que les actions privil&#233;gi&#233;es de s&#233;rie AE, &#233;tant entendu que les restrictions
mentionn&#233;es dans le pr&#233;sent paragraphe (d) ne porteront aucunement atteinte au droit de
la Soci&#233;t&#233; de racheter, d&#146;acheter ou de rembourser autrement &#224; titre on&#233;reux toute
action de la Soci&#233;t&#233; de toute cat&#233;gorie de rang sup&#233;rieur aux actions privil&#233;gi&#233;es de
s&#233;rie AE;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#224; moins que, dans chacun de ces cas, tous les dividendes cumulatifs accumul&#233;s au titre des
actions privil&#233;gi&#233;es de s&#233;rie AE en circulation, y compris le dividende payable pour la derni&#232;re
p&#233;riode &#233;coul&#233;e pour laquelle des dividendes &#233;taient payables, n&#146;aient &#233;t&#233; d&#233;clar&#233;s et pay&#233;s.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 9 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE exig&#233;e en vertu du pr&#233;sent
article 3.23.5 pourra &#234;tre donn&#233;e conform&#233;ment au deuxi&#232;me paragraphe de l&#146;article 3.23.7 et &#224;
l&#146;article 3.23.10. Nonobstant les dispositions de l&#146;article 3.23.10 des pr&#233;sentes, toute
approbation exig&#233;e en vertu du pr&#233;sent article 3.23.5 ne pourra &#234;tre donn&#233;e qu&#146;au moyen du vote
favorable des porteurs de la majorit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AE pr&#233;sents ou
repr&#233;sent&#233;s &#224; une assembl&#233;e, ou &#224; une reprise d&#146;assembl&#233;e, des porteurs d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AE d&#251;ment convoqu&#233;e &#224; cette fin et &#224; laquelle il y aura quorum.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Achat pour annulation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#224; tout moment acheter pour annulation la totalit&#233; ou une partie des actions
privil&#233;gi&#233;es de s&#233;rie AE en circulation, sur le march&#233; libre, par l&#146;interm&#233;diaire d&#146;un courtier
en valeurs mobili&#232;res ou de toute firme membre d&#146;une bourse reconnue, ou par convention priv&#233;e
ou autrement, au(x) plus bas prix, de l&#146;avis du conseil d&#146;administration, auquel (auxquels)&nbsp;ces
actions sont disponibles.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits de vote</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; est en d&#233;faut de payer huit (8)&nbsp;dividendes cons&#233;cutifs ou non cons&#233;cutifs au titre
des actions privil&#233;gi&#233;es de s&#233;rie AE, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE auront le
droit d&#146;&#234;tre convoqu&#233;s et d&#146;assister &#224; chaque assembl&#233;e des actionnaires de la Soci&#233;t&#233; (autre
qu&#146;une assembl&#233;e distincte r&#233;serv&#233;e aux porteurs d&#146;actions de la Soci&#233;t&#233; de toute autre
cat&#233;gorie ou s&#233;rie) tenue plus de 60 jours apr&#232;s la date du premier d&#233;faut de paiement, et d&#146;y
voter &#224; raison de un (1)&nbsp;vote par action privil&#233;gi&#233;e de s&#233;rie AE d&#233;tenue, et ce, jusqu&#146;&#224; ce que
tous les arri&#233;r&#233;s de dividendes au titre des actions privil&#233;gi&#233;es de s&#233;rie AE aient &#233;t&#233;
acquitt&#233;s, apr&#232;s quoi les droits prendront fin et ne seront r&#233;ouverts que lorsque la Soci&#233;t&#233;
sera de nouveau en d&#233;faut, le cas &#233;ch&#233;ant, conform&#233;ment aux dispositions du pr&#233;sent article
3.23.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Chaque action privil&#233;gi&#233;e de s&#233;rie AE conf&#232;re &#224; son porteur un (1)&nbsp;vote relativement &#224; toute
mesure &#224; prendre par la Soci&#233;t&#233; et exigeant l&#146;approbation des porteurs des actions privil&#233;gi&#233;es
de s&#233;rie AE, votant en tant que s&#233;rie ou en tant que partie d&#146;une cat&#233;gorie.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>&#201;mission d&#146;actions privil&#233;gi&#233;es additionnelles</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#233;mettre des s&#233;ries additionnelles d&#146;actions privil&#233;gi&#233;es de premier rang de
m&#234;me rang que les actions privil&#233;gi&#233;es de s&#233;rie AE sans l&#146;autorisation des porteurs des actions
privil&#233;gi&#233;es de s&#233;rie AE.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de s&#233;rie AE en tant que s&#233;rie peuvent &#234;tre
abrog&#233;es ou modifi&#233;es moyennant l&#146;approbation alors exig&#233;e par la <I>Loi canadienne sur les
soci&#233;t&#233;s par actions </I>(dans les pr&#233;sents statuts, la &#171; LCSA &#187;), donn&#233;e conform&#233;ment aux
dispositions de l&#146;article 3.23.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aucune des dispositions des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AE
en tant que s&#233;rie ne peut &#234;tre modifi&#233;e d&#146;aucune mani&#232;re &#224; moins que les dispositions relatives
aux actions privil&#233;gi&#233;es de s&#233;rie AF en tant que s&#233;rie, le cas &#233;ch&#233;ant, ne fassent en m&#234;me
temps, dans la mesure jug&#233;e n&#233;cessaire par la Soci&#233;t&#233;, l&#146;objet de modifications dont la nature
et l&#146;&#233;tendue sont les m&#234;mes.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 10 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE sera r&#233;put&#233;e valablement
donn&#233;e &#224; toutes fins si elle est donn&#233;e par les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE
conform&#233;ment aux dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de premier rang, en tant que
cat&#233;gorie, qui s&#146;appliquent aux pr&#233;sentes avec les adaptations n&#233;cessaires.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Choix quant &#224; l&#146;imposition</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; fera un choix, de la mani&#232;re et dans les d&#233;lais prescrits par la <I>Loi de l&#146;imp&#244;t sur
le revenu </I>(Canada) (la &#171; LIR &#187;), en vertu du paragraphe 191.2(1) de cette loi ou de toute autre
disposition de port&#233;e semblable rempla&#231;ant ce paragraphe ou lui succ&#233;dant, et prendra toutes les
mesures n&#233;cessaires conform&#233;ment &#224; cette loi, afin de payer l&#146;imp&#244;t &#224; un taux tel qu&#146;aucun
porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE ne sera tenu de payer l&#146;imp&#244;t sur les dividendes
re&#231;us au titre des actions privil&#233;gi&#233;es de s&#233;rie AE aux termes de l&#146;article 187.2 de la partie
IV.I de cette loi ou de toute disposition de port&#233;e semblable rempla&#231;ant cet article ou lui
succ&#233;dant.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interruption du service postal</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; consid&#232;re que le service postal est ou est menac&#233; d&#146;&#234;tre interrompu, durant une
p&#233;riode o&#249; la Soci&#233;t&#233; est tenue ou a d&#233;cid&#233; d&#146;exp&#233;dier quelque avis par la poste en vertu des
pr&#233;sentes ou doit envoyer un ch&#232;que ou un certificat d&#146;actions &#224; tout porteur d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AE, soit relativement au rachat ou &#224; la conversion de ces actions ou
autrement, la Soci&#233;t&#233; pourra, nonobstant les dispositions des pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">donner cet avis par voie de t&#233;lex, t&#233;l&#233;copieur ou t&#233;l&#233;graphe ou encore par voie
de publication de l&#146;avis concern&#233; une fois par semaine pendant deux semaines
cons&#233;cutives dans un quotidien &#224; grand tirage publi&#233; ou distribu&#233; &#224; Montr&#233;al et &#224;
Toronto, et cet avis sera r&#233;put&#233; avoir &#233;t&#233; donn&#233; &#224; la date de la communication par
t&#233;lex, t&#233;l&#233;copieur ou t&#233;l&#233;graphe ou &#224; la date de la premi&#232;re publication de l&#146;avis; et</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">respecter son engagement d&#146;envoyer ce ch&#232;que ou ce certificat d&#146;actions en
prenant des mesures pour que ces derniers soient livr&#233;s au principal &#233;tablissement de
la Soci&#233;t&#233; &#224; Montr&#233;al. Ce ch&#232;que ou ce certificat d&#146;actions seront r&#233;put&#233;s avoir &#233;t&#233;
envoy&#233;s &#224; la date &#224; laquelle l&#146;avis concernant une telle mesure aura &#233;t&#233; donn&#233;, ainsi
qu&#146;il est stipul&#233; au paragraphe (a) ci-dessus, pourvu que, aussit&#244;t que la Soci&#233;t&#233; aura
d&#233;termin&#233; que le service postal n&#146;est plus ni interrompu ni menac&#233; de l&#146;&#234;tre, ce ch&#232;que
ou ce certificat d&#146;actions soit livr&#233; au porteur, si cela n&#146;a pas d&#233;j&#224; &#233;t&#233; fait, par
courrier de premi&#232;re classe ordinaire affranchi non recommand&#233; &#224; l&#146;adresse inscrite de
toute personne qui, &#224; la date de l&#146;envoi postal, est un porteur inscrit autoris&#233; &#224;
recevoir ce ch&#232;que ou certificat d&#146;actions ou, si l&#146;adresse de tout porteur n&#146;est pas
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233;, &#224; la derni&#232;re adresse de ce
porteur connue de la Soci&#233;t&#233;.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Avis du taux de dividende annuel applicable aux actions privil&#233;gi&#233;es de s&#233;rie AF</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les trois (3)&nbsp;jours ouvrables suivant la d&#233;termination du taux de dividende annuel (d&#233;fini
&#224; l&#146;article 3.24.1.1 des statuts de la Soci&#233;t&#233; relatif aux actions privil&#233;gi&#233;es de s&#233;rie AF)
(exception faite du taux de dividende annuel pour la premi&#232;re p&#233;riode de taux de dividende
fixe), la Soci&#233;t&#233; en avisera les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AE en le publiant
une fois dans l&#146;&#233;dition canadienne du journal anglais <I>The Globe and Mail </I>et une fois dans la
ville de Montr&#233;al dans des quotidiens &#224; grand tirage fran&#231;ais et anglais, &#233;tant entendu que si
l&#146;un ou l&#146;autre de ces quotidiens n&#146;est pas &#224; grand tirage &#224; ce moment, un tel avis sera publi&#233;
dans une autre publication &#233;quivalente.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 11 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les dispositions des pr&#233;sentes ayant trait aux actions privil&#233;gi&#233;es de s&#233;rie AE :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; de rang sup&#233;rieur &#187;, &#171; de m&#234;me rang &#187; et &#171; de rang inf&#233;rieur &#187; s&#146;entendent de
l&#146;ordre de priorit&#233; des versements de dividendes et la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif
en cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233;,
volontaire ou non, ou de toute autre r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; parmi
ses actionnaires dans le but de liquider ses affaires.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; dividendes accumul&#233;s et impay&#233;s &#187; s&#146;entend de ce qui suit : (i)&nbsp;tous les
dividendes impay&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AE pour toute p&#233;riode de
dividende et (ii)&nbsp;le montant calcul&#233; comme si les dividendes sur chaque action
privil&#233;gi&#233;e de s&#233;rie AE s&#146;&#233;taient accumul&#233;s quotidiennement &#224; compter du premier jour
du mois suivant la p&#233;riode de dividende pour laquelle le dernier dividende mensuel sera
ou &#233;tait, selon le cas, payable, inclusivement, jusqu&#146;&#224; la date &#224; laquelle le calcul
des dividendes accumul&#233;s doit &#234;tre fait, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.23.15</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpr&#233;tation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; une date &#224; laquelle la Soci&#233;t&#233; doit payer un dividende sur les actions
privil&#233;gi&#233;es de s&#233;rie AE, ou une autre date &#224; laquelle la Soci&#233;t&#233; ou les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AE doivent prendre une autre mesure en vertu des pr&#233;sentes ne serait pas
un jour ouvrable (ainsi que ce terme est d&#233;fini ci-apr&#232;s), alors ce dividende sera payable, ou
cette autre mesure sera prise, le jour ouvrable suivant. Un &#171; jour ouvrable &#187; est un jour autre
qu&#146;un samedi, un dimanche ou tout autre jour f&#233;ri&#233; pour le bureau principal de la Soci&#233;t&#233; au
Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B>3.24</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACTIONS PRIVIL&#201;GI&#201;ES DE S&#201;RIE AF</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les actions privil&#233;gi&#233;es de s&#233;rie AF comportent, outre les droits, privil&#232;ges, conditions et
restrictions aff&#233;rents &#224; la cat&#233;gorie des actions privil&#233;gi&#233;es de premier rang, les droits,
privil&#232;ges, conditions et restrictions qui suivent.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.24.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividendes</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.24.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sauf si le contexte ne s&#146;y pr&#234;te pas, les d&#233;finitions suivantes s&#146;appliquent aux pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de paiement de dividende &#187; Premier jour de f&#233;vrier, de mai, d&#146;ao&#251;t et de
novembre de chaque ann&#233;e. La premi&#232;re date de paiement de dividende sera le
1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier 2007.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de taux de dividende fixe &#187; Pour la premi&#232;re p&#233;riode de taux de
dividende fixe, la p&#233;riode d&#233;butant &#224; la date de la premi&#232;re &#233;mission d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AF et se terminant le 31 janvier 2010, inclusivement; et, pour
chaque p&#233;riode de taux de dividende fixe subs&#233;quente, la p&#233;riode d&#233;butant le jour
suivant la fin de la p&#233;riode de taux de dividende fixe pr&#233;c&#233;dente et se terminant le 31
janvier de la cinqui&#232;me ann&#233;e suivante, inclusivement.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; rendement des obligations du gouvernement du Canada &#187; &#192; une date donn&#233;e, la
moyenne des rendements qu&#146;une obligation du gouvernement du Canada non remboursable par
anticipation aurait si elle &#233;tait &#233;mise en dollars canadiens au Canada &#224; 100 % de son
montant en capital &#224; cette date, avec une &#233;ch&#233;ance de cinq ans, d&#233;sign&#233;s par</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 12 - <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">deux courtiers en valeurs mobili&#232;res canadiens inscrits, choisis par le conseil
d&#146;administration, comme &#233;tant les rendements &#224; l&#146;&#233;ch&#233;ance &#224; cette date, compos&#233;s
semestriellement et calcul&#233;s conform&#233;ment aux principes financiers g&#233;n&#233;ralement
reconnus.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende annuel &#187; Le taux d&#146;int&#233;r&#234;t, pour chaque p&#233;riode de taux de
dividende fixe, exprim&#233; en pourcentage annuel (arrondi au milli&#232;me de un pour cent
(0,001 %) pr&#232;s), qui est &#233;gal au rendement des obligations du gouvernement du Canada
multipli&#233; par le taux d&#233;sign&#233; pour cette p&#233;riode de taux de dividende fixe et, pour la
premi&#232;re p&#233;riode de taux de dividende fixe, 4,400 % par ann&#233;e.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux d&#233;sign&#233; &#187; Le taux d&#146;int&#233;r&#234;t, pour chaque p&#233;riode de taux de dividende
fixe, exprim&#233; en pourcentage du rendement des obligations du gouvernement du Canada,
d&#233;termin&#233; par le conseil d&#146;administration, tel qu&#146;il est &#233;nonc&#233; dans l&#146;avis aux
porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF donn&#233; conform&#233;ment aux dispositions de
l&#146;article 3.24.4.1, lequel taux d&#146;int&#233;r&#234;t ne sera pas inf&#233;rieur &#224; 80 % du rendement des
obligations du gouvernement du Canada.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.24.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>G&#233;n&#233;ralit&#233;s</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF auront le droit de recevoir, pour autant qu&#146;ils
soient d&#233;clar&#233;s par le conseil d&#146;administration, des dividendes en esp&#232;ces privil&#233;gi&#233;s,
cumulatifs et fixes, puis&#233;s &#224; m&#234;me les fonds de la Soci&#233;t&#233; pouvant &#234;tre d&#251;ment affect&#233;s au
paiement de dividendes, d&#146;un montant annuel par action d&#233;termin&#233; en multipliant le taux de
dividende annuel par 25,00 $, payables trimestriellement pour chaque p&#233;riode de douze mois les
1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier, mai, ao&#251;t et novembre, et ce, par ch&#232;que, au pair, en monnaie ayant
cours l&#233;gal au Canada, &#224; toute succursale au Canada des banquiers de la Soci&#233;t&#233;. Malgr&#233; ce qui
pr&#233;c&#232;de ou toute autre indication contraire dans les pr&#233;sents statuts, ces dividendes sont
r&#233;put&#233;s avoir commenc&#233; &#224; courir le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> novembre 2006 au taux de dividende annuel pour
la premi&#232;re p&#233;riode de taux de dividende fixe, peu importe si des actions privil&#233;gi&#233;es de s&#233;rie
AF &#233;taient en circulation &#224; cette date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le paiement des dividendes d&#233;clar&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AF sera effectu&#233; (sauf
en cas de rachat, le paiement des dividendes &#233;tant alors effectu&#233; au moment de la remise du
certificat repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AF devant &#234;tre rachet&#233;es) par la mise
&#224; la poste, dans une enveloppe affranchie adress&#233;e &#224; chaque porteur d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AF &#224; sa derni&#232;re adresse figurant au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou, si
son adresse ne figure pas au registre, &#224; sa derni&#232;re adresse connue de la Soci&#233;t&#233; ou, dans le
cas de coporteurs, &#224; l&#146;adresse de celui dont le nom figure en premier au registre des valeurs
mobili&#232;res de la Soci&#233;t&#233; en tant que l&#146;un de ces coporteurs, d&#146;un ch&#232;que pour le montant de ces
dividendes (diminu&#233; de tout imp&#244;t devant &#234;tre d&#233;duit) payable &#224; l&#146;ordre de ce porteur ou, dans
le cas de coporteurs, &#224; l&#146;ordre de tous les coporteurs, sauf indication contraire de leur part
par &#233;crit. Nonobstant ce qui pr&#233;c&#232;de, tout ch&#232;que de paiement de dividendes peut &#234;tre livr&#233; par
la Soci&#233;t&#233; &#224; un porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF &#224; son adresse ainsi qu&#146;elle est
indiqu&#233;e ci-dessus. La mise &#224; la poste ou la livraison d&#146;un tel ch&#232;que sera r&#233;put&#233;e constituer
le paiement et satisfera &#224; toutes obligations de paiement de ces dividendes pour ce qui est du
montant repr&#233;sent&#233; par un tel ch&#232;que (compte tenu du montant de tout imp&#244;t devant &#234;tre d&#233;duit
mentionn&#233; ci-dessus), &#224; moins que ce ch&#232;que ne soit pas pay&#233; au moment o&#249; il est d&#251;ment
pr&#233;sent&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.24.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Calcul du taux de dividende annuel</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; devra calculer, le 21<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant le premier jour de chaque p&#233;riode de
taux de dividende fixe (exception faite de la premi&#232;re p&#233;riode de taux de dividende fixe), le
taux de dividende annuel pour chaque p&#233;riode de taux de dividende fixe, en fonction du taux
d&#233;sign&#233; et du
</DIV>



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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

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

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">rendement des obligations du gouvernement du Canada en vigueur &#224; 10 h (heure de Montr&#233;al) le
21<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant le premier jour de chaque p&#233;riode de taux de dividende fixe et en
aviser : (i)&nbsp;le jour ouvrable suivant, toutes les bourses de valeurs mobili&#232;res au Canada &#224; la
cote desquelles les actions privil&#233;gi&#233;es de s&#233;rie AF sont inscrites ou, si les actions
privil&#233;gi&#233;es de s&#233;rie AF ne sont pas inscrites &#224; la cote d&#146;une bourse de valeurs mobili&#232;res au
Canada, l&#146;Association canadienne des courtiers en valeurs mobili&#232;res; et (ii)&nbsp;dans les trois (3)
jours ouvrables suivants, sauf pour ce qui est de la premi&#232;re p&#233;riode de taux de dividende fixe,
les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AF, en le publiant une fois dans l&#146;&#233;dition
canadienne du journal anglais <I>The Globe and Mail </I>et une fois dans la ville de Montr&#233;al dans des
quotidiens &#224; grand tirage fran&#231;ais et anglais, &#233;tant entendu que si l&#146;un ou l&#146;autre de ces
quotidiens n&#146;est pas &#224; grand tirage &#224; ce moment, un tel avis sera publi&#233; dans une autre
publication &#233;quivalente.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits en cas de liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">En cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233; ou de toute autre
r&#233;partition des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; aux fins de liquider ses affaires, les porteurs
des actions privil&#233;gi&#233;es de s&#233;rie AF auront le droit de recevoir 25,00 $ par action privil&#233;gi&#233;e
de s&#233;rie AF augment&#233;s de tous les dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date de paiement ou
de r&#233;partition, exclusivement, avant qu&#146;aucun montant ne soit pay&#233; ou qu&#146;aucun &#233;l&#233;ment d&#146;actif
de la Soci&#233;t&#233; ne soit r&#233;parti parmi les porteurs des actions ordinaires de la Soci&#233;t&#233; ou de
toutes autres actions de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AF. Une fois ces
montants pay&#233;s, les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AF ne seront admissibles &#224; aucune
r&#233;partition subs&#233;quente des biens ou des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rachat d&#146;actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra racheter d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF avant le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier
2010. Sous r&#233;serve des lois applicables et de l&#146;article 3.24.5 ci-apr&#232;s, apr&#232;s avis comme pr&#233;vu
ci-apr&#232;s, la Soci&#233;t&#233; pourra, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier 2010 ou le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier tous
les cinq (5)&nbsp;ans par la suite, racheter en tout temps la totalit&#233; et non moins de la totalit&#233;
des actions privil&#233;gi&#233;es de s&#233;rie AF en circulation, contre paiement de 25,00 $ pour chacune de
ces actions &#224; racheter, plus les dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date fix&#233;e pour le
rachat, exclusivement, le tout constituant le prix de rachat.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; donnera un pr&#233;avis &#233;crit d&#146;au moins 45 jours et d&#146;au plus 60 jours de son intention
de racheter des actions privil&#233;gi&#233;es de s&#233;rie AF &#224; toute personne qui, &#224; la date de l&#146;envoi de
ce pr&#233;avis, est d&#233;tentrice de ces actions &#224; racheter. L&#146;avis devra &#234;tre envoy&#233; par la poste,
dans une enveloppe affranchie, &#224; tous les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF &#224;
racheter, &#224; leur derni&#232;re adresse inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224;
d&#233;faut d&#146;une telle inscription, &#224; la derni&#232;re adresse du porteur connue de la Soci&#233;t&#233;;
cependant, toute omission ou tout d&#233;faut involontaires d&#146;envoyer un tel avis &#224; un ou &#224; plusieurs
de ces porteurs ne sera d&#146;aucun effet sur la validit&#233; du rachat des actions privil&#233;gi&#233;es de
s&#233;rie AF des autres porteurs. L&#146;avis devra indiquer le nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF
&#224; racheter d&#233;tenues par la personne &#224; qui il est adress&#233;, ainsi que le prix de rachat, et devra
aussi indiquer la date fix&#233;e pour le rachat; &#224; la date pr&#233;vue pour ce rachat ou &#224; toute date
ult&#233;rieure, la Soci&#233;t&#233;, sur pr&#233;sentation et remise du ou des certificats repr&#233;sentant ces
actions &#224; tout endroit au Canada mentionn&#233; dans l&#146;avis, paiera ou fera en sorte que soit pay&#233; le
prix de rachat aux porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF &#224; racheter. Le paiement se fera
par ch&#232;que payable au pair &#224; toute succursale au Canada des banquiers de la Soci&#233;t&#233;. &#192; compter
de la date mentionn&#233;e dans l&#146;avis, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF &#224; racheter
n&#146;auront plus aucun droit aux dividendes sur ces actions ni aucun autre droit en qualit&#233; de
porteurs de ces actions, &#224; moins que la Soci&#233;t&#233; n&#146;omette de payer le prix de rachat. En tout
temps apr&#232;s que l&#146;avis de rachat susmentionn&#233; aura &#233;t&#233; donn&#233;, la Soci&#233;t&#233; pourra d&#233;poser le
montant du prix de rachat de la totalit&#233; ou d&#146;une partie des actions privil&#233;gi&#233;es de s&#233;rie AF &#224;
racheter dans une ou plusieurs banques &#224; charte ou soci&#233;t&#233;s de fiducie au Canada dont les noms
auront &#233;t&#233; donn&#233;s dans l&#146;avis. Ces d&#233;p&#244;ts
</DIV>

</DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 14 - <!-- /Folio -->
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">seront effectu&#233;s dans un ou plusieurs comptes en fiducie pour le b&#233;n&#233;fice des porteurs des
actions &#224; racheter et les montants leur seront vers&#233;s par ces banques ou soci&#233;t&#233;s de fiducie sur
remise du ou des certificats; d&#232;s l&#146;ex&#233;cution de ces d&#233;p&#244;ts, les actions seront rachet&#233;es &#224; la
date de rachat indiqu&#233;e dans l&#146;avis de rachat. D&#232;s que la Soci&#233;t&#233; aura effectu&#233; le d&#233;p&#244;t
susmentionn&#233; &#224; l&#146;&#233;gard de toutes actions, les porteurs de celles-ci n&#146;auront plus, &#224; compter de
la date de rachat, aucun autre droit en qualit&#233; de porteurs de ces actions, et leurs droits
seront limit&#233;s &#224; la perception de la portion des montants d&#233;pos&#233;s qui s&#146;applique &#224; ces actions,
sans int&#233;r&#234;t; tout int&#233;r&#234;t pay&#233; sur ces d&#233;p&#244;ts appartiendra &#224; la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion des actions privil&#233;gi&#233;es de s&#233;rie AF</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion au gr&#233; du porteur</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF pourront, &#224; leur gr&#233;, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier
2010 et le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier tous les cinq (5)&nbsp;ans par la suite (une &#171; date de conversion
&#187;), convertir, en totalit&#233; ou en partie, sous r&#233;serve des dispositions des pr&#233;sentes, les
actions privil&#233;gi&#233;es de s&#233;rie AF inscrites en leur nom en actions privil&#233;gi&#233;es de s&#233;rie AE de la
Soci&#233;t&#233;, &#224; raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AE pour chaque action privil&#233;gi&#233;e de
s&#233;rie AF. La Soci&#233;t&#233; devra aviser par &#233;crit les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF
alors en circulation du taux d&#233;sign&#233; d&#233;termin&#233; par le conseil d&#146;administration et applicable
pour la p&#233;riode de taux fixe suivant, de m&#234;me que du droit de conversion pr&#233;vu par les
pr&#233;sentes; un tel avis sera envoy&#233; par la poste, dans une enveloppe affranchie, &#224; tous les
porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF, &#224; leur derni&#232;re adresse inscrite au registre des
valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224; la derni&#232;re adresse du
porteur connue de la Soci&#233;t&#233;. Cet avis devra indiquer la date de conversion et &#234;tre donn&#233; au
moins 45 jours et au plus 60 jours avant la date de conversion applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, conform&#233;ment &#224; l&#146;article 3.24.3, la Soci&#233;t&#233; avise les porteurs d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AF du rachat de la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AF, elle ne sera pas tenue
de les aviser, comme le pr&#233;voit le pr&#233;sent article 3.24.4.1, du taux d&#233;sign&#233;, ni de leur droit
de conversion; en outre, le droit de tout porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF de
convertir de telles actions privil&#233;gi&#233;es de s&#233;rie AF pr&#233;vu aux pr&#233;sentes prendra fin dans un tel
cas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF ne seront pas en droit de convertir leurs
actions en actions privil&#233;gi&#233;es de s&#233;rie AE si, &#224; la suite de la fermeture des bureaux le
14<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins
de 1 000 000 d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE en circulation &#224; la date de conversion, en
tenant compte de toutes les actions privil&#233;gi&#233;es de s&#233;rie AF d&#233;pos&#233;es aux fins de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AE et de toutes les actions privil&#233;gi&#233;es de s&#233;rie AE d&#233;pos&#233;es aux
fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AF. La Soci&#233;t&#233; en avisera par &#233;crit,
conform&#233;ment aux dispositions du premier paragraphe du pr&#233;sent article 3.24.4.1, tous les
porteurs vis&#233;s d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF au moins sept (7)&nbsp;jours avant la date de
conversion applicable et &#233;mettra et livrera, ou fera en sorte que soient livr&#233;s, avant cette
date de conversion, aux frais de la Soci&#233;t&#233;, &#224; ces porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF
ayant d&#233;pos&#233; aux fins de conversion un ou plusieurs certificats repr&#233;sentant des actions
privil&#233;gi&#233;es de s&#233;rie AF, de nouveaux certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie
AF repr&#233;sent&#233;es par un ou plusieurs certificats d&#233;pos&#233;s comme indiqu&#233; ci-dessus.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion automatique</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 14<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 1 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AF en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AF d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AE et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AE d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AF, la totalit&#233; et non une partie des
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 15 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> actions privil&#233;gi&#233;es de s&#233;rie AF en circulation restantes sera automatiquement convertie en
actions privil&#233;gi&#233;es de s&#233;rie AE &#224; raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AE pour chaque
action privil&#233;gi&#233;e de s&#233;rie AF, et ce, &#224; la date de conversion applicable, et la Soci&#233;t&#233; donnera
un avis &#233;crit &#224; cet effet, conform&#233;ment aux dispositions de l&#146;article 3.24.4.1, aux porteurs de
ces actions privil&#233;gi&#233;es de s&#233;rie AF restantes au moins sept (7)&nbsp;jours avant la date de
conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Exercice du privil&#232;ge de conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La conversion des actions privil&#233;gi&#233;es de s&#233;rie AF peut &#234;tre effectu&#233;e par la remise, au plus
t&#244;t 45 jours avant une date de conversion et au plus tard &#224; la fermeture des bureaux le
14<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, durant les heures d&#146;ouverture normales, du
ou des certificats les repr&#233;sentant, &#224; tout bureau d&#146;un agent des transferts de la Soci&#233;t&#233; o&#249;
les actions privil&#233;gi&#233;es de s&#233;rie AF peuvent &#234;tre transf&#233;r&#233;es, ce ou ces certificats &#233;tant
accompagn&#233;es : (i)&nbsp;du paiement ou d&#146;un re&#231;u attestant le paiement de l&#146;imp&#244;t payable (s&#146;il y a
lieu), pr&#233;vu au pr&#233;sent article 3.24.4.3; et (ii)&nbsp;d&#146;un instrument de remise acceptable pour la
Soci&#233;t&#233; et d&#251;ment sign&#233; par le porteur ou son fond&#233; de pouvoir d&#251;ment autoris&#233; par &#233;crit,
instrument dans lequel ce porteur peut indiquer qu&#146;il ne veut convertir qu&#146;une partie seulement
des actions privil&#233;gi&#233;es de s&#233;rie AF repr&#233;sent&#233;es par ce ou ces certificats, qui n&#146;ont pas
jusqu&#146;alors &#233;t&#233; d&#233;sign&#233;es en vue du rachat, auquel cas la Soci&#233;t&#233; &#233;mettra et livrera ou fera
livrer, &#224; ses frais, un nouveau certificat, au nom du porteur, repr&#233;sentant les actions
privil&#233;gi&#233;es de s&#233;rie AF qui sont repr&#233;sent&#233;es par ce ou ces certificats et qui n&#146;auront pas &#233;t&#233;
converties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; la Soci&#233;t&#233; est tenue de convertir la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie
AF en circulation restantes en actions privil&#233;gi&#233;es de s&#233;rie AE &#224; la date de conversion
applicable, comme le pr&#233;voit l&#146;article 3.24.4.2, les actions privil&#233;gi&#233;es de s&#233;rie AF que les
porteurs n&#146;avaient pas choisi de convertir devront &#234;tre converties &#224; la date de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AE, et les porteurs de ces actions seront r&#233;put&#233;s &#234;tre porteurs
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE &#224; la fermeture des bureaux &#224; la date de conversion et auront
le droit, apr&#232;s avoir remis, pendant les heures d&#146;ouverture normales, &#224; tout bureau d&#146;un agent
des transferts de la Soci&#233;t&#233; o&#249; les actions privil&#233;gi&#233;es de s&#233;rie AF peuvent &#234;tre transf&#233;r&#233;es,
le ou les certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AF non remis pr&#233;c&#233;demment
aux fins de conversion, de recevoir un ou plusieurs certificats repr&#233;sentant le m&#234;me nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE de la mani&#232;re et selon les dispositions pr&#233;vues dans le
pr&#233;sent article 3.24.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aussit&#244;t que possible apr&#232;s la date de conversion, la Soci&#233;t&#233; &#233;mettra et livrera ou fera livrer
au porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF ainsi remises, ou selon son ordre &#233;crit, un ou
plusieurs certificats &#224; son nom ou au nom de la ou des personnes qu&#146;il aura d&#233;sign&#233;es, pour le
nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE enti&#232;rement lib&#233;r&#233;es et non cotisables et le nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF restantes, le cas &#233;ch&#233;ant, auquel ce porteur aura droit.
Cette conversion sera pr&#233;sum&#233;e effectu&#233;e &#224; la fermeture des bureaux &#224; la date de conversion de
sorte que les droits du porteur de ces actions privil&#233;gi&#233;es de s&#233;rie AF &#224; ce titre cesseront &#224;
ce moment, et la ou les personnes ayant le droit de recevoir des actions privil&#233;gi&#233;es de s&#233;rie
AE &#224; la suite de cette conversion seront &#224; toutes fins consid&#233;r&#233;es comme porteurs inscrits de
ces actions privil&#233;gi&#233;es de s&#233;rie AE d&#232;s ce moment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le porteur de toute action privil&#233;gi&#233;e de s&#233;rie AF inscrit &#224; la date de cl&#244;ture des registres
aux fins de tout dividende d&#233;clar&#233; payable sur cette action aura droit &#224; ce dividende m&#234;me si
l&#146;action a &#233;t&#233; convertie en action privil&#233;gi&#233;e de s&#233;rie AE apr&#232;s cette date de cl&#244;ture des
registres et avant la date de paiement de ce dividende ou &#224; cette date m&#234;me.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">L&#146;&#233;mission de certificats d&#146;actions privil&#233;gi&#233;es de s&#233;rie AE au moment de la conversion
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF s&#146;effectuera sans frais pour les porteurs convertissant leurs
actions privil&#233;gi&#233;es de s&#233;rie AF, quant aux droits ou imp&#244;ts applicables &#224; l&#146;&#233;mission de ces
certificats ou des
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 16 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> actions privil&#233;gi&#233;es de s&#233;rie AE qu&#146;ils repr&#233;sentent; cependant, la Soci&#233;t&#233; ne sera pas tenue de
payer l&#146;imp&#244;t qui pourrait &#234;tre exig&#233; d&#146;une ou de plusieurs personnes par suite de l&#146;&#233;mission &#224;
cette personne ou &#224; ces personnes de ces actions privil&#233;gi&#233;es de s&#233;rie AE ou des certificats s&#146;y
rapportant, ou par suite de tout transfert r&#233;sultant de l&#146;&#233;mission et de la livraison de ces
certificats au nom d&#146;une ou de plusieurs personnes autres que le porteur des actions
privil&#233;gi&#233;es de s&#233;rie AF converties; et la Soci&#233;t&#233; ne sera tenue d&#146;&#233;mettre ou de livrer ces
certificats que si les personnes en demandant l&#146;&#233;mission lui versent le montant de cet imp&#244;t ou
lui d&#233;montrent d&#146;une fa&#231;on qui lui est satisfaisante qu&#146;elles l&#146;ont acquitt&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Statut des actions privil&#233;gi&#233;es de s&#233;rie AF converties</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toutes les actions privil&#233;gi&#233;es de s&#233;rie AF converties en actions privil&#233;gi&#233;es de s&#233;rie AE &#224; une
date de conversion donn&#233;e ne seront pas annul&#233;es, mais reprendront le statut d&#146;actions
autoris&#233;es mais non &#233;mises de la Soci&#233;t&#233; &#224; la fermeture des bureaux &#224; la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions concernant les dividendes et le remboursement des actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra, sans l&#146;approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF en
circulation :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">d&#233;clarer, payer ni mettre de c&#244;t&#233; &#224; des fins de paiement aucun dividende sur
les actions ordinaires ou toute autre action de la Soci&#233;t&#233; de rang inf&#233;rieur aux
actions privil&#233;gi&#233;es de s&#233;rie AF (sauf des dividendes en actions payables en actions de
la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AF);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser, ni proc&#233;der &#224; aucune r&#233;partition de
capital au titre des actions ordinaires de la Soci&#233;t&#233; ou de toute autre action de la
Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AF (sauf si la contrepartie
est pay&#233;e &#224; m&#234;me le produit net en esp&#232;ces d&#146;un placement, fait &#224; la m&#234;me &#233;poque,
d&#146;actions de la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AF);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser moins de la totalit&#233; des actions
privil&#233;gi&#233;es de s&#233;rie AF alors en circulation; ni</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser (sauf dans le cadre de l&#146;exercice
d&#146;un privil&#232;ge de rachat au gr&#233; du porteur ou d&#146;une obligation de rachat par la Soci&#233;t&#233;
s&#146;y rapportant) aucune action de la Soci&#233;t&#233; de toute cat&#233;gorie ou s&#233;rie de m&#234;me rang
que les actions privil&#233;gi&#233;es de s&#233;rie AF, &#233;tant entendu que les restrictions
mentionn&#233;es dans le pr&#233;sent paragraphe (d)&nbsp;ne porteront aucunement atteinte au droit de
la Soci&#233;t&#233; de racheter, d&#146;acheter ou de rembourser autrement &#224; titre on&#233;reux toute
action de la Soci&#233;t&#233; de toute cat&#233;gorie de rang sup&#233;rieur aux actions privil&#233;gi&#233;es de
s&#233;rie AF;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#224; moins que, dans chacun de ces cas, tous les dividendes cumulatifs accumul&#233;s au titre des
actions privil&#233;gi&#233;es de s&#233;rie AF en circulation, y compris le dividende payable pour la derni&#232;re
p&#233;riode &#233;coul&#233;e pour laquelle des dividendes &#233;taient payables, n&#146;aient &#233;t&#233; d&#233;clar&#233;s et pay&#233;s.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF exig&#233;e en vertu du pr&#233;sent
article 3.24.5 pourra &#234;tre donn&#233;e conform&#233;ment au deuxi&#232;me paragraphe de l&#146;article 3.24.7 et &#224;
l&#146;article 3.24.10. Nonobstant les dispositions de l&#146;article 3.24.10 des pr&#233;sentes, toute
approbation exig&#233;e en vertu du pr&#233;sent article 3.24.5 ne pourra &#234;tre donn&#233;e qu&#146;au moyen du vote
favorable des porteurs de la majorit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AF pr&#233;sents ou
repr&#233;sent&#233;s &#224; une assembl&#233;e, ou &#224; une reprise d&#146;assembl&#233;e, des porteurs d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AF d&#251;ment convoqu&#233;e &#224; cette fin et &#224; laquelle il y aura quorum.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 17 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Achat pour annulation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#224; tout moment acheter pour annulation la totalit&#233; ou une partie des actions
privil&#233;gi&#233;es de s&#233;rie AF en circulation, sur le march&#233; libre, par l&#146;interm&#233;diaire d&#146;un courtier
en valeurs mobili&#232;res ou de toute firme membre d&#146;une bourse reconnue, ou par convention priv&#233;e
ou autrement, au(x) plus bas prix, de l&#146;avis du conseil d&#146;administration, auquel (auxquels)&nbsp;ces
actions sont disponibles.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits de vote</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; est en d&#233;faut de payer huit (8)&nbsp;dividendes cons&#233;cutifs ou non cons&#233;cutifs au titre
des actions privil&#233;gi&#233;es de s&#233;rie AF, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF auront le
droit d&#146;&#234;tre convoqu&#233;s et d&#146;assister &#224; chaque assembl&#233;e des actionnaires de la Soci&#233;t&#233; (autre
qu&#146;une assembl&#233;e distincte r&#233;serv&#233;e aux porteurs d&#146;actions de la Soci&#233;t&#233; de toute autre
cat&#233;gorie ou s&#233;rie) tenue plus de 60 jours apr&#232;s la date du premier d&#233;faut de paiement, et d&#146;y
voter &#224; raison de un (1)&nbsp;vote par action privil&#233;gi&#233;e de s&#233;rie AF d&#233;tenue, et ce, jusqu&#146;&#224; ce que
tous les arri&#233;r&#233;s de dividendes au titre des actions privil&#233;gi&#233;es de s&#233;rie AF aient &#233;t&#233;
acquitt&#233;s, apr&#232;s quoi les droits prendront fin et ne seront r&#233;ouverts que lorsque la Soci&#233;t&#233;
sera de nouveau en d&#233;faut, le cas &#233;ch&#233;ant, conform&#233;ment aux dispositions du pr&#233;sent article
3.24.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Chaque action privil&#233;gi&#233;e de s&#233;rie AF conf&#232;re &#224; son porteur un (1)&nbsp;vote relativement &#224; toute
mesure &#224; prendre par la Soci&#233;t&#233; et exigeant l&#146;approbation des porteurs des actions privil&#233;gi&#233;es
de s&#233;rie AF, votant en tant que s&#233;rie ou en tant que partie d&#146;une cat&#233;gorie.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>&#201;mission d&#146;actions privil&#233;gi&#233;es additionnelles</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#233;mettre des s&#233;ries additionnelles d&#146;actions privil&#233;gi&#233;es de premier rang de
m&#234;me rang que les actions privil&#233;gi&#233;es de s&#233;rie AF sans l&#146;autorisation des porteurs des actions
privil&#233;gi&#233;es de s&#233;rie AF.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de s&#233;rie AF en tant que s&#233;rie peuvent &#234;tre
abrog&#233;es ou modifi&#233;es moyennant l&#146;approbation alors exig&#233;e par la LCSA, donn&#233;e conform&#233;ment aux
dispositions de l&#146;article 3.24.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aucune des dispositions des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AF
en tant que s&#233;rie ne peut &#234;tre modifi&#233;e d&#146;aucune mani&#232;re &#224; moins que les dispositions relatives
aux actions privil&#233;gi&#233;es de s&#233;rie AE en tant que s&#233;rie, le cas &#233;ch&#233;ant, ne fassent en m&#234;me
temps, dans la mesure jug&#233;e n&#233;cessaire par la Soci&#233;t&#233;, l&#146;objet de modifications dont la nature
et l&#146;&#233;tendue sont les m&#234;mes.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF sera r&#233;put&#233;e valablement
donn&#233;e &#224; toutes fins si elle est donn&#233;e par les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF
conform&#233;ment aux dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de premier rang, en tant que
cat&#233;gorie, qui s&#146;appliquent aux pr&#233;sentes avec les adaptations n&#233;cessaires.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Choix quant &#224; l&#146;imposition</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; fera un choix, de la mani&#232;re et dans les d&#233;lais prescrits par la LIR, en vertu du
paragraphe 191.2(1) de cette loi ou de toute autre disposition de port&#233;e semblable rempla&#231;ant ce
paragraphe ou lui succ&#233;dant, et prendra toutes les mesures n&#233;cessaires conform&#233;ment &#224; cette loi,
afin
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 18 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> de payer l&#146;imp&#244;t &#224; un taux tel qu&#146;aucun porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AF ne sera tenu
de payer l&#146;imp&#244;t sur les dividendes re&#231;us au titre des actions privil&#233;gi&#233;es de s&#233;rie AF aux
termes de l&#146;article 187.2 de la partie IV.I de cette loi ou de toute disposition de port&#233;e
semblable rempla&#231;ant cet article ou lui succ&#233;dant.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interruption du service postal</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; consid&#232;re que le service postal est ou est menac&#233; d&#146;&#234;tre interrompu, durant une
p&#233;riode o&#249; la Soci&#233;t&#233; est tenue ou a d&#233;cid&#233; d&#146;exp&#233;dier quelque avis par la poste en vertu des
pr&#233;sentes ou doit envoyer un ch&#232;que ou un certificat d&#146;actions &#224; tout porteur d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AF, soit relativement au rachat ou &#224; la conversion de ces actions ou
autrement, la Soci&#233;t&#233; pourra, nonobstant les dispositions des pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">donner cet avis par voie de t&#233;lex, t&#233;l&#233;copieur ou t&#233;l&#233;graphe ou encore par voie
de publication de l&#146;avis concern&#233; une fois par semaine pendant deux semaines
cons&#233;cutives dans un quotidien &#224; grand tirage publi&#233; ou distribu&#233; &#224; Montr&#233;al et &#224;
Toronto, et cet avis sera r&#233;put&#233; avoir &#233;t&#233; donn&#233; &#224; la date de la communication par
t&#233;lex, t&#233;l&#233;copieur ou t&#233;l&#233;graphe ou &#224; la date de la premi&#232;re publication de l&#146;avis; et</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">respecter son engagement d&#146;envoyer ce ch&#232;que ou ce certificat d&#146;actions en
prenant des mesures pour que ces derniers soient livr&#233;s au principal &#233;tablissement de
la Soci&#233;t&#233; &#224; Montr&#233;al. Ce ch&#232;que ou ce certificat d&#146;actions seront r&#233;put&#233;s avoir &#233;t&#233;
envoy&#233;s &#224; la date &#224; laquelle l&#146;avis concernant une telle mesure aura &#233;t&#233; donn&#233;, comme
le pr&#233;voit le paragraphe (a)&nbsp;ci-dessus, pourvu que, aussit&#244;t que la Soci&#233;t&#233; aura
d&#233;termin&#233; que le service postal n&#146;est plus ni interrompu ni menac&#233; de l&#146;&#234;tre, ce ch&#232;que
ou ce certificat d&#146;actions soit livr&#233; au porteur, si cela n&#146;a pas d&#233;j&#224; &#233;t&#233; fait, par
courrier de premi&#232;re classe ordinaire affranchi non recommand&#233; &#224; l&#146;adresse inscrite de
toute personne qui, &#224; la date de l&#146;envoi postal, est un porteur inscrit autoris&#233; &#224;
recevoir ce ch&#232;que ou certificat d&#146;actions ou, si l&#146;adresse de tout porteur n&#146;est pas
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233;, &#224; la derni&#232;re adresse de ce
porteur connue de la Soci&#233;t&#233;.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les dispositions des pr&#233;sentes ayant trait aux actions privil&#233;gi&#233;es de s&#233;rie AF :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; de rang sup&#233;rieur &#187;, &#171; de m&#234;me rang &#187; et &#171; de rang inf&#233;rieur &#187; s&#146;entendent de
l&#146;ordre de priorit&#233; des versements de dividendes et la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif
en cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233;,
volontaire ou non, ou de toute autre r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; parmi
ses actionnaires dans le but de liquider ses affaires.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; dividendes accumul&#233;s et impay&#233;s &#187; s&#146;entend de la somme : (i)&nbsp;de tous les
dividendes impay&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AF pour tout trimestre et (ii)
du montant calcul&#233; comme si les dividendes sur chaque action privil&#233;gi&#233;e de s&#233;rie AF
s&#146;&#233;taient accumul&#233;s quotidiennement &#224; compter de la date &#224; laquelle le dernier
dividende trimestriel &#233;tait payable jusqu&#146;&#224; la date &#224; laquelle le calcul des dividendes
accumul&#233;s doit &#234;tre fait, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.24.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpr&#233;tation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; une date &#224; laquelle la Soci&#233;t&#233; doit payer un dividende sur les actions
privil&#233;gi&#233;es de s&#233;rie AF, ou une autre date &#224; laquelle la Soci&#233;t&#233; ou les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AF doivent prendre une autre mesure en vertu des pr&#233;sentes ne serait pas
un jour ouvrable (ainsi que ce
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 19 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">terme est d&#233;fini ci-apr&#232;s), alors ce dividende sera payable, ou cette autre mesure sera prise,
le jour ouvrable suivant. Un &#171; jour ouvrable &#187; est un jour autre qu&#146;un samedi, un dimanche ou
tout autre jour f&#233;ri&#233; pour le bureau principal de la Soci&#233;t&#233; au Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B>3.25</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACTIONS PRIVIL&#201;GI&#201;ES DE S&#201;RIE AG</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les actions privil&#233;gi&#233;es de s&#233;rie AG comportent, outre les droits, privil&#232;ges, conditions et
restrictions aff&#233;rents &#224; la cat&#233;gorie des actions privil&#233;gi&#233;es de premier rang, les droits,
privil&#232;ges, conditions et restrictions qui suivent.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividendes</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sauf si le contexte ne s&#146;y pr&#234;te pas, les d&#233;finitions suivantes s&#146;appliquent aux pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de paiement de dividende &#187; Premier jour de f&#233;vrier, de mai, d&#146;ao&#251;t et de
novembre de chaque ann&#233;e. La premi&#232;re date de paiement de dividende sera le
1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier 2007.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de taux fixe initial &#187; La p&#233;riode commen&#231;ant &#224; la date de la premi&#232;re
&#233;mission d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG et se terminant le 30 avril 2011,
inclusivement.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de taux fixe suivant &#187; Pour la premi&#232;re p&#233;riode de taux fixe suivant,
la p&#233;riode commen&#231;ant le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai 2011 et se terminant le 30 avril 2016,
inclusivement, et pour chaque p&#233;riode de taux fixe suivant cons&#233;cutive, la p&#233;riode
commen&#231;ant le lendemain de la fin de la p&#233;riode de taux fixe suivant pr&#233;c&#233;dente et se
terminant le 30 avril, inclusivement, de la cinqui&#232;me ann&#233;e suivante.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; rendement des obligations du gouvernement du Canada &#187; &#192; une date donn&#233;e, la
moyenne des rendements qu&#146;une obligation du gouvernement du Canada non remboursable par
anticipation aurait si elle &#233;tait &#233;mise en dollars canadiens au Canada &#224; 100 % de son
montant en capital &#224; cette date, avec une &#233;ch&#233;ance de cinq ans, d&#233;sign&#233;s par deux
courtiers en valeurs mobili&#232;res canadiens inscrits, choisis par la Soci&#233;t&#233;, comme &#233;tant
les rendements &#224; l&#146;&#233;ch&#233;ance &#224; cette date, compos&#233;s semestriellement et calcul&#233;s
conform&#233;ment aux principes financiers g&#233;n&#233;ralement reconnus.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende annuel &#187; Le taux de dividende fixe initial ou le taux de
dividende fixe suivant, selon le cas, pr&#233;vu par le pr&#233;sent article 3.25.1 et applicable
au moment pertinent.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende fixe initial &#187; 4,35 % par ann&#233;e.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende fixe suivant &#187; Le taux d&#146;int&#233;r&#234;t pendant une p&#233;riode de
taux fixe suivant exprim&#233; en tant que pourcentage annuel, fix&#233; conform&#233;ment &#224; l&#146;article
3.25.1.5 des pr&#233;sentes.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; transmission &#233;lectronique &#187; La transmission par t&#233;l&#233;copieur, courrier
&#233;lectronique, Internet ou d&#146;autres moyens &#233;lectroniques.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>G&#233;n&#233;ralit&#233;s</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG auront le droit de recevoir, pour autant qu&#146;ils
soient d&#233;clar&#233;s par le conseil d&#146;administration, des dividendes en esp&#232;ces privil&#233;gi&#233;s
cumulatifs et fixes,
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 20 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">puis&#233;s &#224; m&#234;me les fonds de la Soci&#233;t&#233; pouvant &#234;tre d&#251;ment affect&#233;s au paiement de dividendes,
aux taux pr&#233;vus par les pr&#233;sentes. Les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AG
s&#146;accumuleront quotidiennement &#224; compter de leur date d&#146;&#233;mission inclusivement et seront
payables trimestriellement pendant la p&#233;riode de taux fixe initial et pendant toute p&#233;riode de
taux fixe suivant. Les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AG qui sont payables &#224;
une date de paiement de dividende donn&#233;e (diminu&#233;s de tout imp&#244;t devant &#234;tre d&#233;duit) seront
pay&#233;s par ch&#232;que, au pair, en monnaie ayant cours l&#233;gal au Canada, &#224; toute succursale au Canada
des banquiers de la Soci&#233;t&#233;. Malgr&#233; ce qui pr&#233;c&#232;de ou toute autre indication contraire dans les
pr&#233;sents statuts, ces dividendes sont r&#233;put&#233;s avoir commenc&#233; &#224; courir le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> novembre
2006 au taux de dividende fixe initial, peu importe si des actions privil&#233;gi&#233;es de s&#233;rie AG
&#233;taient en circulation &#224; cette date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le paiement des dividendes d&#233;clar&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AG sera effectu&#233; (sauf
en cas de rachat, le paiement des dividendes &#233;tant alors effectu&#233; au moment de la remise du
certificat repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AG devant &#234;tre rachet&#233;es) par la mise
&#224; la poste, dans une enveloppe affranchie adress&#233;e &#224; chaque porteur d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AG &#224; sa derni&#232;re adresse figurant au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou, si
son adresse ne figure pas au registre, &#224; sa derni&#232;re adresse connue de la Soci&#233;t&#233; ou, dans le
cas de coporteurs, &#224; l&#146;adresse de celui dont le nom figure en premier au registre des valeurs
mobili&#232;res de la Soci&#233;t&#233; en tant que l&#146;un de ces coporteurs, d&#146;un ch&#232;que pour le montant de ces
dividendes (diminu&#233; de tout imp&#244;t devant &#234;tre d&#233;duit) payable &#224; l&#146;ordre de ce porteur ou, dans
le cas de coporteurs, &#224; l&#146;ordre de tous les coporteurs, sauf indication contraire de leur part
par &#233;crit. Nonobstant ce qui pr&#233;c&#232;de, tout ch&#232;que de paiement de dividendes peut &#234;tre livr&#233; par
la Soci&#233;t&#233; &#224; un porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG &#224; son adresse ainsi qu&#146;elle est
indiqu&#233;e ci-dessus. La mise &#224; la poste ou la livraison d&#146;un tel ch&#232;que sera r&#233;put&#233;e constituer
le paiement et satisfera &#224; toutes obligations de paiement de ces dividendes pour ce qui est du
montant repr&#233;sent&#233; par un tel ch&#232;que (compte tenu du montant de tout imp&#244;t devant &#234;tre d&#233;duit
mentionn&#233; ci-dessus), &#224; moins que ce ch&#232;que ne soit pas pay&#233; au moment o&#249; il est d&#251;ment
pr&#233;sent&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>P&#233;riode de taux fixe initial</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Pendant la p&#233;riode de taux fixe initial, les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AG
seront payables trimestriellement au taux de dividende fixe initial. Par cons&#233;quent, &#224; chaque
date de paiement de dividende au cours de la p&#233;riode de taux fixe initial, y compris le
1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai 2011, le dividende payable sera de 0,271875 $ par action privil&#233;gi&#233;e de s&#233;rie
AG.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>P&#233;riode de taux fixe suivant</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Pendant la p&#233;riode de taux fixe suivant, les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AG
seront payables trimestriellement au taux de dividende fixe suivant. Par cons&#233;quent, &#224; chaque
date de paiement de dividende au cours d&#146;une p&#233;riode de taux fixe suivant, le dividende payable
sera le montant annuel par action (arrondi au milli&#232;me (1/1000) de cent pr&#232;s) d&#233;termin&#233; en
multipliant le taux de dividende annuel par 25,00 $.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.1.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;termination du taux de dividende fixe suivant</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; d&#233;terminera, le 25<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant le premier jour de chaque p&#233;riode de
taux fixe suivant, le taux de dividende annuel pour chaque p&#233;riode de taux fixe suivant, lequel
taux de dividende annuel ne doit pas &#234;tre inf&#233;rieur &#224; 80 % du rendement des obligations du
Canada en vigueur &#224; 10 h (heure de Montr&#233;al) ce 25<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour avant le premier jour de
chaque p&#233;riode de taux fixe suivant, et en avisera : (i)&nbsp;le jour ouvrable suivant, toutes les
bourses de valeurs mobili&#232;res au Canada &#224; la cote desquelles les actions privil&#233;gi&#233;es de s&#233;rie
AG sont inscrites ou, si les actions privil&#233;gi&#233;es de s&#233;rie AG ne sont pas inscrites &#224; la cote
d&#146;une bourse de valeurs mobili&#232;res au Canada, l&#146;Association canadienne des courtiers en valeurs
mobili&#232;res; et (ii)&nbsp;dans les trois (3)&nbsp;jours ouvrables suivants, les
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> porteurs des actions privil&#233;gi&#233;es de s&#233;rie AG, en le publiant une fois dans l&#146;&#233;dition canadienne
du journal anglais <I>The Globe and Mail </I>et une fois dans la ville de Montr&#233;al dans des quotidiens
&#224; grand tirage fran&#231;ais et anglais, &#233;tant entendu que si l&#146;un ou l&#146;autre de ces quotidiens n&#146;est
pas &#224; grand tirage &#224; ce moment, un tel avis sera publi&#233; dans une autre publication &#233;quivalente.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits en cas de liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">En cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233; ou de toute autre
r&#233;partition des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; aux fins de liquider ses affaires, les porteurs
des actions privil&#233;gi&#233;es de s&#233;rie AG auront le droit de recevoir 25,00 $ par action privil&#233;gi&#233;e
de s&#233;rie AG augment&#233;s de tous les dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date de paiement ou
de r&#233;partition, exclusivement, avant qu&#146;aucun montant ne soit pay&#233; ou qu&#146;aucun &#233;l&#233;ment d&#146;actif
de la Soci&#233;t&#233; ne soit r&#233;parti parmi les porteurs des actions ordinaires de la Soci&#233;t&#233; ou de
toutes autres actions de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AG. Une fois ces
montants pay&#233;s, les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AG ne seront admissibles &#224; aucune
r&#233;partition subs&#233;quente des biens ou des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rachat d&#146;actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra racheter d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG avant le 1<SUP style="font-size: 85%; vertical-align: text-top">er </SUP>mai
2011. Sous r&#233;serve des lois applicables et de l&#146;article 3.25.5 ci-apr&#232;s, apr&#232;s avis comme pr&#233;vu
ci-apr&#232;s, la Soci&#233;t&#233; pourra, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai 2011 ou le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai tous les cinq
ans par la suite, racheter la totalit&#233; mais non moins de la totalit&#233; des actions privil&#233;gi&#233;es de
s&#233;rie AG en circulation contre paiement de 25,00 $ pour chacune de ces actions &#224; racheter,
augment&#233;s des dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date fix&#233;e pour le rachat,
exclusivement, le tout constituant le prix de rachat.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; donnera un pr&#233;avis &#233;crit d&#146;au moins 45 jours et d&#146;au plus 60 jours de son intention
de racheter des actions privil&#233;gi&#233;es de s&#233;rie AG &#224; toute personne qui, &#224; la date de l&#146;envoi de
ce pr&#233;avis, est d&#233;tentrice de ces actions &#224; racheter. L&#146;avis devra &#234;tre envoy&#233;, au gr&#233; de la
Soci&#233;t&#233;, par messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre cas,
&#224; tous les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG &#224; racheter, &#224; leur derni&#232;re adresse
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224;
la derni&#232;re adresse du porteur connue de la Soci&#233;t&#233; ou par transmission &#233;lectronique &#224; chaque
porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG ayant demand&#233; la transmission &#233;lectronique, &#224; la
derni&#232;re adresse &#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;; cependant, toute omission ou
tout d&#233;faut involontaires d&#146;envoyer un tel avis &#224; un ou &#224; plusieurs de ces porteurs ne sera
d&#146;aucun effet sur la validit&#233; du rachat des actions privil&#233;gi&#233;es de s&#233;rie AG des autres
porteurs. L&#146;avis devra indiquer le nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG &#224; racheter d&#233;tenues
par la personne &#224; qui il est adress&#233;, ainsi que le prix de rachat, et devra aussi indiquer la
date fix&#233;e pour le rachat; &#224; la date pr&#233;vue pour ce rachat ou &#224; toute date ult&#233;rieure, la
Soci&#233;t&#233;, sur pr&#233;sentation et remise du ou des certificats repr&#233;sentant ces actions &#224; tout
endroit au Canada mentionn&#233; dans l&#146;avis, paiera ou fera en sorte que soit pay&#233; le prix de rachat
aux porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG &#224; racheter. Le paiement se fera par ch&#232;que
payable au pair &#224; toute succursale au Canada des banquiers de la Soci&#233;t&#233;. &#192; compter de la date
mentionn&#233;e dans l&#146;avis, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG &#224; racheter n&#146;auront plus
aucun droit aux dividendes sur ces actions ni aucun autre droit en qualit&#233; de porteurs de ces
actions, &#224; moins que la Soci&#233;t&#233; n&#146;omette de payer le prix de rachat. En tout temps apr&#232;s que
l&#146;avis de rachat susmentionn&#233; aura &#233;t&#233; donn&#233;, la Soci&#233;t&#233; pourra d&#233;poser le montant du prix de
rachat de la totalit&#233; ou d&#146;une partie des actions privil&#233;gi&#233;es de s&#233;rie AG &#224; racheter dans une
ou plusieurs banques &#224; charte ou soci&#233;t&#233;s de fiducie au Canada dont les noms auront &#233;t&#233; donn&#233;s
dans l&#146;avis. Ces d&#233;p&#244;ts seront effectu&#233;s dans un ou plusieurs comptes en fiducie pour le
b&#233;n&#233;fice des porteurs des actions &#224; racheter et les montants leur seront vers&#233;s par ces banques
ou soci&#233;t&#233;s de fiducie sur remise du ou des certificats; d&#232;s l&#146;ex&#233;cution de ces d&#233;p&#244;ts, les
actions seront rachet&#233;es &#224; la date de rachat indiqu&#233;e dans l&#146;avis de rachat. D&#232;s que la Soci&#233;t&#233;
aura effectu&#233; de d&#233;p&#244;t susmentionn&#233; &#224; l&#146;&#233;gard de toutes actions, les porteurs de celles-ci
n&#146;auront plus, &#224;
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 22 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> compter de la date de rachat, aucun autre droit en qualit&#233; de porteurs de ces actions, et leurs
droits seront limit&#233;s &#224; la perception de la portion des montants d&#233;pos&#233;s qui s&#146;applique &#224; ces
actions, sans int&#233;r&#234;t; tout int&#233;r&#234;t pay&#233; sur ces d&#233;p&#244;ts appartiendra &#224; la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion des actions privil&#233;gi&#233;es de s&#233;rie AG</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion au gr&#233; du porteur</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG pourront, &#224; leur gr&#233;, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai 2011
et le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai tous les cinq ans par la suite (une &#171; date de conversion &#187;), convertir,
en totalit&#233; ou en partie, sous r&#233;serve des modalit&#233;s des pr&#233;sentes, les actions privil&#233;gi&#233;es de
s&#233;rie AG inscrites en leur nom en actions privil&#233;gi&#233;es de s&#233;rie AH de la Soci&#233;t&#233; &#224; raison de une
(1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AH pour chaque action privil&#233;gi&#233;e de s&#233;rie AG. La Soci&#233;t&#233; devra
aviser par &#233;crit les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG alors en circulation du droit
de conversion pr&#233;vu par les pr&#233;sentes; un tel avis sera envoy&#233;, au gr&#233; de la Soci&#233;t&#233;, par
messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre cas, &#224; tous les
porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG, &#224; leur derni&#232;re adresse inscrite au registre des
valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224; la derni&#232;re adresse du
porteur connue de la Soci&#233;t&#233; ou par transmission &#233;lectronique &#224; chaque porteur d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AG ayant demand&#233; la transmission &#233;lectronique, &#224; la derni&#232;re adresse
&#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;. Cet avis devra indiquer la date de conversion
et &#234;tre donn&#233; au moins 45 jours et au plus 60 jours avant la date de conversion applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, conform&#233;ment &#224; l&#146;article 3.25.3, la Soci&#233;t&#233; avise les porteurs d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AG du rachat de la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AG, elle ne sera pas tenue
de les aviser, comme le pr&#233;voit le pr&#233;sent article 3.25.4.1, de leur droit de conversion; en
outre, le droit de tout porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG de convertir de telles
actions privil&#233;gi&#233;es de s&#233;rie AG pr&#233;vu aux pr&#233;sentes prendra fin dans un tel cas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 2 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AH en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AG d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AH et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AH d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AG, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG n&#146;auront pas le droit
de convertir leurs actions en actions privil&#233;gi&#233;es de s&#233;rie AH. La Soci&#233;t&#233; en avisera par &#233;crit,
conform&#233;ment aux dispositions du premier paragraphe du pr&#233;sent article 3.25.4.1, tous les
porteurs vis&#233;s d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG avant la date de conversion applicable et
&#233;mettra et livrera, ou fera en sorte que soient livr&#233;s, avant cette date de conversion, aux
frais de la Soci&#233;t&#233;, &#224; ces porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG ayant d&#233;pos&#233; aux fins de
conversion un ou plusieurs certificats repr&#233;sentant des actions privil&#233;gi&#233;es de s&#233;rie AG, de
nouveaux certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AG repr&#233;sent&#233;es par un ou
plusieurs certificats d&#233;pos&#233;s comme indiqu&#233; ci-dessus.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion automatique</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 2 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AG en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AG d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AH et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AH d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AG, la totalit&#233; mais non une partie des actions privil&#233;gi&#233;es de s&#233;rie AG
en circulation restantes sera automatiquement convertie en actions privil&#233;gi&#233;es de s&#233;rie AH &#224;
raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AH pour chaque action privil&#233;gi&#233;e de s&#233;rie AG, et
ce, &#224; la date de conversion applicable, et la Soci&#233;t&#233; donnera un avis &#233;crit &#224;
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 23 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> cet effet, conform&#233;ment aux dispositions de l&#146;article 3.25.4.1, aux porteurs de ces actions
privil&#233;gi&#233;es de s&#233;rie AG avant la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Exercice du privil&#232;ge de conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La conversion des actions privil&#233;gi&#233;es de s&#233;rie AG peut &#234;tre effectu&#233;e par la remise, au plus
t&#244;t 45 jours avant une date de conversion et au plus tard &#224; la fermeture des bureaux le
10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, durant les heures d&#146;ouverture normales, du
ou des certificats les repr&#233;sentant, &#224; tout bureau d&#146;un agent des transferts de la Soci&#233;t&#233; o&#249;
les actions privil&#233;gi&#233;es de s&#233;rie AG peuvent &#234;tre transf&#233;r&#233;es, ce ou ces certificats &#233;tant
accompagn&#233;s : (i)&nbsp;du paiement ou d&#146;un re&#231;u attestant le paiement de l&#146;imp&#244;t payable (s&#146;il y a
lieu), pr&#233;vu au pr&#233;sent article 3.25.4.3; et (ii)&nbsp;d&#146;un instrument de remise acceptable pour la
Soci&#233;t&#233; et d&#251;ment sign&#233; par le porteur ou son fond&#233; de pouvoir d&#251;ment autoris&#233; par &#233;crit,
instrument dans lequel ce porteur peut &#233;galement indiquer qu&#146;il ne veut convertir qu&#146;une partie
seulement des actions privil&#233;gi&#233;es de s&#233;rie AG repr&#233;sent&#233;es par ce ou ces certificats, qui n&#146;ont
pas jusqu&#146;alors &#233;t&#233; d&#233;sign&#233;es en vue du rachat, auquel cas la Soci&#233;t&#233; &#233;mettra et livrera ou fera
livrer &#224; ses frais, un nouveau certificat, au nom du porteur, repr&#233;sentant les actions
privil&#233;gi&#233;es de s&#233;rie AG qui sont repr&#233;sent&#233;es par ce ou ces certificats et qui n&#146;auront pas &#233;t&#233;
converties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; la Soci&#233;t&#233; est tenue de convertir la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie
AG en circulation restantes en actions privil&#233;gi&#233;es de s&#233;rie AH &#224; la date de conversion
applicable, comme le pr&#233;voit l&#146;article 3.25.4.2, les actions privil&#233;gi&#233;es de s&#233;rie AG que les
porteurs n&#146;avaient pas choisi de convertir devront &#234;tre converties &#224; la date de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AH, et les porteurs de ces actions seront r&#233;put&#233;s &#234;tre porteurs
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH &#224; la fermeture des bureaux &#224; la date de conversion et auront
le droit, apr&#232;s avoir remis, pendant les heures d&#146;ouverture normales, &#224; tout bureau d&#146;un agent
des transferts de la Soci&#233;t&#233; o&#249; les actions privil&#233;gi&#233;es de s&#233;rie AG peuvent &#234;tre transf&#233;r&#233;es,
le ou les certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AG non remis pr&#233;c&#233;demment
aux fins de conversion, de recevoir un ou plusieurs certificats repr&#233;sentant le m&#234;me nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH de la mani&#232;re et selon les dispositions pr&#233;vues dans le
pr&#233;sent article 3.25.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aussit&#244;t que possible apr&#232;s la date de conversion, la Soci&#233;t&#233; &#233;mettra et livrera ou fera livrer
au porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG ainsi remises, ou selon son ordre &#233;crit, un ou
plusieurs certificats &#224; son nom ou au nom de la ou des personnes qu&#146;il aura d&#233;sign&#233;es, pour le
nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH enti&#232;rement lib&#233;r&#233;es et non cotisables et le nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG restantes, le cas &#233;ch&#233;ant, auquel ce porteur aura droit.
Cette conversion sera pr&#233;sum&#233;e effectu&#233;e &#224; la fermeture des bureaux &#224; la date de conversion de
sorte que les droits du porteur de ces actions privil&#233;gi&#233;es de s&#233;rie AG &#224; ce titre cesseront &#224;
ce moment, et la ou les personnes ayant le droit de recevoir des actions privil&#233;gi&#233;es de s&#233;rie
AH &#224; la suite de cette conversion seront &#224; toutes fins consid&#233;r&#233;es comme porteurs inscrits de
ces actions privil&#233;gi&#233;es de s&#233;rie AH d&#232;s ce moment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le porteur de toute action privil&#233;gi&#233;e de s&#233;rie AG inscrit &#224; la date de cl&#244;ture des registres
aux fins de tout dividende d&#233;clar&#233; payable sur cette action aura droit &#224; ce dividende m&#234;me si
l&#146;action a &#233;t&#233; convertie en action privil&#233;gi&#233;e de s&#233;rie AH apr&#232;s cette date de cl&#244;ture des
registres et avant la date de paiement de ce dividende ou &#224; cette date m&#234;me.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">L&#146;&#233;mission de certificats d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH au moment de la conversion
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG s&#146;effectuera sans frais pour les porteurs convertissant leurs
actions privil&#233;gi&#233;es de s&#233;rie AG, quant aux droits ou imp&#244;ts applicables &#224; l&#146;&#233;mission de ces
certificats ou des actions privil&#233;gi&#233;es de s&#233;rie AH qu&#146;ils repr&#233;sentent; cependant, la Soci&#233;t&#233;
ne sera pas tenue de payer l&#146;imp&#244;t qui pourrait &#234;tre exig&#233; d&#146;une ou de plusieurs personnes par
suite de l&#146;&#233;mission &#224; cette personne ou &#224; ces personnes de ces actions privil&#233;gi&#233;es de s&#233;rie AH
ou l&#146;&#233;mission des certificats s&#146;y
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 24 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> rapportant, ou par suite de tout transfert r&#233;sultant de l&#146;&#233;mission et de la livraison de ces
certificats au nom d&#146;une ou de plusieurs personnes autres que le porteur des actions
privil&#233;gi&#233;es de s&#233;rie AG converties; et la Soci&#233;t&#233; ne sera tenue d&#146;&#233;mettre ou de livrer ces
certificats que si les personnes en demandant l&#146;&#233;mission lui versent le montant de cet imp&#244;t ou
lui d&#233;montrent d&#146;une fa&#231;on qui lui est satisfaisante qu&#146;elles l&#146;ont acquitt&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Statut des actions privil&#233;gi&#233;es de s&#233;rie AG converties</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toutes les actions privil&#233;gi&#233;es de s&#233;rie AG converties en actions privil&#233;gi&#233;es de s&#233;rie AH &#224; une
date de conversion donn&#233;e ne seront pas annul&#233;es, mais reprendront le statut d&#146;actions
autoris&#233;es mais non &#233;mises de la Soci&#233;t&#233; &#224; la fermeture des bureaux &#224; la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions concernant les dividendes et le remboursement des actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra, sans l&#146;approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG en
circulation :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">d&#233;clarer, payer ni mettre de c&#244;t&#233; &#224; des fins de paiement aucun dividende sur
les actions ordinaires ou toute autre action de la Soci&#233;t&#233; de rang inf&#233;rieur aux
actions privil&#233;gi&#233;es de s&#233;rie AG (sauf des dividendes en actions payables en actions de
la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AG);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser, ni proc&#233;der &#224; aucune r&#233;partition de
capital au titre des actions ordinaires de la Soci&#233;t&#233; ou de toute autre action de la
Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AG (sauf si la contrepartie
est pay&#233;e &#224; m&#234;me le produit net en esp&#232;ces d&#146;un placement, fait &#224; la m&#234;me &#233;poque,
d&#146;actions de la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AG);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">acheter ni autrement rembourser moins de la totalit&#233; des actions privil&#233;gi&#233;es
de s&#233;rie AG alors en circulation; ni</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">acheter ni autrement rembourser (sauf dans le cadre de l&#146;exercice d&#146;un
privil&#232;ge de rachat au gr&#233; du porteur ou d&#146;une obligation de rachat par la Soci&#233;t&#233; s&#146;y
rapportant) aucune action de la Soci&#233;t&#233; de toute cat&#233;gorie ou s&#233;rie de m&#234;me rang que
les actions privil&#233;gi&#233;es de s&#233;rie AG, &#233;tant entendu que les restrictions mentionn&#233;es
dans le pr&#233;sent paragraphe d) ne porteront aucunement atteinte au droit de la Soci&#233;t&#233;
de racheter, d&#146;acheter ou de rembourser autrement &#224; titre on&#233;reux toute action de la
Soci&#233;t&#233; de toute cat&#233;gorie de rang sup&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AG;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#224; moins que, dans chacun de ces cas, tous les dividendes cumulatifs accumul&#233;s au titre des
actions privil&#233;gi&#233;es de s&#233;rie AG en circulation, y compris le dividende payable pour la derni&#232;re
p&#233;riode &#233;coul&#233;e pour laquelle des dividendes &#233;taient payables, n&#146;aient &#233;t&#233; d&#233;clar&#233;s et pay&#233;s.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG exig&#233;e en vertu du pr&#233;sent
article 3.25.5 pourra &#234;tre donn&#233;e conform&#233;ment au deuxi&#232;me paragraphe de l&#146;article 3.25.7 et &#224;
l&#146;article 3.25.10. Nonobstant les dispositions de l&#146;article 3.25.10 des pr&#233;sentes, toute
approbation exig&#233;e en vertu du pr&#233;sent article 3.25.5 ne pourra &#234;tre donn&#233;e qu&#146;au moyen du vote
favorable des porteurs de la majorit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AG pr&#233;sents ou
repr&#233;sent&#233;s &#224; une assembl&#233;e, ou &#224; une reprise d&#146;assembl&#233;e, des porteurs d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AG d&#251;ment convoqu&#233;e &#224; cette fin et &#224; laquelle il y aura quorum.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 25 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Achat pour annulation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#224; tout moment acheter pour annulation la totalit&#233; ou une partie des actions
privil&#233;gi&#233;es de s&#233;rie AG en circulation, sur le march&#233; libre, par l&#146;interm&#233;diaire d&#146;un courtier
en valeurs mobili&#232;res ou de toute firme membre d&#146;une bourse reconnue, ou par convention priv&#233;e
ou autrement, au(x) plus bas prix, de l&#146;avis du conseil d&#146;administration, auquel (auxquels)&nbsp;ces
actions sont disponibles.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits de vote</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; est en d&#233;faut de payer huit (8)&nbsp;dividendes cons&#233;cutifs ou non cons&#233;cutifs au titre
des actions privil&#233;gi&#233;es de s&#233;rie AG, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG auront le
droit d&#146;&#234;tre convoqu&#233;s et d&#146;assister &#224; chaque assembl&#233;e des actionnaires de la Soci&#233;t&#233; (autre
qu&#146;une assembl&#233;e distincte r&#233;serv&#233;e aux porteurs d&#146;actions de la Soci&#233;t&#233; de toute autre
cat&#233;gorie ou s&#233;rie) tenue plus de 60 jours apr&#232;s la date du premier d&#233;faut de paiement, et d&#146;y
voter &#224; raison de un (1)&nbsp;vote par action privil&#233;gi&#233;e de s&#233;rie AG d&#233;tenue, et ce, jusqu&#146;&#224; ce que
tous les arri&#233;r&#233;s de dividendes au titre des actions privil&#233;gi&#233;es de s&#233;rie AG aient &#233;t&#233;
acquitt&#233;s, apr&#232;s quoi les droits prendront fin et ne seront r&#233;ouverts que lorsque la Soci&#233;t&#233;
sera de nouveau en d&#233;faut, le cas &#233;ch&#233;ant, conform&#233;ment aux dispositions du pr&#233;sent article
3.25.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Chaque action privil&#233;gi&#233;e de s&#233;rie AG conf&#232;re &#224; son porteur un (1)&nbsp;vote relativement &#224; toute
mesure &#224; prendre par la Soci&#233;t&#233; et exigeant l&#146;approbation des porteurs des actions privil&#233;gi&#233;es
de s&#233;rie AG, votant en tant que s&#233;rie ou en tant que partie d&#146;une cat&#233;gorie.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>&#201;mission d&#146;actions privil&#233;gi&#233;es additionnelles</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#233;mettre des s&#233;ries additionnelles d&#146;actions privil&#233;gi&#233;es de premier rang de
m&#234;me rang que les actions privil&#233;gi&#233;es de s&#233;rie AG sans l&#146;autorisation des porteurs des actions
privil&#233;gi&#233;es de s&#233;rie AG.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de s&#233;rie AG en tant que s&#233;rie peuvent &#234;tre
abrog&#233;es ou modifi&#233;es moyennant l&#146;approbation alors exig&#233;e par la LCSA, donn&#233;e conform&#233;ment aux
dispositions de l&#146;article 3.25.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aucune des dispositions des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AG
en tant que s&#233;rie ne peut &#234;tre modifi&#233;e d&#146;aucune mani&#232;re &#224; moins que les dispositions relatives
aux actions privil&#233;gi&#233;es de s&#233;rie AH en tant que s&#233;rie, le cas &#233;ch&#233;ant, ne fassent en m&#234;me
temps, dans la mesure jug&#233;e n&#233;cessaire par la Soci&#233;t&#233;, l&#146;objet de modifications dont la nature
et l&#146;&#233;tendue sont les m&#234;mes.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG sera r&#233;put&#233;e valablement
donn&#233;e &#224; toutes fins si elle est donn&#233;e par les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG
conform&#233;ment aux dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de premier rang, en tant que
cat&#233;gorie, qui s&#146;appliquent aux pr&#233;sentes avec les adaptations n&#233;cessaires.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Choix quant &#224; l&#146;imposition</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; fera un choix, de la mani&#232;re et dans les d&#233;lais prescrits par la LIR, en vertu du
paragraphe 191.2(1) de cette loi ou de toute autre disposition de port&#233;e semblable rempla&#231;ant ce
paragraphe ou lui succ&#233;dant, et prendra toutes les mesures n&#233;cessaires conform&#233;ment &#224; cette loi,
afin
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 26 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> de payer l&#146;imp&#244;t &#224; un taux tel qu&#146;aucun porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG ne sera tenu
de payer l&#146;imp&#244;t sur les dividendes re&#231;us au titre des actions privil&#233;gi&#233;es de s&#233;rie AG aux
termes de l&#146;article 187.2 de la partie IV.I de cette loi ou de toute disposition de port&#233;e
semblable rempla&#231;ant cet article ou lui succ&#233;dant.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interruption du service postal</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; consid&#232;re que le service postal est ou est menac&#233; d&#146;&#234;tre interrompu, durant une
p&#233;riode o&#249; la Soci&#233;t&#233; est tenue ou a d&#233;cid&#233; d&#146;exp&#233;dier quelque avis par la poste en vertu des
pr&#233;sentes ou doit envoyer un ch&#232;que ou un certificat d&#146;actions &#224; tout porteur d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AG, soit relativement au rachat ou &#224; la conversion de ces actions ou
autrement, la Soci&#233;t&#233; pourra, nonobstant les dispositions des pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">donner cet avis par voie de transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou
encore par voie de publication de l&#146;avis concern&#233; une fois par semaine pendant deux
semaines cons&#233;cutives dans un quotidien &#224; grand tirage publi&#233; ou distribu&#233; &#224; Montr&#233;al
et &#224; Toronto, et cet avis sera r&#233;put&#233; avoir &#233;t&#233; donn&#233; &#224; la date de la communication par
transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou &#224; la date de la premi&#232;re publication
de l&#146;avis; et</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">respecter son engagement d&#146;envoyer ce ch&#232;que ou ce certificat d&#146;actions en
prenant des mesures pour que ces derniers soient livr&#233;s au principal &#233;tablissement de
la Soci&#233;t&#233; &#224; Montr&#233;al. Ce ch&#232;que ou ce certificat d&#146;actions seront r&#233;put&#233;s avoir &#233;t&#233;
envoy&#233;s &#224; la date &#224; laquelle l&#146;avis concernant une telle mesure aura &#233;t&#233; donn&#233;, ainsi
qu&#146;il est stipul&#233; au paragraphe (a)&nbsp;ci-dessus, pourvu que, aussit&#244;t que la Soci&#233;t&#233; aura
d&#233;termin&#233; que le service postal n&#146;est plus ni interrompu ni menac&#233; de l&#146;&#234;tre, ce ch&#232;que
ou ce certificat d&#146;actions soit livr&#233; au porteur, si cela n&#146;a pas d&#233;j&#224; &#233;t&#233; fait, par
courrier de premi&#232;re classe ordinaire affranchi non recommand&#233; &#224; l&#146;adresse inscrite de
toute personne qui, &#224; la date de l&#146;envoi postal, est un porteur inscrit autoris&#233; &#224;
recevoir ce ch&#232;que ou certificat d&#146;actions ou, si l&#146;adresse de tout porteur n&#146;est pas
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233;, &#224; la derni&#232;re adresse de ce
porteur connue de la Soci&#233;t&#233;.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les dispositions des pr&#233;sentes ayant trait aux actions privil&#233;gi&#233;es de s&#233;rie AG :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; de rang sup&#233;rieur &#187;, &#171; de m&#234;me rang &#187; et &#171; de rang inf&#233;rieur &#187; s&#146;entendent de
l&#146;ordre de priorit&#233; des versements de dividendes et de la r&#233;partition d&#146;&#233;l&#233;ments
d&#146;actif en cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233;,
volontaire ou non, ou de toute autre r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; parmi
ses actionnaires dans le but de liquider ses affaires.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; dividendes accumul&#233;s et impay&#233;s &#187; s&#146;entend de la somme : (i)&nbsp;de tous les
dividendes impay&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AG pour tout trimestre et (ii)
du montant calcul&#233; comme si les dividendes sur chaque action privil&#233;gi&#233;e de s&#233;rie AG
s&#146;&#233;taient accumul&#233;s quotidiennement &#224; compter de la date &#224; laquelle le dernier
dividende trimestriel &#233;tait payable jusqu&#146;&#224; la date &#224; laquelle le calcul des dividendes
accumul&#233;s doit &#234;tre fait, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.25.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpr&#233;tation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; une date &#224; laquelle la Soci&#233;t&#233; doit payer un dividende sur les actions
privil&#233;gi&#233;es de s&#233;rie AG, ou une autre date &#224; laquelle la Soci&#233;t&#233; ou les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AG
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 27 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">doivent prendre une autre mesure aux termes des pr&#233;sentes ne serait pas un jour ouvrable (ainsi
que ce terme est d&#233;fini ci-apr&#232;s), alors ce dividende sera payable, ou cette autre mesure sera
prise, le jour ouvrable suivant. Un &#171; jour ouvrable &#187; est un jour autre qu&#146;un samedi, un
dimanche ou tout autre jour f&#233;ri&#233; pour le bureau principal de la Soci&#233;t&#233; au Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B>3.26</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACTIONS PRIVIL&#201;GI&#201;ES DE S&#201;RIE AH</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les actions privil&#233;gi&#233;es de s&#233;rie AH comportent, outre les droits, privil&#232;ges, conditions et
restrictions aff&#233;rents &#224; la cat&#233;gorie des actions privil&#233;gi&#233;es de premier rang, les droits,
privil&#232;ges, conditions et restrictions qui suivent.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividendes</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sauf si le contexte ne s&#146;y pr&#234;te pas, les d&#233;finitions suivantes s&#146;appliquent aux pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; banques &#187; Deux banques parmi la Banque Royale du Canada, la Banque de
Montr&#233;al, la Banque de Nouvelle-&#201;cosse, la Banque Toronto-Dominion et la Banque
canadienne imp&#233;riale de commerce et tout successeur de celles-ci que le conseil
d&#146;administration d&#233;signe en avisant l&#146;agent des transferts des actions privil&#233;gi&#233;es de
s&#233;ries AH. Un tel avis doit &#234;tre donn&#233; au moins deux (2)&nbsp;jours ouvrables avant le
d&#233;but d&#146;une p&#233;riode de dividende donn&#233;e et prendra effet &#224; ce moment. Tant qu&#146;un tel
avis n&#146;aura pas &#233;t&#233; donn&#233;, &#171; banques &#187; s&#146;entend de la Banque Royale du Canada et de la
Banque Toronto-Dominion;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; bourse &#187; La bourse de Toronto, toute autre place boursi&#232;re ou tout autre
march&#233; organis&#233; au Canada que la Soci&#233;t&#233; consid&#232;re comme le principal march&#233; de
n&#233;gociation des actions privil&#233;gi&#233;es de s&#233;rie AH.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; cours de r&#233;f&#233;rence &#187; Pour un mois donn&#233;, quotient obtenu en divisant :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le total de la valeur quotidienne ajust&#233;e des actions n&#233;goci&#233;es
de toutes les s&#233;ances de bourse de ce mois</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;par
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le total du volume quotidien des actions n&#233;goci&#233;es de toutes
les s&#233;ances de bourse de ce mois.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Malgr&#233; ce qui pr&#233;c&#232;de, le cours de r&#233;f&#233;rence du mois de janvier 2007 sera calcul&#233;
d&#146;apr&#232;s les renseignements sur les op&#233;rations de la Bourse de Toronto concernant les
actions privil&#233;gi&#233;es de cat&#233;gorie A &#224; dividende cumulatif et remboursables de s&#233;rie
18 de Bell Canada. Par cons&#233;quent, le montant de la d&#233;duction quotidienne relative
au dividende accumul&#233;, la valeur quotidienne ajust&#233;e, le total du volume quotidien
des actions n&#233;goci&#233;es et les d&#233;cisions connexes du mois de janvier 2007 doivent &#234;tre
calcul&#233;s ou prises par rapport aux actions privil&#233;gi&#233;es &#224; dividende cumulatif et
remboursables de s&#233;rie 18 de Bell Canada et non pas aux actions privil&#233;gi&#233;es de
s&#233;rie AH.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de cl&#244;ture des registres r&#233;put&#233;e &#187; Dernier jour de bourse d&#146;un mois &#224;
l&#146;&#233;gard duquel aucun dividende n&#146;est d&#233;clar&#233; par le conseil d&#146;administration.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de paiement de dividende &#187; Douzi&#232;me jour de chaque mois &#224; compter du
mois suivant imm&#233;diatement la date d&#146;&#233;mission des actions privil&#233;gi&#233;es de s&#233;rie AH.</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 28 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date ex-dividende &#187; :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">la s&#233;ance de bourse d&#233;sign&#233;e ou reconnue, conform&#233;ment aux
r&#232;gles ou aux pratiques habituelles de la bourse, &#224; titre de date ex-dividende
aux fins de toute date de cl&#244;ture des registres pour les dividendes d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AH; ou</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">si le conseil d&#146;administration ne d&#233;clare pas de dividende pour
un mois donn&#233;, la s&#233;ance de bourse qui serait consid&#233;r&#233;e, conform&#233;ment aux
r&#232;gles ou aux pratiques habituelles de la bourse, comme la date ex-dividende
aux fins de toute date de cl&#244;ture des registres r&#233;put&#233;e pour les actions
privil&#233;gi&#233;es de s&#233;rie AH.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; d&#233;duction quotidienne relative au dividende accumul&#233; &#187; Pour une s&#233;ance de
bourse donn&#233;e :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">produit obtenu en multipliant le dividende accumul&#233; sur une
action privil&#233;gi&#233;e de s&#233;rie AH pour le mois au cours duquel tombe la s&#233;ance de
bourse, par le nombre de jours entre le jour pr&#233;c&#233;dant la date ex-dividende qui
pr&#233;c&#232;de imm&#233;diatement cette s&#233;ance de bourse, exclusivement, et le jour de
cette s&#233;ance de bourse, inclusivement (ou par un (1)&nbsp;jour, si cette s&#233;ance de
bourse est une date ex-dividende),</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">divis&#233; par</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le nombre de jours entre cette date ex dividende,
inclusivement, et la prochaine date ex-dividende, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; facteur d&#146;ajustement &#187; Pur un mois donn&#233;, le pourcentage annuel, positif ou
n&#233;gatif, &#233;tabli en fonction du cours de r&#233;f&#233;rence des actions privil&#233;gi&#233;es de s&#233;rie AH
pour le mois pr&#233;c&#233;dent, calcul&#233; conform&#233;ment au tableau suivant :</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Facteur d&#146;ajustement</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">exprim&#233; en % du taux</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">Cours de r&#233;f&#233;rence</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">pr&#233;f&#233;rentiel mensuel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD style="border-bottom: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</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">25,50 $ ou plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,375 $ et moins de 25,50 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,25 $ et moins de 25,375 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,125 $ et moins de 25,25 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,875 $ et moins de 25,125 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">N&#233;ant</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,75 $ &#224; 24,875 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,625 $ &#224; 24,75 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,50 $ &#224; 24,625 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24,50 $ ou moins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%">Le facteur d&#146;ajustement maximal pour un mois donn&#233; sera &#177; 4,00 %.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 29 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%">Si, pendant un mois donn&#233; (exclusion faite du mois de janvier 2007), au
moins un lot r&#233;gulier d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH n&#146;est pas n&#233;goci&#233; &#224;
la bourse, le facteur d&#146;ajustement du mois suivant sera de &#171; n&#233;ant &#187;.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; mois &#187; Un mois civil.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de dividende &#187; Un mois civil.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; pourcentage prescrit &#187; Pour le mois de janvier 2007, 76 pour cent (76 %) et,
pour chaque mois suivant, le facteur d&#146;ajustement de ce mois plus le pourcentage
prescrit du mois pr&#233;c&#233;dent, pourvu que le taux de dividende variable annuel d&#146;un mois
donn&#233; ne soit jamais inf&#233;rieur &#224; 50 % du taux pr&#233;f&#233;rentiel mensuel pour ce mois, ni
sup&#233;rieur &#224; 100 % du taux pr&#233;f&#233;rentiel mensuel pour ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende variable annuel &#187; Pour un mois donn&#233;, le taux d&#146;int&#233;r&#234;t
exprim&#233; en tant que pourcentage annuel (arrondi au milli&#232;me (1/1000) de un pour cent
(0,001 %) pr&#232;s) &#233;gal au taux pr&#233;f&#233;rentiel mensuel multipli&#233; par le pourcentage prescrit
pour ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux pr&#233;f&#233;rentiel &#187; Pour un jour donn&#233;, la moyenne (arrondie au milli&#232;me
(1/1000) de un pour cent (0,001 %) pr&#232;s) des taux d&#146;int&#233;r&#234;t annuels publi&#233;s par les
banques &#224; titre de taux de r&#233;f&#233;rence en vigueur pour ce jour aux fins de fixer les taux
d&#146;int&#233;r&#234;t sur les pr&#234;ts commerciaux en dollars canadiens consentis au Canada aux
emprunteurs commerciaux jouissant du meilleur cr&#233;dit. Si l&#146;une des banques n&#146;affiche
pas un tel taux d&#146;int&#233;r&#234;t un jour donn&#233;, le taux pr&#233;f&#233;rentiel pour ce jour sera le taux
d&#146;int&#233;r&#234;t en vigueur de l&#146;autre banque; si aucune des deux banques n&#146;affiche un tel
taux d&#146;int&#233;r&#234;t un jour donn&#233;, le taux pr&#233;f&#233;rentiel pour ce jour sera &#233;gal &#224; un et demi
pour cent (1,5 %) l&#146;an, plus le rendement moyen exprim&#233; en tant que pourcentage annuel
des bons du Tr&#233;sor du gouvernement du Canada de 91 jours, publi&#233; par la Banque du
Canada pour l&#146;offre hebdomadaire portant sur la semaine pr&#233;c&#233;dant ce jour; et si aucune
des deux banques n&#146;affiche un tel taux d&#146;int&#233;r&#234;t un jour donn&#233; et que la Banque du
Canada ne publie pas un tel rendement annuel moyen, le taux pr&#233;f&#233;rentiel pour ce jour
sera &#233;gal au taux pr&#233;f&#233;rentiel du jour pr&#233;c&#233;dent. Un dirigeant de la Soci&#233;t&#233; &#233;tablit
le taux pr&#233;f&#233;rentiel et le taux pr&#233;f&#233;rentiel mensuel &#224; partir de donn&#233;es communiqu&#233;es
par les banques ou qui sont par ailleurs publiques. En l&#146;absence d&#146;erreur flagrante, la
d&#233;cision de ce dirigeant lie d&#233;finitivement la Soci&#233;t&#233; et tous les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AH.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux pr&#233;f&#233;rentiel mensuel &#187; Pour un mois donn&#233;, la moyenne (arrondie au
milli&#232;me (1/1000) de un pour cent (0,001 %) pr&#232;s) des taux pr&#233;f&#233;rentiels en vigueur
chaque jour de ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; transmission &#233;lectronique &#187; La transmission par t&#233;l&#233;copieur, courrier
&#233;lectronique, Internet ou d&#146;autres moyens &#233;lectroniques.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; s&#233;ance de bourse &#187; Chaque jour au cours duquel la bourse est ouverte &#224; des
fins de n&#233;gociations, si cette bourse est une bourse de valeurs mobili&#232;res situ&#233;e au
Canada; sinon, le terme &#171; s&#233;ance de bourse &#187; s&#146;entend d&#146;un jour ouvrable.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; valeur quotidienne ajust&#233;e des actions n&#233;goci&#233;es &#187; Pour une s&#233;ance de bourse
donn&#233;e :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">la valeur totale en dollars de toutes les op&#233;rations visant les
actions privil&#233;gi&#233;es de s&#233;rie AH enregistr&#233;es &#224; la</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 30 - <!-- /Folio -->

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">bourse (assorties du d&#233;lai de r&#232;glement normal en
vigueur &#224; la bourse) pendant cette s&#233;ance de bourse,</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 9%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;moins
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le produit obtenu en multipliant le volume quotidien des
actions n&#233;goci&#233;es durant cette s&#233;ance de bourse par le montant de la d&#233;duction
quotidienne relative au dividende accumul&#233; pour cette s&#233;ance de bourse.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; volume quotidien des actions n&#233;goci&#233;es &#187; Pour une s&#233;ance de bourse donn&#233;e, le
nombre total d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH ayant fait l&#146;objet de n&#233;gociations &#224; la
bourse (assorties du d&#233;lai de r&#232;glement normal en vigueur &#224; la bourse) pendant cette
s&#233;ance de bourse.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>G&#233;n&#233;ralit&#233;s</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH auront le droit de recevoir, pour autant qu&#146;ils
soient d&#233;clar&#233;s par le conseil d&#146;administration, des dividendes en esp&#232;ces privil&#233;gi&#233;s
cumulatifs, puis&#233;s &#224; m&#234;me les fonds de la Soci&#233;t&#233; pouvant &#234;tre d&#251;ment affect&#233;s au paiement de
dividendes, aux taux et aux dates pr&#233;vus par les pr&#233;sentes. Les dividendes sur les actions
privil&#233;gi&#233;es de s&#233;rie AH s&#146;accumuleront quotidiennement &#224; compter de leur date d&#146;&#233;mission
inclusivement et seront payables mensuellement. Les dividendes sur les actions privil&#233;gi&#233;es de
s&#233;rie AH qui sont payables &#224; une date de paiement de dividende donn&#233;e (diminu&#233;s de tout imp&#244;t
devant &#234;tre d&#233;duit) seront pay&#233;s par ch&#232;que, au pair, en monnaie ayant cours l&#233;gal au Canada, &#224;
toute succursale au Canada des banquiers de la Soci&#233;t&#233;. Malgr&#233; ce qui pr&#233;c&#232;de ou toute autre
indication contraire dans les pr&#233;sents statuts, ces dividendes sont r&#233;put&#233;s avoir commenc&#233; &#224;
courir le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> janvier 2007 au taux de dividende variable annuel pour ce mois, peu
importe si des actions privil&#233;gi&#233;es de s&#233;rie AH &#233;taient en circulation &#224; cette date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AH seront payables mensuellement au taux de
dividende variable annuel calcul&#233;. Par cons&#233;quent, &#224; chaque date de paiement de dividende, le
dividende payable sur les actions privil&#233;gi&#233;es de s&#233;rie AH sera le montant (arrondi au milli&#232;me
(1/1000) de cent pr&#232;s) obtenu en multipliant 25,00 $ par le taux de dividende variable annuel
applicable au mois pr&#233;c&#233;dant cette date de paiement de dividende et en divisant le produit par
douze. La date de cl&#244;ture des registres servant &#224; d&#233;terminer les porteurs d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AH admissibles aux dividendes &#224; chaque date de paiement de dividende sera la derni&#232;re
s&#233;ance de bourse du mois pr&#233;c&#233;dent. En cas de rachat ou d&#146;achat des actions privil&#233;gi&#233;es de
s&#233;rie AH ou de la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;, ainsi que le pr&#233;voit l&#146;article
3.26.2 des pr&#233;sentes, le montant du dividende accumul&#233; au cours du mois o&#249; a lieu ce rachat, cet
achat ou cette r&#233;partition (arrondi au milli&#232;me (1/1000) de cent pr&#232;s) sera calcul&#233; en
multipliant :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le produit de la multiplication de 25,00 $ par un douzi&#232;me (1/12) du taux de
dividende variable annuel applicable au mois pr&#233;c&#233;dent; par</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">une fraction dont le num&#233;rateur est le nombre de jours &#233;coul&#233;s dans le mois o&#249;
a lieu ce rachat, cet achat ou cette r&#233;partition, jusqu&#146;&#224; la date de cet &#233;v&#233;nement,
exclusivement, et le d&#233;nominateur est le nombre de jours dans ce mois.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le paiement des dividendes d&#233;clar&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AH sera effectu&#233; (sauf
en cas de rachat, le paiement des dividendes &#233;tant alors effectu&#233; au moment de la remise du
certificat repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AH devant &#234;tre rachet&#233;es) par la mise
&#224; la poste, dans une enveloppe affranchie adress&#233;e &#224; chaque porteur d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AH &#224; sa derni&#232;re
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 31 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> adresse figurant au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou, si son adresse ne figure
pas au registre, &#224; sa derni&#232;re adresse connue de la Soci&#233;t&#233; ou, dans le cas de coporteurs, &#224;
l&#146;adresse de celui dont le nom figure en premier au registre des valeurs mobili&#232;res de la
Soci&#233;t&#233; en tant que l&#146;un de ces coporteurs, d&#146;un ch&#232;que pour le montant de ces dividendes
(diminu&#233; de tout imp&#244;t devant &#234;tre d&#233;duit) payable &#224; l&#146;ordre de ce porteur ou, dans le cas de
coporteurs, &#224; l&#146;ordre de tous les coporteurs, sauf indication contraire de leur part par &#233;crit.
Nonobstant ce qui pr&#233;c&#232;de, tout ch&#232;que de paiement de dividendes peut &#234;tre livr&#233; par la Soci&#233;t&#233;
&#224; un porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH &#224; son adresse ainsi qu&#146;elle est indiqu&#233;e
ci-dessus. La mise &#224; la poste ou la livraison d&#146;un tel ch&#232;que sera r&#233;put&#233;e constituer le
paiement et satisfera &#224; toutes obligations de paiement de ces dividendes pour ce qui est du
montant repr&#233;sent&#233; par un tel ch&#232;que (compte tenu du montant de tout imp&#244;t devant &#234;tre d&#233;duit
ainsi qu&#146;il est mentionn&#233; ci-dessus), &#224; moins que ce ch&#232;que ne soit pas pay&#233; au moment o&#249; il est
d&#251;ment pr&#233;sent&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Calcul du pourcentage prescrit</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; calculera d&#232;s que possible le pourcentage prescrit pour chaque mois et en avisera
toutes les bourses de valeurs mobili&#232;res au Canada &#224; la cote desquelles les actions privil&#233;gi&#233;es
de s&#233;rie AH sont inscrites ou, si les actions privil&#233;gi&#233;es de s&#233;rie AH ne sont pas inscrites &#224;
la cote d&#146;une bourse de valeurs mobili&#232;res au Canada, la Soci&#233;t&#233; en avisera l&#146;Association
canadienne des courtiers en valeurs mobili&#232;res.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits en cas de liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">En cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233; ou de toute autre
r&#233;partition des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; aux fins de liquider ses affaires, les porteurs
des actions privil&#233;gi&#233;es de s&#233;rie AH auront le droit de recevoir 25,00 $ par action privil&#233;gi&#233;e
de s&#233;rie AH augment&#233;s de tous les dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date de paiement ou
de r&#233;partition, exclusivement, avant qu&#146;aucun montant ne soit pay&#233; ou qu&#146;aucun &#233;l&#233;ment d&#146;actif
de la Soci&#233;t&#233; ne soit r&#233;parti parmi les porteurs des nouvelles actions ordinaires de la Soci&#233;t&#233;
ou de toutes autres actions de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AH. Une fois ces
montants pay&#233;s, les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AH ne seront admissibles &#224; aucune
r&#233;partition subs&#233;quente des biens ou des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rachat d&#146;actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sous r&#233;serve des lois applicables et de l&#146;article 3.26.5 ci-apr&#232;s, apr&#232;s avis comme pr&#233;vu
ci-apr&#232;s, la Soci&#233;t&#233; pourra racheter en tout temps la totalit&#233; mais non moins de la totalit&#233; des
actions privil&#233;gi&#233;es de s&#233;rie AH en circulation, contre paiement de 25,50 $ pour chacune de ces
actions &#224; racheter, augment&#233;s des dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date fix&#233;e pour le
rachat, exclusivement, le tout constituant le prix de rachat.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; donnera un pr&#233;avis &#233;crit d&#146;au moins 45 jours et d&#146;au plus 60 jours de son intention
de racheter des actions privil&#233;gi&#233;es de s&#233;rie AH &#224; toute personne qui, &#224; la date de l&#146;envoi de
ce pr&#233;avis, est d&#233;tentrice de ces actions &#224; racheter. L&#146;avis devra &#234;tre envoy&#233;, au gr&#233; de la
Soci&#233;t&#233;, par messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre cas,
&#224; tous les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH &#224; racheter, &#224; leur derni&#232;re adresse
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224;
la derni&#232;re adresse du porteur connue de la Soci&#233;t&#233; ou par transmission &#233;lectronique &#224; chaque
porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH ayant demand&#233; la transmission &#233;lectronique, &#224; la
derni&#232;re adresse &#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;; cependant, toute omission ou
tout d&#233;faut involontaires d&#146;envoyer un tel avis &#224; un ou &#224; plusieurs de ces porteurs ne sera
d&#146;aucun effet sur la validit&#233; du rachat des actions privil&#233;gi&#233;es de s&#233;rie AH des autres
porteurs. L&#146;avis devra indiquer le nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH &#224; racheter d&#233;tenues
par la personne &#224; qui il est adress&#233;, ainsi que le prix de rachat, et devra aussi indiquer la
</DIV></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 32 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> date fix&#233;e pour le rachat; &#224; la date pr&#233;vue pour ce rachat ou &#224; toute date ult&#233;rieure, la
Soci&#233;t&#233;, sur pr&#233;sentation et remise du ou des certificats repr&#233;sentant ces actions &#224; tout
endroit au Canada mentionn&#233; dans l&#146;avis, paiera ou fera en sorte que soit pay&#233; le prix de rachat
aux porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH &#224; racheter. Le paiement se fera par ch&#232;que
payable au pair &#224; toute succursale au Canada des banquiers de la Soci&#233;t&#233;. &#192; compter de la date
mentionn&#233;e dans l&#146;avis, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH &#224; racheter n&#146;auront plus
aucun droit aux dividendes sur ces actions ni aucun autre droit en qualit&#233; de porteurs de ces
actions, &#224; moins que la Soci&#233;t&#233; n&#146;omette de payer le prix de rachat. En tout temps apr&#232;s que
l&#146;avis de rachat susmentionn&#233; aura &#233;t&#233; donn&#233;, la Soci&#233;t&#233; pourra d&#233;poser le montant du prix de
rachat de la totalit&#233; ou d&#146;une partie des actions privil&#233;gi&#233;es de s&#233;rie AH &#224; racheter dans une
ou plusieurs banques &#224; charte ou soci&#233;t&#233;s de fiducie au Canada dont les noms auront &#233;t&#233; donn&#233;s
dans l&#146;avis. Ces d&#233;p&#244;ts seront effectu&#233;s dans un ou plusieurs comptes en fiducie pour le
b&#233;n&#233;fice des porteurs des actions &#224; racheter et les montants leur seront vers&#233;s par ces banques
ou soci&#233;t&#233;s de fiducie sur remise du ou des certificats; d&#232;s l&#146;ex&#233;cution de ces d&#233;p&#244;ts, les
actions seront rachet&#233;es &#224; la date de rachat indiqu&#233;e dans l&#146;avis de rachat. D&#232;s que la Soci&#233;t&#233;
aura effectu&#233; le d&#233;p&#244;t susmentionn&#233; &#224; l&#146;&#233;gard de toutes actions, les porteurs de celles-ci
n&#146;auront plus, &#224; compter de la date de rachat, aucun autre droit en qualit&#233; de porteurs de ces
actions, et leurs droits seront limit&#233;s &#224; la perception de la portion des montants d&#233;pos&#233;s qui
s&#146;applique &#224; ces actions, sans int&#233;r&#234;t; tout int&#233;r&#234;t pay&#233; sur ces d&#233;p&#244;ts appartiendra &#224; la
Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion des actions privil&#233;gi&#233;es de s&#233;rie AH</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion au gr&#233; du porteur</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH pourront, &#224; leur gr&#233;, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai 2011
et le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> mai tous les cinq ans par la suite (une &#171; date de conversion &#187;), convertir,
en totalit&#233; ou en partie, sous r&#233;serve des dispositions des pr&#233;sentes, les actions privil&#233;gi&#233;es
de s&#233;rie AH inscrites en leur nom en actions privil&#233;gi&#233;es de s&#233;rie AG de la Soci&#233;t&#233;, &#224; raison de
une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AG pour chaque action privil&#233;gi&#233;e de s&#233;rie AH. La Soci&#233;t&#233;
devra aviser par &#233;crit les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH alors en circulation du
droit de conversion pr&#233;vu par les pr&#233;sentes; un tel avis sera envoy&#233;, au gr&#233; de la Soci&#233;t&#233;, par
messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre cas, &#224; tous les
porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH, &#224; leur derni&#232;re adresse inscrite au registre des
valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224; la derni&#232;re adresse du
porteur connue de la Soci&#233;t&#233;, ou par transmission &#233;lectronique, &#224; la derni&#232;re adresse
&#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;. Cet avis devra indiquer la date de conversion
et &#234;tre donn&#233; au moins 45 jours et au plus 60 jours avant la date de conversion applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, comme le pr&#233;voit l&#146;article 3.26.3, la Soci&#233;t&#233; avise les porteurs d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AH du rachat de la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AH, elle ne sera pas tenue
de les aviser, ainsi qu&#146;il est stipul&#233; au pr&#233;sent article 3.26.4.1, du droit de conversion; en
outre, le droit de tout porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH de convertir de telles
actions privil&#233;gi&#233;es de s&#233;rie AH pr&#233;vu aux pr&#233;sentes prendra fin dans un tel cas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH ne seront pas en droit de convertir leurs
actions en actions privil&#233;gi&#233;es de s&#233;rie AG si, &#224; la suite de la fermeture des bureaux le
10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins
de 2 000 000 d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG en circulation &#224; la date de conversion, en
tenant compte de toutes les actions privil&#233;gi&#233;es de s&#233;rie AH d&#233;pos&#233;es aux fins de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AG et de toutes les actions privil&#233;gi&#233;es de s&#233;rie AG d&#233;pos&#233;es aux
fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AH. La Soci&#233;t&#233; en avisera par &#233;crit,
conform&#233;ment aux dispositions du premier paragraphe du pr&#233;sent article 3.26.4.1, tous les
porteurs vis&#233;s d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH avant la date de conversion applicable et
&#233;mettra et livrera, ou fera en sorte que soient livr&#233;s, avant cette date de conversion, aux
frais de la Soci&#233;t&#233;, &#224; ces porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH ayant d&#233;pos&#233; aux fins de
conversion un ou plusieurs certificats repr&#233;sentant des actions privil&#233;gi&#233;es de s&#233;rie AH, de
nouveaux
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 33 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AH repr&#233;sent&#233;es par un ou plusieurs
certificats d&#233;pos&#233;s comme indiqu&#233; ci-dessus.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion automatique</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 2 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AH en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AH d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AG et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AG d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AH, la totalit&#233; et non une partie des actions privil&#233;gi&#233;es de s&#233;rie AH en
circulation restantes sera automatiquement convertie en actions privil&#233;gi&#233;es de s&#233;rie AG &#224;
raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AG pour chaque action privil&#233;gi&#233;e de s&#233;rie AH, et
ce, &#224; la date de conversion applicable, et la Soci&#233;t&#233; donnera un avis &#233;crit &#224; cet effet,
conform&#233;ment aux dispositions de l&#146;article 3.26.4.1, aux porteurs de ces actions privil&#233;gi&#233;es de
s&#233;rie AH restantes avant la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Exercice du privil&#232;ge de conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La conversion des actions privil&#233;gi&#233;es de s&#233;rie AH peut &#234;tre effectu&#233;e par la remise, au plus
t&#244;t 45 jours avant une date de conversion et au plus tard &#224; la fermeture des bureaux le
10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, durant les heures d&#146;ouverture normales, du
ou des certificats les repr&#233;sentant, &#224; tout bureau d&#146;un agent des transferts de la Soci&#233;t&#233; o&#249;
les actions privil&#233;gi&#233;es de s&#233;rie AH peuvent &#234;tre transf&#233;r&#233;es, ce ou ces certificats &#233;tant
accompagn&#233;s : (i)&nbsp;du paiement ou d&#146;un re&#231;u attestant le paiement de l&#146;imp&#244;t payable (s&#146;il y a
lieu), pr&#233;vu au pr&#233;sent article 3.26.4.3; et (ii)&nbsp;d&#146;un instrument de remise acceptable pour la
Soci&#233;t&#233; et d&#251;ment sign&#233; par le porteur ou son fond&#233; de pouvoir d&#251;ment autoris&#233; par &#233;crit,
instrument dans lequel ce porteur peut indiquer qu&#146;il ne veut convertir qu&#146;une partie seulement
des actions privil&#233;gi&#233;es de s&#233;rie AH repr&#233;sent&#233;es par ce ou ces certificats, qui n&#146;ont pas
jusqu&#146;alors &#233;t&#233; d&#233;sign&#233;es en vue du rachat, auquel cas la Soci&#233;t&#233; &#233;mettra et livrera ou fera
livrer &#224; ses frais, un nouveau certificat, au nom du porteur, repr&#233;sentant les actions
privil&#233;gi&#233;es de s&#233;rie AH qui sont repr&#233;sent&#233;es par ce ou ces certificats et qui n&#146;auront pas &#233;t&#233;
converties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; la Soci&#233;t&#233; est tenue de convertir la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie
AH en circulation restantes en actions privil&#233;gi&#233;es de s&#233;rie AG &#224; la date de conversion
applicable, comme le pr&#233;voit l&#146;article 3.26.4.2, les actions privil&#233;gi&#233;es de s&#233;rie AH que les
porteurs n&#146;avaient pas choisi de convertir devront &#234;tre converties &#224; la date de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AG, et les porteurs de ces actions seront r&#233;put&#233;s &#234;tre porteurs
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG &#224; la fermeture des bureaux &#224; la date de conversion et auront
le droit, apr&#232;s avoir remis, pendant les heures d&#146;ouverture normales, &#224; tout bureau d&#146;un agent
des transferts de la Soci&#233;t&#233; o&#249; les actions privil&#233;gi&#233;es de s&#233;rie AH peuvent &#234;tre transf&#233;r&#233;es,
le ou les certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AH non remis pr&#233;c&#233;demment
aux fins de conversion, de recevoir un ou plusieurs certificats repr&#233;sentant le m&#234;me nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG de la mani&#232;re et selon les dispositions pr&#233;vues dans le
pr&#233;sent article 3.26.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aussit&#244;t que possible apr&#232;s la date de conversion, la Soci&#233;t&#233; &#233;mettra et livrera ou fera livrer
au porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH ainsi remises, ou selon son ordre &#233;crit, un ou
plusieurs certificats &#224; son nom ou au nom de la ou des personnes qu&#146;il aura d&#233;sign&#233;es, pour le
nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG enti&#232;rement lib&#233;r&#233;es et non cotisables et le nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH restantes, le cas &#233;ch&#233;ant, auquel ce porteur aura droit.
Cette conversion sera pr&#233;sum&#233;e effectu&#233;e &#224; la fermeture des bureaux &#224; la date de conversion de
sorte que les droits du porteur de ces actions privil&#233;gi&#233;es de s&#233;rie AH &#224; ce titre cesseront &#224;
ce moment, et la ou les personnes ayant le droit de recevoir des actions privil&#233;gi&#233;es de s&#233;rie
AG &#224; la suite de cette conversion seront &#224;
</DIV></DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 34 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> toutes fins consid&#233;r&#233;es comme porteurs inscrits de ces actions privil&#233;gi&#233;es de s&#233;rie AG d&#232;s ce
moment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le porteur de toute action privil&#233;gi&#233;e de s&#233;rie AH inscrit &#224; la date de cl&#244;ture des registres
aux fins de tout dividende d&#233;clar&#233; payable sur cette action aura droit &#224; ce dividende m&#234;me si
l&#146;action a &#233;t&#233; convertie en action privil&#233;gi&#233;e de s&#233;rie AG apr&#232;s cette date de cl&#244;ture des
registres et avant la date de paiement de ce dividende ou &#224; cette date m&#234;me.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">L&#146;&#233;mission de certificats d&#146;actions privil&#233;gi&#233;es de s&#233;rie AG au moment de la conversion
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH s&#146;effectuera sans frais pour les porteurs convertissant leurs
actions privil&#233;gi&#233;es de s&#233;rie AH, quant aux droits ou imp&#244;ts applicables &#224; l&#146;&#233;mission de ces
certificats ou des actions privil&#233;gi&#233;es de s&#233;rie AG qu&#146;ils repr&#233;sentent; cependant, la Soci&#233;t&#233;
ne sera pas tenue de payer l&#146;imp&#244;t qui pourrait &#234;tre exig&#233; d&#146;une ou de plusieurs personnes par
suite de l&#146;&#233;mission &#224; cette personne ou &#224; ces personnes de ces actions privil&#233;gi&#233;es de s&#233;rie AG
ou des certificats s&#146;y rapportant, ou par suite de tout transfert r&#233;sultant de l&#146;&#233;mission et de
la livraison de ces certificats au nom d&#146;une ou de plusieurs personnes autres que le porteur des
actions privil&#233;gi&#233;es de s&#233;rie AH converties; et la Soci&#233;t&#233; ne sera tenue d&#146;&#233;mettre ou de livrer
ces certificats que si les personnes en demandant l&#146;&#233;mission lui versent le montant de cet imp&#244;t
ou lui d&#233;montrent d&#146;une fa&#231;on qui lui est satisfaisante qu&#146;elles l&#146;ont acquitt&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Statut des actions privil&#233;gi&#233;es de s&#233;rie AH converties</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toutes les actions privil&#233;gi&#233;es de s&#233;rie AH converties en actions privil&#233;gi&#233;es de s&#233;rie AG &#224; une
date de conversion donn&#233;e ne seront pas annul&#233;es, mais reprendront le statut d&#146;actions
autoris&#233;es mais non &#233;mises de la Soci&#233;t&#233; &#224; la fermeture des bureaux &#224; la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions concernant les dividendes et le remboursement des actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra, sans l&#146;approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH en
circulation :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">d&#233;clarer, payer ni mettre de c&#244;t&#233; &#224; des fins de paiement aucun dividende sur
les actions ordinaires ou toute autre action de la Soci&#233;t&#233; de rang inf&#233;rieur aux
actions privil&#233;gi&#233;es de s&#233;rie AH (sauf des dividendes en actions payables en actions de
la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AH);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser, ni proc&#233;der &#224; aucune r&#233;partition de
capital au titre des actions ordinaires de la Soci&#233;t&#233; ou de toute autre action de la
Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AH (sauf si la contrepartie
est pay&#233;e &#224; m&#234;me le produit net en esp&#232;ces d&#146;un placement, fait &#224; la m&#234;me &#233;poque,
d&#146;actions de la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AH);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">acheter ni autrement rembourser moins de la totalit&#233; des actions privil&#233;gi&#233;es
de s&#233;rie AH alors en circulation; ni</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser (sauf dans le cadre de l&#146;exercice
d&#146;un privil&#232;ge de rachat au gr&#233; du porteur ou d&#146;une obligation de rachat par la Soci&#233;t&#233;
s&#146;y rapportant) aucune action de la Soci&#233;t&#233; de toute cat&#233;gorie ou s&#233;rie de m&#234;me rang
que les actions privil&#233;gi&#233;es de s&#233;rie AH, &#233;tant entendu que les restrictions
mentionn&#233;es dans le pr&#233;sent paragraphe (d)&nbsp;ne porteront aucunement atteinte au droit de
la Soci&#233;t&#233; de racheter, d&#146;acheter ou de rembourser autrement &#224; titre on&#233;reux toute
action de la Soci&#233;t&#233; de toute cat&#233;gorie de rang sup&#233;rieur aux actions privil&#233;gi&#233;es de
s&#233;rie AH;</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 35 - <!-- /Folio -->

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



</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#224; moins que, dans chacun de ces cas, tous les dividendes cumulatifs accumul&#233;s au titre des
actions privil&#233;gi&#233;es de s&#233;rie AH en circulation, y compris le dividende payable pour la
derni&#232;re p&#233;riode &#233;coul&#233;e pour laquelle des dividendes &#233;taient payables, n&#146;aient &#233;t&#233; d&#233;clar&#233;s
et pay&#233;s.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH exig&#233;e en vertu du pr&#233;sent
article 3.26.5 pourra &#234;tre donn&#233;e conform&#233;ment au deuxi&#232;me paragraphe de l&#146;article 3.26.7 et
&#224; l&#146;article 3.26.10. Nonobstant les dispositions de l&#146;article 3.26.10 des pr&#233;sentes, toute
approbation exig&#233;e en vertu du pr&#233;sent article 3.26.5 ne pourra &#234;tre donn&#233;e qu&#146;au moyen du
vote favorable des porteurs de la majorit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AH pr&#233;sents ou
repr&#233;sent&#233;s &#224; une assembl&#233;e, ou &#224; une reprise d&#146;assembl&#233;e, des porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AH d&#251;ment convoqu&#233;e &#224; cette fin et &#224; laquelle il y aura quorum.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Achat pour annulation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#224; tout moment acheter pour annulation la totalit&#233; ou une partie des actions
privil&#233;gi&#233;es de s&#233;rie AH en circulation, sur le march&#233; libre, par l&#146;interm&#233;diaire d&#146;un courtier
en valeurs mobili&#232;res ou de toute firme membre d&#146;une bourse reconnue, ou par convention priv&#233;e
ou autrement, au(x) plus bas prix, de l&#146;avis du conseil d&#146;administration, auquel(auxquels) ces
actions sont disponibles.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits de vote</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; est en d&#233;faut de payer huit (8)&nbsp;dividendes cons&#233;cutifs ou non cons&#233;cutifs au titre
des actions privil&#233;gi&#233;es de s&#233;rie AH, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH auront le
droit d&#146;&#234;tre convoqu&#233;s et d&#146;assister &#224; chaque assembl&#233;e des actionnaires de la Soci&#233;t&#233; (autre
qu&#146;une assembl&#233;e distincte r&#233;serv&#233;e aux porteurs d&#146;actions de la Soci&#233;t&#233; de toute autre
cat&#233;gorie ou s&#233;rie) tenue plus de 60 jours apr&#232;s la date du premier d&#233;faut de paiement, et d&#146;y
voter &#224; raison de un (1)&nbsp;vote par action privil&#233;gi&#233;e de s&#233;rie AH d&#233;tenue, et ce, jusqu&#146;&#224; ce que
tous les arri&#233;r&#233;s de dividendes au titre des actions privil&#233;gi&#233;es de s&#233;rie AH aient &#233;t&#233;
acquitt&#233;s, apr&#232;s quoi les droits prendront fin et ne seront r&#233;ouverts que lorsque la Soci&#233;t&#233;
sera de nouveau en d&#233;faut, le cas &#233;ch&#233;ant, conform&#233;ment aux dispositions du pr&#233;sent article
3.26.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Chaque action privil&#233;gi&#233;e de s&#233;rie AH conf&#232;re &#224; son porteur un (1)&nbsp;vote relativement &#224; toute
mesure &#224; prendre par la Soci&#233;t&#233; et exigeant l&#146;approbation des porteurs des actions privil&#233;gi&#233;es
de s&#233;rie AH, votant en tant que s&#233;rie ou en tant que partie d&#146;une cat&#233;gorie.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>&#201;mission d&#146;actions privil&#233;gi&#233;es additionnelles</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#233;mettre des s&#233;ries additionnelles d&#146;actions privil&#233;gi&#233;es de premier rang de
m&#234;me rang que les actions privil&#233;gi&#233;es de s&#233;rie AH sans l&#146;autorisation des porteurs des actions
privil&#233;gi&#233;es de s&#233;rie AH.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de s&#233;rie AH en tant que s&#233;rie peuvent &#234;tre
abrog&#233;es ou modifi&#233;es moyennant l&#146;approbation alors exig&#233;e par la LCSA, donn&#233;e conform&#233;ment aux
dispositions de l&#146;article 3.26.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aucune des dispositions des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AH
en tant que s&#233;rie ne peut &#234;tre modifi&#233;e d&#146;aucune mani&#232;re &#224; moins que les dispositions relatives
aux actions privil&#233;gi&#233;es de s&#233;rie AG en tant que s&#233;rie, le cas &#233;ch&#233;ant, ne fassent en m&#234;me
temps, dans la mesure jug&#233;e n&#233;cessaire par la Soci&#233;t&#233;, l&#146;objet de modifications dont la nature
et l&#146;&#233;tendue sont les m&#234;mes.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 36 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH sera r&#233;put&#233;e valablement
donn&#233;e &#224; toutes fins si elle est donn&#233;e par les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH
conform&#233;ment aux dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de premier rang, en tant que
cat&#233;gorie, qui s&#146;appliquent aux pr&#233;sentes avec les adaptations n&#233;cessaires.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Choix quant &#224; l&#146;imposition</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; fera un choix, de la mani&#232;re et dans les d&#233;lais prescrits par la LIR, en vertu du
paragraphe 191.2(1) de cette loi ou de toute autre disposition de port&#233;e semblable rempla&#231;ant ce
paragraphe ou lui succ&#233;dant, et prendra toutes les mesures n&#233;cessaires conform&#233;ment &#224; cette loi,
afin de payer l&#146;imp&#244;t &#224; un taux tel qu&#146;aucun porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AH ne sera
tenu de payer l&#146;imp&#244;t sur les dividendes re&#231;us au titre des actions privil&#233;gi&#233;es de s&#233;rie AH aux
termes de l&#146;article 187.2 de la partie IV.I de cette loi ou de toute disposition de port&#233;e
semblable rempla&#231;ant cet article ou lui succ&#233;dant.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interruption du service postal</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; consid&#232;re que le service postal est ou est menac&#233; d&#146;&#234;tre interrompu, durant une
p&#233;riode o&#249; la Soci&#233;t&#233; est tenue ou a d&#233;cid&#233; d&#146;exp&#233;dier quelque avis par la poste en vertu des
pr&#233;sentes ou doit envoyer un ch&#232;que ou un certificat d&#146;actions &#224; tout porteur d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AH, soit relativement au rachat ou &#224; la conversion de ces actions ou
autrement, la Soci&#233;t&#233; pourra, nonobstant les dispositions des pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">donner cet avis par voie de transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou
encore par voie de publication de l&#146;avis concern&#233; une fois par semaine pendant deux
semaines cons&#233;cutives dans un quotidien &#224; grand tirage publi&#233; ou distribu&#233; &#224; Montr&#233;al
et &#224; Toronto, et cet avis sera r&#233;put&#233; avoir &#233;t&#233; donn&#233; &#224; la date de la communication par
transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou &#224; la date de la premi&#232;re publication
de l&#146;avis; et</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">respecter son engagement d&#146;envoyer ce ch&#232;que ou ce certificat d&#146;actions en
prenant des mesures pour que ces derniers soient livr&#233;s au principal &#233;tablissement de
la Soci&#233;t&#233; &#224; Montr&#233;al. Ce ch&#232;que ou ce certificat d&#146;actions seront r&#233;put&#233;s avoir &#233;t&#233;
envoy&#233;s &#224; la date &#224; laquelle l&#146;avis concernant une telle mesure aura &#233;t&#233; donn&#233;, ainsi
qu&#146;il est stipul&#233; au paragraphe (a)&nbsp;ci-dessus, pourvu que, aussit&#244;t que la Soci&#233;t&#233; aura
d&#233;termin&#233; que le service postal n&#146;est plus ni interrompu ni menac&#233; de l&#146;&#234;tre, ce ch&#232;que
ou ce certificat d&#146;actions soit livr&#233; au porteur, si cela n&#146;a pas d&#233;j&#224; &#233;t&#233; fait, par
courrier de premi&#232;re classe ordinaire affranchi non recommand&#233; &#224; l&#146;adresse inscrite de
toute personne qui, &#224; la date de l&#146;envoi postal, est un porteur inscrit autoris&#233; &#224;
recevoir ce ch&#232;que ou certificat d&#146;actions ou, si l&#146;adresse de tout porteur n&#146;est pas
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233;, &#224; la derni&#232;re adresse de ce
porteur connue de la Soci&#233;t&#233;.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Avis du taux de dividende fixe suivant applicable aux actions privil&#233;gi&#233;es de s&#233;rie
AG</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les trois (3)&nbsp;jours ouvrables suivant la d&#233;termination du taux de dividende fixe suivant
(ainsi qu&#146;il est d&#233;fini &#224; l&#146;article 3.25.1.1 des statuts de la Soci&#233;t&#233; relatifs aux actions
privil&#233;gi&#233;es de s&#233;rie AG), la Soci&#233;t&#233; en avisera les porteurs des actions privil&#233;gi&#233;es de s&#233;rie
AH, sauf en ce qui concerne la premi&#232;re p&#233;riode de taux fixe suivant, en le publiant une fois
dans l&#146;&#233;dition canadienne du journal anglais <I>The Globe and Mail </I>et une fois dans la ville de
Montr&#233;al dans des quotidiens &#224; grand tirage
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 37 - <!-- /Folio -->

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"> fran&#231;ais et anglais, &#233;tant entendu que si l&#146;un ou l&#146;autre de ces quotidiens n&#146;est pas &#224; grand
tirage &#224; ce moment, un tel avis sera publi&#233; dans une autre publication &#233;quivalente.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les dispositions des pr&#233;sentes ayant trait aux actions privil&#233;gi&#233;es de s&#233;rie AH :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; de rang sup&#233;rieur &#187;, &#171; de m&#234;me rang &#187; et &#171; de rang inf&#233;rieur &#187; s&#146;entendent de
l&#146;ordre de priorit&#233; des versements de dividendes et la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif
en cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233;,
volontaire ou non, ou de toute autre r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; parmi
ses actionnaires dans le but de liquider ses affaires.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; dividendes accumul&#233;s et impay&#233;s &#187; s&#146;entend de la somme : (i)&nbsp;de tous les
dividendes impay&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AH pour toute p&#233;riode de
dividende et (ii)&nbsp;du montant calcul&#233; comme si les dividendes sur chaque action
privil&#233;gi&#233;e de s&#233;rie AH s&#146;&#233;taient accumul&#233;s quotidiennement &#224; compter du premier jour
du mois suivant la p&#233;riode de dividende &#224; l&#146;&#233;gard de laquelle le dernier dividende
mensuel sera ou &#233;tait payable, selon le cas, inclusivement, jusqu&#146;&#224; la date &#224; laquelle
le calcul des dividendes accumul&#233;s doit &#234;tre fait, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.26.15</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpr&#233;tation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; une date &#224; laquelle la Soci&#233;t&#233; doit payer un dividende sur les actions
privil&#233;gi&#233;es de s&#233;rie AH, ou une autre date &#224; laquelle la Soci&#233;t&#233; ou les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AH doivent prendre une autre mesure aux termes des pr&#233;sentes ne serait pas
un jour ouvrable (ainsi que ce terme est d&#233;fini ci-apr&#232;s), alors ce dividende sera payable, ou
cette autre mesure sera prise, le jour ouvrable suivant. Un &#171; jour ouvrable &#187; est un jour autre
qu&#146;un samedi, un dimanche ou tout autre jour f&#233;ri&#233; pour le bureau principal de la Soci&#233;t&#233; au
Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B>3.27</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACTIONS PRIVIL&#201;GI&#201;ES DE S&#201;RIE AI</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les actions privil&#233;gi&#233;es de s&#233;rie AI comportent, outre les droits, privil&#232;ges, conditions et
restrictions aff&#233;rents &#224; la cat&#233;gorie des actions privil&#233;gi&#233;es de premier rang, les droits,
privil&#232;ges, conditions et restrictions qui suivent.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.27.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividendes</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="8%" nowrap align="left"><B><I>3.27.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sauf si le contexte ne s&#146;y pr&#234;te pas, les d&#233;finitions suivantes s&#146;appliquent aux pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de paiement de dividende &#187; Premier jour de f&#233;vrier, de mai, d&#146;ao&#251;t et de
novembre de chaque ann&#233;e. La premi&#232;re date de paiement de dividende sera la
1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> f&#233;vrier 2007.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de taux fixe initial &#187; La p&#233;riode commen&#231;ant &#224; la date de la premi&#232;re
&#233;mission d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI et se terminant le 31 juillet 2011,
inclusivement.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de taux fixe suivant &#187; Pour la premi&#232;re p&#233;riode de taux fixe suivant,
la p&#233;riode commen&#231;ant le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t 2011 et se terminant le 31 juillet 2016,
inclusivement, et pour chaque p&#233;riode de taux fixe suivant cons&#233;cutive, la p&#233;riode
commen&#231;ant le lendemain de la fin de la p&#233;riode de taux fixe suivant pr&#233;c&#233;dente et se
terminant le 31 juillet, inclusivement, de la cinqui&#232;me ann&#233;e suivante.</DIV></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"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 38 -
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; rendement des obligations du gouvernement du Canada &#187; &#192; une date donn&#233;e, la
moyenne des rendements qu&#146;une obligation du gouvernement du Canada non remboursable par
anticipation aurait si elle &#233;tait &#233;mise en dollars canadiens au Canada &#224; 100 % de son
montant en capital &#224; cette date, avec une &#233;ch&#233;ance de cinq ans, d&#233;sign&#233;s par deux
courtiers en valeurs mobili&#232;res canadiens inscrits, choisis par la Soci&#233;t&#233;, comme &#233;tant
les rendements &#224; l&#146;&#233;ch&#233;ance &#224; cette date, compos&#233;s semestriellement et calcul&#233;s
conform&#233;ment aux principes financiers g&#233;n&#233;ralement reconnus.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende annuel &#187; Le taux de dividende fixe initial ou le taux de
dividende fixe suivant, selon le cas, pr&#233;vu par le pr&#233;sent article 3.27.1 et applicable
au moment pertinent.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende fixe initial &#187; 4,65 % par ann&#233;e.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende fixe suivant &#187; Le taux d&#146;int&#233;r&#234;t pendant une p&#233;riode de
taux fixe suivant exprim&#233; en tant que pourcentage annuel, fix&#233; conform&#233;ment &#224; l&#146;article
3.27.1.5 des pr&#233;sentes.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; transmission &#233;lectronique &#187; La transmission par t&#233;l&#233;copieur, courrier
&#233;lectronique, Internet ou d&#146;autres moyens &#233;lectroniques.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>G&#233;n&#233;ralit&#233;s</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI auront le droit de recevoir, pour autant qu&#146;ils
soient d&#233;clar&#233;s par le conseil d&#146;administration, des dividendes en esp&#232;ces privil&#233;gi&#233;s,
cumulatifs et fixes, puis&#233;s &#224; m&#234;me les fonds de la Soci&#233;t&#233; pouvant &#234;tre d&#251;ment affect&#233;s au
paiement de dividendes, aux taux pr&#233;vus par les pr&#233;sentes. Les dividendes sur les actions
privil&#233;gi&#233;es de s&#233;rie AI s&#146;accumuleront quotidiennement &#224; compter de leur date d&#146;&#233;mission
inclusivement et seront payables trimestriellement pendant la p&#233;riode de taux fixe initial et
pendant toute p&#233;riode de taux fixe suivant. Les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie
AI qui sont payables &#224; une date de paiement de dividende donn&#233;e (diminu&#233;s de tout imp&#244;t devant
&#234;tre d&#233;duit) seront pay&#233;s par ch&#232;que, au pair, en monnaie ayant cours l&#233;gal au Canada, &#224; toute
succursale au Canada des banquiers de la Soci&#233;t&#233;. Malgr&#233; ce qui pr&#233;c&#232;de ou toute autre
indication contraire dans les pr&#233;sents statuts, ces dividendes sont r&#233;put&#233;s avoir commenc&#233; &#224;
courir le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> novembre 2006 au taux de dividende fixe initial, peu importe si des
actions privil&#233;gi&#233;es de s&#233;rie AI &#233;taient en circulation &#224; cette date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le paiement des dividendes d&#233;clar&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AI sera effectu&#233; (sauf
en cas de rachat, le paiement des dividendes &#233;tant alors effectu&#233; au moment de la remise du
certificat repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AI devant &#234;tre rachet&#233;es) par la mise
&#224; la poste, dans une enveloppe affranchie adress&#233;e &#224; chaque porteur d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AI &#224; sa derni&#232;re adresse figurant au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou, si
son adresse ne figure pas au registre, &#224; sa derni&#232;re adresse connue de la Soci&#233;t&#233; ou, dans le
cas de coporteurs, &#224; l&#146;adresse de celui dont le nom figure en premier au registre des valeurs
mobili&#232;res de la Soci&#233;t&#233; en tant que l&#146;un de ces coporteurs, d&#146;un ch&#232;que pour le montant de ces
dividendes (diminu&#233; de tout imp&#244;t devant &#234;tre d&#233;duit) payable &#224; l&#146;ordre de ce porteur ou, dans
le cas de coporteurs, &#224; l&#146;ordre de tous les coporteurs, sauf indication contraire de leur part
par &#233;crit. Nonobstant ce qui pr&#233;c&#232;de, tout ch&#232;que de paiement de dividendes peut &#234;tre livr&#233; par
la Soci&#233;t&#233; &#224; un porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI &#224; son adresse ainsi qu&#146;elle est
indiqu&#233;e ci-dessus. La mise &#224; la poste ou la livraison d&#146;un tel ch&#232;que sera r&#233;put&#233;e constituer
le paiement et satisfera &#224; toutes obligations de paiement de ces dividendes pour ce qui est du
montant repr&#233;sent&#233; par un tel ch&#232;que (compte tenu du montant de tout imp&#244;t devant &#234;tre d&#233;duit
ainsi qu&#146;il est mentionn&#233; ci-dessus), &#224; moins que ce ch&#232;que ne soit pas pay&#233; au moment o&#249; il est
d&#251;ment pr&#233;sent&#233;.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 39 - <!-- /Folio -->

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>P&#233;riode de taux fixe initial</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Pendant la p&#233;riode de taux fixe initial, les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AI
seront payables trimestriellement au taux de dividende fixe initial. Par cons&#233;quent, &#224; chaque
date de paiement de dividende au cours de la p&#233;riode de taux fixe initial, y compris le
1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t 2011, le dividende payable sera de 0,290625 $ par action privil&#233;gi&#233;e de
s&#233;rie AI.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>P&#233;riode de taux fixe suivant</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Pendant la p&#233;riode de taux fixe suivant, les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AI
seront payables trimestriellement au taux de dividende fixe suivant. Par cons&#233;quent, &#224; chaque
date de paiement de dividende au cours d&#146;une p&#233;riode de taux fixe suivant, le dividende payable
sera le montant annuel par action (arrondi au milli&#232;me (1/1000) de cent pr&#232;s) d&#233;termin&#233; en
multipliant le taux de dividende annuel par 25,00 $.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.1.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;termination du taux de dividende fixe suivant</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; d&#233;terminera, le 25<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant le premier jour de chaque p&#233;riode de
taux fixe suivant, le taux de dividende annuel pour chaque p&#233;riode de taux fixe suivant, lequel
taux de dividende annuel ne doit pas &#234;tre inf&#233;rieur &#224; 80 % du rendement des obligations du
Canada en vigueur &#224; 10 h (heure de Montr&#233;al) ce 25<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour avant le premier jour de
chaque p&#233;riode de taux fixe suivant, et en avisera : (i)&nbsp;le jour ouvrable suivant, toutes les
bourses de valeurs mobili&#232;res au Canada &#224; la cote desquelles les actions privil&#233;gi&#233;es de s&#233;rie
AI sont inscrites ou, si les actions privil&#233;gi&#233;es de s&#233;rie AI ne sont pas inscrites &#224; la cote
d&#146;une bourse de valeurs mobili&#232;res au Canada, l&#146;Association canadienne des courtiers en valeurs
mobili&#232;res; et (ii)&nbsp;dans les trois (3)&nbsp;jours ouvrables suivants, les porteurs des actions
privil&#233;gi&#233;es de s&#233;rie AI, en le publiant une fois dans l&#146;&#233;dition canadienne du journal anglais
The Globe and Mail et une fois dans la ville de Montr&#233;al dans des quotidiens &#224; grand tirage
fran&#231;ais et anglais, &#233;tant entendu que si l&#146;un ou l&#146;autre de ces quotidiens n&#146;est pas &#224; grand
tirage &#224; ce moment, un tel avis sera publi&#233; dans une autre publication &#233;quivalente.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits en cas de liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">En cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233; ou de toute autre
r&#233;partition des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; aux fins de liquider ses affaires, les porteurs
des actions privil&#233;gi&#233;es de s&#233;rie AI auront le droit de recevoir 25,00 $ par action privil&#233;gi&#233;e
de s&#233;rie AI augment&#233;s de tous les dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date de paiement ou
de r&#233;partition, exclusivement, avant qu&#146;aucun montant ne soit pay&#233; ou qu&#146;aucun &#233;l&#233;ment d&#146;actif
de la Soci&#233;t&#233; ne soit r&#233;parti parmi les porteurs des actions ordinaires de la Soci&#233;t&#233; ou de
toutes autres actions de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AI. Une fois ces
montants pay&#233;s, les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AI ne seront admissibles &#224; aucune
r&#233;partition subs&#233;quente des biens ou des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rachat d&#146;actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra racheter d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI avant le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t
2011. Sous r&#233;serve des lois applicables et de l&#146;article 3.27.5 ci-apr&#232;s, apr&#232;s avis comme pr&#233;vu
ci-apr&#232;s, la Soci&#233;t&#233; pourra, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t 2011 ou le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t tous les cinq
ans par la suite, racheter la totalit&#233; mais non moins de la totalit&#233; des actions privil&#233;gi&#233;es de
s&#233;rie AI en circulation contre paiement de 25,00 $ pour chacune de ces actions &#224; racheter,
augment&#233;s des dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date fix&#233;e pour le rachat,
exclusivement, le tout constituant le prix de rachat.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; donnera un pr&#233;avis &#233;crit d&#146;au moins 45 jours et d&#146;au plus 60 jours de son intention
de racheter des actions privil&#233;gi&#233;es de s&#233;rie AI &#224; toute personne qui, &#224; la date de l&#146;envoi de
ce pr&#233;avis,
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 40 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">est d&#233;tentrice de ces actions &#224; racheter. L&#146;avis devra &#234;tre envoy&#233;, au gr&#233; de la Soci&#233;t&#233;, par
messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre cas, &#224; tous les
porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI &#224; racheter, &#224; leur derni&#232;re adresse inscrite au
registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224; la derni&#232;re
adresse du porteur connue de la Soci&#233;t&#233; ou par transmission &#233;lectronique &#224; chaque porteur
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI ayant demand&#233; la transmission &#233;lectronique, &#224; la derni&#232;re
adresse &#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;; cependant, toute omission ou tout
d&#233;faut involontaires d&#146;envoyer un tel avis &#224; un ou &#224; plusieurs de ces porteurs ne sera d&#146;aucun
effet sur la validit&#233; du rachat des actions privil&#233;gi&#233;es de s&#233;rie AI des autres porteurs. L&#146;avis
devra indiquer le nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI &#224; racheter d&#233;tenues par la personne
&#224; qui il est adress&#233;, ainsi que le prix de rachat, et devra aussi indiquer la date fix&#233;e pour le
rachat; &#224; la date pr&#233;vue pour ce rachat ou &#224; toute date ult&#233;rieure, la Soci&#233;t&#233;, sur pr&#233;sentation
et remise du ou des certificats repr&#233;sentant ces actions &#224; tout endroit au Canada mentionn&#233; dans
l&#146;avis, paiera ou fera en sorte que soit pay&#233; le prix de rachat aux porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AI &#224; racheter. Le paiement se fera par ch&#232;que payable au pair &#224; toute
succursale au Canada des banquiers de la Soci&#233;t&#233;. &#192; compter de la date mentionn&#233;e dans l&#146;avis,
les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI &#224; racheter n&#146;auront plus aucun droit aux
dividendes sur ces actions ni aucun autre droit en qualit&#233; de porteurs de ces actions, &#224; moins
que la Soci&#233;t&#233; n&#146;omette de payer le prix de rachat. En tout temps apr&#232;s que l&#146;avis de rachat
susmentionn&#233; aura &#233;t&#233; donn&#233;, la Soci&#233;t&#233; pourra d&#233;poser le montant du prix de rachat de la
totalit&#233; ou d&#146;une partie des actions privil&#233;gi&#233;es de s&#233;rie AI &#224; racheter dans une ou plusieurs
banques &#224; charte ou soci&#233;t&#233;s de fiducie au Canada dont les noms auront &#233;t&#233; donn&#233;s dans l&#146;avis.
Ces d&#233;p&#244;ts seront effectu&#233;s dans un ou plusieurs comptes en fiducie pour le b&#233;n&#233;fice des
porteurs des actions &#224; racheter et les montants leur seront vers&#233;s par ces banques ou soci&#233;t&#233;s
de fiducie sur remise du ou des certificats; d&#232;s l&#146;ex&#233;cution de ces d&#233;p&#244;ts, les actions seront
rachet&#233;es &#224; la date de rachat indiqu&#233;e dans l&#146;avis de rachat. D&#232;s que la Soci&#233;t&#233; aura effectu&#233;
le d&#233;p&#244;t susmentionn&#233; &#224; l&#146;&#233;gard de toutes actions, les porteurs de celles-ci n&#146;auront plus, &#224;
compter de la date de rachat, aucun autre droit en qualit&#233; de porteurs de ces actions, et leurs
droits seront limit&#233;s &#224; la perception de la portion des montants d&#233;pos&#233;s qui s&#146;applique &#224; ces
actions, sans int&#233;r&#234;t; tout int&#233;r&#234;t pay&#233; sur ces d&#233;p&#244;ts appartiendra &#224; la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion des actions privil&#233;gi&#233;es de s&#233;rie AI</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion au gr&#233; du porteur</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI pourront, &#224; leur gr&#233;, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t
2011 et le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t tous les cinq ans par la suite (une &#171; date de conversion &#187;),
convertir, en totalit&#233; ou en partie, sous r&#233;serve des modalit&#233;s des pr&#233;sentes, les actions
privil&#233;gi&#233;es de s&#233;rie AI inscrites en leur nom en actions privil&#233;gi&#233;es de s&#233;rie AJ de la Soci&#233;t&#233;
&#224; raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AJ pour chaque action privil&#233;gi&#233;e de s&#233;rie AI.
La Soci&#233;t&#233; devra aviser par &#233;crit les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI alors en
circulation du droit de conversion pr&#233;vu par les pr&#233;sentes; un tel avis sera envoy&#233;, au gr&#233; de
la Soci&#233;t&#233;, par messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre
cas, &#224; tous les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI, &#224; leur derni&#232;re adresse inscrite au
registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224; la derni&#232;re
adresse du porteur connue de la Soci&#233;t&#233;, ou par transmission &#233;lectronique &#224; chaque porteur
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI ayant demand&#233; la transmission &#233;lectronique, &#224; la derni&#232;re
adresse &#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;. Cet avis devra indiquer la date de
conversion et &#234;tre donn&#233; au moins 45 jours et au plus 60 jours avant la date de conversion
applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, comme le pr&#233;voit l&#146;article 3.27.3, la Soci&#233;t&#233; avise les porteurs d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AI du rachat de la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AI, elle ne sera pas tenue
de les aviser, ainsi qu&#146;il est stipul&#233; au pr&#233;sent article 3.27.4.1, ni de leur droit de
conversion; en outre, le droit de tout porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI de convertir
de telles actions privil&#233;gi&#233;es de s&#233;rie AI pr&#233;vu aux pr&#233;sentes prendra fin dans un tel cas.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 41 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 2 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AJ en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AI d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AJ et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AJ d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AI, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI n&#146;auront pas le droit
de convertir leurs actions en actions privil&#233;gi&#233;es de s&#233;rie AJ. La Soci&#233;t&#233; en avisera par &#233;crit,
conform&#233;ment aux dispositions du premier paragraphe du pr&#233;sent article 3.27.4.1, tous les
porteurs vis&#233;s d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI avant la date de conversion applicable et
&#233;mettra et livrera, ou fera en sorte que soient livr&#233;s, avant cette date de conversion, aux
frais de la Soci&#233;t&#233;, &#224; ces porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI ayant d&#233;pos&#233; aux fins de
conversion un ou plusieurs certificats repr&#233;sentant des actions privil&#233;gi&#233;es de s&#233;rie AI, de
nouveaux certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AI repr&#233;sent&#233;es par un ou
plusieurs certificats d&#233;pos&#233;s comme indiqu&#233; ci-dessus.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion automatique</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 2 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AI en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AI d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AJ et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AJ d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AI, la totalit&#233; mais non une partie des actions privil&#233;gi&#233;es de s&#233;rie AI
en circulation restantes sera automatiquement convertie en actions privil&#233;gi&#233;es de s&#233;rie AJ &#224;
raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AJ pour chaque action privil&#233;gi&#233;e de s&#233;rie AI, et
ce, &#224; la date de conversion applicable, et la Soci&#233;t&#233; donnera un avis &#233;crit &#224; cet effet,
conform&#233;ment aux dispositions de l&#146;article 3.27.4.1, aux porteurs de ces actions privil&#233;gi&#233;es de
s&#233;rie AI restantes avant la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Exercice du privil&#232;ge de conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La conversion des actions privil&#233;gi&#233;es de s&#233;rie AI peut &#234;tre effectu&#233;e par la remise, au plus
t&#244;t 45 jours avant une date de conversion et au plus tard &#224; la fermeture des bureaux le
10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, durant les heures d&#146;ouverture normales, du
ou des certificats les repr&#233;sentant, &#224; tout bureau d&#146;un agent des transferts de la Soci&#233;t&#233; o&#249;
les actions privil&#233;gi&#233;es de s&#233;rie AI peuvent &#234;tre transf&#233;r&#233;es, ce ou ces certificats &#233;tant
accompagn&#233;es : (i)&nbsp;du paiement ou d&#146;un re&#231;u attestant le paiement de l&#146;imp&#244;t payable (s&#146;il y a
lieu), pr&#233;vu au pr&#233;sent article 3.27.4.3; et (ii)&nbsp;d&#146;un instrument de remise acceptable pour la
Soci&#233;t&#233; et d&#251;ment sign&#233; par le porteur ou son fond&#233; de pouvoir d&#251;ment autoris&#233; par &#233;crit,
instrument dans lequel ce porteur peut &#233;galement indiquer qu&#146;il ne veut convertir qu&#146;une partie
seulement des actions privil&#233;gi&#233;es de s&#233;rie AI repr&#233;sent&#233;es par ce ou ces certificats, qui n&#146;ont
pas jusqu&#146;alors &#233;t&#233; d&#233;sign&#233;es en vue du rachat, auquel cas la Soci&#233;t&#233; &#233;mettra et livrera ou fera
livrer &#224; ses frais, un nouveau certificat, au nom du porteur, repr&#233;sentant les actions
privil&#233;gi&#233;es de s&#233;rie AI qui sont repr&#233;sent&#233;es par ce ou ces certificats et qui n&#146;auront pas &#233;t&#233;
converties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; la Soci&#233;t&#233; est tenue de convertir la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie
AI en circulation restantes en actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; la date de conversion
applicable, comme le pr&#233;voit l&#146;article 3.27.4.2, les actions privil&#233;gi&#233;es de s&#233;rie AI que les
porteurs n&#146;avaient pas choisi de convertir devront &#234;tre converties &#224; la date de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AJ, et les porteurs de ces actions seront r&#233;put&#233;s &#234;tre porteurs
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; la fermeture des bureaux &#224; la date de conversion et auront
le droit, apr&#232;s avoir remis, pendant les heures d&#146;ouverture normales, &#224; tout bureau d&#146;un agent
des transferts de la Soci&#233;t&#233; o&#249; les actions privil&#233;gi&#233;es de s&#233;rie AI peuvent &#234;tre transf&#233;r&#233;es,
le ou les certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AI non remis pr&#233;c&#233;demment
aux fins de conversion, de recevoir un ou plusieurs certificats
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 42 - <!-- /Folio -->
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">repr&#233;sentant le m&#234;me nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ de la mani&#232;re et selon les
dispositions pr&#233;vues dans le pr&#233;sent article 3.27.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aussit&#244;t que possible apr&#232;s la date de conversion, la Soci&#233;t&#233; &#233;mettra et livrera ou fera livrer
au porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI ainsi remises, ou selon son ordre &#233;crit, un ou
plusieurs certificats &#224; son nom ou au nom de la ou des personnes qu&#146;il aura d&#233;sign&#233;es, pour le
nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ enti&#232;rement lib&#233;r&#233;es et non cotisables et le nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI restantes, le cas &#233;ch&#233;ant, auquel ce porteur aura droit.
Cette conversion sera pr&#233;sum&#233;e effectu&#233;e &#224; la fermeture des bureaux &#224; la date de conversion de
sorte que les droits du porteur de ces actions privil&#233;gi&#233;es de s&#233;rie AI &#224; ce titre cesseront &#224;
ce moment, et la ou les personnes ayant le droit de recevoir des actions privil&#233;gi&#233;es de s&#233;rie
AJ &#224; la suite de cette conversion seront &#224; toutes fins consid&#233;r&#233;es comme porteurs inscrits de
ces actions privil&#233;gi&#233;es de s&#233;rie AJ d&#232;s ce moment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le porteur de toute action privil&#233;gi&#233;e de s&#233;rie AI inscrit &#224; la date de cl&#244;ture des registres
aux fins de tout dividende d&#233;clar&#233; payable sur cette action aura droit &#224; ce dividende m&#234;me si
l&#146;action a &#233;t&#233; convertie en action privil&#233;gi&#233;e de s&#233;rie AJ apr&#232;s cette date de cl&#244;ture des
registres et avant la date de paiement de ce dividende ou &#224; cette date m&#234;me.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">L&#146;&#233;mission de certificats d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ au moment de la conversion
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI s&#146;effectuera sans frais pour les porteurs convertissant leurs
actions privil&#233;gi&#233;es de s&#233;rie AI, quant aux droits ou imp&#244;ts applicables &#224; l&#146;&#233;mission de ces
certificats ou des actions privil&#233;gi&#233;es de s&#233;rie AJ qu&#146;ils repr&#233;sentent; cependant, la Soci&#233;t&#233;
ne sera pas tenue de payer l&#146;imp&#244;t qui pourrait &#234;tre exig&#233; d&#146;une ou de plusieurs personnes par
suite de l&#146;&#233;mission &#224; cette personne ou &#224; ces personnes de ces actions privil&#233;gi&#233;es de s&#233;rie AJ
ou l&#146;&#233;mission des certificats s&#146;y rapportant, ou par suite de tout transfert r&#233;sultant de
l&#146;&#233;mission et de la livraison de ces certificats au nom d&#146;une ou de plusieurs personnes autres
que le porteur des actions privil&#233;gi&#233;es de s&#233;rie AI converties; et la Soci&#233;t&#233; ne sera tenue
d&#146;&#233;mettre ou de livrer ces certificats que si les personnes en demandant l&#146;&#233;mission lui versent
le montant de cet imp&#244;t ou lui d&#233;montrent d&#146;une fa&#231;on qui lui est satisfaisante qu&#146;elles l&#146;ont
acquitt&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Statut des actions privil&#233;gi&#233;es de s&#233;rie AI converties</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toutes les actions privil&#233;gi&#233;es de s&#233;rie AI converties en actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; une
date de conversion donn&#233;e ne seront pas annul&#233;es, mais reprendront le statut d&#146;actions
autoris&#233;es mais non &#233;mises de la Soci&#233;t&#233; &#224; la fermeture des bureaux &#224; la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions concernant les dividendes et le remboursement des actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra, sans l&#146;approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI en
circulation :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">d&#233;clarer, payer ni mettre de c&#244;t&#233; &#224; des fins de paiement aucun dividende sur
les actions ordinaires ou toute autre action de la Soci&#233;t&#233; de rang inf&#233;rieur aux
actions privil&#233;gi&#233;es de s&#233;rie AI (sauf des dividendes en actions payables en actions de
la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AI);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser, ni proc&#233;der &#224; aucune r&#233;partition de
capital au titre des actions ordinaires de la Soci&#233;t&#233; ou de toute autre action de la
Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AI (sauf si la contrepartie
est pay&#233;e &#224; m&#234;me le produit net en esp&#232;ces d&#146;un placement, fait &#224; la m&#234;me &#233;poque,
d&#146;actions de la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AI);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser moins de la totalit&#233; des actions
privil&#233;gi&#233;es de s&#233;rie AI alors en circulation; ni</DIV></TD>
</TR>

</TABLE>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 43 - <!-- /Folio -->

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser (sauf dans le cadre de l&#146;exercice
d&#146;un privil&#232;ge de rachat au gr&#233; du porteur ou d&#146;une obligation de rachat par la Soci&#233;t&#233;
s&#146;y rapportant) aucune action de la Soci&#233;t&#233; de toute cat&#233;gorie ou s&#233;rie de m&#234;me rang
que les actions privil&#233;gi&#233;es de s&#233;rie AI, &#233;tant entendu que les restrictions
mentionn&#233;es dans le pr&#233;sent paragraphe (d) ne porteront aucunement atteinte au droit de
la Soci&#233;t&#233; de racheter, d&#146;acheter ou de rembourser autrement &#224; titre on&#233;reux toute
action de la Soci&#233;t&#233; de toute cat&#233;gorie de rang sup&#233;rieur aux actions privil&#233;gi&#233;es de
s&#233;rie AI;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#224; moins que, dans chacun de ces cas, tous les dividendes cumulatifs accumul&#233;s au titre des
actions privil&#233;gi&#233;es de s&#233;rie AI en circulation, y compris le dividende payable pour la derni&#232;re
p&#233;riode &#233;coul&#233;e pour laquelle des dividendes &#233;taient payables, n&#146;aient &#233;t&#233; d&#233;clar&#233;s et pay&#233;s.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI exig&#233;e en vertu du pr&#233;sent
article 3.27.5 pourra &#234;tre donn&#233;e conform&#233;ment au deuxi&#232;me paragraphe de l&#146;article 3.27.7 et &#224;
l&#146;article 3.27.10. Nonobstant les dispositions de l&#146;article 3.27.10 des pr&#233;sentes, toute
approbation exig&#233;e en vertu du pr&#233;sent article 3.27.5 ne pourra &#234;tre donn&#233;e qu&#146;au moyen du vote
favorable des porteurs de la majorit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AI pr&#233;sents ou
repr&#233;sent&#233;s &#224; une assembl&#233;e, ou &#224; une reprise d&#146;assembl&#233;e, des porteurs d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AI d&#251;ment convoqu&#233;e &#224; cette fin et &#224; laquelle il y aura quorum.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Achat pour annulation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#224; tout moment acheter pour annulation la totalit&#233; ou une partie des actions
privil&#233;gi&#233;es de s&#233;rie AI en circulation, sur le march&#233; libre, par l&#146;interm&#233;diaire d&#146;un courtier
en valeurs mobili&#232;res ou de toute firme membre d&#146;une bourse reconnue, ou par convention priv&#233;e
ou autrement, au(x) plus bas prix, de l&#146;avis du conseil d&#146;administration, auquel (auxquels)&nbsp;ces
actions sont disponibles.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits de vote</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; est en d&#233;faut de payer huit (8)&nbsp;dividendes cons&#233;cutifs ou non cons&#233;cutifs au titre
des actions privil&#233;gi&#233;es de s&#233;rie AI, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI auront le
droit d&#146;&#234;tre convoqu&#233;s et d&#146;assister &#224; chaque assembl&#233;e des actionnaires de la Soci&#233;t&#233; (autre
qu&#146;une assembl&#233;e distincte r&#233;serv&#233;e aux porteurs d&#146;actions de la Soci&#233;t&#233; de toute autre
cat&#233;gorie ou s&#233;rie) tenue plus de 60 jours apr&#232;s la date du premier d&#233;faut de paiement, et d&#146;y
voter &#224; raison de un (1)&nbsp;vote par action privil&#233;gi&#233;e de s&#233;rie AI d&#233;tenue, et ce, jusqu&#146;&#224; ce que
tous les arri&#233;r&#233;s de dividendes au titre des actions privil&#233;gi&#233;es de s&#233;rie AI aient &#233;t&#233;
acquitt&#233;s, apr&#232;s quoi les droits prendront fin et ne seront r&#233;ouverts que lorsque la Soci&#233;t&#233;
sera de nouveau en d&#233;faut, le cas &#233;ch&#233;ant, conform&#233;ment aux dispositions du pr&#233;sent article
3.27.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Chaque action privil&#233;gi&#233;e de s&#233;rie AI conf&#232;re &#224; son porteur un (1)&nbsp;vote relativement &#224; toute
mesure &#224; prendre par la Soci&#233;t&#233; et exigeant l&#146;approbation des porteurs des actions privil&#233;gi&#233;es
de s&#233;rie AI, votant en tant que s&#233;rie ou en tant que partie d&#146;une cat&#233;gorie.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>&#201;mission d&#146;actions privil&#233;gi&#233;es additionnelles</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#233;mettre des s&#233;ries additionnelles d&#146;actions privil&#233;gi&#233;es de premier rang de
m&#234;me rang que les actions privil&#233;gi&#233;es de s&#233;rie AI sans l&#146;autorisation des porteurs des actions
privil&#233;gi&#233;es de s&#233;rie AI.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 44 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de s&#233;rie AI en tant que s&#233;rie peuvent &#234;tre
abrog&#233;es ou modifi&#233;es moyennant l&#146;approbation alors exig&#233;e par la LCSA, donn&#233;e conform&#233;ment aux
dispositions de l&#146;article 3.27.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aucune des dispositions des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AI
en tant que s&#233;rie ne peut &#234;tre modifi&#233;e d&#146;aucune mani&#232;re &#224; moins que les dispositions relatives
aux actions privil&#233;gi&#233;es de s&#233;rie AJ en tant que s&#233;rie, le cas &#233;ch&#233;ant, ne fassent en m&#234;me
temps, dans la mesure jug&#233;e n&#233;cessaire par la Soci&#233;t&#233;, l&#146;objet de modifications dont la nature
et l&#146;&#233;tendue sont les m&#234;mes.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI sera r&#233;put&#233;e valablement
donn&#233;e &#224; toutes fins si elle est donn&#233;e par les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI
conform&#233;ment aux dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de premier rang, en tant que
cat&#233;gorie, qui s&#146;appliquent aux pr&#233;sentes avec les adaptations n&#233;cessaires.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Choix quant &#224; l&#146;imposition</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; fera un choix, de la mani&#232;re et dans les d&#233;lais prescrits par la LIR, en vertu du
paragraphe 191.2(1) de cette loi ou de toute autre disposition de port&#233;e semblable rempla&#231;ant ce
paragraphe ou lui succ&#233;dant, et prendra toutes les mesures n&#233;cessaires conform&#233;ment &#224; cette loi,
afin de payer l&#146;imp&#244;t &#224; un taux tel qu&#146;aucun porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI ne sera
tenu de payer l&#146;imp&#244;t sur les dividendes re&#231;us au titre des actions privil&#233;gi&#233;es de s&#233;rie AI aux
termes de l&#146;article 187.2 de la partie IV.I de cette loi ou de toute disposition de port&#233;e
semblable rempla&#231;ant cet article ou lui succ&#233;dant.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interruption du service postal</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; consid&#232;re que le service postal est ou est menac&#233; d&#146;&#234;tre interrompu, durant une
p&#233;riode o&#249; la Soci&#233;t&#233; est tenue ou a d&#233;cid&#233; d&#146;exp&#233;dier quelque avis par la poste en vertu des
pr&#233;sentes ou doit envoyer un ch&#232;que ou un certificat d&#146;actions &#224; tout porteur d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AI, soit relativement au rachat ou &#224; la conversion de ces actions ou
autrement, la Soci&#233;t&#233; pourra, nonobstant les dispositions des pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">donner cet avis par voie de transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou
encore par voie de publication de l&#146;avis concern&#233; une fois par semaine pendant deux
semaines cons&#233;cutives dans un quotidien &#224; grand tirage publi&#233; ou distribu&#233; &#224; Montr&#233;al
et &#224; Toronto, et cet avis sera r&#233;put&#233; avoir &#233;t&#233; donn&#233; &#224; la date de la communication par
transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou &#224; la date de la premi&#232;re publication
de l&#146;avis; et</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">respecter son engagement d&#146;envoyer ce ch&#232;que ou ce certificat d&#146;actions en
prenant des mesures pour que ces derniers soient livr&#233;s au principal &#233;tablissement de
la Soci&#233;t&#233; &#224; Montr&#233;al. Ce ch&#232;que ou ce certificat d&#146;actions seront r&#233;put&#233;s avoir &#233;t&#233;
envoy&#233;s &#224; la date &#224; laquelle l&#146;avis concernant une telle mesure aura &#233;t&#233; donn&#233;, ainsi
qu&#146;il est stipul&#233; au paragraphe (a) ci-dessus, pourvu que, aussit&#244;t que la Soci&#233;t&#233; aura
d&#233;termin&#233; que le service postal n&#146;est plus ni interrompu ni menac&#233; de l&#146;&#234;tre, ce ch&#232;que
ou ce certificat d&#146;actions soit livr&#233; au porteur, si cela n&#146;a pas d&#233;j&#224; &#233;t&#233; fait, par
courrier de premi&#232;re classe ordinaire affranchi non recommand&#233; &#224; l&#146;adresse inscrite de
toute personne qui, &#224; la date de l&#146;envoi postal, est un porteur inscrit autoris&#233; &#224;
recevoir ce ch&#232;que ou certificat d&#146;actions ou, si</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 45 - <!-- /Folio -->

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



</TABLE>
</DIV>

<DIV align="justify" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">l&#146;adresse de tout porteur n&#146;est pas inscrite au registre des valeurs mobili&#232;res de
la Soci&#233;t&#233;, &#224; la derni&#232;re adresse de ce porteur connue de la Soci&#233;t&#233;.</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les dispositions des pr&#233;sentes ayant trait aux actions privil&#233;gi&#233;es de s&#233;rie AI :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; de rang sup&#233;rieur &#187;, &#171; de m&#234;me rang &#187; et &#171; de rang inf&#233;rieur &#187; s&#146;entendent de
l&#146;ordre de priorit&#233; des versements de dividendes et la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif
en cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233;,
volontaire ou non, ou de toute autre r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; parmi
ses actionnaires dans le but de liquider ses affaires.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; dividendes accumul&#233;s et impay&#233;s &#187; s&#146;entend de la somme : (A)&nbsp;de tous les
dividendes impay&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AI pour tout trimestre et (B)
du montant calcul&#233; comme si les dividendes sur chaque action privil&#233;gi&#233;e de s&#233;rie AI
s&#146;&#233;taient accumul&#233;s quotidiennement &#224; compter de la date &#224; laquelle le dernier
dividende trimestriel &#233;tait payable jusqu&#146;&#224; la date &#224; laquelle le calcul des dividendes
accumul&#233;s doit &#234;tre fait, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.27.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpr&#233;tation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; une date &#224; laquelle la Soci&#233;t&#233; doit payer un dividende sur les actions
privil&#233;gi&#233;es de s&#233;rie AI, ou une autre date &#224; laquelle la Soci&#233;t&#233; ou les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AI doivent prendre une autre mesure aux termes des pr&#233;sentes ne serait pas
un jour ouvrable (ainsi que ce terme est d&#233;fini ci-apr&#232;s), alors ce dividende sera payable, ou
cette autre mesure sera prise, le jour ouvrable suivant. Un &#171; jour ouvrable &#187; est un jour autre
qu&#146;un samedi, un dimanche ou tout autre jour f&#233;ri&#233; pour le bureau principal de la Soci&#233;t&#233; au
Canada.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B>3.28</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>ACTIONS PRIVIL&#201;GI&#201;ES DE S&#201;RIE AJ</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les actions privil&#233;gi&#233;es de s&#233;rie AJ comportent, outre les droits, privil&#232;ges, conditions et
restrictions aff&#233;rents &#224; la cat&#233;gorie des actions privil&#233;gi&#233;es de premier rang, les droits,
privil&#232;ges, conditions et restrictions qui suivent.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Dividendes</I></B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sauf si le contexte ne s&#146;y pr&#234;te pas, les d&#233;finitions suivantes s&#146;appliquent aux pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; banques &#187; Deux banques parmi la Banque Royale du Canada, la Banque de
Montr&#233;al, la Banque de Nouvelle-&#201;cosse, la Banque Toronto-Dominion et la Banque
canadienne imp&#233;riale de commerce et tout successeur de celles-ci que le conseil
d&#146;administration d&#233;signe en avisant l&#146;agent des transferts des actions privil&#233;gi&#233;es de
s&#233;ries AJ. Un tel avis doit &#234;tre donn&#233; au moins deux (2)&nbsp;jours ouvrables avant le
d&#233;but d&#146;une p&#233;riode de dividende donn&#233;e et prendra effet &#224; ce moment. Tant qu&#146;un tel
avis n&#146;aura pas &#233;t&#233; donn&#233;, &#171; banques &#187; s&#146;entend de la Banque Royale du Canada et de la
Banque Toronto-Dominion;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; bourse &#187; La bourse de Toronto, toute autre place boursi&#232;re ou tout autre
march&#233; organis&#233; au Canada que la Soci&#233;t&#233; consid&#232;re comme le principal march&#233; de
n&#233;gociation des actions privil&#233;gi&#233;es de s&#233;rie AJ.</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 46 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; cours de r&#233;f&#233;rence &#187; Pour un mois donn&#233;, quotient obtenu en divisant :</DIV></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="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le total de la valeur quotidienne ajust&#233;e des actions n&#233;goci&#233;es
de toutes les s&#233;ances de bourse de ce mois,</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;par
</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="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le total du volume quotidien des actions n&#233;goci&#233;es de toutes
les s&#233;ances de bourse de ce mois.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de cl&#244;ture des registres r&#233;put&#233;e &#187; Dernier jour de bourse d&#146;un mois &#224;
l&#146;&#233;gard duquel aucun dividende n&#146;est d&#233;clar&#233; par le conseil d&#146;administration.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date de paiement de dividende &#187; Douzi&#232;me jour de chaque mois &#224; compter du
mois suivant imm&#233;diatement la date d&#146;&#233;mission des actions privil&#233;gi&#233;es de s&#233;rie AJ.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; date ex-dividende &#187; :</DIV></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="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">la s&#233;ance de bourse d&#233;sign&#233;e ou reconnue, conform&#233;ment aux
r&#232;gles ou aux pratiques habituelles de la bourse, &#224; titre de date ex-dividende
aux fins de toute date de cl&#244;ture des registres pour les dividendes d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AJ; ou</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">si le conseil d&#146;administration ne d&#233;clare pas de dividende pour
un mois donn&#233;, la s&#233;ance de bourse qui serait consid&#233;r&#233;e, conform&#233;ment aux
r&#232;gles ou aux pratiques habituelles de la bourse, comme la date ex-dividende
aux fins de toute date de cl&#244;ture des registres r&#233;put&#233;e pour les actions
privil&#233;gi&#233;es de s&#233;rie AJ.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; d&#233;duction quotidienne relative au dividende accumul&#233; &#187; Pour une s&#233;ance de
bourse donn&#233;e :</DIV></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="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">produit obtenu en multipliant le dividende accumul&#233; sur une
action privil&#233;gi&#233;e de s&#233;rie AJ pour le mois au cours duquel tombe la s&#233;ance de
bourse, par le nombre de jours entre le jour pr&#233;c&#233;dant la date ex-dividende qui
pr&#233;c&#232;de imm&#233;diatement cette s&#233;ance de bourse, exclusivement, et le jour de
cette s&#233;ance de bourse, inclusivement (ou par un (1)&nbsp;jour, si cette s&#233;ance de
bourse est une date ex-dividende),</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;divis&#233; par
</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="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le nombre de jours entre cette date ex dividende,
inclusivement, et la prochaine date ex-dividende, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; facteur d&#146;ajustement &#187; Pour un mois donn&#233;, le pourcentage annuel, positif ou
n&#233;gatif, &#233;tabli en fonction du cours de r&#233;f&#233;rence des actions privil&#233;gi&#233;es de s&#233;rie AJ
pour le mois pr&#233;c&#233;dent, calcul&#233; conform&#233;ment au tableau suivant :</DIV></TD>
</TR>

</TABLE>
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 47 - <!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Facteur d&#146;ajustement</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">exprim&#233; en % du taux</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Cours de r&#233;f&#233;rence</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">pr&#233;f&#233;rentiel mensuel</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10px">
    <TD colspan="5" align="left" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10px">
    <TD colspan="5" align="left" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,50 $ ou plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,375 $ et moins de 25,50 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,25 $ et moins de 25,375 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25,125 $ et moins de 25,25 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1,00 </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,875 $ et moins de 25,125 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">N&#233;ant</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,75 $ &#224; 24,875 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,625 $ &#224; 24,75 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">plus de 24,50 $ &#224; 24,625 $</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24,50 $ ou moins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="margin-left: 6%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Le facteur d&#146;ajustement maximal pour un mois donn&#233; sera de &#177; 4,00 %.</DIV>


<DIV align="justify" style="margin-left: 6%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Si pendant un mois donn&#233;, au moins un lot r&#233;gulier d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AJ n&#146;est pas n&#233;goci&#233; &#224; la bourse, le facteur d&#146;ajustement du mois
suivant sera de &#171; n&#233;ant &#187;.</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; mois &#187; Un mois civil.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; p&#233;riode de dividende &#187; Un mois civil.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; pourcentage prescrit &#187; Pour le mois d&#146;ao&#251;t 2011, quatre-vingt pour cent (80
%) et, pour chaque mois suivant, le facteur d&#146;ajustement de ce mois plus le pourcentage
prescrit du mois pr&#233;c&#233;dent, pourvu que le taux de dividende variable annuel d&#146;un mois
donn&#233; ne soit jamais inf&#233;rieur &#224; 50 % du taux pr&#233;f&#233;rentiel mensuel pour ce mois, ni
sup&#233;rieur &#224; 100 % du taux pr&#233;f&#233;rentiel mensuel pour ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux de dividende variable annuel &#187; Pour un mois donn&#233;, le taux d&#146;int&#233;r&#234;t
exprim&#233; en tant que pourcentage annuel (arrondi au milli&#232;me (1/1000) de un pour cent
(0,001 %) pr&#232;s) &#233;gal au taux pr&#233;f&#233;rentiel mensuel multipli&#233; par le pourcentage prescrit
pour ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux pr&#233;f&#233;rentiel &#187; Pour un jour donn&#233;, la moyenne (arrondie au milli&#232;me
(1/1000) de un pour cent (0,001 %) pr&#232;s) des taux d&#146;int&#233;r&#234;t annuels publi&#233;s par les
banques &#224; titre de taux de r&#233;f&#233;rence en vigueur pour ce jour aux fins de fixer les taux
d&#146;int&#233;r&#234;t sur les pr&#234;ts commerciaux en dollars canadiens consentis au Canada aux
emprunteurs commerciaux jouissant du meilleur cr&#233;dit. Si l&#146;une des banques n&#146;affiche
pas un tel taux d&#146;int&#233;r&#234;t un jour donn&#233;, le taux pr&#233;f&#233;rentiel pour ce jour sera le taux
d&#146;int&#233;r&#234;t en vigueur de l&#146;autre banque; si aucune des deux banques n&#146;affiche un tel
taux d&#146;int&#233;r&#234;t un jour donn&#233;, le taux pr&#233;f&#233;rentiel pour ce jour sera &#233;gal &#224; un et demi
pour cent (1,5 %) l&#146;an, plus le rendement moyen exprim&#233; en tant que pourcentage annuel
des bons du Tr&#233;sor du gouvernement du Canada de 91 jours, publi&#233; par la Banque du
Canada pour l&#146;offre hebdomadaire portant sur la semaine pr&#233;c&#233;dant ce jour; et si aucune
des deux banques n&#146;affiche un tel taux d&#146;int&#233;r&#234;t un jour donn&#233; et que la Banque du
Canada ne publie pas un tel rendement annuel moyen, le taux pr&#233;f&#233;rentiel pour ce jour
sera &#233;gal au taux pr&#233;f&#233;rentiel du jour pr&#233;c&#233;dent. Un dirigeant de la Soci&#233;t&#233; &#233;tablit
le taux pr&#233;f&#233;rentiel et le taux pr&#233;f&#233;rentiel mensuel &#224; partir de donn&#233;es communiqu&#233;es
par les banques ou qui sont par ailleurs publiques. En l&#146;absence d&#146;erreur flagrante, la
d&#233;cision de ce dirigeant lie d&#233;finitivement la Soci&#233;t&#233; et tous les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AJ.</DIV></TD>
</TR>

</TABLE>
</DIV>

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



</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 48 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; taux pr&#233;f&#233;rentiel mensuel &#187; Pour un mois donn&#233;, la moyenne (arrondie au
milli&#232;me (1/1000) de un pour cent (0,001 %) pr&#232;s) des taux pr&#233;f&#233;rentiels en vigueur
chaque jour de ce mois.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; transmission &#233;lectronique &#187; La transmission par t&#233;l&#233;copieur, courrier
&#233;lectronique, Internet ou d&#146;autres moyens &#233;lectroniques.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; s&#233;ance de bourse &#187; Chaque jour au cours duquel la bourse est ouverte &#224; des
fins de n&#233;gociations, si cette bourse est une bourse de valeurs mobili&#232;res situ&#233;e au
Canada; sinon, le terme &#171; s&#233;ance de bourse &#187; s&#146;entend d&#146;un jour ouvrable.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; valeur quotidienne ajust&#233;e des actions n&#233;goci&#233;es &#187; Pour une s&#233;ance de bourse
donn&#233;e :</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">la valeur totale en dollars de toutes les op&#233;rations visant les
actions privil&#233;gi&#233;es de s&#233;rie AJ enregistr&#233;es &#224; la bourse (assorties du d&#233;lai
de r&#232;glement normal en vigueur &#224; la bourse) pendant cette s&#233;ance de bourse,</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;moins
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="25%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le produit obtenu en multipliant le volume quotidien des
actions n&#233;goci&#233;es durant cette s&#233;ance de bourse par le montant de la d&#233;duction
quotidienne relative au dividende accumul&#233; pour cette s&#233;ance de bourse.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; volume quotidien des actions n&#233;goci&#233;es &#187; Pour une s&#233;ance de bourse donn&#233;e, le
nombre total d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ ayant fait l&#146;objet de n&#233;gociations &#224; la
bourse (assorties du d&#233;lai de r&#232;glement normal en vigueur &#224; la bourse) pendant cette
s&#233;ance de bourse.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>G&#233;n&#233;ralit&#233;s</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ auront le droit de recevoir, pour autant qu&#146;ils
soient d&#233;clar&#233;s par le conseil d&#146;administration, des dividendes en esp&#232;ces privil&#233;gi&#233;s
cumulatifs, puis&#233;s &#224; m&#234;me les fonds de la Soci&#233;t&#233; pouvant &#234;tre d&#251;ment affect&#233;s au paiement de
dividendes, aux taux et aux dates pr&#233;vus par les pr&#233;sentes. Les dividendes sur les actions
privil&#233;gi&#233;es de s&#233;rie AJ s&#146;accumuleront quotidiennement &#224; compter de leur date d&#146;&#233;mission
inclusivement et seront payables mensuellement. Les dividendes sur les actions privil&#233;gi&#233;es de
s&#233;rie AJ qui sont payables &#224; une date de paiement de dividende donn&#233;e (diminu&#233;s de tout imp&#244;t
devant &#234;tre d&#233;duit) seront pay&#233;s par ch&#232;que, au pair, en monnaie ayant cours l&#233;gal au Canada, &#224;
toute succursale au Canada des banquiers de la Soci&#233;t&#233;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dividendes sur les actions privil&#233;gi&#233;es de s&#233;rie AJ seront payables mensuellement au taux de
dividende variable annuel calcul&#233;. Par cons&#233;quent, &#224; chaque date de paiement de dividende, le
dividende payable sur les actions privil&#233;gi&#233;es de s&#233;rie AJ sera le montant (arrondi au milli&#232;me
(1/1000) de cent pr&#232;s) obtenu en multipliant 25,00 $ par le taux de dividende variable annuel
applicable au mois pr&#233;c&#233;dant cette date de paiement de dividende et en divisant le produit par
douze. La date de cl&#244;ture des registres servant &#224; d&#233;terminer les porteurs d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AJ admissibles aux dividendes &#224; chaque date de paiement de dividende sera la derni&#232;re
s&#233;ance de bourse du mois pr&#233;c&#233;dent. En cas de rachat ou d&#146;achat des actions privil&#233;gi&#233;es de
s&#233;rie AJ ou de la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;, ainsi que le pr&#233;voit l&#146;article
3.28.2 des pr&#233;sentes, le montant du dividende accumul&#233; au cours du mois o&#249; a lieu ce rachat, cet
achat ou cette r&#233;partition (arrondi au milli&#232;me (1/1000) de cent pr&#232;s) sera calcul&#233; en
multipliant :
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 49 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">le produit de la multiplication de 25,00 $ par un douzi&#232;me (1/12) du taux de
dividende variable annuel applicable au mois pr&#233;c&#233;dent; par</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">une fraction dont le num&#233;rateur est le nombre de jours &#233;coul&#233;s dans le mois o&#249;
a lieu ce rachat, cet achat ou cette r&#233;partition, jusqu&#146;&#224; la date de cet &#233;v&#233;nement,
exclusivement, et le d&#233;nominateur est le nombre de jours dans ce mois.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le paiement des dividendes d&#233;clar&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AJ sera effectu&#233; (sauf
en cas de rachat, le paiement des dividendes &#233;tant alors effectu&#233; au moment de la remise du
certificat repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AJ devant &#234;tre rachet&#233;es) par la mise
&#224; la poste, dans une enveloppe affranchie adress&#233;e &#224; chaque porteur d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AJ &#224; sa derni&#232;re adresse figurant au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou, si
son adresse ne figure pas au registre, &#224; sa derni&#232;re adresse connue de la Soci&#233;t&#233; ou, dans le
cas de coporteurs, &#224; l&#146;adresse de celui dont le nom figure en premier au registre des valeurs
mobili&#232;res de la Soci&#233;t&#233; en tant que l&#146;un de ces coporteurs, d&#146;un ch&#232;que pour le montant de ces
dividendes (diminu&#233; de tout imp&#244;t devant &#234;tre d&#233;duit) payable &#224; l&#146;ordre de ce porteur ou, dans
le cas de coporteurs, &#224; l&#146;ordre de tous les coporteurs, sauf indication contraire de leur part
par &#233;crit. Nonobstant ce qui pr&#233;c&#232;de, tout ch&#232;que de paiement de dividendes peut &#234;tre livr&#233; par
la Soci&#233;t&#233; &#224; un porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; son adresse ainsi qu&#146;elle est
indiqu&#233;e ci-dessus. La mise &#224; la poste ou la livraison d&#146;un tel ch&#232;que sera r&#233;put&#233;e constituer
le paiement et satisfera &#224; toutes obligations de paiement de ces dividendes pour ce qui est du
montant repr&#233;sent&#233; par un tel ch&#232;que (compte tenu du montant de tout imp&#244;t devant &#234;tre d&#233;duit
ainsi qu&#146;il est mentionn&#233; ci-dessus), &#224; moins que ce ch&#232;que ne soit pas pay&#233; au moment o&#249; il est
d&#251;ment pr&#233;sent&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.1.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Calcul du pourcentage prescrit</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; calculera d&#232;s que possible le pourcentage prescrit pour chaque mois et en avisera
toutes les bourses de valeurs mobili&#232;res au Canada &#224; la cote desquelles les actions privil&#233;gi&#233;es
de s&#233;rie AJ sont inscrites ou, si les actions privil&#233;gi&#233;es de s&#233;rie AJ ne sont pas inscrites &#224;
la cote d&#146;une bourse de valeurs mobili&#232;res au Canada, la Soci&#233;t&#233; en avisera l&#146;Association
canadienne des courtiers en valeurs mobili&#232;res.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits en cas de liquidation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">En cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233; ou de toute autre
r&#233;partition des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; aux fins de liquider ses affaires, les porteurs
des actions privil&#233;gi&#233;es de s&#233;rie AJ auront le droit de recevoir 25,00 $ par action privil&#233;gi&#233;e
de s&#233;rie AJ augment&#233;s de tous les dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date de paiement ou
de r&#233;partition, exclusivement, avant qu&#146;aucun montant ne soit pay&#233; ou qu&#146;aucun &#233;l&#233;ment d&#146;actif
de la Soci&#233;t&#233; ne soit r&#233;parti parmi les porteurs des actions ordinaires de la Soci&#233;t&#233; ou de
toutes autres actions de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AJ. Une fois ces
montants pay&#233;s, les porteurs des actions privil&#233;gi&#233;es de s&#233;rie AJ ne seront admissibles &#224; aucune
r&#233;partition subs&#233;quente des biens ou des &#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Rachat d&#146;actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Sous r&#233;serve des lois applicables et de l&#146;article 3.28.5 ci-apr&#232;s, apr&#232;s avis comme pr&#233;vu
ci-apr&#232;s, la Soci&#233;t&#233; pourra racheter en tout temps la totalit&#233; mais non moins de la totalit&#233; des
actions privil&#233;gi&#233;es de s&#233;rie AJ en circulation, contre paiement de 25,50 $ pour chacune de ces
actions &#224; racheter, augment&#233;s des dividendes accumul&#233;s et impay&#233;s jusqu&#146;&#224; la date fix&#233;e pour le
rachat, exclusivement, le tout constituant le prix de rachat.
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 50 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; donnera un pr&#233;avis &#233;crit d&#146;au moins 45 jours et d&#146;au plus 60 jours de son intention
de racheter des actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; toute personne qui, &#224; la date de l&#146;envoi de
ce pr&#233;avis, est d&#233;tentrice de ces actions &#224; racheter. L&#146;avis devra &#234;tre envoy&#233;, au gr&#233; de la
Soci&#233;t&#233;, par messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou l&#146;autre cas,
&#224; tous les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; racheter, &#224; leur derni&#232;re adresse
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224;
la derni&#232;re adresse du porteur connue de la Soci&#233;t&#233; ou par transmission &#233;lectronique &#224; chaque
porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ ayant demand&#233; la transmission &#233;lectronique, &#224; la
derni&#232;re adresse &#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;; cependant, toute omission ou
tout d&#233;faut involontaires d&#146;envoyer un tel avis &#224; un ou &#224; plusieurs de ces porteurs ne sera
d&#146;aucun effet sur la validit&#233; du rachat des actions privil&#233;gi&#233;es de s&#233;rie AJ des autres
porteurs. L&#146;avis devra indiquer le nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; racheter d&#233;tenues
par la personne &#224; qui il est adress&#233;, ainsi que le prix de rachat, et devra aussi indiquer la
date fix&#233;e pour le rachat; &#224; la date pr&#233;vue pour ce rachat ou &#224; toute date ult&#233;rieure, la
Soci&#233;t&#233;, sur pr&#233;sentation et remise du ou des certificats repr&#233;sentant ces actions &#224; tout
endroit au Canada mentionn&#233; dans l&#146;avis, paiera ou fera en sorte que soit pay&#233; le prix de rachat
aux porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; racheter. Le paiement se fera par ch&#232;que
payable au pair &#224; toute succursale au Canada des banquiers de la Soci&#233;t&#233;. A compter de la date
mentionn&#233;e dans l&#146;avis, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; racheter n&#146;auront plus
aucun droit aux dividendes sur ces actions ni aucun autre droit en qualit&#233; de porteurs de ces
actions, &#224; moins que la Soci&#233;t&#233; n&#146;omette de payer le prix de rachat. En tout temps apr&#232;s que
l&#146;avis de rachat susmentionn&#233; aura &#233;t&#233; donn&#233;, la Soci&#233;t&#233; pourra d&#233;poser le montant du prix de
rachat de la totalit&#233; ou d&#146;une partie des actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; racheter dans une
ou plusieurs banques &#224; charte ou soci&#233;t&#233;s de fiducie au Canada dont les noms auront &#233;t&#233; donn&#233;s
dans l&#146;avis. Ces d&#233;p&#244;ts seront effectu&#233;s dans un ou plusieurs comptes en fiducie pour le
b&#233;n&#233;fice des porteurs des actions &#224; racheter et les montants leur seront vers&#233;s par ces banques
ou soci&#233;t&#233;s de fiducie sur remise du ou des certificats; d&#232;s l&#146;ex&#233;cution de ces d&#233;p&#244;ts, les
actions seront rachet&#233;es &#224; la date de rachat indiqu&#233;e dans l&#146;avis de rachat. D&#232;s que la Soci&#233;t&#233;
aura effectu&#233; le d&#233;p&#244;t susmentionn&#233; &#224; l&#146;&#233;gard de toutes actions, les porteurs de celles-ci
n&#146;auront plus, &#224; compter de la date de rachat, aucun autre droit en qualit&#233; de porteurs de ces
actions, et leurs droits seront limit&#233;s &#224; la perception de la portion des montants d&#233;pos&#233;s qui
s&#146;applique &#224; ces actions, sans int&#233;r&#234;t; tout int&#233;r&#234;t pay&#233; sur ces d&#233;p&#244;ts appartiendra &#224; la
Soci&#233;t&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion des actions privil&#233;gi&#233;es de s&#233;rie AJ</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.1</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion au gr&#233; du porteur</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ pourront, &#224; leur gr&#233;, le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t
2011 et le 1<SUP style="font-size: 85%; vertical-align: text-top">er</SUP> ao&#251;t tous les cinq ans par la suite (une &#171; date de conversion &#187;),
convertir, en totalit&#233; ou en partie, sous r&#233;serve des dispositions des pr&#233;sentes, les actions
privil&#233;gi&#233;es de s&#233;rie AJ inscrites en leur nom en actions privil&#233;gi&#233;es de s&#233;rie AI de la
Soci&#233;t&#233;, &#224; raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AI pour chaque action privil&#233;gi&#233;e de
s&#233;rie AJ. La Soci&#233;t&#233; devra aviser par &#233;crit les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ
alors en circulation du droit de conversion pr&#233;vu par les pr&#233;sentes; un tel avis sera envoy&#233;, au
gr&#233; de la Soci&#233;t&#233;, par messager ou par la poste, dans une enveloppe affranchie, dans l&#146;un ou
l&#146;autre cas, &#224; tous les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ, &#224; leur derni&#232;re adresse
inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233; ou &#224; d&#233;faut d&#146;une telle inscription, &#224;
la derni&#232;re adresse du porteur connue de la Soci&#233;t&#233;, ou par transmission &#233;lectronique &#224; chaque
porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ ayant demand&#233; la transmission &#233;lectronique, &#224; la
derni&#232;re adresse &#233;lectronique fournie par le porteur &#224; la Soci&#233;t&#233;. Cet avis devra indiquer la
date de conversion et &#234;tre donn&#233; au moins 45 jours et au plus 60 jours avant la date de
conversion applicable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, comme le pr&#233;voit l&#146;article 3.28.3, la Soci&#233;t&#233; avise les porteurs d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AJ du rachat de la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AJ, elle ne sera pas tenue
de les aviser, ainsi qu&#146;il est stipul&#233; au pr&#233;sent article 3.28.4.1, du droit de conversion; en
outre, le droit de tout porteur
</DIV>

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 51 - <!-- /Folio -->


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ de convertir de telles actions privil&#233;gi&#233;es de s&#233;rie AJ pr&#233;vu
aux pr&#233;sentes prendra fin dans un tel cas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ ne seront pas en droit de convertir leurs
actions en actions privil&#233;gi&#233;es de s&#233;rie AI si, &#224; la suite de la fermeture des bureaux le
10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins
de 2 000 000 d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI en circulation &#224; la date de conversion, en
tenant compte de toutes les actions privil&#233;gi&#233;es de s&#233;rie AJ d&#233;pos&#233;es aux fins de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AI et de toutes les actions privil&#233;gi&#233;es de s&#233;rie AI d&#233;pos&#233;es aux
fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AJ. La Soci&#233;t&#233; en avisera par &#233;crit,
conform&#233;ment aux dispositions du premier paragraphe du pr&#233;sent article 3.28.4.1, tous les
porteurs vis&#233;s d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ avant la date de conversion applicable et
&#233;mettra et livrera, ou fera en sorte que soient livr&#233;s, avant cette date de conversion, aux
frais de la Soci&#233;t&#233;, &#224; ces porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ ayant d&#233;pos&#233; aux fins de
conversion un ou plusieurs certificats repr&#233;sentant des actions privil&#233;gi&#233;es de s&#233;rie AJ, de
nouveaux certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie AJ repr&#233;sent&#233;es par un ou
plusieurs certificats d&#233;pos&#233;s comme indiqu&#233; ci-dessus.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.2</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Conversion automatique</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si, &#224; la suite de la fermeture des bureaux le 10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de
conversion, la Soci&#233;t&#233; d&#233;termine qu&#146;il y aurait moins de 2 000 000 d&#146;actions privil&#233;gi&#233;es de
s&#233;rie AJ en circulation &#224; la date de conversion, en tenant compte de toutes les actions
privil&#233;gi&#233;es de s&#233;rie AJ d&#233;pos&#233;es aux fins de conversion en actions privil&#233;gi&#233;es de s&#233;rie AI et
de toutes les actions privil&#233;gi&#233;es de s&#233;rie AI d&#233;pos&#233;es aux fins de conversion en actions
privil&#233;gi&#233;es de s&#233;rie AJ, la totalit&#233; et non une partie des actions privil&#233;gi&#233;es de s&#233;rie AJ en
circulation restantes sera automatiquement convertie en actions privil&#233;gi&#233;es de s&#233;rie AI &#224;
raison de une (1)&nbsp;action privil&#233;gi&#233;e de s&#233;rie AI pour chaque action privil&#233;gi&#233;e de s&#233;rie AJ, et
ce, &#224; la date de conversion applicable, et la Soci&#233;t&#233; donnera un avis &#233;crit &#224; cet effet,
conform&#233;ment aux dispositions de l&#146;article 3.28.4.1, aux porteurs de ces actions privil&#233;gi&#233;es de
s&#233;rie AJ restantes avant la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.3</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Exercice du privil&#232;ge de conversion</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La conversion des actions privil&#233;gi&#233;es de s&#233;rie AJ peut &#234;tre effectu&#233;e par la remise, au plus
t&#244;t 45 jours avant une date de conversion et au plus tard &#224; la fermeture des bureaux le
10<SUP style="font-size: 85%; vertical-align: text-top">e</SUP> jour pr&#233;c&#233;dant une date de conversion, durant les heures d&#146;ouverture normales, du
ou des certificats les repr&#233;sentant, &#224; tout bureau d&#146;un agent des transferts de la Soci&#233;t&#233; o&#249;
les actions privil&#233;gi&#233;es de s&#233;rie AJ peuvent &#234;tre transf&#233;r&#233;es, ce ou ces certificats &#233;tant
accompagn&#233;s : (i)&nbsp;du paiement ou d&#146;un re&#231;u attestant le paiement de l&#146;imp&#244;t payable (s&#146;il y a
lieu), pr&#233;vu au pr&#233;sent article 3.28.4.3; et (ii)&nbsp;d&#146;un instrument de remise acceptable pour la
Soci&#233;t&#233; et d&#251;ment sign&#233; par le porteur ou son fond&#233; de pouvoir d&#251;ment autoris&#233; par &#233;crit,
instrument dans lequel ce porteur peut indiquer qu&#146;il ne veut convertir qu&#146;une partie seulement
des actions privil&#233;gi&#233;es de s&#233;rie AJ repr&#233;sent&#233;es par ce ou ces certificats, qui n&#146;ont pas
jusqu&#146;alors &#233;t&#233; d&#233;sign&#233;es en vue du rachat, auquel cas la Soci&#233;t&#233; &#233;mettra et livrera ou fera
livrer, &#224; ses frais, un nouveau certificat, au nom du porteur, repr&#233;sentant les actions
privil&#233;gi&#233;es de s&#233;rie AJ qui sont repr&#233;sent&#233;s par ce ou ces certificats et qui n&#146;auront pas &#233;t&#233;
converties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; la Soci&#233;t&#233; est tenue de convertir la totalit&#233; des actions privil&#233;gi&#233;es de s&#233;rie
AJ en circulation restantes en actions privil&#233;gi&#233;es de s&#233;rie AI &#224; la date de conversion
applicable, comme le pr&#233;voit l&#146;article 3.28.4.2, les actions privil&#233;gi&#233;es de s&#233;rie AJ que les
porteurs n&#146;avaient pas choisi de convertir devront &#234;tre converties &#224; la date de conversion en
actions privil&#233;gi&#233;es de s&#233;rie AI, et les porteurs de ces actions seront r&#233;put&#233;s &#234;tre porteurs
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI &#224; la fermeture des bureaux &#224; la date de conversion et auront
le droit, apr&#232;s avoir remis, pendant les heures d&#146;ouverture normales, &#224; tout bureau d&#146;un agent
des transferts de la Soci&#233;t&#233; o&#249; les actions privil&#233;gi&#233;es de s&#233;rie AJ peuvent &#234;tre transf&#233;r&#233;es,
le ou les certificats repr&#233;sentant les actions privil&#233;gi&#233;es de s&#233;rie
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 52 - <!-- /Folio -->
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">AJ non remis pr&#233;c&#233;demment aux fins de conversion, de recevoir un ou plusieurs certificats
repr&#233;sentant le m&#234;me nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI de la mani&#232;re et selon les
dispositions pr&#233;vues dans le pr&#233;sent article 3.28.4.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aussit&#244;t que possible apr&#232;s la date de conversion, la Soci&#233;t&#233; &#233;mettra et livrera ou fera livrer
au porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ ainsi remises, ou selon son ordre &#233;crit, un ou
plusieurs certificats &#224; son nom ou au nom de la ou des personnes qu&#146;il aura d&#233;sign&#233;es, pour le
nombre d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI enti&#232;rement lib&#233;r&#233;es et non cotisables et le nombre
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ restantes, le cas &#233;ch&#233;ant, auquel ce porteur aura droit.
Cette conversion sera pr&#233;sum&#233;e effectu&#233;e &#224; la fermeture des bureaux &#224; la date de conversion de
sorte que les droits du porteur de ces actions privil&#233;gi&#233;es de s&#233;rie AJ &#224; ce titre cesseront &#224;
ce moment, et la ou les personnes ayant le droit de recevoir des actions privil&#233;gi&#233;es de s&#233;rie
AI &#224; la suite de cette conversion seront &#224; toutes fins consid&#233;r&#233;es comme porteurs inscrits de
ces actions privil&#233;gi&#233;es de s&#233;rie AI d&#232;s ce moment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Le porteur de toute action privil&#233;gi&#233;e de s&#233;rie AJ inscrit &#224; la date de cl&#244;ture des registres
aux fins de tout dividende d&#233;clar&#233; payable sur cette action aura droit &#224; ce dividende m&#234;me si
l&#146;action a &#233;t&#233; convertie en action privil&#233;gi&#233;e de s&#233;rie AI apr&#232;s cette date de cl&#244;ture des
registres et avant la date de paiement de ce dividende ou &#224; cette date m&#234;me.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">L&#146;&#233;mission de certificats d&#146;actions privil&#233;gi&#233;es de s&#233;rie AI au moment de la conversion
d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ s&#146;effectuera sans frais pour les porteurs convertissant leurs
actions privil&#233;gi&#233;es de s&#233;rie AJ, quant aux droits ou imp&#244;ts applicables &#224; l&#146;&#233;mission de ces
certificats ou des actions privil&#233;gi&#233;es de s&#233;rie AI qu&#146;ils repr&#233;sentent; cependant, la Soci&#233;t&#233;
ne sera pas tenue de payer l&#146;imp&#244;t qui pourrait &#234;tre exig&#233; d&#146;une ou de plusieurs personnes par
suite de l&#146;&#233;mission &#224; cette personne ou &#224; ces personnes de ces actions privil&#233;gi&#233;es de s&#233;rie AI
ou des certificats s&#146;y rapportant, ou par suite de tout transfert r&#233;sultant de l&#146;&#233;mission et de
la livraison de ces certificats au nom d&#146;une ou de plusieurs personnes autres que le porteur des
actions privil&#233;gi&#233;es de s&#233;rie AJ converties; et la Soci&#233;t&#233; ne sera tenue d&#146;&#233;mettre ou de livrer
ces certificats que si les personnes en demandant l&#146;&#233;mission lui versent le montant de cet imp&#244;t
ou lui d&#233;montrent d&#146;une fa&#231;on qui lui est satisfaisante qu&#146;elles l&#146;ont acquitt&#233;.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.4.4</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Statut des actions privil&#233;gi&#233;es de s&#233;rie AJ converties</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toutes les actions privil&#233;gi&#233;es de s&#233;rie AJ converties en actions privil&#233;gi&#233;es de s&#233;rie AI &#224; une
date de conversion donn&#233;e ne seront pas annul&#233;es, mais reprendront le statut d&#146;actions
autoris&#233;es mais non &#233;mises de la Soci&#233;t&#233; &#224; la fermeture des bureaux &#224; la date de conversion.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.5</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Restrictions concernant les dividendes et le remboursement des actions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; ne pourra, sans l&#146;approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ en
circulation :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">d&#233;clarer, payer ni mettre de c&#244;t&#233; &#224; des fins de paiement aucun dividende sur
les actions ordinaires ou toute autre action de la Soci&#233;t&#233; de rang inf&#233;rieur aux
actions privil&#233;gi&#233;es de s&#233;rie AJ (sauf des dividendes en actions payables en actions de
la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AJ);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser, ni proc&#233;der &#224; aucune r&#233;partition de
capital au titre des actions ordinaires de la Soci&#233;t&#233; ou de toute autre action de la
Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AJ (sauf si la contrepartie
est pay&#233;e &#224; m&#234;me le produit net en esp&#232;ces d&#146;un placement, fait &#224; la m&#234;me &#233;poque,
d&#146;actions de la Soci&#233;t&#233; de rang inf&#233;rieur aux actions privil&#233;gi&#233;es de s&#233;rie AJ);</DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 53 - <!-- /Folio -->

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser moins de la totalit&#233; des actions
privil&#233;gi&#233;es de s&#233;rie AJ alors en circulation; ni</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">racheter, acheter ni autrement rembourser (sauf dans le cadre de l&#146;exercice
d&#146;un privil&#232;ge de rachat au gr&#233; du porteur ou d&#146;une obligation de rachat par la Soci&#233;t&#233;
s&#146;y rapportant) aucune action de la Soci&#233;t&#233; de toute cat&#233;gorie ou s&#233;rie de m&#234;me rang
que les actions privil&#233;gi&#233;es de s&#233;rie AJ, &#233;tant entendu que les restrictions
mentionn&#233;es dans le pr&#233;sent paragraphe (d) ne porteront aucunement atteinte au droit de
la Soci&#233;t&#233; de racheter, d&#146;acheter ou de rembourser autrement &#224; titre on&#233;reux toute
action de la Soci&#233;t&#233; de toute cat&#233;gorie de rang sup&#233;rieur aux actions privil&#233;gi&#233;es de
s&#233;rie AJ;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&#224; moins que, dans chacun de ces cas, tous les dividendes cumulatifs accumul&#233;s au titre des
actions privil&#233;gi&#233;es de s&#233;rie AJ en circulation, y compris le dividende payable pour la derni&#232;re
p&#233;riode &#233;coul&#233;e pour laquelle des dividendes &#233;taient payables, n&#146;aient &#233;t&#233; d&#233;clar&#233;s et pay&#233;s.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ exig&#233;e en vertu du pr&#233;sent
article 3.28.5 pourra &#234;tre donn&#233;e conform&#233;ment au deuxi&#232;me paragraphe de l&#146;article 3.28.7 et &#224;
l&#146;article 3.28.10. Nonobstant les dispositions de l&#146;article 3.28.10 des pr&#233;sentes, toute
approbation exig&#233;e en vertu du pr&#233;sent article 3.28.5 ne pourra &#234;tre donn&#233;e qu&#146;au moyen du vote
favorable des porteurs de la majorit&#233; des actions privil&#233;gi&#233;es de s&#233;rie AJ pr&#233;sents ou
repr&#233;sent&#233;s &#224; une assembl&#233;e, ou &#224; une reprise d&#146;assembl&#233;e, des porteurs d&#146;actions privil&#233;gi&#233;es
de s&#233;rie AJ d&#251;ment convoqu&#233;e &#224; cette fin et &#224; laquelle il y aura quorum.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.6</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Achat pour annulation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#224; tout moment acheter pour annulation la totalit&#233; ou une partie des actions
privil&#233;gi&#233;es de s&#233;rie AJ en circulation, sur le march&#233; libre, par l&#146;interm&#233;diaire d&#146;un courtier
en valeurs mobili&#232;res ou de toute firme membre d&#146;une bourse reconnue, ou par convention priv&#233;e
ou autrement, au(x) plus bas prix, de l&#146;avis du conseil d&#146;administration, auquel(auxquels) ces
actions sont disponibles.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.7</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Droits de vote</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; est en d&#233;faut de payer huit (8)&nbsp;dividendes cons&#233;cutifs ou non cons&#233;cutifs au titre
des actions privil&#233;gi&#233;es de s&#233;rie AJ, les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ auront le
droit d&#146;&#234;tre convoqu&#233;s et d&#146;assister &#224; chaque assembl&#233;e des actionnaires de la Soci&#233;t&#233; (autre
qu&#146;une assembl&#233;e distincte r&#233;serv&#233;e aux porteurs d&#146;actions de la Soci&#233;t&#233; de toute autre
cat&#233;gorie ou s&#233;rie) tenue plus de 60 jours apr&#232;s la date du premier d&#233;faut de paiement, et d&#146;y
voter &#224; raison de un (1)&nbsp;vote par action privil&#233;gi&#233;e de s&#233;rie AJ d&#233;tenue, et ce, jusqu&#146;&#224; ce que
tous les arri&#233;r&#233;s de dividendes au titre des actions privil&#233;gi&#233;es de s&#233;rie AJ aient &#233;t&#233;
acquitt&#233;s, apr&#232;s quoi les droits prendront fin et ne seront r&#233;ouverts que lorsque la Soci&#233;t&#233;
sera de nouveau en d&#233;faut, le cas &#233;ch&#233;ant, conform&#233;ment aux dispositions du pr&#233;sent article
3.28.7.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Chaque action privil&#233;gi&#233;e de s&#233;rie AJ conf&#232;re &#224; son porteur un (1)&nbsp;vote relativement &#224; toute
mesure &#224; prendre par la Soci&#233;t&#233; et exigeant l&#146;approbation des porteurs des actions privil&#233;gi&#233;es
de s&#233;rie AJ, votant en tant que s&#233;rie ou en tant que partie d&#146;une cat&#233;gorie.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.8</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>&#201;mission d&#146;actions privil&#233;gi&#233;es additionnelles</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; pourra &#233;mettre des s&#233;ries additionnelles d&#146;actions privil&#233;gi&#233;es de premier rang de
m&#234;me rang que les actions privil&#233;gi&#233;es de s&#233;rie AJ sans l&#146;autorisation des porteurs des actions
privil&#233;gi&#233;es de s&#233;rie AJ.
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 54 - <!-- /Folio -->



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.9</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Modifications</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Les dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de s&#233;rie AJ en tant que s&#233;rie peuvent &#234;tre
abrog&#233;es ou modifi&#233;es moyennant l&#146;approbation alors exig&#233;e par la LCSA, donn&#233;e conform&#233;ment aux
dispositions de l&#146;article 3.28.10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Aucune des dispositions des statuts de la Soci&#233;t&#233; relatifs aux actions privil&#233;gi&#233;es de s&#233;rie AJ
en tant que s&#233;rie ne peut &#234;tre modifi&#233;e d&#146;aucune mani&#232;re &#224; moins que les dispositions relatives
aux actions privil&#233;gi&#233;es de s&#233;rie AI en tant que s&#233;rie, le cas &#233;ch&#233;ant, ne fassent en m&#234;me
temps, dans la mesure jug&#233;e n&#233;cessaire par la Soci&#233;t&#233;, l&#146;objet de modifications dont la nature
et l&#146;&#233;tendue sont les m&#234;mes.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.10</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Toute approbation des porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ sera r&#233;put&#233;e valablement
donn&#233;e &#224; toutes fins si elle est donn&#233;e par les porteurs d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ
conform&#233;ment aux dispositions aff&#233;rentes aux actions privil&#233;gi&#233;es de premier rang, en tant que
cat&#233;gorie, qui s&#146;appliquent aux pr&#233;sentes avec les adaptations n&#233;cessaires.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.11</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Choix quant &#224; l&#146;imposition</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">La Soci&#233;t&#233; fera un choix, de la mani&#232;re et dans les d&#233;lais prescrits par la LIR, en vertu du
paragraphe 191.2(1) de cette loi ou de toute autre disposition de port&#233;e semblable rempla&#231;ant ce
paragraphe ou lui succ&#233;dant, et prendra toutes les mesures n&#233;cessaires conform&#233;ment &#224; cette loi,
afin de payer l&#146;imp&#244;t &#224; un taux tel qu&#146;aucun porteur d&#146;actions privil&#233;gi&#233;es de s&#233;rie AJ ne sera
tenu de payer l&#146;imp&#244;t sur les dividendes re&#231;us au titre des actions privil&#233;gi&#233;es de s&#233;rie AJ aux
termes de l&#146;article 187.2 de la partie IV.I de cette loi ou de toute disposition de port&#233;e
semblable rempla&#231;ant cet article ou lui succ&#233;dant.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.12</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interruption du service postal</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Si la Soci&#233;t&#233; consid&#232;re que le service postal est ou est menac&#233; d&#146;&#234;tre interrompu, durant une
p&#233;riode o&#249; la Soci&#233;t&#233; est tenue ou a d&#233;cid&#233; d&#146;exp&#233;dier quelque avis par la poste en vertu des
pr&#233;sentes ou doit envoyer un ch&#232;que ou un certificat d&#146;actions &#224; tout porteur d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AJ, soit relativement au rachat ou &#224; la conversion de ces actions ou
autrement, la Soci&#233;t&#233; pourra, nonobstant les dispositions des pr&#233;sentes :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">donner cet avis par voie de transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou
encore par voie de publication de l&#146;avis concern&#233; une fois par semaine pendant deux
semaines cons&#233;cutives dans un quotidien &#224; grand tirage publi&#233; ou distribu&#233; &#224; Montr&#233;al
et &#224; Toronto, et cet avis sera r&#233;put&#233; avoir &#233;t&#233; donn&#233; &#224; la date de la communication par
transmission &#233;lectronique, t&#233;lex ou t&#233;l&#233;graphe ou &#224; la date de la premi&#232;re publication
de l&#146;avis; et</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">respecter son engagement d&#146;envoyer ce ch&#232;que ou ce certificat d&#146;actions en
prenant des mesures pour que ces derniers soient livr&#233;s au principal &#233;tablissement de
la Soci&#233;t&#233; &#224; Montr&#233;al. Ce ch&#232;que ou ce certificat d&#146;actions seront r&#233;put&#233;s avoir &#233;t&#233;
envoy&#233;s &#224; la date &#224; laquelle l&#146;avis concernant une telle mesure aura &#233;t&#233; donn&#233;, ainsi
qu&#146;il est stipul&#233; au paragraphe (a) ci-dessus, pourvu que, aussit&#244;t que la Soci&#233;t&#233; aura
d&#233;termin&#233; que le service postal n&#146;est plus ni interrompu ni menac&#233; de l&#146;&#234;tre, ce ch&#232;que
ou ce certificat d&#146;actions soit livr&#233; au porteur, si cela n&#146;a pas d&#233;j&#224; &#233;t&#233; fait, par
courrier de premi&#232;re classe ordinaire affranchi non recommand&#233; &#224; l&#146;adresse inscrite de
toute personne qui, &#224; la date de l&#146;envoi postal, est un porteur inscrit autoris&#233; &#224;
recevoir ce ch&#232;que ou certificat </DIV></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 55 - <!-- /Folio -->

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



</TABLE>
</DIV>

<DIV align="justify" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">d&#146;actions
ou, si l&#146;adresse de tout porteur n&#146;est pas inscrite au registre des valeurs mobili&#232;res de la Soci&#233;t&#233;, &#224; la derni&#232;re adresse de ce porteur connue de la Soci&#233;t&#233;.</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.13</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Avis du taux de dividende fixe suivant applicable aux actions privil&#233;gi&#233;es de s&#233;rie
AI</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les trois (3)&nbsp;jours ouvrables suivant la d&#233;termination du taux de dividende fixe suivant
(ainsi qu&#146;il est d&#233;fini &#224; l&#146;article 3.27.1.1 des statuts de la Soci&#233;t&#233; relatifs aux actions
privil&#233;gi&#233;es de s&#233;rie AI), la Soci&#233;t&#233; en avisera les porteurs des actions privil&#233;gi&#233;es de s&#233;rie
AJ, sauf en ce qui concerne la premi&#232;re p&#233;riode de taux fixe suivant, en le publiant une fois
dans l&#146;&#233;dition canadienne du journal anglais The Globe and Mail et une fois dans la ville de
Montr&#233;al dans des quotidiens &#224; grand tirage fran&#231;ais et anglais, &#233;tant entendu que si l&#146;un ou
l&#146;autre de ces quotidiens n&#146;est pas &#224; grand tirage &#224; ce moment, un tel avis sera publi&#233; dans une
autre publication &#233;quivalente.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.14</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>D&#233;finitions</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans les dispositions des pr&#233;sentes ayant trait aux actions privil&#233;gi&#233;es de s&#233;rie AJ :
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; de rang sup&#233;rieur &#187;, &#171; de m&#234;me rang &#187; et &#171; de rang inf&#233;rieur &#187; s&#146;entendent de
l&#146;ordre de priorit&#233; des versements de dividendes et la r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif
en cas de liquidation, de dissolution ou d&#146;abandon des affaires de la Soci&#233;t&#233;,
volontaire ou non, ou de toute autre r&#233;partition d&#146;&#233;l&#233;ments d&#146;actif de la Soci&#233;t&#233; parmi
ses actionnaires dans le but de liquider ses affaires.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#171; dividendes accumul&#233;s et impay&#233;s &#187; s&#146;entend de la somme : (i)&nbsp;de tous les
dividendes impay&#233;s sur les actions privil&#233;gi&#233;es de s&#233;rie AJ pour toute p&#233;riode de
dividende et (ii)&nbsp;du montant calcul&#233; comme si les dividendes sur chaque action
privil&#233;gi&#233;e de s&#233;rie AJ s&#146;&#233;taient accumul&#233;s quotidiennement &#224; compter du premier jour
du mois suivant la p&#233;riode de dividende &#224; l&#146;&#233;gard de laquelle le dernier dividende
mensuel sera ou &#233;tait payable, selon le cas, inclusivement, jusqu&#146;&#224; la date &#224; laquelle
le calcul des dividendes accumul&#233;s doit &#234;tre fait, exclusivement.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="10%" nowrap align="left"><B><I>3.28.15</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><I>Interpr&#233;tation</I></B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">Dans le cas o&#249; une date &#224; laquelle la Soci&#233;t&#233; doit payer un dividende sur les actions
privil&#233;gi&#233;es de s&#233;rie AJ, ou une autre date &#224; laquelle la Soci&#233;t&#233; ou les porteurs d&#146;actions
privil&#233;gi&#233;es de s&#233;rie AJ doivent prendre une autre mesure aux termes des pr&#233;sentes ne serait pas
un jour ouvrable (ainsi que ce terme est d&#233;fini ci-apr&#232;s), alors ce dividende sera payable, ou
cette autre mesure sera prise, le jour ouvrable suivant. Un &#171; jour ouvrable &#187; est un jour autre
qu&#146;un samedi, un dimanche ou tout autre jour f&#233;ri&#233; pour le bureau principal de la Soci&#233;t&#233; au
Canada.
</DIV>

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